Company Valuation: Thai Airways International

Data adjusted to current consolidation scope
Fiscal Period: December 2024 2025 2026 2027 2028
Market Cap 1 7,247 1,96,708 1,61,329 - -
Change - 2,614.41% -17.99% - -
Enterprise Value (EV) 1 7,247 2,35,802 2,13,876 2,01,134 2,04,465
Change - 3,153.87% -9.3% -5.96% 1.66%
P/E -0.53x 6.38x 9.04x 7.11x 6.78x
PBR - 2.59x 1.84x 1.47x 1.21x
PEG - -0x -0.2x 0.3x 1.41x
Capitalization / Revenue - 1.07x 0.83x 0.77x 0.73x
EV / Revenue - 1.29x 1.1x 0.96x 0.92x
EV / EBITDA - 4.12x 5.16x 4.03x 3.76x
EV / EBIT - 5.65x 8.25x 6.04x 5.76x
EV / FCF - 9.39x 15.3x 26.5x 17.4x
FCF Yield - 10.6% 6.54% 3.77% 5.76%
Dividend per Share 2 - 0.21 0.1401 0.1939 0.2058
Rate of return - 3.02% 2.46% 3.4% 3.61%
EPS 2 -6.26 1.09 0.6303 0.8021 0.8406
Distribution rate - 19.3% 22.2% 24.2% 24.5%
Net sales 1 - 1,83,442 1,95,253 2,09,456 2,22,420
EBITDA 1 - 57,259 41,444 49,870 54,345
EBIT 1 - 41,740 25,939 33,322 35,508
Net income 1 -26,934 30,910 17,798 22,828 23,794
Net Debt 1 - 39,094 52,548 39,806 43,136
Reference price 2 3.320 6.950 5.700 5.700 5.700
Nbr of stocks (in thousands) 21,82,772 2,83,03,292 2,83,03,292 - -
Announcement Date 25/02/25 27/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
12.57x0.9x6.99x0.97% 5.24TCr
10.06x0.79x6.52x-.--% 3.62TCr
13.44x1.35x6.1x1.87% 2.81TCr
8.25x0.81x3.79x2.19% 2.57TCr
65.63x2.26x13.15x0.07% 2.04TCr
27.97x1.09x5.82x3.67% 1.68TCr
-11.31x1.68x11.53x-.--% 1.6TCr
13.79x1.18x4.89x3.13% 1.5TCr
-12.33x1.62x10.23x0.25% 1.19TCr
Average 14.23x 1.30x 7.67x 1.35% 2.47TCr
Weighted average by Cap. 14.84x 1.18x 7.26x 1.23%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  5. Valuation Thai Airways International
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