Company Valuation: Airports of Thailand

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 871,428 1,035,713 996,428 914,285 578,571 878,571 - -
Change - 18.85% -3.79% -8.24% -36.72% 51.85% - -
Enterprise Value (EV) 1 918,358 1,093,448 1,044,493 949,973 609,360 898,525 903,902 907,465
Change - 19.07% -4.48% -9.05% -35.86% 47.45% 0.6% 0.39%
P/E -53.5x -92.9x 113x 47.8x 31.9x 45.1x 29.6x 26.8x
PBR 7.76x 10.2x 8.88x 7.23x 4.42x 6.31x 5.58x 5.13x
PEG - 2.9x -1x 0x -6.11x 6.05x 0.6x 2.5x
Capitalization / Revenue 123x 62.5x 20.7x 13.6x 8.68x 12.7x 10.6x 9.93x
EV / Revenue 130x 66x 21.7x 14.2x 9.14x 13x 10.9x 10.3x
EV / EBITDA -98.8x -546x 45.3x 24.5x 16.1x 22.9x 17.4x 16.1x
EV / EBIT -50.1x -100x 73.6x 34.8x 23.6x 33.4x 23x 21.1x
EV / FCF -45.1x -114x -221x 33.9x 30.7x 35.3x 29.5x 27.9x
FCF Yield -2.22% -0.87% -0.45% 2.95% 3.26% 2.83% 3.39% 3.58%
Dividend per Share 2 - - - - - 0.812 1.15 1.318
Rate of return - - - - - 1.32% 1.87% 2.14%
EPS 2 -1.14 -0.78 0.62 1.34 1.27 1.365 2.078 2.299
Distribution rate - - - - - 59.5% 55.3% 57.3%
Net sales 1 7,086 16,560 48,141 67,121 66,679 69,322 83,132 88,465
EBITDA 1 -9,297 -2,002 23,068 38,707 37,901 39,178 52,047 56,251
EBIT 1 -18,325 -10,934 14,197 27,303 25,859 26,887 39,293 42,926
Net income 1 -16,322 -11,088 8,791 19,182 18,125 19,753 29,628 32,601
Net Debt 1 46,931 57,734 48,065 35,688 30,789 19,954 25,331 28,894
Reference price 2 61.00 72.50 69.75 64.00 40.50 61.50 61.50 61.50
Nbr of stocks (in thousands) 14,285,700 14,285,700 14,285,700 14,285,700 14,285,700 14,285,700 - -
Announcement Date 11/22/21 11/21/22 11/20/23 11/21/24 11/21/25 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
45.07x12.96x22.93x1.32% 26.62B
18.95x3.09x9.66x1.66% 6.46B
22.49x4.37x10.97x3.14% 5.16B
137.5x - - 0.36% 4.68B
13.05x5.33x8.22x6.01% 4.76B
16.52x6.1x10.09x6.06% 3.98B
25.14x2.44x9.63x6.18% 3.06B
24.91x1.52x4.89x1.95% 2.97B
Average 37.95x 5.12x 10.92x 3.34% 7.21B
Weighted average by Cap. 40.93x 8.47x 16.09x 2.45%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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