Financials PTT Thailand S.E.

Equities

PTT-R

TH0646010R18

Integrated Oil & Gas

End-of-day quote Thailand S.E. Other stock markets 03:30:00 31/05/2024 am IST			5-day change	1st Jan Change
32.75 ^THB	-0.76%		-2.96%	-8.39%

28/05	PTT Public Company Limited Announces Board Changes	CI
23/05	Transcript : PTT Public Company Limited, Q1 2024 Earnings Call, May 23, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,56,772	12,13,927	10,85,394	9,49,720	10,21,127	9,35,438	-	-
Enterprise Value (EV) ¹	15,84,935	15,91,294	16,09,372	18,03,259	16,51,392	16,28,853	15,71,721	14,26,923
P/E ratio	13.8 x	32.2 x	10 x	10.4 x	9.12 x	9.62 x	8.99 x	9.51 x
Yield	4.55%	2.35%	5.26%	6.02%	5.59%	5.46%	6.01%	6.13%
Capitalization / Revenue	0.57 x	0.75 x	0.48 x	0.28 x	0.32 x	0.3 x	0.3 x	0.29 x
EV / Revenue	0.71 x	0.98 x	0.71 x	0.54 x	0.53 x	0.52 x	0.5 x	0.44 x
EV / EBITDA	5.48 x	7.05 x	3.76 x	3.67 x	3.87 x	3.94 x	3.58 x	3.18 x
EV / FCF	13.1 x	21.1 x	8.82 x	68.1 x	7.56 x	12.9 x	9.79 x	9.97 x
FCF Yield	7.62%	4.73%	11.3%	1.47%	13.2%	7.74%	10.2%	10%
Price to Book	1.43 x	1.38 x	1.08 x	0.9 x	0.91 x	0.8 x	0.77 x	0.75 x
Nbr of stocks (in thousands)	2,85,62,996	2,85,62,996	2,85,62,996	2,85,62,996	2,85,62,996	2,85,62,996	-	-
Reference price ²	44.00	42.50	38.00	33.25	35.75	32.75	32.75	32.75
Announcement Date	20/02/20	18/02/21	17/02/22	16/02/23	15/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	22,19,739	16,15,665	22,58,818	33,67,203	31,44,551	31,07,218	31,13,317	32,58,169
EBITDA ¹	2,88,972	2,25,672	4,27,956	4,91,288	4,26,895	4,13,838	4,38,712	4,49,094
EBIT ¹	1,83,052	73,025	2,48,298	2,88,745	2,29,168	2,32,644	2,54,064	2,62,072
Operating Margin	8.25%	4.52%	10.99%	8.58%	7.29%	7.49%	8.16%	8.04%
Earnings before Tax (EBT) ¹	1,55,080	65,116	2,19,658	2,12,562	2,36,593	1,98,193	2,15,491	2,13,695
Net income ¹	91,459	37,766	1,08,363	91,175	1,12,024	96,026	1,02,515	1,00,080
Net margin	4.12%	2.34%	4.8%	2.71%	3.56%	3.09%	3.29%	3.07%
EPS ²	3.200	1.320	3.790	3.200	3.920	3.406	3.642	3.445
Free Cash Flow ¹	1,20,771	75,248	1,82,547	26,489	2,18,311	1,26,152	1,60,552	1,43,128
FCF margin	5.44%	4.66%	8.08%	0.79%	6.94%	4.06%	5.16%	4.39%
FCF Conversion (EBITDA)	41.79%	33.34%	42.66%	5.39%	51.14%	30.48%	36.6%	31.87%
FCF Conversion (Net income)	132.05%	199.25%	168.46%	29.05%	194.88%	131.37%	156.61%	143.01%
Dividend per Share ²	2.000	1.000	2.000	2.000	2.000	1.788	1.970	2.009
Announcement Date	20/02/20	18/02/21	17/02/22	16/02/23	15/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	10,11,093	6,88,838	7,58,465	9,26,954	8,84,611	7,97,174	7,56,690	7,78,065	15,34,755	8,02,683	8,07,113	-	7,82,256	7,68,752	7,68,752	7,68,752	-	-
