Financials Forth Smart Service

Equities

FSMART

TH5883010008

Business Support Services

End-of-day quote Thailand S.E. 18:00:00 2024-05-15 EDT 5-day change 1st Jan Change
6.1 THB 0.00% Intraday chart for Forth Smart Service +1.67% -17.01%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 4,563 4,992 5,159 9,038 9,716 5,536
Enterprise Value (EV) 1 5,519 5,673 5,726 9,163 9,892 5,594
P/E ratio 7.9 x 8.54 x 11.2 x 22.6 x 32.2 x 18.5 x
Yield 10.6% 10.3% 8.76% 3.83% 2.79% 4.9%
Capitalization / Revenue 1.36 x 1.59 x 1.8 x 3.38 x 4.39 x 2.5 x
EV / Revenue 1.65 x 1.8 x 2 x 3.43 x 4.47 x 2.52 x
EV / EBITDA 4.36 x 4.6 x 5.5 x 9.37 x 12.9 x 8.55 x
EV / FCF 7.44 x 8.78 x 6.97 x 11.2 x 23.8 x 16.3 x
FCF Yield 13.4% 11.4% 14.3% 8.91% 4.2% 6.14%
Price to Book 3.66 x 3.75 x 4.49 x 8.02 x 8.61 x 4.73 x
Nbr of stocks (in thousands) 780,000 780,000 753,141 753,141 753,141 753,141
Reference price 2 5.850 6.400 6.850 12.00 12.90 7.350
Announcement Date 2/14/19 2/20/20 2/25/21 2/25/22 2/24/23 2/23/24
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 3,350 3,148 2,861 2,670 2,213 2,217
EBITDA 1 1,267 1,235 1,042 978.2 767.8 654.2
EBIT 1 720 702.3 532.1 490.2 317.9 273.3
Operating Margin 21.5% 22.31% 18.6% 18.36% 14.36% 12.33%
Earnings before Tax (EBT) 1 658 660.9 512.7 482.9 370.8 362.2
Net income 1 583.1 584.2 464.1 400.1 301.9 299.5
Net margin 17.41% 18.56% 16.22% 14.98% 13.64% 13.51%
EPS 2 0.7402 0.7490 0.6106 0.5312 0.4008 0.3976
Free Cash Flow 1 741.9 646.2 821.3 816.1 415.7 343.5
FCF margin 22.15% 20.53% 28.71% 30.56% 18.78% 15.5%
FCF Conversion (EBITDA) 58.55% 52.34% 78.84% 83.43% 54.15% 52.5%
FCF Conversion (Net income) 127.24% 110.6% 176.98% 203.99% 137.72% 114.71%
Dividend per Share 2 0.6200 0.6600 0.6000 0.4600 0.3600 0.3600
Announcement Date 2/14/19 2/20/20 2/25/21 2/25/22 2/24/23 2/23/24
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 956 681 567 125 177 58.9
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 0.7548 x 0.5519 x 0.5439 x 0.1278 x 0.2302 x 0.09 x
Free Cash Flow 1 742 646 821 816 416 343
ROE (net income / shareholders' equity) 44.9% 45.1% 37.3% 35.1% 26.8% 26%
ROA (Net income/ Total Assets) 11% 11.8% 9.54% 9.59% 6.88% 6.13%
Assets 1 5,297 4,949 4,866 4,173 4,386 4,883
Book Value Per Share 2 1.600 1.710 1.530 1.500 1.500 1.560
Cash Flow per Share 2 0.3700 0.2700 0.5800 0.4800 0.3900 0.3700
Capex 1 121 118 77.1 112 145 107
Capex / Sales 3.62% 3.76% 2.69% 4.19% 6.55% 4.81%
Announcement Date 2/14/19 2/20/20 2/25/21 2/25/22 2/24/23 2/23/24
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

1st Jan change Capi.
-17.01% 126M
+15.06% 90.7B
+4.38% 66.84B
-7.24% 44.13B
-13.94% 27.78B
+0.09% 19.61B
-12.63% 12.93B
-9.95% 10.28B
-14.29% 9.05B
+4.61% 8.53B
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