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) 1 269,433 257,808 269,900 197,723 145,510 227,544 234,037 219,708
Change - -4.31% 4.69% -26.74% -26.41% 56.38% 2.85% -6.12%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 7.33x 10.2x 8.82x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.73x 0.7x 0.68x
PEG - 0x -0.1x -0.1x 0.1x 0.2x -0.4x 0.5x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.32x 0.33x 0.28x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.52x 0.55x 0.45x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 6.87x 7.53x 5.98x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 8.42x 11x 8.77x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x -11.4x -49.7x 10.5x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% -8.79% -2.01% 9.54%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 2.496 2.173 2.715
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 3.98% 3.46% 4.33%
EPS 2 6.17 15.63 8.7 4.46 6.53 8.56 6.124 7.115
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.2% 35.5% 38.2%
Net sales 1 345,496 529,589 469,244 466,777 395,682 437,681 425,115 492,526
EBITDA 1 30,309 52,014 37,359 20,999 17,686 33,118 31,086 36,758
EBIT 1 22,885 44,270 29,560 12,893 9,621 27,028 21,260 25,053
Net income 1 12,578 32,668 19,443 9,959 11,852 19,195 14,381 15,915
Net Debt 1 168,451 132,155 149,832 134,617 65,092 87,371 93,863 79,534
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.96x1.62x6.95x2.8% 615B
20.54x1.7x9.89x0.48% 186B
7.76x0.6x2.74x4.89% 108B
9.63x0.71x6.21x1.54% 93.03B
8.11x0.8x5.84x1.29% 92.05B
10.07x0.67x7.12x2.42% 83.72B
9.9x1.83x4.75x2.76% 73.58B
13.28x1.46x7.84x1.99% 59.31B
7.4x0.67x3.9x4.97% 32.56B
Average 11.07x 1.12x 6.14x 2.57% 149.22B
Weighted average by Cap. 12.56x 1.35x 6.74x 2.45%

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