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 1,035,713 996,428 914,285 578,571 885,713 - -
Change - 18.85% -3.79% -8.24% -36.72% 53.09% - -
Enterprise Value (EV) 1 918,358 1,093,448 1,044,493 949,973 609,360 905,818 910,809 914,268
Change - 19.07% -4.48% -9.05% -35.86% 48.65% 0.55% 0.38%
P/E -53.5x -92.9x 113x 47.8x 31.9x 45.3x 29.8x 26.9x
PBR 7.76x 10.2x 8.88x 7.23x 4.42x 6.36x 5.62x 5.17x
PEG - 2.9x -1x 0x -6.11x 5.77x 0.6x 2.5x
Capitalization / Revenue 123x 62.5x 20.7x 13.6x 8.68x 12.8x 10.7x 10x
EV / Revenue 130x 66x 21.7x 14.2x 9.14x 13.1x 11x 10.3x
EV / EBITDA -98.8x -546x 45.3x 24.5x 16.1x 23.1x 17.5x 16.2x
EV / EBIT -50.1x -100x 73.6x 34.8x 23.6x 33.7x 23.2x 21.3x
EV / FCF -45.1x -114x -221x 33.9x 30.7x 35.5x 29.6x 27.9x
FCF Yield -2.22% -0.87% -0.45% 2.95% 3.26% 2.82% 3.37% 3.58%
Dividend per Share 2 - - - - - 0.8144 1.153 1.324
Rate of return - - - - - 1.31% 1.86% 2.14%
EPS 2 -1.14 -0.78 0.62 1.34 1.27 1.37 2.083 2.308
Distribution rate - - - - - 59.5% 55.3% 57.4%
Net sales 1 7,086 16,560 48,141 67,121 66,679 69,318 83,155 88,533
EBITDA 1 -9,297 -2,002 23,068 38,707 37,901 39,207 52,088 56,335
EBIT 1 -18,325 -10,934 14,197 27,303 25,859 26,913 39,330 42,999
Net income 1 -16,322 -11,088 8,791 19,182 18,125 19,818 29,710 32,740
Net Debt 1 46,931 57,734 48,065 35,688 30,789 20,104 25,096 28,554
Reference price 2 61.00 72.50 69.75 64.00 40.50 62.00 62.00 62.00
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 22/11/21 21/11/22 20/11/23 21/11/24 21/11/25 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
45.27x13.07x23.1x1.31% 26.62B
19.1x3.1x9.69x1.65% 6.43B
22.15x4.31x10.82x3.18% 5.02B
140x - - 0.36% 4.78B
13.37x5.45x8.41x5.85% 4.8B
17.7x6.48x10.75x5.65% 4.22B
25.27x2.45x9.68x6.15% 3.04B
24.71x1.51x4.84x1.97% 2.96B
Average 38.45x 5.19x 11.04x 3.27% 7.23B
Weighted average by Cap. 41.42x 8.57x 16.22x 2.41%

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

  1. Stock Market
  2. Stocks
  3. AOT Stock
  4. AOT-R Stock
  5. Valuation Airports of Thailand
-40%: Exceptional extension
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