Company Valuation: Thai Oil

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 100,981 125,653 120,069 63,106 80,418 147,992 - -
Change - 24.43% -4.44% -47.44% 27.43% 84.03% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 223,070 238,620 231,840
Change - -4.31% 4.69% -26.74% -26.41% 53.3% 6.97% -2.84%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 4.29x 9.55x 8.39x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.73x 0.69x 0.66x
PEG - 0x -0.1x -0.1x 0.1x 0x -0.2x 0.6x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.29x 0.35x 0.3x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.44x 0.56x 0.47x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 3.93x 7.46x 6.17x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 4.48x 10.9x 9.28x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x -10.2x -77.7x 11.2x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% -9.84% -1.29% 8.93%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 4.553 2.59 3.398
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 6.87% 3.91% 5.13%
EPS 2 6.17 15.63 8.7 4.46 6.53 15.43 6.936 7.896
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.5% 37.3% 43%
Net sales 1 345,496 529,589 469,244 466,777 395,682 504,821 428,736 489,530
EBITDA 1 30,309 52,014 37,359 20,999 17,686 56,689 31,972 37,555
EBIT 1 22,885 44,270 29,560 12,893 9,621 49,843 21,943 24,991
Net income 1 12,578 32,668 19,443 9,959 11,852 34,522 15,381 17,111
Net Debt 1 168,451 132,155 149,832 134,617 65,092 75,078 90,629 83,848
Reference price 2 49.50 56.25 53.75 28.25 36.00 66.25 66.25 66.25
Nbr of stocks (in thousands) 2,040,028 2,233,836 2,233,836 2,233,836 2,233,836 2,233,836 - -
Announcement Date 15/02/22 10/02/23 14/02/24 14/02/25 12/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.94x1.68x7.22x2.62% 652B
20.45x1.69x9.85x0.45% 187B
7.2x0.57x2.66x4.84% 109B
7.34x0.76x5.05x1.14% 100B
8.16x0.68x5.12x1.41% 98.74B
9.15x0.64x6.48x2.18% 92.82B
10.16x0.31x4.78x6.68% 84.56B
12.84x1.52x8.22x1.86% 64.08B
6.17x0.45x3.18x4.16% 33.34B
Average 10.60x 0.92x 5.84x 2.82% 157.94B
Weighted average by Cap. 12.64x 1.28x 6.67x 2.53%

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