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Bangkok Expressway and Metro

DB:B4X
Snowflake Description

Second-rate dividend payer and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
B4X
DB
฿116B
Market Cap
  1. Home
  2. DE
  3. Transportation
Company description

Bangkok Expressway and Metro Public Company Limited, together with its subsidiaries, engages in the construction and management of expressways in Thailand. The last earnings update was 33 days ago. More info.


Add to Portfolio Compare Print
  • Bangkok Expressway and Metro has significant price volatility in the past 3 months.
B4X Share Price and Events
7 Day Returns
10.7%
DB:B4X
6.6%
DE Infrastructure
7.3%
DE Market
1 Year Returns
-28.4%
DB:B4X
-42.7%
DE Infrastructure
-17.7%
DE Market
B4X Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bangkok Expressway and Metro (B4X) 10.7% -22.4% -37.3% -28.4% 1.5% -
DE Infrastructure 6.6% -32.4% -48.6% -42.7% -41.2% -17.3%
DE Market 7.3% -17.9% -25.8% -17.7% -25.6% -29%
1 Year Return vs Industry and Market
  • B4X outperformed the Infrastructure industry which returned -42.7% over the past year.
  • B4X underperformed the Market in Germany which returned -17.7% over the past year.
Price Volatility
B4X
Industry
5yr Volatility vs Market

B4X Value

 Is Bangkok Expressway and Metro undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bangkok Expressway and Metro to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bangkok Expressway and Metro.

DB:B4X Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 14 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.4%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:B4X
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 7.5%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.728 (1 + (1- 20%) (57.2%))
1.041
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.04
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.041 * 7.46%)
7.38%

Discounted Cash Flow Calculation for DB:B4X using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Bangkok Expressway and Metro is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:B4X DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (THB, Millions) Source Present Value
Discounted (@ 7.38%)
2020 -3,314.40 Analyst x6 -3,086.63
2021 1,997.00 Analyst x3 1,731.96
2022 5,559.00 Analyst x1 4,489.90
2023 8,878.93 Est @ 59.72% 6,678.53
2024 12,580.40 Est @ 41.69% 8,812.41
2025 16,236.86 Est @ 29.06% 10,592.11
2026 19,521.30 Est @ 20.23% 11,859.59
2027 22,262.64 Est @ 14.04% 12,595.56
2028 24,425.01 Est @ 9.71% 12,869.32
2029 26,057.11 Est @ 6.68% 12,785.78
Present value of next 10 years cash flows ฿79,328.00
DB:B4X DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ฿26,057.11 × (1 + -0.39%) ÷ (7.38% – -0.39%)
฿334,084.76
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ฿334,084.76 ÷ (1 + 7.38%)10
฿163,929.76
DB:B4X Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ฿79,328.00 + ฿163,929.76
฿243,257.76
Equity Value per Share
(THB)
= Total value / Shares Outstanding
= ฿243,257.76 / 15,285.00
฿15.91
DB:B4X Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:B4X represents 0.02592x of SET:BEM
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.02592x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (THB) x Listing Adjustment Factor
= ฿ 15.91 x 0.02592
€0.41
Value per share (EUR) From above. €0.41
Current discount Discount to share price of €0.20
= -1 x (€0.20 - €0.41) / €0.41
52.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Bangkok Expressway and Metro is available for.
Intrinsic value
>50%
Share price is €0.197 vs Future cash flow value of €0.41253
Current Discount Checks
For Bangkok Expressway and Metro to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Bangkok Expressway and Metro's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Bangkok Expressway and Metro's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bangkok Expressway and Metro's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bangkok Expressway and Metro's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:B4X PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in THB ฿0.36
SET:BEM Share Price ** SET (2020-03-30) in THB ฿7.6
Europe Infrastructure Industry PE Ratio Median Figure of 38 Publicly-Listed Infrastructure Companies 11.07x
Germany Market PE Ratio Median Figure of 400 Publicly-Listed Companies 16.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bangkok Expressway and Metro.

DB:B4X PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SET:BEM Share Price ÷ EPS (both in THB)

= 7.6 ÷ 0.36

21.11x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bangkok Expressway and Metro is overvalued based on earnings compared to the Europe Infrastructure industry average.
  • Bangkok Expressway and Metro is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Bangkok Expressway and Metro's expected growth come at a high price?
Raw Data
DB:B4X PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.11x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts
0.1%per year
Europe Infrastructure Industry PEG Ratio Median Figure of 18 Publicly-Listed Infrastructure Companies 1.18x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.2x

*Line of best fit is calculated by linear regression .

