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%.
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 Rate | 5.2% - 8.0% | 6.6% |
Long-term Growth Rate | 1.0% - 3.0% | 2.0% |
Fair Price | 1.02 - 14.21 | 4.16 |
Upside | -80.1% - 178.6% | -18.4% |
(THB in millions) | Projections | |||||
12-2024 | 12-2025 | 12-2026 | 12-2027 | 12-2028 | 12-2029 | |
Revenue | 17,004 | 17,850 | 18,705 | 19,928 | 20,784 | 22,200 |
% Growth | 4% | 5% | 5% | 7% | 4% | 7% |
Cost of goods sold | (9,496) | (9,969) | (10,446) | (11,130) | (11,608) | (12,399) |
% of Revenue | 56% | 56% | 56% | 56% | 56% | 56% |
Selling, G&A expenses | (1,261) | (1,324) | (1,387) | (1,478) | (1,542) | (1,647) |
% of Revenue | 7% | 7% | 7% | 7% | 7% | 7% |
Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
% of Revenue | 0% | 0% | 0% | 0% | 0% | 0% |
Net interest & other expenses | (1,664) | (1,747) | (1,831) | (1,951) | (2,034) | (2,173) |
% of Revenue | 10% | 10% | 10% | 10% | 10% | 10% |
Tax expense | (813) | (754) | (790) | (842) | (878) | (938) |
Tax rate | 18% | 16% | 16% | 16% | 16% | 16% |
Net profit | 3,768 | 4,056 | 4,250 | 4,528 | 4,722 | 5,044 |
% Margin | 22% | 23% | 23% | 23% | 23% | 23% |