Financials Nova Empire

Equities

NOVA

TH0318010Z06

Electric Utilities

End-of-day quote Thailand S.E. Other stock markets 18:00:00 2024-05-16 EDT			5-day change	1st Jan Change
10.2 ^THB	-0.97%		+3.03%	-5.56%

03-12	Plus Energy Company Limited completed the acquisition of additional 75% stake in Winchai Company Limited from Nova Empire Public Company Limited for THB 2.1 billion.	CI
03-01	Nova Empire Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	1,320	1,080	1,200	1,400	1,903	1,835
Enterprise Value (EV) ¹	1,213	1,068	1,467	1,606	4,372	2,185
P/E ratio	42.9 x	-202 x	-9.31 x	12 x	7.85 x	6.17 x
Yield	0.61%	-	-	-	-	-
Capitalization / Revenue	2.64 x	2.74 x	2.86 x	31.8 x	2.28 x	32.8 x
EV / Revenue	2.43 x	2.71 x	3.5 x	36.5 x	5.24 x	39.1 x
EV / EBITDA	28.4 x	-820 x	-13.6 x	-212 x	6.32 x	11.5 x
EV / FCF	-24.9 x	-13.9 x	10.9 x	4.18 x	14.9 x	-1.06 x
FCF Yield	-4.01%	-7.21%	9.17%	23.9%	6.71%	-94.7%
Price to Book	1.56 x	1.29 x	1.7 x	1.39 x	1.09 x	1 x
Nbr of stocks (in thousands)	120,000	120,000	120,000	139,999	169,949	169,949
Reference price ²	11.00	9.000	10.00	10.00	11.20	10.80
Announcement Date	3/1/19	2/27/20	3/1/21	2/28/22	2/23/23	3/1/24

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	499.1	394.8	419.6	44.02	833.6	55.89
EBITDA ¹	42.65	-1.302	-107.9	-7.581	692.2	189.6
EBIT ¹	27.06	-16.27	-122.6	-32.42	482.2	-33.69
Operating Margin	5.42%	-4.12%	-29.21%	-73.65%	57.84%	-60.27%
Earnings before Tax (EBT) ¹	31.38	-4.776	-112.4	45.35	444.8	-68.05
Net income ¹	30.76	-5.35	-129	114.3	240.3	297.7
Net margin	6.16%	-1.36%	-30.73%	259.64%	28.83%	532.66%
EPS ²	0.2563	-0.0446	-1.075	0.8343	1.428	1.752
Free Cash Flow ¹	-48.64	-77.04	134.5	384.2	293.4	-2,070
FCF margin	-9.75%	-19.51%	32.05%	872.85%	35.2%	-3,703.74%
FCF Conversion (EBITDA)	-	-	-	-	42.38%	-
FCF Conversion (Net income)	-	-	-	336.17%	122.09%	-
Dividend per Share ²	0.0667	-	-	-	-	-
Announcement Date	3/1/19	2/27/20	3/1/21	2/28/22	2/23/23	3/1/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	267	206	2,469	350
Net Cash position ¹	107	11.6	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-2.471 x	-27.17 x	3.566 x	1.846 x
Free Cash Flow ¹	-48.6	-77	134	384	293	-2,070
ROE (net income / shareholders' equity)	7.72%	-0.64%	-16.7%	5.22%	25.9%	-2.83%
ROA (Net income/ Total Assets)	4.01%	-1.04%	-5.76%	-1.35%	8.61%	-0.38%
Assets ¹	767.6	513.4	2,240	-8,440	2,791	-79,179
Book Value Per Share ²	7.070	6.970	5.900	7.170	10.20	10.80
Cash Flow per Share ²	0.8600	0.7600	5.440	0.2700	0.7600	1.200
Capex ¹	17	3.73	1.76	6.02	26.8	5.58
Capex / Sales	3.41%	0.94%	0.42%	13.67%	3.21%	9.98%
Announcement Date	3/1/19	2/27/20	3/1/21	2/28/22	2/23/23	3/1/24

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Solar Electric Ultilities

	1st Jan change	Capi.
NOVA EMPIRE	-5.56%	48.36M
WAAREE RENEWABLE TECHNOLOGIES LIMITED	+454.77%	2.89B
CECEP SOLAR ENERGY CO.,LTD.	-6.81%	2.8B
NYOCOR CO., LTD.	-6.05%	1.56B
SP NEW ENERGY CORPORATION	-18.18%	940M
O.Y. NOFAR ENERGY LTD	-8.34%	852M
ALTUS POWER, INC.	-43.48%	638M
ZHEJIANG SUNOREN SOLAR TECHNOLOGY CO.,LTD.	-23.40%	621M
SOLARMAX TECHNOLOGY, INC.	0.00%	565M
SHANDONG HI-SPEED NEW ENERGY GROUP LIMITED	-10.19%	547M

Solar Electric Ultilities

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