Financials PTT Exploration and Production

Equities

PTTEP

TH0355A10Z04

Oil & Gas Exploration and Production

End-of-day quote Thailand S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
156.5 ^THB	-0.32%		-2.19%	+4.68%

25/04	PTT Exploration and Production Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
09/04	Chevron Exits Myanmar With Withdrawal From Natural Gas Project	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,94,263	3,90,051	4,68,458	7,00,702	5,93,513	6,21,303	-	-
Enterprise Value (EV) ¹	4,92,102	3,85,741	5,19,742	7,10,857	5,74,163	6,21,497	6,68,357	7,08,245
P/E ratio	10.6 x	17.4 x	12.2 x	9.84 x	7.91 x	8.45 x	9.04 x	9.64 x
Yield	4.82%	4.33%	4.24%	5.24%	6.35%	5.55%	5.07%	4.83%
Capitalization / Revenue	2.59 x	2.43 x	2.14 x	2.11 x	1.97 x	2.03 x	2.04 x	2.04 x
EV / Revenue	2.58 x	2.4 x	2.37 x	2.15 x	1.91 x	2.03 x	2.2 x	2.32 x
EV / EBITDA	3.64 x	3.51 x	3.34 x	2.9 x	2.59 x	2.78 x	3.05 x	3.26 x
EV / FCF	6.75 x	7.48 x	8.54 x	6.96 x	7.74 x	35.5 x	56.2 x	86.1 x
FCF Yield	14.8%	13.4%	11.7%	14.4%	12.9%	2.82%	1.78%	1.16%
Price to Book	1.38 x	1.1 x	1.13 x	1.5 x	1.19 x	1.14 x	1.06 x	1.02 x
Nbr of stocks (in thousands)	39,69,985	39,69,985	39,69,985	39,69,985	39,69,985	39,69,985	-	-
Reference price ²	124.5	98.25	118.0	176.5	149.5	156.5	156.5	156.5
Announcement Date	30/01/20	28/01/21	27/01/22	30/01/23	30/01/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,91,053	1,60,401	2,19,068	3,31,350	3,00,694	3,06,477	3,03,867	3,05,204
EBITDA ¹	1,35,112	1,09,753	1,55,824	2,45,183	2,22,110	2,23,267	2,18,808	2,17,457
EBIT ¹	72,301	44,503	85,530	1,62,015	1,40,788	1,31,948	1,24,953	1,19,355
Operating Margin	37.84%	27.75%	39.04%	48.9%	46.82%	43.05%	41.12%	39.11%
Earnings before Tax (EBT) ¹	69,754	41,428	80,392	1,43,196	1,40,408	1,28,400	1,18,059	1,08,403
Net income ¹	48,803	22,664	38,864	70,901	76,706	72,673	68,854	65,365
Net margin	25.54%	14.13%	17.74%	21.4%	25.51%	23.71%	22.66%	21.42%
EPS ²	11.72	5.650	9.700	17.94	18.89	18.51	17.31	16.23
Free Cash Flow ¹	72,912	51,595	60,866	1,02,073	74,182	17,513	11,883	8,230
FCF margin	38.16%	32.17%	27.78%	30.81%	24.67%	5.71%	3.91%	2.7%
FCF Conversion (EBITDA)	53.96%	47.01%	39.06%	41.63%	33.4%	7.84%	5.43%	3.78%
FCF Conversion (Net income)	149.4%	227.65%	156.61%	143.97%	96.71%	24.1%	17.26%	12.59%
Dividend per Share ²	6.000	4.250	5.000	9.250	9.500	8.692	7.937	7.560
Announcement Date	30/01/20	28/01/21	27/01/22	30/01/23	30/01/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	81,014	97,584	63,189	-	68,890	83,088	1,51,237	88,503	91,611	75,493	67,479	-	78,206	79,516	75,737	75,429	75,429	75,429	-	-
EBITDA	56,459	-	44,398	-	-	60,967	-	66,930	62,801	54,703	51,907	-	58,058	57,442	55,924	-	-	-	-	-
