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 1,52,459 - -
Change - 24.43% -4.44% -47.44% 27.43% 89.58% - -
Enterprise Value (EV) 1 2,69,433 2,57,808 2,69,900 1,97,723 1,45,510 2,24,069 2,31,551 2,21,378
Change - -4.31% 4.69% -26.74% -26.41% 53.99% 3.34% -4.39%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 3.64x 8.36x 7.36x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.73x 0.7x 0.65x
PEG - 0x -0.1x -0.1x 0.1x 0x -0.1x 0.5x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.3x 0.35x 0.32x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.44x 0.53x 0.46x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 3.53x 6.3x 5.27x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 3.97x 8.69x 7.2x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x 19.7x 38.7x 9.07x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% 5.07% 2.58% 11%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 5.313 3.333 4.19
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 7.78% 4.88% 6.14%
EPS 2 6.17 15.63 8.7 4.46 6.53 18.75 8.162 9.272
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 28.3% 40.8% 45.2%
Net sales 1 3,45,496 5,29,589 4,69,244 4,66,777 3,95,682 5,15,018 4,39,821 4,83,822
EBITDA 1 30,309 52,014 37,359 20,999 17,686 63,472 36,733 41,982
EBIT 1 22,885 44,270 29,560 12,893 9,621 56,499 26,634 30,751
Net income 1 12,578 32,668 19,443 9,959 11,852 40,989 18,998 20,410
Net Debt 1 1,68,451 1,32,155 1,49,832 1,34,617 65,092 71,610 79,092 68,919
Reference price 2 49.50 56.25 53.75 28.25 36.00 68.25 68.25 68.25
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.($)
14.12x1.8x7.47x2.27% 75TCr
18.45x1.53x8.98x0.49% 17TCr
7.47x0.64x2.71x3.99% 13TCr
6.96x0.87x4.92x0.89% 13TCr
7.6x0.74x4.65x1.15% 12TCr
8.62x0.74x6.35x1.8% 11TCr
8.85x2.02x4.94x2.17% 9.3TCr
10.44x0.33x4.96x6.8% 9.16TCr
11.94x1.52x7.74x1.82% 6.53TCr
Average 10.49x 1.13x 5.86x 2.38% 18.52TCr
Weighted average by Cap. 12.06x 1.38x 6.50x 2.23%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Thai Oil

Historical PBR trend

Valuation ratios - PBR - Thai Oil

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Thai Oil

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Thai Oil


Year-on-year evolution of the Yield

Valuation ratios - Yield - Thai Oil