Company Valuation: Thai Oil

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,00,981 1,25,653 1,20,069 63,106 80,418 1,42,965 - -
Change - 24.43% -4.44% -47.44% 27.43% 77.78% - -
Enterprise Value (EV) 1 2,69,433 2,57,808 2,69,900 1,97,723 1,45,510 2,21,593 2,30,033 2,23,414
Change - -4.31% 4.69% -26.74% -26.41% 52.29% 3.81% -2.88%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 3.91x 9.22x 8.09x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.68x 0.65x 0.61x
PEG - 0x -0.1x -0.1x 0.1x 0x -0.2x 0.6x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.29x 0.34x 0.3x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.45x 0.54x 0.47x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 3.98x 6.77x 5.67x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 4.51x 9.89x 8.28x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x 34x 59.2x 10.1x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% 2.94% 1.69% 9.88%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 4.76 2.824 3.779
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 7.44% 4.41% 5.9%
EPS 2 6.17 15.63 8.7 4.46 6.53 16.35 6.941 7.909
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.1% 40.7% 47.8%
Net sales 1 3,45,496 5,29,589 4,69,244 4,66,777 3,95,682 4,88,012 4,25,868 4,77,079
EBITDA 1 30,309 52,014 37,359 20,999 17,686 55,650 33,954 39,427
EBIT 1 22,885 44,270 29,560 12,893 9,621 49,160 23,256 26,971
Net income 1 12,578 32,668 19,443 9,959 11,852 35,861 16,024 18,253
Net Debt 1 1,68,451 1,32,155 1,49,832 1,34,617 65,092 78,628 87,068 80,449
Reference price 2 49.50 56.25 53.75 28.25 36.00 64.00 64.00 64.00
Nbr of stocks (in thousands) 20,40,028 22,33,836 22,33,836 22,33,836 22,33,836 22,33,836 - -
Announcement Date 15/02/22 10/02/23 14/02/24 14/02/25 12/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.33x1.71x7.38x2.53% 67TCr
20.46x1.68x9.81x0.45% 19TCr
7.47x0.59x2.73x4.65% 11TCr
7.55x0.81x5.41x1.05% 11TCr
8.94x0.72x5.57x1.32% 11TCr
9.72x0.7x7.09x1.98% 10TCr
11.59x0.34x5.32x6.18% 9.28TCr
9.54x1.86x4.76x2.56% 8TCr
12.24x1.47x8.07x1.86% 6.44TCr
Average 11.32x 1.10x 6.24x 2.51% 17TCr
Weighted average by Cap. 12.91x 1.34x 6.81x 2.4%

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