Financials Airports of Thailand

Equities

AOT

TH0765010Z08

Airport Services

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
64.25 ^THB	+0.39%		-1.15%	+7.53%

Mar. 15	Nomura Adjusts Airports of Thailand’s Price Target to THB78 From THB88, Keeps at Buy	MT
Feb. 12	Airports of Thailand Public Company Limited Reports Earnings Results for the First Quarter Ended December 31, 2023	CI

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,067,856	807,142	871,428	1,035,713	996,428	917,856	-	-
Enterprise Value (EV) ¹	1,005,699	774,707	918,358	1,093,448	1,044,493	970,132	960,229	951,296
P/E ratio	42.7 x	188 x	-53.5 x	-92.9 x	113 x	41.6 x	32.3 x	28.6 x
Yield	1.4%	0.34%	-	-	-	1.18%	1.59%	2%
Capitalization / Revenue	17 x	25.9 x	123 x	62.5 x	20.7 x	13.4 x	11.6 x	10.8 x
EV / Revenue	16 x	24.8 x	130 x	66 x	21.7 x	14.1 x	12.2 x	11.2 x
EV / EBITDA	28.1 x	58.8 x	-98.8 x	-546 x	45.3 x	22.8 x	18.7 x	16.5 x
EV / FCF	43.4 x	-58.6 x	-45.1 x	-114 x	-221 x	63.6 x	38.4 x	41.6 x
FCF Yield	2.3%	-1.71%	-2.22%	-0.87%	-0.45%	1.57%	2.61%	2.4%
Price to Book	6.94 x	5.67 x	7.76 x	10.2 x	8.88 x	7.25 x	6.45 x	5.82 x
Nbr of stocks (in thousands)	14,285,700	14,285,700	14,285,700	14,285,700	14,285,700	14,285,700	-	-
Reference price ²	74.75	56.50	61.00	72.50	69.75	64.25	64.25	64.25
Announcement Date	11/27/19	11/24/20	11/22/21	11/21/22	11/20/23	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	62,783	31,179	7,086	16,560	48,141	68,745	78,817	85,162
EBITDA ¹	35,761	13,180	-9,297	-2,002	23,068	42,622	51,264	57,716
EBIT ¹	29,910	7,739	-18,325	-10,934	14,197	30,077	37,612	41,777
Operating Margin	47.64%	24.82%	-258.62%	-66.02%	29.49%	43.75%	47.72%	49.06%
Earnings before Tax (EBT) ¹	31,484	5,337	-20,545	-13,864	11,307	27,961	35,678	40,287
Net income ¹	25,026	4,321	-16,322	-11,088	8,791	21,984	28,174	31,833
Net margin	39.86%	13.86%	-230.35%	-66.96%	18.26%	31.98%	35.75%	37.38%
EPS ²	1.750	0.3000	-1.140	-0.7800	0.6200	1.543	1.987	2.244
Free Cash Flow ¹	23,180	-13,225	-20,344	-9,556	-4,720	15,259	25,017	22,869
FCF margin	36.92%	-42.42%	-287.12%	-57.7%	-9.8%	22.2%	31.74%	26.85%
FCF Conversion (EBITDA)	64.82%	-	-	-	-	35.8%	48.8%	39.62%
FCF Conversion (Net income)	92.62%	-	-	-	-	69.41%	88.79%	71.84%
Dividend per Share ²	1.050	0.1900	-	-	-	0.7571	1.020	1.285
Announcement Date	11/27/19	11/24/20	11/22/21	11/21/22	11/20/23	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	28,007	3,954	1,465	2,327	3,017	4,666	6,550	8,824	11,001	-	12,954	15,362	15,708	17,612	-	-	-	-	-
EBITDA ¹	15,414	-4,054	-3,170	-2,650	-689.5	-157.5	1,174	3,540	5,334	-	6,816	7,378	9,429	11,054	-	-	-	-	-