EBIT ¹	24,106	32,413	30,357	-	28,323	41,524	69,423	43,958	39,135	38,120	32,597	-	35,925	34,146	33,694	31,114	31,114	31,114	-	-
Operating Margin	29.76%	33.22%	48.04%	-	41.11%	49.98%	45.9%	49.67%	42.72%	50.49%	48.31%	-	45.94%	42.94%	44.49%	41.25%	41.25%	41.25%	-	-
Earnings before Tax (EBT)	24,869	-	25,564	-	26,955	41,642	-	41,177	33,421	37,481	34,319	-	35,134	33,474	33,603	-	-	-	-	-
Net income ¹	12,935	18,673	10,645	-	10,519	20,600	31,119	24,172	15,611	19,281	21,040	40,321	18,101	18,284	18,681	22,741	-	-	-	-
Net margin	15.97%	19.14%	16.85%	-	15.27%	24.79%	20.58%	27.31%	17.04%	25.54%	31.18%	-	23.15%	22.99%	24.67%	30.15%	-	-	-	-
EPS	-	-	2.670	-	2.640	5.280	-	6.090	3.930	4.860	4.860	9.720	4.560	4.610	4.710	-	-	-	-	-
Dividend per Share ²	-	1.972	-	3.000	-	4.336	-	-	-	-	-	-	-	-	-	5.250	4.250	-	-	4.750
Announcement Date	30/07/20	29/07/21	27/01/22	27/01/22	28/04/22	01/08/22	01/08/22	25/10/22	30/01/23	27/04/23	31/07/23	31/07/23	27/10/23	30/01/24	25/04/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	51,284	10,154	-	195	47,055	86,943
Net Cash position ¹	2,161	4,310	-	-	19,350	-	-	-
Leverage (Debt/EBITDA)	-	-	0.3291 x	0.0414 x	-	0.000872 x	0.2151 x	0.3998 x
Free Cash Flow ¹	72,912	51,595	60,866	1,02,073	74,182	17,513	11,883	8,230
ROE (net income / shareholders' equity)	13.1%	6.37%	10.1%	16.1%	15.9%	14%	12.4%	11.1%
ROA (Net income/ Total Assets)	7.48%	3.36%	5.33%	8.58%	8.65%	8.1%	7.05%	6.58%
Assets ¹	6,52,275	6,73,822	7,29,586	8,26,703	8,86,338	8,97,076	9,76,158	9,93,977
Book Value Per Share ²	89.90	89.30	105.0	118.0	126.0	137.0	147.0	153.0
Cash Flow per Share ²	26.20	21.60	27.50	41.70	37.40	48.00	40.80	41.90
Capex ¹	36,883	35,079	49,203	62,843	77,669	1,39,170	1,51,647	1,42,856
Capex / Sales	19.3%	21.87%	22.46%	18.97%	25.83%	45.41%	49.91%	46.81%
Announcement Date	30/01/20	28/01/21	27/01/22	30/01/23	30/01/24	-	-	-

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 Exploration and Production

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

156.5 THB

Average target price

180.5 THB

Spread / Average Target

+15.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Exploration and Production

	1st Jan change	Capi.
PTT EXPLORATION AND PRODUCTION	+4.68%	16.78B
CHEVRON CORPORATION	+11.22%	306B
CONOCOPHILLIPS	+12.21%	153B
CNOOC LIMITED	+51.38%	124B
CANADIAN NATURAL RESOURCES LIMITED	+22.70%	83.43B
EOG RESOURCES, INC.	+12.20%	78.06B
PIONEER NATURAL RESOURCES COMPANY	+19.56%	62.81B
OCCIDENTAL PETROLEUM CORPORATION	+13.52%	60.08B
HESS CORPORATION	+12.74%	49.91B
DIAMONDBACK ENERGY, INC.	+33.97%	37.05B

Other Oil & Gas Exploration and Production