Financials PTT

Equities

PTT

TH0646010Z00

Integrated Oil & Gas

End-of-day quote Thailand S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
33.75 ^THB	0.00%		+0.75%	-5.59%

17/04	PTT Public Company Limited Approves Dividend for the Second Half of 2023, Payable on April 30, 2024	CI
09/04	PTT Public Company Limited Announces Replacement of Company Secretary	CI

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	9,64,001	-	-
Enterprise Value (EV) ¹	15,84,935	15,91,294	16,09,372	18,03,259	16,51,392	16,69,764	16,19,904	14,86,167
P/E ratio	13.8 x	32.2 x	10 x	10.4 x	9.12 x	9.95 x	9.23 x	10.1 x
Yield	4.55%	2.35%	5.26%	6.02%	5.59%	5.39%	5.77%	5.91%
Capitalization / Revenue	0.57 x	0.75 x	0.48 x	0.28 x	0.32 x	0.31 x	0.31 x	0.3 x
EV / Revenue	0.71 x	0.98 x	0.71 x	0.54 x	0.53 x	0.54 x	0.52 x	0.46 x
EV / EBITDA	5.48 x	7.05 x	3.76 x	3.67 x	3.87 x	4.03 x	3.68 x	3.35 x
EV / FCF	13.1 x	21.1 x	8.82 x	68.1 x	7.56 x	13.9 x	10.5 x	10.4 x
FCF Yield	7.62%	4.73%	11.3%	1.47%	13.2%	7.22%	9.49%	9.63%
Price to Book	1.43 x	1.38 x	1.08 x	0.9 x	0.91 x	0.83 x	0.79 x	0.77 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	33.75	33.75	33.75
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	30,97,833	30,99,995	32,46,836
EBITDA ¹	2,88,972	2,25,672	4,27,956	4,91,288	4,26,895	4,14,382	4,39,788	4,44,046
EBIT ¹	1,83,052	73,025	2,48,298	2,88,745	2,29,168	2,33,828	2,51,765	2,52,846
Operating Margin	8.25%	4.52%	10.99%	8.58%	7.29%	7.55%	8.12%	7.79%
Earnings before Tax (EBT) ¹	1,55,080	65,116	2,19,658	2,12,562	2,36,593	2,03,740	2,13,417	2,12,245
Net income ¹	91,459	37,766	1,08,363	91,175	1,12,024	96,250	1,02,918	97,552
Net margin	4.12%	2.34%	4.8%	2.71%	3.56%	3.11%	3.32%	3%
EPS ²	3.200	1.320	3.790	3.200	3.920	3.392	3.658	3.344
Free Cash Flow ¹	1,20,771	75,248	1,82,547	26,489	2,18,311	1,20,540	1,53,732	1,43,128
FCF margin	5.44%	4.66%	8.08%	0.79%	6.94%	3.89%	4.96%	4.41%
FCF Conversion (EBITDA)	41.79%	33.34%	42.66%	5.39%	51.14%	29.09%	34.96%	32.23%
FCF Conversion (Net income)	132.05%	199.25%	168.46%	29.05%	194.88%	125.24%	149.37%	146.72%
Dividend per Share ²	2.000	1.000	2.000	2.000	2.000	1.820	1.949	1.996
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 Q3	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
Net sales ¹	10,11,093	5,58,888	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	-	7,33,901	7,33,901	7,33,901	7,33,901
EBITDA	-	-	-	-	-	-	73,542	1,04,008	92,625	1,96,633	1,46,025	84,237	-	-	-	-	-
EBIT ¹	1,28,215	73,126	51,585	1,03,554	1,38,414	45,637	8,300	58,079	50,914	-	97,518	29,640	-	66,342	66,771	66,580	66,080
Operating Margin	12.68%	13.08%	7.49%	13.65%	14.93%	5.16%	1.04%	7.68%	6.54%	-	12.15%	3.67%	-	9.04%	9.1%	9.07%	9%
Earnings before Tax (EBT)	-	-	57,866	-	-	-	38,359	63,122	37,877	1,00,998	70,833	64,762	-	-	-	-	-
Net income ¹	57,166	23,653	27,544	25,571	38,848	8,884	17,872	27,855	20,107	47,962	31,297	32,765	-	13,903	27,067	-	-
Net margin	5.65%	4.23%	4%	3.37%	4.19%	1%	2.24%	3.68%	2.58%	3.13%	3.9%	4.06%	-	1.89%	3.69%	-	-
EPS	-	0.8200	0.9700	0.8900	1.370	0.3100	0.6300	0.9800	0.7000	1.680	1.090	1.150	-	-	-	-	-
Dividend per Share ²	0.1800	-	-	-	-	-	0.7000	-	-	-	-	-	1.200	-	-	1.600	-
Announcement Date	11/08/21	12/11/21	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	-	-	-	-

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	7,05,763	6,55,903	5,22,166
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.136 x	1.672 x	1.224 x	1.737 x	1.476 x	1.703 x	1.491 x	1.176 x
Free Cash Flow ¹	1,20,771	75,248	1,82,547	26,489	2,18,311	1,20,540	1,53,732	1,43,128
ROE (net income / shareholders' equity)	10.4%	4.29%	11.5%	8.85%	10.3%	8.64%	9.06%	8.5%
ROA (Net income/ Total Assets)	3.78%	1.5%	3.85%	2.81%	3.3%	2.61%	2.81%	2.67%
Assets ¹	24,19,036	25,16,043	28,11,129	32,43,503	33,94,663	36,94,537	36,56,501	36,48,160
Book Value Per Share ²	30.80	30.90	35.20	36.90	39.30	40.80	42.70	43.60
Cash Flow per Share ²	9.280	7.650	11.30	6.710	13.40	10.00	10.60	11.20
Capex ¹	1,44,336	1,43,344	1,35,678	1,61,874	1,63,734	1,55,203	1,74,058	1,54,504
Capex / Sales	6.5%	8.87%	6.01%	4.81%	5.21%	5.01%	5.61%	4.76%
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

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

33.75 THB

Average target price

37.5 THB

Spread / Average Target

+11.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Oil & Gas

	1st Jan change	Capi.
PTT	-5.59%	26.03B
SAUDI ARABIAN OIL COMPANY	-8.79%	1,942B
EXXON MOBIL CORPORATION	+17.98%	465B
PETROCHINA COMPANY LIMITED	+46.12%	259B
SHELL PLC	+12.91%	232B
TOTALENERGIES SE	+12.79%	172B
EQUINOR ASA	-5.74%	80.36B
ENI S.P.A	-0.57%	52.04B
GAZPROM	-.--%	50.84B
SUNCOR ENERGY INC.	+26.90%	50.66B

Integrated Oil & Gas