Financials Sappe

Equities

SAPPE

TH5614010004

Non-Alcoholic Beverages

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
97.5 ^THB	-0.51%		+7.73%	+12.72%

Apr. 18	Sappe Public Company Limited Approves Dividend for the Year 2023, Payable on 17 May 2024	CI
Apr. 18	Sappe Public Company Limited Appoints Niratchara Siriamphunkul as Member of the Audit Committee	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,057	5,874	8,035	13,642	26,667	30,044	-	-
Enterprise Value (EV) ¹	4,773	5,874	8,035	13,353	26,667	29,427	28,752	30,044
P/E ratio	15.1 x	15.4 x	19.6 x	20.9 x	24.8 x	23 x	20.5 x	18 x
Yield	4.17%	5.28%	4.19%	-	-	2.86%	3.38%	3.44%
Capitalization / Revenue	1.79 x	1.8 x	2.33 x	2.99 x	4.41 x	4.07 x	3.61 x	3.23 x
EV / Revenue	1.41 x	1.8 x	2.33 x	2.92 x	4.41 x	3.99 x	3.45 x	3.23 x
EV / EBITDA	7.62 x	9.09 x	10.8 x	13.1 x	17.3 x	15.3 x	13.3 x	10.9 x
EV / FCF	9.42 x	12.7 x	-	19.1 x	-	49.4 x	28.2 x	22.3 x
FCF Yield	10.6%	7.87%	-	5.24%	-	2.02%	3.55%	4.48%
Price to Book	2.29 x	2.12 x	2.77 x	4.19 x	-	7.03 x	6.5 x	5.37 x
Nbr of stocks (in thousands)	304,378	304,378	306,087	308,289	308,289	308,141	-	-
Reference price ²	19.90	19.30	26.25	44.25	86.50	97.50	97.50	97.50
Announcement Date	2/27/20	2/25/21	2/24/22	2/28/23	2/27/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,387	3,268	3,444	4,566	6,053	7,380	8,323	9,289
EBITDA ¹	626.1	646.5	743.4	1,018	1,546	1,929	2,160	2,750
EBIT ¹	434.8	451	545.5	830.5	1,368	1,544	1,776	2,019
Operating Margin	12.84%	13.8%	15.84%	18.19%	22.6%	20.92%	21.34%	21.74%
Earnings before Tax (EBT) ¹	502.7	481.9	516.2	816.1	1,325	1,617	1,819	2,069
Net income ¹	403.1	380.2	410.8	653.2	1,074	1,305	1,463	1,670
Net margin	11.9%	11.63%	11.93%	14.3%	17.75%	17.69%	17.57%	17.98%
EPS ²	1.320	1.250	1.340	2.120	3.490	4.248	4.758	5.415
Free Cash Flow ¹	506.9	462.5	-	700.2	-	595.8	1,020	1,345
FCF margin	14.97%	14.15%	-	15.33%	-	8.07%	12.26%	14.48%
FCF Conversion (EBITDA)	80.96%	71.54%	-	68.8%	-	30.89%	47.23%	48.91%
FCF Conversion (Net income)	125.77%	121.66%	-	107.2%	-	45.64%	69.74%	80.53%
Dividend per Share ²	0.8300	1.020	1.100	-	-	2.785	3.298	3.355
Announcement Date	2/27/20	2/25/21	2/24/22	2/28/23	2/27/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	1,000	818.7	1,019	1,236	1,279	1,032	1,570	1,657	1,667	1,209	1,819
EBITDA ¹	232.7	123.5	240.3	266.2	296.9	279.7	379.4	466.2	457	247.9	417
EBIT ¹	182.7	73.63	193.3	218.3	249.5	236.2	351.7	420.8	412.5	202.7	394.3
Operating Margin	18.27%	8.99%	18.97%	17.66%	19.5%	22.89%	22.4%	25.4%	24.75%	16.77%	21.68%
Earnings before Tax (EBT) ¹	178.6	-	-	206.8	-	192.7	330.4	391.9	397	206.1	390
Net income ¹	142	55.38	153.4	167.3	178.1	154.3	274.8	312.3	319.1	168	316.7
Net margin	14.2%	6.76%	15.05%	13.53%	13.92%	14.96%	17.5%	18.85%	19.15%	13.9%	17.41%
EPS ²	0.4600	-	0.5000	0.5400	-	0.5000	0.8900	-	1.040	0.5500	1.040
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/11/21	2/24/22	5/12/22	8/11/22	11/10/22	2/28/23	5/11/23	8/11/23	11/13/23	2/27/24	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,284	-	-	288	-	617	1,292	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	507	463	-	700	-	596	1,020	1,345
ROE (net income / shareholders' equity)	15.9%	14%	14.5%	21.2%	-	32%	33.3%	32.1%
ROA (Net income/ Total Assets)	12.8%	10.8%	11%	15.5%	-	21.8%	22.8%	21.1%
Assets ¹	3,156	3,519	3,748	4,205	-	6,001	6,421	7,915
Book Value Per Share ²	8.700	9.110	9.480	10.60	-	13.90	15.00	18.20
Cash Flow per Share ²	1.990	-	-	-	-	5.290	5.810	6.400
Capex ¹	98.7	77.4	103	315	-	195	132	-
Capex / Sales	2.92%	2.37%	3%	6.89%	-	2.64%	1.59%	-
Announcement Date	2/27/20	2/25/21	2/24/22	2/28/23	2/27/24	-	-	-

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 Sappe

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

97.5 THB

Average target price

102.3 THB

Spread / Average Target

+4.91%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Fruit Drinks

	1st Jan change	Capi.
SAPPE	+12.72%	809M
YANTAI NORTH ANDRE JUICE CO.,LTD.	+18.80%	1.54B
SDIC ZHONGLU FRUIT JUICE CO.,LTD.	-17.84%	359M
ROYAL PLUS	+48.39%	166M
HYUNGKUK F&B CO., LTD.	+20.95%	67.8M

Fruit Drinks