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 97,730 - -
Change - 24.43% -4.44% -47.44% 27.43% 21.53% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 188,205 196,399 186,803
Change - -4.31% 4.69% -26.74% -26.41% 29.34% 4.35% -4.89%
P/E Ratio 8.02x 3.6x 6.18x 6.33x 5.51x 5.14x 7.21x 6.17x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.5x 0.49x 0.48x
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 0.22x 0.23x 0.2x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.43x 0.46x 0.38x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 6.18x 6.41x 5.14x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 7.41x 9.43x 7.57x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x -8.57x -49.8x 11.7x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% -11.7% -2.01% 8.52%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 2.487 2.248 2.828
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 5.69% 5.14% 6.47%
EPS 2 6.17 15.63 8.7 4.46 6.53 8.504 6.069 7.093
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.2% 37% 39.9%
Net sales 1 345,496 529,589 469,244 466,777 395,682 437,741 426,501 494,743
EBITDA 1 30,309 52,014 37,359 20,999 17,686 30,445 30,616 36,368
EBIT 1 22,885 44,270 29,560 12,893 9,621 25,395 20,819 24,663
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 90,475 98,668 89,073
Reference price 2 49.50 56.25 53.75 28.25 36.00 43.75 43.75 43.75
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 Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
5.17x0.43x6.2x5.65% 3.02B
11.85x1.51x6.73x2.94% 584B
20.41x1.69x9.71x0.49% 187B
7.78x0.55x2.72x4.93% 107B
10.58x0.29x4.72x6.62% 84.89B
7.27x0.67x5.73x1.63% 73.24B
7.94x0.57x5.35x1.94% 73.39B
8.81x1.7x4.52x2.91% 70.44B
8.63x0.56x6.55x2.91% 69.47B
11.68x1.36x7.53x2.05% 58.24B
Average 10.01x 0.93x 5.98x 3.21% 131.12B
Weighted average by Cap. 11.82x 1.23x 6.47x 2.83%

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

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