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 80,418 134,589 - -
Change - 24.43% -4.44% -47.44% 27.43% 67.36% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 213,216 221,656 215,037
Change - -4.31% 4.69% -26.74% -26.41% 46.53% 3.96% -2.99%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 3.91x 8.81x 7.89x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.65x 0.62x 0.58x
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 0.27x 0.32x 0.28x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.44x 0.52x 0.45x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 3.9x 6.69x 5.55x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 4.35x 9.71x 8.2x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x 32.8x 76x 9.99x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% 3.05% 1.32% 10%
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% 7.83% 4.65% 6.17%
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 60.25 60.25 60.25
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.($)
3.91x0.44x3.9x7.84% 4.11B
14.03x1.68x7.22x2.58% 661B
20.51x1.69x9.82x0.45% 187B
7.35x0.58x2.69x4.73% 111B
7.03x0.75x5.03x1.15% 99.66B
8.33x0.67x5.18x1.42% 98.01B
8.99x0.65x6.64x2.14% 94.53B
11.38x0.32x5.09x6.3% 91.61B
9.15x1.78x4.61x2.67% 76.47B
12.23x1.45x8.03x1.88% 63.53B
Average 10.29x 1.00x 5.82x 3.12% 148.68B
Weighted average by Cap. 12.66x 1.31x 6.65x 2.49%

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