Company Valuation: Thai Airways International

Data adjusted to current consolidation scope
Fiscal Period: December 2024 2025 2026 2027 2028
Market Cap 1 7,247 196,708 161,329 - -
Change - 2,614.41% -17.99% - -
Enterprise Value (EV) 1 7,247 235,802 213,876 201,134 204,465
Change - 3,153.87% -9.3% -5.96% 1.66%
P/E -0.53x 6.38x 9.03x 7.09x 6.67x
PBR - 2.59x 1.84x 1.47x 1.21x
PEG - -0x -0.2x 0.3x 1.06x
Capitalization / Revenue - 1.07x 0.82x 0.77x 0.72x
EV / Revenue - 1.29x 1.09x 0.96x 0.91x
EV / EBITDA - 4.12x 5.15x 4.04x 3.73x
EV / EBIT - 5.65x 8.21x 6.02x 5.65x
EV / FCF - 9.39x 13.6x 24.9x 14.3x
FCF Yield - 10.6% 7.33% 4.01% 6.98%
Dividend per Share 2 - 0.21 0.1464 0.1947 0.2094
Rate of return - 3.02% 2.57% 3.42% 3.67%
EPS 2 -6.26 1.09 0.6312 0.8044 0.8551
Distribution rate - 19.3% 23.2% 24.2% 24.5%
Net sales 1 - 183,442 195,823 210,526 224,319
EBITDA 1 - 57,259 41,540 49,833 54,877
EBIT 1 - 41,740 26,042 33,416 36,163
Net income 1 -26,934 30,910 17,840 22,878 24,188
Net Debt 1 - 39,094 52,548 39,806 43,136
Reference price 2 3.320 6.950 5.700 5.700 5.700
Nbr of stocks (in thousands) 2,182,772 28,303,292 28,303,292 - -
Announcement Date 25/02/25 27/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
12.57x0.9x6.99x0.97% 52.44B
10.06x0.79x6.52x-.--% 36.15B
13.44x1.35x6.1x1.87% 28.14B
8.25x0.81x3.79x2.19% 25.68B
65.63x2.26x13.15x0.07% 20.38B
27.97x1.09x5.82x3.67% 16.82B
-11.31x1.68x11.53x-.--% 15.97B
13.79x1.18x4.89x3.13% 15.05B
-12.33x1.62x10.23x0.25% 11.9B
Average 14.23x 1.30x 7.67x 1.35% 24.72B
Weighted average by Cap. 14.84x 1.18x 7.26x 1.23%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

  1. Stock Market
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  5. Valuation Thai Airways International
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