DB:B4X PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.11x ÷ 0.1%

158.46x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bangkok Expressway and Metro is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Bangkok Expressway and Metro's assets?
Raw Data
DB:B4X PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in THB ฿2.54
SET:BEM Share Price * SET (2020-03-30) in THB ฿7.6
Germany Infrastructure Industry PB Ratio Median Figure of 5 Publicly-Listed Infrastructure Companies 0.96x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.43x
DB:B4X PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SET:BEM Share Price ÷ Book Value per Share (both in THB)

= 7.6 ÷ 2.54

3x

* Primary Listing of Bangkok Expressway and Metro.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bangkok Expressway and Metro is overvalued based on assets compared to the DE Infrastructure industry average.
X
Value checks
We assess Bangkok Expressway and Metro's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Infrastructure industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Infrastructure industry average (and greater than 0)? (1 check)
  5. Bangkok Expressway and Metro has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

B4X Future Performance

 How is Bangkok Expressway and Metro expected to perform in the next 1 to 3 years based on estimates from 14 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
0.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bangkok Expressway and Metro expected to grow at an attractive rate?
  • Bangkok Expressway and Metro's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Bangkok Expressway and Metro's earnings growth is positive but not above the Germany market average.
  • Bangkok Expressway and Metro's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:B4X Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:B4X Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts 0.1%
DB:B4X Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts 6.9%
Europe Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 4.7%
Europe Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 2.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.3%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:B4X Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
All numbers in THB Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:B4X Future Estimates Data
Date (Data in THB Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 19,472 7,549 5,589 5
2021-12-31 19,200 7,393 4,884 12
2020-12-31 17,798 7,174 4,082 14
2020-03-30
DB:B4X Past Financials Data
Date (Data in THB Millions) Revenue Cash Flow Net Income *
2019-12-31 16,107 7,741 5,435
2019-09-30 15,888 7,788 5,397
2019-06-30 15,762 8,195 7,580
2019-03-31 15,699 8,283 5,440
2018-12-31 15,614 8,067 5,317
2018-09-30 15,449 7,924 5,592
2018-06-30 15,402 7,576 3,412
2018-03-31 15,308 7,145 3,157
2017-12-31 15,153 7,150 3,123
2017-09-30 15,065 7,041 2,957
2017-06-30 14,596 5,392 2,824
2017-03-31 13,810 4,131 2,606

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bangkok Expressway and Metro's earnings are expected to grow by 0.1% yearly, however this is not considered high growth (20% yearly).
  • Bangkok Expressway and Metro's revenue is expected to grow by 6.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:B4X Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below

All data from Bangkok Expressway and Metro Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:B4X Future Estimates Data
Date (Data in THB Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 0.36 0.40 0.30 5.00
2021-12-31 0.33 0.40 0.26 12.00
2020-12-31 0.27 0.33 0.19 12.00
2020-03-30
DB:B4X Past Financials Data
Date (Data in THB Millions) EPS *
2019-12-31 0.36
2019-09-30 0.35
2019-06-30 0.50
2019-03-31 0.36
2018-12-31 0.35
2018-09-30 0.37
2018-06-30 0.23
2018-03-31 0.20
2017-12-31 0.20
2017-09-30 0.20
2017-06-30 0.18
2017-03-31 0.17

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Bangkok Expressway and Metro is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Bangkok Expressway and Metro's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bangkok Expressway and Metro has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

