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 80,418 162,512 - -
Change - 24.43% -4.44% -47.44% 27.43% 102.08% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 237,791 245,693 238,908
Change - -4.31% 4.69% -26.74% -26.41% 63.42% 3.32% -2.76%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 4.4x 9.25x 8.53x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.77x 0.74x 0.69x
PEG - 0x -0.1x -0.1x 0.1x 0x -0.2x 1.02x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.33x 0.38x 0.34x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.48x 0.57x 0.5x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 4.11x 6.87x 5.76x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 4.76x 9.46x 8.2x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x 24.6x 76.7x 11.7x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% 4.07% 1.3% 8.52%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 4.861 3.283 4.1
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 6.68% 4.51% 5.64%
EPS 2 6.17 15.63 8.7 4.46 6.53 16.54 7.868 8.524
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.4% 41.7% 48.1%
Net sales 1 345,496 529,589 469,244 466,777 395,682 496,016 433,331 479,311
EBITDA 1 30,309 52,014 37,359 20,999 17,686 57,925 35,744 41,476
EBIT 1 22,885 44,270 29,560 12,893 9,621 49,959 25,979 29,119
Net income 1 12,578 32,668 19,443 9,959 11,852 36,649 18,433 20,342
Net Debt 1 168,451 132,155 149,832 134,617 65,092 75,279 83,182 76,396
Reference price 2 49.50 56.25 53.75 28.25 36.00 72.75 72.75 72.75
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.($)
4.54x0.49x4.19x6.48% 4.97B
14.09x1.78x7.57x2.34% 728B
18.21x1.52x8.87x0.5% 167B
7.58x0.92x5.2x0.84% 136B
8.54x0.83x5.61x1.05% 132B
6.79x0.62x2.66x4.22% 125B
9.06x0.77x6.66x1.71% 119B
10.86x0.35x5.4x6.47% 95.73B
8.92x2.02x5.12x2.24% 88.39B
11.89x1.51x7.89x1.86% 62.61B
Average 10.05x 1.08x 5.92x 2.77% 165.86B
Weighted average by Cap. 12.04x 1.36x 6.66x 2.25%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Thai Oil

Historical PBR trend

Valuation ratios - PBR - Thai Oil

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Thai Oil

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Thai Oil


Year-on-year evolution of the Yield

Valuation ratios - Yield - Thai Oil