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 80,418 110,575 - -
Change - 24.43% -4.44% -47.44% 27.43% 37.5% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 200,587 204,803 190,950
Change - -4.31% 4.69% -26.74% -26.41% 37.85% 2.1% -6.76%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 5.82x 8.16x 6.98x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.57x 0.55x 0.54x
PEG - 0x -0.1x -0.1x 0.1x 0.2x -0.3x 0.4x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.25x 0.26x 0.22x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.46x 0.48x 0.39x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 6.31x 6.66x 5.28x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 7.79x 9.77x 7.8x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x -10x -43.5x 9.11x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% -9.97% -2.3% 11%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 2.488 2.248 2.829
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 5.03% 4.54% 5.72%
EPS 2 6.17 15.63 8.7 4.46 6.53 8.505 6.069 7.093
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.3% 37% 39.9%
Net sales 1 345,496 529,589 469,244 466,777 395,682 437,655 426,500 494,741
EBITDA 1 30,309 52,014 37,359 20,999 17,686 31,765 30,759 36,176
EBIT 1 22,885 44,270 29,560 12,893 9,621 25,760 20,953 24,472
Net income 1 12,578 32,668 19,443 9,959 11,852 19,072 14,251 15,865
Net Debt 1 168,451 132,155 149,832 134,617 65,092 90,012 94,228 80,375
Reference price 2 49.50 56.25 53.75 28.25 36.00 49.50 49.50 49.50
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.($)
11.64x1.47x6.55x3.04% 565B
20.48x1.69x9.74x0.49% 186B
6.92x0.52x2.54x5.66% 98.22B
8.75x0.63x5.83x1.78% 80.01B
9.73x0.28x4.43x7.16% 77.04B
7.33x0.69x5.65x1.53% 77.33B
8.53x0.56x6.56x2.89% 69.96B
8.24x1.57x4.17x3.18% 63.43B
11.23x1.26x7.05x2.16% 54.23B
Average 10.32x 0.96x 5.84x 3.1% 141.24B
Weighted average by Cap. 11.65x 1.20x 6.38x 2.91%

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