The Discounted Cash Flow (DCF) valuation of Electricity Generating PCL (EGCO.BK) is 47.54 THB. With the latest stock price at 104.00 THB, the upside of Electricity Generating PCL based on DCF is -54.3%.

Is EGCO.BK a buy or a sell?

Based on the latest price of 104.00 THB and our DCF valuation, Electricity Generating PCL (EGCO.BK) is a sell. Selling EGCO.BK stocks now will result in a potential gain of 54.3%.

	Range	Selected
WACC / Discount Rate	4.9% - 7.8%	6.4%
Long-term Growth Rate	3.0% - 4.7%	3.8%
Fair Price	(54.62) - 2,017.71	47.54
Upside	-152.5% - 1840.1%	-54.3%

104.00 THB

Stock Price

47.54 THB

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

EGCO.BK DCF Valuation: Revenue & Expenses Forecast

(THB in millions)		Projections

	12-2024	12-2025	12-2026	12-2027	12-2028	12-2029

Revenue	28,787	44,617	39,359	40,146	43,930	46,843
% Growth	18%	55%	-12%	2%	9%	7%

Cost of goods sold	(40,916)	(60,246)	(50,488)	(48,923)	(50,858)	(51,518)
% of Revenue	142%	135%	128%	122%	116%	110%

Selling, G&A expenses	(3,537)	(5,482)	(4,836)	(4,933)	(5,398)	(5,756)
% of Revenue	12%	12%	12%	12%	12%	12%

Research & Development	0	0	0	0	0	0
% of Revenue	0%	0%	0%	0%	0%	0%

Net interest & other expenses	7,925	12,283	10,835	11,052	12,094	12,896
% of Revenue	28%	28%	28%	28%	28%	28%

Tax expense	(645)	922	536	278	24	(257)
Tax rate	8%	10%	10%	10%	10%	10%

Net profit	(8,386)	(7,906)	(4,594)	(2,380)	(208)	2,207
% Margin	-29%	-18%	-12%	-6%	0%	5%