B4X Past Performance

  How has Bangkok Expressway and Metro performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bangkok Expressway and Metro's growth in the last year to its industry (Infrastructure).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bangkok Expressway and Metro's year on year earnings growth rate has been positive over the past 5 years.
  • Bangkok Expressway and Metro's 1-year earnings growth is less than its 5-year average (2.2% vs 14.7%)
  • Bangkok Expressway and Metro's earnings growth has not exceeded the Europe Infrastructure industry average in the past year (2.2% vs 6.9%).
Earnings and Revenue History
Bangkok Expressway and Metro's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bangkok Expressway and Metro Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:B4X Past Revenue, Cash Flow and Net Income Data
Date (Data in THB Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 16,107.08 5,434.82 1,336.38
2019-09-30 15,887.83 5,396.79 1,427.65
2019-06-30 15,761.56 7,579.66 1,400.33
2019-03-31 15,698.60 5,439.90 1,381.57
2018-12-31 15,614.44 5,317.04 1,363.74
2018-09-30 15,448.62 5,592.00 1,238.04
2018-06-30 15,401.83 3,412.48 1,213.33
2018-03-31 15,307.69 3,156.94 1,183.55
2017-12-31 15,153.43 3,123.13 1,144.43
2017-09-30 15,064.54 2,956.51 1,095.20
2017-06-30 14,596.08 2,824.29 1,106.09
2017-03-31 13,809.75 2,606.07 1,041.31
2016-12-31 13,104.14 2,605.85 988.61
2016-09-30 12,380.32 2,070.75 1,054.28
2016-06-30 11,902.54 2,782.24 1,030.76
2016-03-31 11,842.22 2,774.09 1,066.19
2015-12-31 11,737.58 2,649.74 1,115.14
2015-09-30 17,944.60 5,652.33 1,441.46
2015-06-30 15,648.44 3,973.66 1,267.85
2015-03-31 13,445.59 3,395.97 1,087.00
2014-12-31 11,233.90 2,744.54 923.45
2014-09-30 2,692.71 -414.00 276.10
2014-06-30 2,695.78 -478.86 274.73
2014-03-31 2,652.44 -570.01 268.95
2013-12-31 2,537.00 -767.46 231.79
2013-09-30 2,491.66 -750.72 235.15
2013-06-30 2,397.68 -846.30 243.08
2013-03-31 2,336.94 -953.51 237.32

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Bangkok Expressway and Metro has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bangkok Expressway and Metro used its assets more efficiently than the Europe Infrastructure industry average last year based on Return on Assets.
  • Bangkok Expressway and Metro's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Bangkok Expressway and Metro's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Infrastructure industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bangkok Expressway and Metro has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

B4X Health

 How is Bangkok Expressway and Metro's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Bangkok Expressway and Metro's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bangkok Expressway and Metro's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Bangkok Expressway and Metro's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Bangkok Expressway and Metro's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bangkok Expressway and Metro Company Filings, last reported 2 months ago.

DB:B4X Past Debt and Equity Data
Date (Data in THB Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 38,823.18 66,445.19 1,861.50
2019-09-30 39,353.11 66,100.32 2,060.90
2019-06-30 41,006.21 65,222.13 2,098.00
2019-03-31 36,157.93 63,242.31 1,916.77
2018-12-31 35,612.03 62,421.76 1,808.68
2018-09-30 35,610.27 61,718.72 2,199.83
2018-06-30 31,881.54 60,901.18 3,039.37
2018-03-31 31,949.70 61,199.92 2,334.11
2017-12-31 31,179.30 61,462.63 4,076.52
2017-09-30 30,329.70 64,123.44 7,442.68
2017-06-30 30,309.57 45,276.20 3,370.40
2017-03-31 30,506.41 46,940.37 7,898.31
2016-12-31 29,782.70 46,921.45 6,718.35
2016-09-30 29,252.29 44,817.34 4,114.14
2016-06-30 29,168.57 44,778.12 6,098.46
2016-03-31 29,817.89 40,048.74 3,445.27
2015-12-31 29,130.03 39,857.57 4,980.73
2015-09-30 7,881.72 10,053.39 395.68
2015-06-30 8,024.37 9,887.37 487.28
2015-03-31 8,152.52 9,700.60 522.43
2014-12-31 26,208.59 33,514.11 4,724.92
2014-09-30 8,449.67 9,446.91 752.46
2014-06-30 8,607.68 9,389.58 668.91
2014-03-31 8,684.16 10,825.59 2,170.75
2013-12-31 8,756.07 10,832.85 2,194.61
2013-09-30 311.17 16,803.31 186.19
2013-06-30 531.46 16,663.02 130.69
2013-03-31 703.16 16,527.48 122.95
  • Bangkok Expressway and Metro's level of debt (171.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (127.8% vs 171.1% today).
  • Debt is not well covered by operating cash flow (11.7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.2x coverage).
X
Financial health checks
We assess Bangkok Expressway and Metro's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bangkok Expressway and Metro has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

