Financials Com7

Equities

COM7

TH6678010005

Computer & Electronics Retailers

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
18.1 ^THB	-1.09%		+5.23%	-23.95%

Feb. 22	Com7 Public Company Limited Proposes Dividend of the Year 2023	CI
Feb. 22	Com7 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	31,800	46,800	98,100	81,090	56,763	43,168	-	-
Enterprise Value (EV) ¹	32,640	47,918	100,922	85,405	56,763	49,161	47,359	48,746
P/E ratio	26.2 x	31.5 x	37.3 x	26.8 x	20 x	13.7 x	12.4 x	11.4 x
Yield	2.26%	2.56%	1.22%	2.21%	-	4.55%	4.96%	4.57%
Capitalization / Revenue	0.95 x	1.25 x	1.92 x	1.29 x	0.82 x	0.57 x	0.52 x	0.48 x
EV / Revenue	0.98 x	1.28 x	1.97 x	1.36 x	0.82 x	0.65 x	0.57 x	0.54 x
EV / EBITDA	19.3 x	20.4 x	26.1 x	18.4 x	12 x	9.59 x	8.33 x	7.84 x
EV / FCF	58.4 x	22.9 x	385 x	74.2 x	-	12.3 x	15.9 x	14.5 x
FCF Yield	1.71%	4.37%	0.26%	1.35%	-	8.14%	6.3%	6.88%
Price to Book	9.43 x	12.1 x	18.6 x	11.3 x	-	4.4 x	3.74 x	3.41 x
Nbr of stocks (in thousands)	2,400,000	2,400,000	2,400,000	2,384,998	2,384,998	2,384,998	-	-
Reference price ²	13.25	19.50	40.88	34.00	23.80	18.10	18.10	18.10
Announcement Date	2/20/20	2/23/21	2/27/22	2/23/23	2/22/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	33,362	37,306	51,126	62,733	69,559	75,777	82,515	89,793
EBITDA ¹	1,691	2,354	3,872	4,636	4,712	5,125	5,682	6,220
EBIT ¹	1,491	1,724	3,084	3,840	3,804	4,162	4,588	4,924
Operating Margin	4.47%	4.62%	6.03%	6.12%	5.47%	5.49%	5.56%	5.48%
Earnings before Tax (EBT) ¹	1,505	1,823	3,183	3,832	3,522	3,939	4,378	4,757
Net income ¹	1,216	1,491	2,630	3,038	2,857	3,145	3,522	3,839
Net margin	3.65%	4%	5.14%	4.84%	4.11%	4.15%	4.27%	4.27%
EPS ²	0.5050	0.6200	1.095	1.270	1.190	1.321	1.457	1.592
Free Cash Flow ¹	558.9	2,096	262.1	1,150	-	4,002	2,986	3,352
FCF margin	1.68%	5.62%	0.51%	1.83%	-	5.28%	3.62%	3.73%
FCF Conversion (EBITDA)	33.04%	89.01%	6.77%	24.81%	-	78.09%	52.54%	53.88%
FCF Conversion (Net income)	45.95%	140.57%	9.97%	37.87%	-	127.26%	84.78%	87.31%
Dividend per Share ²	0.3000	0.5000	0.5000	0.7500	-	0.8233	0.8983	0.8267
Announcement Date	2/20/20	2/23/21	2/27/22	2/23/23	2/22/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2
Net sales ¹	-	-	-	-	14,646	-	-	14,888	18,778	17,309	15,990	16,321	19,995	18,807	-
EBITDA	-	1,787	900.5	1,181	1,196	973.3	2,169	1,147	1,548	1,355	1,224	1,052	1,096	-	-
EBIT	-	1,400	703.9	976.6	993.4	775.7	1,769	952.4	1,346	1,146	999.9	807.5	865.5	-	-
Operating Margin	-	-	-	-	6.78%	-	-	6.4%	7.17%	6.62%	6.25%	4.95%	4.33%	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	752.3	-	-	1,176	1,073	871.3	739.6	837.8	909	-
Net income ¹	562.4	1,153	570.5	907.2	783.2	620	1,403	724.7	909.8	873.7	704.1	611.4	668	805.5	751
Net margin	-	-	-	-	5.35%	-	-	4.87%	4.84%	5.05%	4.4%	3.75%	3.34%	4.28%	-
EPS	0.2350	0.4800	0.2400	0.3750	0.3300	0.2600	0.5800	0.3000	-	0.3600	0.2900	0.2500	0.2800	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/13/20	8/10/21	11/11/21	2/27/22	5/12/22	8/11/22	8/11/22	11/11/22	2/23/23	5/12/23	8/8/23	11/10/23	2/22/24	-	-

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	840	1,118	2,822	4,315	-	5,992	4,191	5,578
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.4965 x	0.4749 x	0.7287 x	0.9308 x	-	1.169 x	0.7375 x	0.8967 x
Free Cash Flow ¹	559	2,096	262	1,150	-	4,002	2,986	3,352
ROE (net income / shareholders' equity)	39.6%	41.3%	57.6%	48.8%	-	35.8%	34.1%	32.1%
ROA (Net income/ Total Assets)	14.5%	16.2%	20.9%	17.3%	-	13.3%	14.2%	14.6%
Assets ¹	8,373	9,185	12,586	17,564	-	23,600	24,871	26,291
Book Value Per Share ²	1.410	1.610	2.200	3.000	-	4.110	4.840	5.310
Cash Flow per Share ²	0.3000	0.9600	0.2300	0.6800	-	1.630	1.660	2.000
Capex ¹	167	213	298	493	-	1,027	913	963
Capex / Sales	0.5%	0.57%	0.58%	0.79%	-	1.36%	1.11%	1.07%
Announcement Date	2/20/20	2/23/21	2/27/22	2/23/23	2/22/24	-	-	-

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 Com7

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

18.1 THB

Average target price

24.54 THB

Spread / Average Target

+35.57%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Mobile Phone Retailers

	1st Jan change	Capi.
COM7	-23.95%	1.17B
TELLING TELECOMMUNICATION HOLDING CO.,LTD	-15.62%	1.14B
T-GAIA CORPORATION	+8.65%	744M
PT ERAJAYA SWASEMBADA TBK	-7.51%	383M
SENAO INTERNATIONAL CO.,LTD.	-0.89%	309M
BELL-PARK CO.,LTD.	+0.06%	208M
OEX S.A.	+12.07%	87.88M
CELLULARLINE S.P.A.	+16.67%	61.27M
CROPS CORPORATION	-13.54%	59.83M
SUNY CELLULAR COMMUNICATION LTD	+13.93%	59.64M

Mobile Phone Retailers