Financials Osotspa

Equities

OSP

TH8752010000

Non-Alcoholic Beverages

End-of-day quote Thailand S.E. Other stock markets 18:00:00 2024-04-25 EDT			5-day change	1st Jan Change
21.3 ^THB	-0.93%		+12.11%	-3.18%

04-24	Osotspa Public Company Limited Approves Dividend for the Second Half of 2023 During 1 July 2023 to 31 December 2023, Payable on 23 May 2024	CI
02-28	Osotspa Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	121,652	106,633	102,878	84,856	66,082	63,980	-	-
Enterprise Value (EV) ¹	118,035	104,436	101,166	85,277	67,101	65,111	65,027	65,490
P/E ratio	37.5 x	30.3 x	31.7 x	44.1 x	27.5 x	23.7 x	21.5 x	20.6 x
Yield	2.47%	3.1%	3.21%	3.19%	7.5%	4.08%	4.49%	4.71%
Capitalization / Revenue	4.65 x	4.08 x	3.77 x	3.11 x	2.54 x	2.34 x	2.23 x	2.16 x
EV / Revenue	4.51 x	4 x	3.71 x	3.13 x	2.57 x	2.38 x	2.27 x	2.21 x
EV / EBITDA	24.5 x	20.3 x	19.5 x	21.4 x	14.9 x	13.8 x	12.8 x	12.5 x
EV / FCF	764 x	36.7 x	54.9 x	98.1 x	93.9 x	20.6 x	20 x	19.1 x
FCF Yield	0.13%	2.72%	1.82%	1.02%	1.07%	4.85%	5%	5.24%
Price to Book	6.81 x	5.55 x	5.17 x	4.6 x	4.05 x	3.84 x	3.71 x	3.69 x
Nbr of stocks (in thousands)	3,003,750	3,003,750	3,003,750	3,003,750	3,003,750	3,003,750	-	-
Reference price ²	40.50	35.50	34.25	28.25	22.00	21.30	21.30	21.30
Announcement Date	20-02-26	21-02-24	22-02-23	23-02-22	24-02-28	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	26,187	26,129	27,278	27,266	26,062	27,396	28,684	29,658
EBITDA ¹	4,823	5,149	5,199	3,979	4,510	4,732	5,078	5,242
EBIT ¹	3,834	3,865	3,681	2,067	2,816	3,226	3,453	3,698
Operating Margin	14.64%	14.79%	13.49%	7.58%	10.8%	11.78%	12.04%	12.47%
Earnings before Tax (EBT) ¹	3,986	4,025	3,849	2,293	2,854	3,201	3,528	3,719
Net income ¹	3,259	3,504	3,255	1,934	2,402	2,694	2,977	3,101
Net margin	12.45%	13.41%	11.93%	7.09%	9.22%	9.83%	10.38%	10.46%
EPS ²	1.080	1.170	1.080	0.6400	0.8000	0.8971	0.9908	1.033
Free Cash Flow ¹	154.6	2,844	1,844	868.9	714.9	3,157	3,255	3,434
FCF margin	0.59%	10.88%	6.76%	3.19%	2.74%	11.52%	11.35%	11.58%
FCF Conversion (EBITDA)	3.2%	55.23%	35.46%	21.83%	15.85%	66.72%	64.1%	65.5%
FCF Conversion (Net income)	4.74%	81.15%	56.65%	44.93%	29.76%	117.18%	109.33%	110.73%
Dividend per Share ²	1.000	1.100	1.100	0.9000	1.650	0.8687	0.9574	1.004
Announcement Date	20-02-26	21-02-24	22-02-23	23-02-22	24-02-28	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	-	12,815	-	14,086	6,182	7,011	7,472	7,183	14,656	6,178	6,432	6,545	6,709	13,255	6,277	6,530	7,260	-	-	-	-
EBITDA ¹	-	2,475	-	-	1,058	1,375	1,246	1,046	2,287	691.8	792.7	1,265	1,078	2,343	980.3	1,018	1,151	-	-	-	-
EBIT ¹	-	1,896	-	2,052	671.3	958	837.6	593.4	1,385	233.5	323.6	830.1	620	1,103	595.5	594.6	940.2	-	-	-	-
Operating Margin	-	14.8%	-	14.56%	10.86%	13.66%	11.21%	8.26%	9.45%	3.78%	5.03%	12.68%	9.24%	8.32%	9.49%	9.11%	12.95%	-	-	-	-
Earnings before Tax (EBT) ¹	-	2,009	-	2,139	683.6	1,026	901.2	741.1	1,642	288.2	362.2	844.9	667.8	1,513	737.4	603.4	919	-	-	-	-
Net income ¹	-	1,730	-	1,824	580.2	850.9	749.7	603.7	1,353	243.8	336.6	777.9	549.4	1,327	642.1	432.7	801.7	605.6	536.6	598.2	-
Net margin	-	13.5%	-	12.95%	9.39%	12.14%	10.03%	8.4%	9.23%	3.95%	5.23%	11.88%	8.19%	10.01%	10.23%	6.63%	11.04%	-	-	-	-
EPS ²	-	0.5800	-	0.6100	0.1900	0.2800	0.2500	0.2000	0.4500	0.0800	0.1100	0.2600	0.1800	0.4400	0.2100	0.1400	0.2551	0.1828	0.1786	0.1992	-
Dividend per Share ²	0.6500	-	0.6500	-	-	-	-	0.4500	-	-	-	-	-	-	-	-	-	0.7478	-	-	-
Announcement Date	20-02-26	20-08-13	21-02-24	21-08-11	21-11-10	22-02-23	22-05-11	22-08-10	22-08-10	22-11-09	23-02-22	23-05-10	23-08-09	23-08-09	23-11-08	24-02-28	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	421	1,018	1,131	1,047	1,510
Net Cash position ¹	3,617	2,197	1,713	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.1058 x	0.2258 x	0.2391 x	0.2061 x	0.2881 x
Free Cash Flow ¹	155	2,844	1,844	869	715	3,157	3,255	3,434
ROE (net income / shareholders' equity)	18.1%	18.9%	16.6%	10.1%	13.8%	16.2%	17.4%	18.2%
ROA (Net income/ Total Assets)	13.6%	14%	12.3%	7.26%	9.5%	11.3%	11.9%	12.5%
Assets ¹	23,890	25,090	26,499	26,648	25,278	23,942	24,937	24,734
Book Value Per Share ²	5.950	6.400	6.620	6.150	5.440	5.550	5.740	5.780
Cash Flow per Share ²	1.220	1.020	1.510	0.7100	0.6500	1.390	1.470	1.530
Capex ¹	3,498	3,231	2,678	1,273	1,228	1,396	1,484	1,500
Capex / Sales	13.36%	12.36%	9.82%	4.67%	4.71%	5.09%	5.17%	5.06%
Announcement Date	20-02-26	21-02-24	22-02-23	23-02-22	24-02-28	-	-	-

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

Ratings for Osotspa

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

21.3 THB

Average target price

26.64 THB

Spread / Average Target

+25.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Carbonated Soft Drinks

	1st Jan change	Capi.
OSOTSPA	-3.18%	1.73B
PEPSICO, INC.	+3.38%	241B
COCA-COLA EUROPACIFIC PARTNERS PLC	+11.79%	33.07B
COCA-COLA FEMSA SAB DE CV	-.--%	12.72B
COCA-COLA BOTTLERS JAPAN HOLDINGS INC.	+8.32%	2.5B
A.G. BARR P.L.C.	+10.33%	782M
CEYLON COLD STORES PLC	+36.79%	186M

Carbonated Soft Drinks