B4X Dividends

 What is Bangkok Expressway and Metro's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.97%
Current annual income from Bangkok Expressway and Metro dividends. Estimated to be 2.19% next year.
If you bought €2,000 of Bangkok Expressway and Metro shares you are expected to receive €39 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Bangkok Expressway and Metro's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.7%).
  • Bangkok Expressway and Metro's dividend is below the markets top 25% of dividend payers in Germany (4.97%).
Upcoming dividend payment

Purchase Bangkok Expressway and Metro before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:B4X Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
Europe Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 31 Stocks 6.7%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 1%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:B4X Future Dividends Estimate Data
Date (Data in ฿) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 0.18 3.00
2021-12-31 0.18 9.00
2020-12-31 0.15 9.00
2020-03-30
DB:B4X Past Annualized Dividends Data
Date (Data in ฿) Dividend per share (annual) Avg. Yield (%)
2020-02-26 0.150 1.872
2019-02-27 0.150 1.383
2018-08-22 0.130 1.430
2018-02-27 0.140 1.819
2017-11-09 0.120 1.555
2017-08-23 0.120 1.512
2017-02-22 0.120 1.639
2016-11-10 0.100 1.355
2016-09-09 0.100 1.380

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Bangkok Expressway and Metro has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Bangkok Expressway and Metro only paid a dividend in the past 4 years.
Current Payout to shareholders
What portion of Bangkok Expressway and Metro's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2x coverage).
X
Income/ dividend checks
We assess Bangkok Expressway and Metro's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bangkok Expressway and Metro afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bangkok Expressway and Metro has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

B4X Management

 What is the CEO of Bangkok Expressway and Metro's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Sombat Kitjalaksana
COMPENSATION ฿2,400,000
AGE 62
CEO Bio

Dr. Sombat Kitjalaksana served as the President of Bangkok Expressway and Metro Public Company Limited (alternate name : Bangkok Metro Public Company Limited) since March 1, 2014 and serves as its Managing Director. Dr. Kitjalaksana served as Managing Director of Bangkok Metro Public Company Limited from 2004 to October 14, 2011. Dr. Kitjalaksana served as an Executive Vice President for Business Development of CH Karnchang Public Company Limited from 2001 to 2010 and also served as its Member of the Executive Board. He served as an Acting Marketing and Commercial Development Director of Bangkok Metro Public Company Limited. He served as Senior Vice President for International Business of CH Karnchang PCL from 1994 to 2000. Dr. Kitjalaksana served as Head of Division, Construction Division at The Electricity Generating Authority of Thailand. He has been a Director of Pathum Thani Water Co., Ltd. since 2005 and of Metro Mall Development Co., Ltd. since 2004. He has been Director of TTW Public Company Limited since September 1, 2000. Dr. Kitjalaksana serves as Director of Bangkok Metro Public Company Limited. He serves as a Director of BMCL Network Co., Ltd. and Triads Networks Co., Ltd. He served as a Member of the Executive Board and served as Executive Director at Bangkok Metro Public Company Limited since 2004. He has been a Director of Bangkok Expressway and Metro Public Company Limited (alternate name : Bangkok Metro Public Company Limited) since May 11, 2004. He served as a Non-Executive Director of CH Karnchang Public Company Limited from April 28, 2006 to June 30, 2015. He served as an Executive Director of Bangkok Expressway Public Co. Ltd. He holds a Masters Degree from university of Innsbruck, Austria, Maters Degree in Engineering (Sail Mechanic) from Chulalongkorn University and a Bachelors Degree in Civil Engineering from Chulalongkorn University. Dr. Kitjalaksana obtained Ph.D. in Engineering (Civil) and Soil Mechanic from University of Innsbruck, Austria.

CEO Compensation
  • Sombat's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Sombat's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Bangkok Expressway and Metro management team in years:

4.3
Average Tenure
57
Average Age
  • The tenure for the Bangkok Expressway and Metro management team is about average.
Management Team

