AOT Relative Valuation - Airports of Thailand PCL

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Price: 56.5 THB -1.74% Market Closed

Market Cap: ฿807.1B

Relative Value

The Relative Value of one AOT stock under the Base Case scenario is 50.92 THB. Compared to the current market price of 56.5 THB, Airports of Thailand PCL is Overvalued by 10%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

What is Relative Valuation?

How is Relative Value calculated?

AOT Relative Value

Base Case

Overvaluation 10%

Relative Value

Price

Worst Case

Base Case

Best Case

Valuation Multiples

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Multiples Across Competitors

All Multiples

P/S

P/E

EV/EBITDA

EV/EBIT

Forward Multiples

			Market Cap	P/S	P/E	EV/EBITDA	EV/EBIT
TH		Airports of Thailand PCL SET:AOT	807.1B THB	11.9	43.9	22.2	32.7
ES		Aena SME SA MAD:AENA	41.3B EUR	6.7	20	12.4	16.1
FR		Aeroports de Paris SA PAR:ADP	11.3B EUR	1.8	121.9	9	16.5
MX		Grupo Aeroportuario del Pacifico SAB de CV BMV:GAPB	215.9B MXN	5.3	21.8	11.9	14.4
CN		Shanghai International Airport Co Ltd SSE:600009	77.9B CNY	6	32.9	35.7	35.7
IN		GMR Airports Ltd NSE:GMRAIRPORT	1T INR	8.2	-463.9	27.7	45.7
MX		Grupo Aeroportuario del Sureste SAB de CV BMV:ASURB	178.1B MXN	5.1	16	9	10.4
CH		Flughafen Zuerich AG SIX:FHZN	7.7B CHF	5.7	22.8	12.6	20.5
DE	F	Fraport Frankfurt Airport Services Worldwide AG XMUN:FRA	7.6B EUR	1.7	16.2	11.7	19.1
DE		Fraport AG Frankfurt Airport Services Worldwide XETRA:FRA	7.5B EUR	1.7	15.8	11.6	18.9
NZ		Auckland International Airport Ltd NZX:AIA	14.3B NZD	14.3	34.3	31.9	31.9

				Revenue Growth	P/S to Growth
TH		Airports of Thailand PCL SET:AOT	Average P/S: 6.2 11.9	9%	1.3
ES		Aena SME SA MAD:AENA	6.7	6%	1.1
FR		Aeroports de Paris SA PAR:ADP	1.8	6%	0.3
MX		Grupo Aeroportuario del Pacifico SAB de CV BMV:GAPB	5.3	15%	0.4
CN		Shanghai International Airport Co Ltd SSE:600009	6	7%	0.9
IN		GMR Airports Ltd NSE:GMRAIRPORT	8.2	25%	0.3
MX		Grupo Aeroportuario del Sureste SAB de CV BMV:ASURB	5.1	10%	0.5
CH		Flughafen Zuerich AG SIX:FHZN	5.7	4%	1.4
DE	F	Fraport Frankfurt Airport Services Worldwide AG XMUN:FRA	1.7	3%	0.6
DE		Fraport AG Frankfurt Airport Services Worldwide XETRA:FRA	1.7	3%	0.6
NZ		Auckland International Airport Ltd NZX:AIA	14.3	8%	1.8

				Earnings Growth	PEG
TH		Airports of Thailand PCL SET:AOT	Average P/E: 34.6 43.9	21%	2.1
ES		Aena SME SA MAD:AENA	20	7%	2.9
FR		Aeroports de Paris SA PAR:ADP	121.9	32%	3.8
MX		Grupo Aeroportuario del Pacifico SAB de CV BMV:GAPB	21.8	15%	1.5
CN		Shanghai International Airport Co Ltd SSE:600009	32.9	20%	1.6
IN		GMR Airports Ltd NSE:GMRAIRPORT	Negative Multiple: -463.9	N/A	N/A
MX		Grupo Aeroportuario del Sureste SAB de CV BMV:ASURB	16	0%	N/A
CH		Flughafen Zuerich AG SIX:FHZN	22.8	1%	22.8
DE	F	Fraport Frankfurt Airport Services Worldwide AG XMUN:FRA	16.2	-4%	N/A
DE		Fraport AG Frankfurt Airport Services Worldwide XETRA:FRA	15.8	-4%	N/A
NZ		Auckland International Airport Ltd NZX:AIA	34.3	-5%	N/A

				EBITDA Growth	EV/EBITDA to Growth
TH		Airports of Thailand PCL SET:AOT	Average EV/EBITDA: 17.8 22.2	13%	1.7
ES		Aena SME SA MAD:AENA	12.4	7%	1.8
FR		Aeroports de Paris SA PAR:ADP	9	7%	1.3
MX		Grupo Aeroportuario del Pacifico SAB de CV BMV:GAPB	11.9	20%	0.6
CN		Shanghai International Airport Co Ltd SSE:600009	35.7	59%	0.6
IN		GMR Airports Ltd NSE:GMRAIRPORT	27.7	29%	1
MX		Grupo Aeroportuario del Sureste SAB de CV BMV:ASURB	9	11%	0.8
CH		Flughafen Zuerich AG SIX:FHZN	12.6	6%	2.1
DE	F	Fraport Frankfurt Airport Services Worldwide AG XMUN:FRA	11.7	8%	1.5
DE		Fraport AG Frankfurt Airport Services Worldwide XETRA:FRA	11.6	8%	1.4
NZ		Auckland International Airport Ltd NZX:AIA	31.9	23%	1.4

				EBIT Growth	EV/EBIT to Growth
TH		Airports of Thailand PCL SET:AOT	Average EV/EBIT: 23.8 32.7	18%	1.8
ES		Aena SME SA MAD:AENA	16.1	8%	2
FR		Aeroports de Paris SA PAR:ADP	16.5	6%	2.8
MX		Grupo Aeroportuario del Pacifico SAB de CV BMV:GAPB	14.4	20%	0.7
CN		Shanghai International Airport Co Ltd SSE:600009	35.7	34%	1
IN		GMR Airports Ltd NSE:GMRAIRPORT	45.7	49%	0.9
MX		Grupo Aeroportuario del Sureste SAB de CV BMV:ASURB	10.4	9%	1.2
CH		Flughafen Zuerich AG SIX:FHZN	20.5	4%	5.1
DE	F	Fraport Frankfurt Airport Services Worldwide AG XMUN:FRA	19.1	6%	3.2
DE		Fraport AG Frankfurt Airport Services Worldwide XETRA:FRA	18.9	6%	3.1
NZ		Auckland International Airport Ltd NZX:AIA	31.9	8%	4

Airports of Thailand PCL
SET:AOT

Relative Value

Valuation Multiples

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Airports of Thailand PCL Competitors

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Airports of Thailand PCL SET:AOT

Relative Value

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AOT Competitors Multiples Airports of Thailand PCL Competitors

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Airports of Thailand PCL
SET:AOT

AOT Competitors Multiples
Airports of Thailand PCL Competitors