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Key Info

Airports of Thailand PCL Web - www.airportthai.co.th

Tel - 66-2-535-1111

Next Reporting Date - 15.05.2019

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    Airports of Thailand PCL

    Transportation

    THAILAND


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    3.78%

    Cost of Debt

    3.78%

    Long Term Growth

    2.00%

    Beta Assumption

    0.89

    Current Market Cap mln$

    30,382.75

    Net Debt mln$

    -1,737.95

    WACC Estimate

    7.56%

    Ordinary Current Price $

    2.13

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue1315.351440.241590.061872.422040.752218.852396.522579.122776.212991.543223.573473.593743.014033.324346.15
    EBITDA Costs438.29557.63689.26748.47872.93969.821066.471165.801273.021393.861526.181671.051829.672003.352193.52
    EBITDA877.06882.61900.801123.951167.821249.041330.051413.321503.191597.681697.391802.541913.342029.972152.63
    EBITDA Margin66.6861.2856.6560.0357.2356.2955.5054.8054.1553.4152.6651.8951.1250.3349.53
    Operating Costs623.41738.62852.74922.971038.601131.701224.571320.021423.041535.961657.841789.401931.392084.652250.07
    Operating Profit691.94701.62737.32949.461002.151087.161171.951259.111353.171455.581565.721684.191811.621948.672096.08
    Operating Margin52.6148.7246.3750.7149.1149.0048.9048.8248.7448.6648.5748.4948.4048.3148.23
    Pretax Costs617.27757.13831.69909.651017.251104.541191.611281.111377.711483.031596.411718.451849.821991.232143.46
    PTP698.08683.11758.38962.771023.511114.321204.901298.011398.501508.511627.161755.141893.192042.092202.69
    Pretax Margin53.0747.4347.6951.4250.1550.2250.2850.3350.3750.4350.4850.5350.5850.6350.68
    Net Income Costs755.07887.13991.021094.011216.481320.751424.771531.681647.071772.871908.272054.012210.892379.752561.50
    Net Income560.27553.11599.04778.41824.27898.10971.751047.441129.141218.681315.301419.581532.121653.571784.65
    Net Margin42.6038.4037.6741.5740.3940.4840.5540.6140.6740.7440.8040.8740.9341.0041.06
    Revenue Less Capex1505.331576.941739.112173.922347.992567.452786.383011.403254.273521.853811.434124.834463.994831.045228.28
    Capex-189.98-136.70-149.04-301.50-307.24-348.60-389.86-432.28-478.05-530.31-587.86-651.24-720.98-797.72-882.13
    Capex to Revenues-14.44-9.49-9.37-16.10-15.05-15.71-16.27-16.76-17.22-17.73-18.24-18.75-19.26-19.78-20.30
    Revenue less FCF806.53758.91988.101157.891276.061403.601530.831661.601802.741959.582130.072315.402516.842735.822973.84
    FCF508.82681.33601.96714.53764.69815.25865.69917.52973.471031.961093.491158.201226.161297.501372.31
    FCF to Revenue38.6847.3137.8638.1637.4736.7436.1235.5835.0634.5033.9233.3432.7632.1731.58

    THAILAND Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    AOT TBAirports of Thailand PCLTHAILAND 30382.7535.3432.3222.9420.8314.851.5760.996.2018.2117.23

    International Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    UNP USUnion Pacific CorpUNITED STATES 124218.5219.3116.9713.0512.085.312.0549.187.3233.2324.24
    UPS USUnited Parcel Service IncUNITED STATES 90430.4913.9612.879.979.241.203.6614.0814.34123.371.53
    CNR CNCanadian National Railway CoCANADA 68123.6920.4018.2813.5312.535.901.6649.434.8223.3415.29
    CSX USCSX CorpUNITED STATES 63551.7117.9616.3211.7711.245.051.1852.595.3127.7519.90
    NSC USNorfolk Southern CorpUNITED STATES 53940.7818.7116.5311.8710.964.531.7045.893.4718.4026.47
    FDX USFedEx CorpUNITED STATES 49214.7312.3011.227.667.100.711.3812.122.4319.34-9.66
    DPW GRDeutsche Post AGGERMANY 42299.2114.1012.386.896.320.594.0011.692.5719.155.96
    DAL USDelta Air Lines IncUNITED STATES 37144.858.487.886.025.850.802.5518.912.3029.567.87
    66 HKMTR Corp LtdHONG KONG 36638.1022.3821.0815.6014.725.212.7337.221.526.9722.75
    9020 JPEast Japan Railway CoJAPAN 35730.7513.8113.098.207.781.291.4028.431.339.9610.74
    CP CNCanadian Pacific Railway LtdCANADA 31125.3518.2916.1013.2312.165.260.9248.285.5232.0113.92
    MAERSKA DAP Moller - Maersk A/SDENMARK 27713.19--6.445.760.66-13.11-2.79#N/A N/A
    MAERSKA DCAP Moller - Maersk A/SDENMARK 26794.5438.5319.486.445.760.66-13.110.872.7929.07
    MAERSKB DCAP Moller - Maersk A/SDENMARK 26794.5441.1720.816.445.760.662.0713.110.932.7929.16
    MAERSKB DAP Moller - Maersk A/SDENMARK 25934.55--6.445.760.66-13.11-2.79#N/A N/A
    TCL AUTransurban GroupAUSTRALIA 25833.5194.0473.4227.0624.1411.354.3061.365.403.8324.05
    UAL USUnited Continental Holdings IncUNITED STATES 22954.597.727.105.895.620.530.0015.211.8727.392.64
    ATL IMAtlantia SpAITALY 21740.5612.6612.069.879.551.805.0864.371.8015.8931.32
    753 HKAir China LtdCHINA 19822.4510.448.727.987.070.902.1322.231.1010.6747.70
    DSV DCDSV A/SDENMARK 16325.1325.3623.0612.1412.081.330.4311.507.0328.7112.70
    AAL USAmerican Airlines Group IncUNITED STATES 15002.955.965.517.016.900.321.2013.077.83377.313.49
    BOL FPBollore SAFRANCE 13716.3635.9733.3812.5311.660.511.5011.701.162.3611.88
    IAG SMInternational Consolidated Airlines Group SABRITAIN 13535.775.354.952.882.710.474.9417.911.5129.43-7.38
    EXPD USExpeditors International of Washington IncUNITED STATES 13530.2921.9420.7514.0813.311.571.2110.406.9330.8221.22
    1055 HKChina Southern Airlines Co LtdCHINA 13387.919.597.757.967.040.562.1117.330.9910.4261.64
    KSU USKansas City SouthernUNITED STATES 12403.3818.0015.8610.829.874.301.2249.462.4713.6921.44
    CHRW USCH Robinson Worldwide IncUNITED STATES 12167.2317.6216.6512.3311.860.712.286.216.7440.633.95
    SYD AUSydney AirportAUSTRALIA 12126.0442.6839.3819.9718.9110.395.1081.16--184.4222.87
    9202 JPANA Holdings IncJAPAN 12116.2612.2611.055.845.270.721.8515.961.2910.6111.10
    9201 JPJapan Airlines Co LtdJAPAN 11638.459.0210.793.383.041.092.8220.191.1713.550.00