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 80,418 126,212 - -
Change - 24.43% -4.44% -47.44% 27.43% 56.94% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 196,075 203,808 193,016
Change - -4.31% 4.69% -26.74% -26.41% 34.75% 3.94% -5.3%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 2.95x 6.92x 6.09x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.6x 0.57x 0.54x
PEG - 0x -0.1x -0.1x 0.1x 0x -0.1x 0.4x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.25x 0.29x 0.26x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.38x 0.46x 0.4x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 3.04x 5.55x 4.6x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 3.43x 7.67x 6.3x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x 13.9x 35.5x 7.92x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% 7.21% 2.82% 12.6%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 5.356 3.307 4.19
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 9.48% 5.85% 7.42%
EPS 2 6.17 15.63 8.7 4.46 6.53 19.15 8.162 9.272
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 28% 40.5% 45.2%
Net sales 1 345,496 529,589 469,244 466,777 395,682 515,018 439,821 483,822
EBITDA 1 30,309 52,014 37,359 20,999 17,686 64,431 36,733 41,982
EBIT 1 22,885 44,270 29,560 12,893 9,621 57,137 26,568 30,643
Net income 1 12,578 32,668 19,443 9,959 11,852 41,893 18,998 20,410
Net Debt 1 168,451 132,155 149,832 134,617 65,092 69,864 77,596 66,805
Reference price 2 49.50 56.25 53.75 28.25 36.00 56.50 56.50 56.50
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 15/2/22 10/2/23 14/2/24 14/2/25 12/2/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
12.75x1.59x6.71x2.52% 672B
18.74x1.57x9.33x0.5% 191B
5.87x0.55x2.34x4.57% 115B
6.05x0.69x3.96x1.05% 106B
10.51x0.34x5.06x6.81% 98.88B
6.11x0.6x3.78x1.35% 99.49B
7.42x0.62x5.16x2.02% 98.7B
7.63x1.58x3.88x2.59% 77.54B
9.83x1.33x6.44x1.97% 58.37B
Average 9.43x 0.98x 5.18x 2.6% 169B
Weighted average by Cap. 11.21x 1.22x 5.96x 2.47%

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