EBIT ¹	12,687	-8,312	-5,848	-4,943	-	-2,341	-1,097	1,316	3,168	-	4,645	5,017	6,611	7,963	-	-	-	-	-
Operating Margin	45.3%	-210.22%	-399.14%	-212.37%	-	-50.18%	-16.75%	14.92%	28.8%	-	35.86%	32.66%	42.09%	45.21%	-	-	-	-	-
Earnings before Tax (EBT) ¹	13,769	-8,969	-6,580	-5,394	-3,895	-2,751	-1,824	517.7	2,364	-	4,129	4,297	5,831	7,469	-	-	-	-	-
Net income ¹	10,982	-7,086	-5,157	-4,272	-3,276	-2,207	-1,333	342.8	1,861	2,203	3,156	3,432	4,563	5,583	10,508	4,815	-	-	-
Net margin	39.21%	-179.22%	-352%	-183.54%	-108.6%	-47.3%	-20.35%	3.88%	16.91%	-	24.36%	22.34%	29.05%	31.7%	-	-	-	-	-
EPS ²	0.7700	-0.5000	-0.3600	-0.3000	-0.2300	-0.1500	-0.1000	0.0200	0.1300	0.1500	0.2200	0.2400	0.3200	0.4100	0.7400	0.3500	0.4000	0.5700	0.6900
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.7926	-	-
Announcement Date	5/14/20	5/13/21	11/22/21	2/10/22	5/12/22	8/11/22	11/21/22	2/10/23	5/12/23	5/12/23	8/11/23	11/20/23	2/12/24	-	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	46,931	57,734	48,065	52,276	42,373	33,440
Net Cash position ¹	62,157	32,435	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-5.048 x	-28.84 x	2.084 x	1.226 x	0.8266 x	0.5794 x
Free Cash Flow ¹	23,180	-13,225	-20,344	-9,556	-4,720	15,259	25,017	22,869
ROE (net income / shareholders' equity)	16.8%	3.51%	-12.8%	-10.4%	8.19%	18.5%	20.7%	21.5%
ROA (Net income/ Total Assets)	13%	2.79%	-8.86%	-5.85%	4.63%	11.8%	13.9%	15.5%
Assets ¹	193,045	154,738	184,322	189,449	189,712	185,693	202,330	205,820
Book Value Per Share ²	10.80	9.960	7.860	7.090	7.850	8.860	9.960	11.00
Cash Flow per Share ²	2.300	0.0200	-0.8400	-0.0400	0.4800	2.100	2.530	2.870
Capex ¹	9,736	13,484	8,409	9,385	11,592	12,520	17,965	18,993
Capex / Sales	15.51%	43.25%	118.68%	56.67%	24.08%	18.21%	22.79%	22.3%
Announcement Date	11/27/19	11/24/20	11/22/21	11/21/22	11/20/23	-	-	-

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 Airports of Thailand

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

64.25 THB

Average target price

72.77 THB

Spread / Average Target

+13.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Airport Operators

	1st Jan change	Capi.
AIRPORTS OF THAILAND	+7.53%	24.69B
KØBENHAVNS LUFTHAVNE A/S	+3.88%	5.37B
FLUGHAFEN WIEN AG	-1.77%	4.48B
GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A.B. DE C.V.	+5.47%	4.26B
GUANGZHOU BAIYUN INTERNATIONAL AIRPORT COMPANY LIMITED	+7.67%	3.46B
JAPAN AIRPORT TERMINAL CO., LTD.	-9.81%	3.31B
ATHENS INTERNATIONAL AIRPORT S.A.	0.00%	2.67B
ENAV S.P.A.	+13.27%	2.25B
SHENZHEN AIRPORT CO., LTD.	+9.33%	2.01B
BEIJING CAPITAL INTERNATIONAL AIRPORT COMPANY LIMITED	+10.92%	1.46B

Airport Operators