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 1,035,713 996,428 914,285 578,571 942,856 - -
Change - 18.85% -3.79% -8.24% -36.72% 62.96% - -
Enterprise Value (EV) 1 918,358 1,093,448 1,044,493 949,973 609,360 967,599 968,187 968,788
Change - 19.07% -4.48% -9.05% -35.86% 58.79% 0.06% 0.06%
P/E -53.5x -92.9x 113x 47.8x 31.9x 47.6x 31.9x 28.9x
PBR 7.76x 10.2x 8.88x 7.23x 4.42x 6.78x 6x 5.52x
PEG - 2.9x -1x 0x -6.11x 5.19x 0.6x 2.8x
Capitalization / Revenue 123x 62.5x 20.7x 13.6x 8.68x 13.8x 11.3x 10.6x
EV / Revenue 130x 66x 21.7x 14.2x 9.14x 14.2x 11.6x 10.9x
EV / EBITDA -98.8x -546x 45.3x 24.5x 16.1x 25x 18.6x 17.2x
EV / EBIT -50.1x -100x 73.6x 34.8x 23.6x 35.7x 24.7x 22.6x
EV / FCF -45.1x -114x -221x 33.9x 30.7x 34.3x 31.6x 29.9x
FCF Yield -2.22% -0.87% -0.45% 2.95% 3.26% 2.91% 3.16% 3.34%
Dividend per Share 2 - - - - - 0.7686 1.145 1.318
Rate of return - - - - - 1.16% 1.74% 2%
EPS 2 -1.14 -0.78 0.62 1.34 1.27 1.386 2.068 2.28
Distribution rate - - - - - 55.4% 55.4% 57.8%
Net sales 1 7,086 16,560 48,141 67,121 66,679 68,197 83,189 88,855
EBITDA 1 -9,297 -2,002 23,068 38,707 37,901 38,739 51,985 56,303
EBIT 1 -18,325 -10,934 14,197 27,303 25,859 27,079 39,183 42,946
Net income 1 -16,322 -11,088 8,791 19,182 18,125 19,583 29,481 32,573
Net Debt 1 46,931 57,734 48,065 35,688 30,789 24,743 25,331 25,932
Reference price 2 61.00 72.50 69.75 64.00 40.50 66.00 66.00 66.00
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.($)
47.68x14.2x25.03x1.16% 28.55B
20.08x3.15x9.85x1.56% 6.87B
13.43x5.58x8.59x5.74% 4.96B
22.32x4.24x10.81x3.29% 4.92B
143x - - 0.35% 4.85B
16.2x5.99x9.91x6.19% 3.86B
25.55x2.48x9.79x6.08% 3.1B
25.69x1.43x4.96x1.94% 2.85B
Average 39.24x 5.30x 11.28x 3.29% 7.49B
Weighted average by Cap. 43.10x 9.26x 17.44x 2.31%

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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