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1. Company Snapshot

1.a. Company Description

Electricity Generating Public Company Limited, together with its subsidiaries, generates and sells electricity to government sector and industrial users primarily in Thailand, the Philippines, Australia, South Korea, Taiwan, the United States, Laos, and Indonesia.The company operates in two segments, Electricity Generation and Other Businesses.It generates electricity from various resources, such as natural gas, liquefied natural gas, coal, biomass, hydro, solar, wind, geothermal, and fuel cell.


As of December 31, 2021, the company operated 30 domestic and overseas power plants with total capacity of 5,959.27 MW equity; operating power plants with a total capacity of 5,646.19 MW equity and projects under construction with total equity contracted capacity of 313.08 MW.It also provides operation, maintenance, engineering, and construction services to power plants, petrochemical plants, oil refineries, and other industries.Electricity Generating Public Company Limited was incorporated in 1992 and is headquartered in Bangkok, Thailand.

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1.b. Last Insights on ECGF

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.75%)

6. Segments

Electricity Generation

Expected Growth: 7.77%

The 7.77% growth in electricity generation from Electricity Generating Public Company Limited is driven by increasing demand from industrial and commercial sectors, government initiatives to promote renewable energy, and investments in grid expansion and modernization. Additionally, the company's focus on improving operational efficiency and reducing costs has also contributed to the growth.

Adjustments

Expected Growth: 7.43%

The 7.43% growth of Adjustments from Electricity Generating Public Company Limited is driven by increasing electricity demand, favorable government policies, and investments in renewable energy. Additionally, the company's focus on cost reduction and operational efficiency has contributed to the growth. Furthermore, the expansion of transmission and distribution networks has also supported the growth.

Other

Expected Growth: 7.88%

Strong demand for electricity in Thailand, driven by industrialization and population growth, coupled with the company's diversified power generation portfolio and efficient operations, have contributed to the 7.88% growth. Additionally, the company's focus on renewable energy and strategic partnerships have enhanced its competitiveness and fueled expansion.

7. Detailed Products

Electricity Generation

Electricity Generating Public Company Limited generates electricity from various sources including thermal, hydro, and renewable energy sources.

Transmission Services

EGAT provides transmission services to transmit electricity from power plants to substations, ensuring reliable and efficient transmission of electricity.

Distribution Services

EGAT distributes electricity from substations to end-users, including households, commercial establishments, and industrial customers.

Renewable Energy Solutions

EGAT offers renewable energy solutions, including solar, wind, and hydroelectric power, to promote sustainable energy development.

Energy Storage Solutions

EGAT provides energy storage solutions to stabilize the grid, ensure energy reliability, and optimize energy efficiency.

Energy Efficiency Services

EGAT offers energy efficiency services to help customers optimize their energy usage, reduce energy consumption, and lower energy costs.

8. Electricity Generating Public Company Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Electricity Generating Public Company Limited is moderate due to the availability of alternative energy sources such as solar and wind power.

Bargaining Power Of Customers

The bargaining power of customers for Electricity Generating Public Company Limited is low due to the lack of alternative energy providers in the market.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Electricity Generating Public Company Limited is moderate due to the dependence on a few major suppliers of fuel and equipment.

Threat Of New Entrants

The threat of new entrants for Electricity Generating Public Company Limited is low due to the high barriers to entry in the energy generation industry.

Intensity Of Rivalry

The intensity of rivalry for Electricity Generating Public Company Limited is high due to the competition from other energy generation companies in the market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 53.58%
Debt Cost 5.06%
Equity Weight 46.42%
Equity Cost 6.19%
WACC 5.58%
Leverage 115.42%

11. Quality Control: Electricity Generating Public Company Limited passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Kenon

A-Score: 7.5/10

Value: 3.5

Growth: 6.0

Quality: 5.8

Yield: 10.0

Momentum: 10.0

Volatility: 9.7

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BW LPG

A-Score: 7.3/10

Value: 7.0

Growth: 8.6

Quality: 5.4

Yield: 10.0

Momentum: 4.0

Volatility: 9.0

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Capital Power

A-Score: 6.6/10

Value: 4.7

Growth: 6.3

Quality: 3.1

Yield: 9.0

Momentum: 8.5

Volatility: 7.7

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EGCO

A-Score: 6.2/10

Value: 6.0

Growth: 4.7

Quality: 5.6

Yield: 10.0

Momentum: 4.5

Volatility: 6.3

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Centrica

A-Score: 5.9/10

Value: 6.5

Growth: 5.6

Quality: 3.5

Yield: 3.1

Momentum: 9.0

Volatility: 8.0

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NRG Energy

A-Score: 5.1/10

Value: 2.5

Growth: 6.8

Quality: 3.7

Yield: 4.0

Momentum: 9.5

Volatility: 4.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.88$

Current Price

2.88$

Potential

-0.00%

Expected Cash-Flows