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 80,418 140,173 - -
Change - 24.43% -4.44% -47.44% 27.43% 74.31% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 218,801 227,241 220,622
Change - -4.31% 4.69% -26.74% -26.41% 50.37% 3.86% -2.91%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 3.87x 9.04x 7.93x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.67x 0.64x 0.6x
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 0.33x 0.29x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.45x 0.53x 0.46x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 3.93x 6.69x 5.6x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 4.45x 9.77x 8.18x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x 33.6x 58.4x 10x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% 2.97% 1.71% 10%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 4.76 2.824 3.779
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 7.59% 4.5% 6.02%
EPS 2 6.17 15.63 8.7 4.46 6.53 16.22 6.941 7.909
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.3% 40.7% 47.8%
Net sales 1 345,496 529,589 469,244 466,777 395,682 488,012 425,868 477,079
EBITDA 1 30,309 52,014 37,359 20,999 17,686 55,650 33,954 39,427
EBIT 1 22,885 44,270 29,560 12,893 9,621 49,160 23,256 26,971
Net income 1 12,578 32,668 19,443 9,959 11,852 36,149 16,024 18,253
Net Debt 1 168,451 132,155 149,832 134,617 65,092 78,628 87,068 80,449
Reference price 2 49.50 56.25 53.75 28.25 36.00 62.75 62.75 62.75
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.93x1.66x7.1x2.6% 656B
20.6x1.69x9.87x0.45% 189B
7.38x0.58x2.67x4.67% 113B
7.59x0.81x5.4x1.05% 109B
9.05x0.73x5.61x1.31% 107B
9.68x0.69x7.04x1.99% 102B
11.68x0.34x5.35x6.13% 93.7B
9.38x1.83x4.69x2.6% 78.74B
11.83x1.42x7.81x1.92% 62.21B
Average 11.24x 1.08x 6.17x 2.52% 167.82B
Weighted average by Cap. 12.72x 1.31x 6.68x 2.43%

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

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