BEM.BK
Bangkok Expressway and Metro PCL
Price:  
5.1 
THB
Volume:  
108,061,200
Thailand | Transportation Infrastructure

BEM.BK DCF Valuation - Growth Exit 5Y

-18.4 %
Upside

What is the DCF valuation of BEM.BK?

The Discounted Cash Flow (DCF) valuation of Bangkok Expressway and Metro PCL (BEM.BK) is 4.16 THB. With the latest stock price at 5.10 THB, the upside of Bangkok Expressway and Metro PCL based on DCF is -18.4%.

Is BEM.BK a buy or a sell?

Based on the latest price of 5.10 THB and our DCF valuation, Bangkok Expressway and Metro PCL (BEM.BK) is a sell. Selling BEM.BK stocks now will result in a potential gain of 18.4%.

Range Selected
WACC / Discount Rate5.2% - 8.0%6.6%
Long-term Growth Rate 1.0% - 3.0%2.0%
Fair Price1.02 - 14.214.16
Upside-80.1% - 178.6%-18.4%
5.10 THB
Stock Price
4.16 THB
Fair Price
REVENUE & EXPENSES
CAPEX
D&A
WORKING CAPITAL
TERMINAL VALUE

BEM.BK DCF Valuation: Revenue & Expenses Forecast

(THB in millions)Projections
12-202412-202512-202612-202712-202812-2029
Revenue17,00417,85018,70519,92820,78422,200
% Growth
4%5%5%7%4%7%
Cost of goods sold(9,496)(9,969)(10,446)(11,130)(11,608)(12,399)
% of Revenue56%56%56%56%56%56%
Selling, G&A expenses(1,261)(1,324)(1,387)(1,478)(1,542)(1,647)
% of Revenue7%7%7%7%7%7%
Research & Development000000
% of Revenue0%0%0%0%0%0%
Net interest & other expenses(1,664)(1,747)(1,831)(1,951)(2,034)(2,173)
% of Revenue10%10%10%10%10%10%
Tax expense(813)(754)(790)(842)(878)(938)
Tax rate18%16%16%16%16%16%
Net profit3,7684,0564,2504,5284,7225,044
% Margin22%23%23%23%23%23%