Financials WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust

Equities

WHART

TH6141010004

Commercial REITs

End-of-day quote Thailand S.E. 23:00:00 14/05/2024 BST 5-day change 1st Jan Change
9.2 THB -0.54% Intraday chart for WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust +1.10% -10.68%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 44,451 33,977 38,931 35,020 35,729 31,913 -
Enterprise Value (EV) 1 52,482 42,510 48,664 46,807 35,729 45,287 45,283
P/E ratio 23.2 x 16.2 x 18.9 x 14.1 x 15.9 x 12.4 x 11.4 x
Yield 3.82% 5.45% 5.97% 7.15% - 8.04% 8.37%
Capitalization / Revenue 19.6 x 13.5 x 15.2 x 11.1 x 10.6 x 9.26 x 8.72 x
EV / Revenue 23.2 x 16.9 x 19 x 14.8 x 10.6 x 13.1 x 12.4 x
EV / EBITDA 27.8 x 20 x 23 x 16.6 x 12.3 x 14.9 x 13.9 x
EV / FCF -18 x 405 x -20.9 x -34.6 x - 13.3 x 13 x
FCF Yield -5.56% 0.25% -4.78% -2.89% - 7.53% 7.66%
Price to Book 1.63 x 1.21 x 1.15 x 0.97 x - 0.85 x 0.84 x
Nbr of stocks (in thousands) 2,554,630 2,554,630 3,065,396 3,272,928 3,468,827 3,468,827 -
Reference price 2 17.40 13.30 12.70 10.70 10.30 9.200 9.200
Announcement Date 25/02/20 22/02/21 25/02/22 03/04/23 22/02/24 - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 2,263 2,513 2,568 3,168 3,372 3,448 3,660
EBITDA 1 1,890 2,125 2,116 2,816 2,898 3,033 3,248
EBIT 1 1,890 2,125 2,116 2,816 2,898 3,033 3,248
Operating Margin 83.53% 84.53% 82.4% 88.89% 85.94% 87.96% 88.76%
Earnings before Tax (EBT) 1 1,548 1,831 1,811 2,491 2,246 2,565 2,784
Net income 1 1,915 2,278 2,060 2,491 2,246 2,565 2,784
Net margin 84.6% 90.65% 80.23% 78.64% 66.59% 74.39% 76.08%
EPS 2 0.7495 0.8204 0.6721 0.7611 0.6473 0.7400 0.8050
Free Cash Flow 1 -2,917 105.1 -2,328 -1,351 - 3,410 3,470
FCF margin -128.9% 4.18% -90.67% -42.65% - 98.9% 94.81%
FCF Conversion (EBITDA) - 4.95% - - - 112.43% 106.82%
FCF Conversion (Net income) - 4.61% - - - 132.94% 124.62%
Dividend per Share 2 0.6649 0.7243 0.7578 0.7653 - 0.7400 0.7700
Announcement Date 25/02/20 22/02/21 25/02/22 03/04/23 22/02/24 - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 8,031 8,533 9,733 11,787 - 13,374 13,370
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) 4.248 x 4.016 x 4.6 x 4.186 x - 4.409 x 4.116 x
Free Cash Flow 1 -2,917 105 -2,328 -1,351 - 3,410 3,470
ROE (net income / shareholders' equity) 6.28% 7.89% 6.4% 7.13% - 6.8% 7.33%
ROA (Net income/ Total Assets) 4.37% 5.64% 4.53% 4.97% - 4.7% 5.08%
Assets 1 43,787 40,375 45,525 50,135 - 54,574 54,867
Book Value Per Share 2 10.70 11.00 11.10 11.00 - 10.80 10.90
Cash Flow per Share 2 -1.140 0.0400 -0.7600 -0.4100 - 0.7600 0.7400
Capex - - - - - - -
Capex / Sales - - - - - - -
Announcement Date 25/02/20 22/02/21 25/02/22 03/04/23 22/02/24 - -
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
2
Last Close Price
9.2 THB
Average target price
11.6 THB
Spread / Average Target
+26.09%
Consensus

Annual profits - Rate of surprise

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  4. Financials WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust