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 80,418 140,732 - -
Change - 24.43% -4.44% -47.44% 27.43% 75% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 219,307 228,169 220,798
Change - -4.31% 4.69% -26.74% -26.41% 50.72% 4.04% -3.23%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 4.06x 9.26x 8.25x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.68x 0.65x 0.61x
PEG - 0x -0.1x -0.1x 0.1x 0x -0.2x 0.7x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.3x 0.33x 0.29x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.46x 0.54x 0.46x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 4.21x 7.03x 5.8x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 4.43x 10.2x 8.64x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x 33.7x 78.2x 10.7x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% 2.97% 1.28% 9.38%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 4.366 2.641 3.446
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 6.93% 4.19% 5.47%
EPS 2 6.17 15.63 8.7 4.46 6.53 15.53 6.803 7.639
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 28.1% 38.8% 45.1%
Net sales 1 345,496 529,589 469,244 466,777 395,682 473,983 425,031 483,942
EBITDA 1 30,309 52,014 37,359 20,999 17,686 52,076 32,451 38,099
EBIT 1 22,885 44,270 29,560 12,893 9,621 49,503 22,363 25,557
Net income 1 12,578 32,668 19,443 9,959 11,852 34,070 15,708 17,585
Net Debt 1 168,451 132,155 149,832 134,617 65,092 78,575 87,437 80,066
Reference price 2 49.50 56.25 53.75 28.25 36.00 63.00 63.00 63.00
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.($)
14.13x1.71x7.35x2.57% 664B
20.43x1.68x9.83x0.45% 186B
7.19x0.57x2.66x4.84% 109B
7.6x0.76x5.15x1.14% 101B
8.49x0.69x5.3x1.4% 99.97B
9.46x0.66x6.86x2.11% 95.98B
10.32x0.31x4.8x6.57% 85.09B
9.72x1.82x4.8x2.61% 78.08B
13.01x1.54x8.33x1.83% 65.27B
Average 11.15x 1.08x 6.12x 2.61% 164.89B
Weighted average by Cap. 12.79x 1.34x 6.76x 2.46%

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