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 80,418 153,018 - -
Change - 24.43% -4.44% -47.44% 27.43% 90.28% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 224,627 232,109 227,864
Change - -4.31% 4.69% -26.74% -26.41% 54.37% 3.33% -1.83%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 3.94x 8.34x 7.86x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.72x 0.68x 0.64x
PEG - 0x -0.1x -0.1x 0.1x 0x -0.2x 1.3x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.3x 0.35x 0.32x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.44x 0.53x 0.47x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 3.54x 6.26x 5.43x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 4.05x 8.61x 7.69x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x 16.4x 52.3x 10.2x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% 6.11% 1.91% 9.8%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 5.2 3.333 4.19
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 7.59% 4.87% 6.12%
EPS 2 6.17 15.63 8.7 4.46 6.53 17.39 8.213 8.71
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.9% 40.6% 48.1%
Net sales 1 345,496 529,589 469,244 466,777 395,682 512,981 439,741 480,695
EBITDA 1 30,309 52,014 37,359 20,999 17,686 63,476 37,080 41,982
EBIT 1 22,885 44,270 29,560 12,893 9,621 55,412 26,961 29,624
Net income 1 12,578 32,668 19,443 9,959 11,852 39,934 19,343 20,410
Net Debt 1 168,451 132,155 149,832 134,617 65,092 71,610 79,092 74,846
Reference price 2 49.50 56.25 53.75 28.25 36.00 68.50 68.50 68.50
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
4.22x0.47x3.95x7.11% 4.64B
13.7x1.75x7.26x2.34% 731B
18.63x1.55x9.06x0.49% 172B
7.23x0.9x5.1x0.86% 133B
6.81x0.61x2.61x4.21% 125B
7.91x0.78x5.25x1.11% 125B
8.92x0.75x6.52x1.75% 116B
10.54x0.37x5.55x6.73% 92.66B
8.77x2.01x4.95x2.19% 91.67B
12.03x1.54x7.83x1.81% 65.45B
Average 9.88x 1.07x 5.81x 2.86% 165.7B
Weighted average by Cap. 11.86x 1.36x 6.51x 2.26%

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