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 80,418 142,965 - -
Change - 24.43% -4.44% -47.44% 27.43% 77.78% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 221,593 230,033 223,414
Change - -4.31% 4.69% -26.74% -26.41% 52.29% 3.81% -2.88%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 4.15x 9.36x 8.38x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.69x 0.66x 0.62x
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 0.29x 0.34x 0.3x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.45x 0.54x 0.47x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 4.06x 6.94x 5.77x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 4.52x 10.1x 8.52x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x 34x 78.8x 10.4x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% 2.94% 1.27% 9.63%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 4.721 2.804 3.716
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 7.38% 4.38% 5.81%
EPS 2 6.17 15.63 8.7 4.46 6.53 15.41 6.841 7.639
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 30.6% 41% 48.6%
Net sales 1 345,496 529,589 469,244 466,777 395,682 489,805 425,027 479,476
EBITDA 1 30,309 52,014 37,359 20,999 17,686 54,619 33,124 38,749
EBIT 1 22,885 44,270 29,560 12,893 9,621 49,005 22,822 26,213
Net income 1 12,578 32,668 19,443 9,959 11,852 34,019 15,808 17,585
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 64.00 64.00 64.00
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.($)
14.46x1.72x7.42x2.52% 679B
20.5x1.69x9.82x0.45% 186B
7.63x0.6x2.79x4.55% 116B
7.14x0.76x5.1x1.13% 101B
8.53x0.69x5.29x1.39% 100B
9.21x0.66x6.79x2.09% 96.91B
10.58x0.31x4.9x6.42% 86.95B
9.53x1.86x4.8x2.57% 80.06B
12.77x1.51x8.39x1.8% 66.73B
Average 11.15x 1.09x 6.14x 2.55% 168.13B
Weighted average by Cap. 12.90x 1.35x 6.78x 2.42%

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