EBITDA	-	-	-	-	-	73,542	1,04,008	92,625	1,96,633	1,46,025	84,237	-	1,18,717	-	-	-	-	-
EBIT ¹	1,28,215	51,585	1,03,554	1,38,414	45,637	8,300	58,079	50,914	-	97,518	29,640	-	71,181	60,351	60,161	56,751	-	-
Operating Margin	12.68%	7.49%	13.65%	14.93%	5.16%	1.04%	7.68%	6.54%	-	12.15%	3.67%	-	9.1%	7.85%	7.83%	7.38%	-	-
Earnings before Tax (EBT)	-	57,866	-	-	-	38,359	63,122	37,877	1,00,998	70,833	64,762	-	59,774	-	-	-	-	-
Net income ¹	57,166	27,544	25,571	38,848	8,884	17,872	27,855	20,107	47,962	31,297	32,765	-	28,968	26,818	25,685	24,658	-	-
Net margin	5.65%	4%	3.37%	4.19%	1%	2.24%	3.68%	2.58%	3.13%	3.9%	4.06%	-	3.7%	3.49%	3.34%	3.21%	-	-
EPS ²	-	0.9700	0.8900	1.370	0.3100	0.6300	0.9800	0.7000	1.680	1.090	1.150	-	1.010	0.9352	0.8992	0.8633	-	-
Dividend per Share ²	0.1800	-	-	-	-	0.7000	-	-	-	-	-	1.200	-	1.050	-	0.8000	-	1.200
Announcement Date	11/08/21	17/02/22	12/05/22	11/08/22	10/11/22	16/02/23	11/05/23	11/08/23	11/08/23	13/11/23	15/02/24	15/02/24	14/05/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,28,163	3,77,366	5,23,978	8,53,539	6,30,265	6,93,415	6,36,283	4,91,485
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.136 x	1.672 x	1.224 x	1.737 x	1.476 x	1.676 x	1.45 x	1.094 x
Free Cash Flow ¹	1,20,771	75,248	1,82,547	26,489	2,18,311	1,26,152	1,60,552	1,43,128
ROE (net income / shareholders' equity)	10.4%	4.29%	11.5%	8.85%	10.3%	8.39%	8.84%	8.34%
ROA (Net income/ Total Assets)	3.78%	1.5%	3.85%	2.81%	3.3%	2.69%	2.87%	2.67%
Assets ¹	24,19,036	25,16,043	28,11,129	32,43,503	33,94,663	35,70,511	35,72,322	37,42,717
Book Value Per Share ²	30.80	30.90	35.20	36.90	39.30	41.00	42.70	43.80
Cash Flow per Share ²	9.280	7.650	11.30	6.710	13.40	9.790	10.60	11.20
Capex ¹	1,44,336	1,43,344	1,35,678	1,61,874	1,63,734	1,42,234	1,77,303	1,61,092
Capex / Sales	6.5%	8.87%	6.01%	4.81%	5.21%	4.58%	5.69%	4.94%
Announcement Date	20/02/20	18/02/21	17/02/22	16/02/23	15/02/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for PTT

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

32.75 THB

Average target price

37.55 THB

Spread / Average Target

+14.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Oil & Gas

	1st Jan change	Capi.
ARAMCO	-14.24%	1,871B
EXXON MOBIL CORPORATION	+17.36%	462B
PETROCHINA COMPANY LIMITED	+54.46%	248B
SHELL PLC	+9.33%	228B
TOTALENERGIES SE	+8.78%	168B
PETROBRAS	+4.16%	98.25B
SUNCOR ENERGY INC.	+30.98%	52.4B
GAZPROM	-.--%	51.8B
ENI S.P.A	-5.55%	50.22B

Integrated Oil & Gas