Company Valuation: Thai Airways International

Data adjusted to current consolidation scope
Fiscal Period: December 2024 2025 2026 2027 2028
Market Cap 1 7,247 196,708 145,762 - -
Change - 2,614.41% -25.9% - -
Enterprise Value (EV) 1 7,247 235,802 198,310 188,669 193,228
Change - 3,153.87% -15.9% -4.86% 2.42%
P/E -0.53x 6.38x 8.18x 6.66x 6.18x
PBR - 2.59x 1.66x 1.34x 1.11x
PEG - -0x -0.2x 0.3x 0.78x
Capitalization / Revenue - 1.07x 0.74x 0.69x 0.65x
EV / Revenue - 1.29x 1.01x 0.9x 0.86x
EV / EBITDA - 4.12x 4.71x 3.78x 3.48x
EV / EBIT - 5.65x 7.5x 5.67x 5.28x
EV / FCF - 9.39x 11.3x 15.5x 11.7x
FCF Yield - 10.6% 8.84% 6.44% 8.55%
Dividend per Share 2 - 0.21 0.1563 0.1905 0.2078
Rate of return - 3.02% 3.03% 3.7% 4.03%
EPS 2 -6.26 1.09 0.6299 0.7728 0.8339
Distribution rate - 19.3% 24.8% 24.6% 24.9%
Net sales 1 - 183,442 195,672 209,737 224,410
EBITDA 1 - 57,259 42,092 49,852 55,498
EBIT 1 - 41,740 26,437 33,252 36,583
Net income 1 -26,934 30,910 17,653 21,836 23,576
Net Debt 1 - 39,094 52,548 42,907 47,466
Reference price 2 3.320 6.950 5.150 5.150 5.150
Nbr of stocks (in thousands) 2,182,772 28,303,292 28,303,292 - -
Announcement Date 25/2/25 27/2/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
8.26x1.02x4.74x3.01% 4.36B
16.22x0.89x7.9x0.98% 52.58B
12.11x0.74x7.47x-.--% 33.6B
13.56x1.33x6.16x1.93% 26.52B
7.82x0.78x3.8x2.21% 23.64B
17.5x0.77x7.54x1.66% 21.28B
62.88x2.11x12.73x0.07% 19.04B
30.45x1.07x5.85x3.52% 16.28B
-9.6x1.59x11.09x-.--% 15.42B
8.79x1.06x4.48x3.73% 12.62B
Average 16.80x 1.14x 7.18x 1.71% 22.53B
Weighted average by Cap. 17.17x 1.07x 7.39x 1.37%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Thai Airways International

Historical PBR trend

Valuation ratios - PBR - Thai Airways International

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Thai Airways International

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Thai Airways International


Year-on-year evolution of the Yield

Valuation ratios - Yield - Thai Airways International
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