Sombat Kitjalaksana

TITLE
MD & Executive Director
COMPENSATION
฿2M
AGE
62

Payao Marittanaporn

TITLE
MD & Executive Director
COMPENSATION
฿2M
AGE
62

Plew Trivisvavet

TITLE
Vice Chairman of the Board
COMPENSATION
฿4M
AGE
74

Phongsarit Tantisuvanitchkul

TITLE
Member of Executive Board & Executive Director
COMPENSATION
฿2M
AGE
46

Supong Chayutsahakij

TITLE
Executive Director
COMPENSATION
฿2M
AGE
77

Panan Tosuwanthaworn

TITLE
Deputy Managing Director of Finance
AGE
51
TENURE
4.3 yrs

Alvin Gee

TITLE
Deputy Managing Director of Operation Support
AGE
48
TENURE
4.3 yrs

Saranya Lertjiraprasert

TITLE
General Manager of Accounting Division
AGE
48
TENURE
4.3 yrs

Vites Techangam

TITLE
Deputy Managing Director of Technology & E-Business
AGE
62

Phakpoom Thaweewittayarut

TITLE
Head of Compliance Unit
AGE
52
TENURE
4.3 yrs
Board of Directors Tenure

Average tenure and age of the Bangkok Expressway and Metro board of directors in years:

11
Average Tenure
71.5
Average Age
  • The average tenure for the Bangkok Expressway and Metro board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Virabongsa Ramangkura

TITLE
Independent Chairman of the Board
COMPENSATION
฿4M
AGE
76
TENURE
4.3 yrs

Sombat Kitjalaksana

TITLE
MD & Executive Director
COMPENSATION
฿2M
AGE
62
TENURE
15.8 yrs

Payao Marittanaporn

TITLE
MD & Executive Director
COMPENSATION
฿2M
AGE
62

Plew Trivisvavet

TITLE
Vice Chairman of the Board
COMPENSATION
฿4M
AGE
74
TENURE
4.3 yrs

Phongsarit Tantisuvanitchkul

TITLE
Member of Executive Board & Executive Director
COMPENSATION
฿2M
AGE
46
TENURE
5.8 yrs

Supong Chayutsahakij

TITLE
Executive Director
COMPENSATION
฿2M
AGE
77
TENURE
15.8 yrs

Vitoon Tejatussanasoontorn

TITLE
Independent Director
COMPENSATION
฿2M
AGE
78
TENURE
14.9 yrs

Vallapa Assakul

TITLE
Independent Director
COMPENSATION
฿2M
AGE
69
TENURE
11 yrs

Chettha Thanajaro

TITLE
Independent Director
COMPENSATION
฿2M
AGE
80
TENURE
14.9 yrs

Annop Tanlamai

TITLE
Independent Director
COMPENSATION
฿2M
AGE
68
TENURE
4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Bangkok Expressway and Metro's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bangkok Expressway and Metro has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

B4X News

Simply Wall St News

B4X Company Info

Description

Bangkok Expressway and Metro Public Company Limited, together with its subsidiaries, engages in the construction and management of expressways in Thailand. The company operates through Expressway Business, Rail Business, and Commercial Development Business segments. It is involved in the operation of metro services, including the repair, maintenance, and improvement of equipment and materials. The company also operates and manages the Si Rat Expressway, the Si Rat - Outer Ring Road Expressway, and the Udon Ratthaya Expressway, as well as the Chaloem Ratchamongkhon Line and MRT Chalong Ratchadham Line projects. In addition, it undertakes commercial developments related to the expressways; and engages in the rental of retail space, and provision of advertising services, as well as offers telecommunication services inside and outside of underground train stations. The company was founded in 1998 and is headquartered in Bangkok, Thailand.

Details
Name: Bangkok Expressway and Metro Public Company Limited
B4X
Exchange: DB
Founded: 1998
฿3,218,390,463
15,285,000,000
Website: http://www.bemplc.co.th
Address: Bangkok Expressway and Metro Public Company Limited
587 Sutthisarn Road,
Ratchadaphisek,
Bangkok,
10400,
Thailand
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SET BEM Ordinary Shares The Stock Exchange of Thailand TH THB 05. Jan 2016
DB B4X THB1(ALIEN MARKET) Deutsche Boerse AG DE EUR 05. Jan 2016
SET BEM-R THB1(NVDR) The Stock Exchange of Thailand TH THB 05. Jan 2016
THAMSE BEM-F THB1(ALIEN MARKET) Bangkok-Alien Market Stock Exchange TH THB 05. Jan 2016
Number of employees
Current staff
Staff numbers
3,647
Bangkok Expressway and Metro employees.
Industry
Highways and Railtracks
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/30 23:45
End of day share price update: 2020/03/30 00:00
Last estimates confirmation: 2020/03/25
Last earnings filing: 2020/02/26
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.