Financials Dusit Thani Freehold and Leasehold Real Estate Investment Trust

Equities

DREIT

TH8367010007

Specialized REITs

End-of-day quote Thailand S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
4.64 THB 0.00% Intraday chart for Dusit Thani Freehold and Leasehold Real Estate Investment Trust -1.28% -7.20%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 4,554 3,045 3,771 4,376 3,558 3,301 -
Enterprise Value (EV) 1 5,990 4,595 5,408 6,008 3,558 4,676 4,636
P/E ratio 37.3 x 9.5 x 9.5 x 13.8 x - 8.75 x 8.44 x
Yield 5.63% 9.07% 7.32% 9.36% - 8.84% 9.05%
Capitalization / Revenue 15.9 x 7.18 x 7.61 x 9.66 x 6.97 x 6.3 x 6.09 x
EV / Revenue 20.9 x 10.8 x 10.9 x 13.3 x 6.97 x 8.92 x 8.55 x
EV / EBITDA 23,304,508 x 12,020,936 x - - - - -
EV / FCF -1,202,980 x - - - - - -
FCF Yield -0% - - - - - -
Price to Book 0.84 x 0.56 x 0.66 x - - - -
Nbr of stocks (in thousands) 711,500 711,500 711,500 711,500 711,500 711,500 -
Reference price 2 6.400 4.280 5.300 6.150 5.000 4.640 4.640
Announcement Date 2/24/20 2/19/21 2/21/22 2/24/23 2/28/24 - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 286.1 424.4 495.7 452.8 510.6 524 542
EBITDA 257 382.2 - - - - -
EBIT 257 382.2 438 - - - -
Operating Margin 89.85% 90.07% 88.36% - - - -
Earnings before Tax (EBT) 1 129.5 323.9 406.9 318.7 271.3 372 392
Net income 1 121.9 320.6 397.1 317.6 - 374 393
Net margin 42.63% 75.54% 80.11% 70.15% - 71.37% 72.51%
EPS 2 0.1714 0.4505 0.5581 0.4464 - 0.5300 0.5500
Free Cash Flow -4,979 - - - - - -
FCF margin -1,740.57% - - - - - -
FCF Conversion (EBITDA) - - - - - - -
FCF Conversion (Net income) - - - - - - -
Dividend per Share 2 0.3604 0.3880 0.3880 0.5756 - 0.4100 0.4200
Announcement Date 2/24/20 2/19/21 2/21/22 2/24/23 2/28/24 - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 1,436 1,549 1,637 1,633 - 1,375 1,335
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) 5.588 x 4.054 x - - - - -
Free Cash Flow -4,979 - - - - - -
ROE (net income / shareholders' equity) 4.58% 5.89% 7.11% 5.54% - 6.7% 6.9%
ROA (Net income/ Total Assets) 3.68% 4.43% 5.2% 4.05% - 4.8% 5%
Assets 1 3,312 7,234 7,643 7,853 - 7,792 7,860
Book Value Per Share 7.590 7.700 8.000 - - - -
Cash Flow per Share 2 - 0.1800 0.3300 0.6300 - 0.5200 0.5500
Capex 1 2,561 196 90.2 146 - 51.2 57.5
Capex / Sales 895.21% 46.21% 18.2% 32.18% - 9.77% 10.61%
Announcement Date 2/24/20 2/19/21 2/21/22 2/24/23 2/28/24 - -
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

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
1
Last Close Price
4.64 THB
Average target price
6.2 THB
Spread / Average Target
+33.62%
Consensus

Annual profits - Rate of surprise

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