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 1,42,407 - -
Change - 24.43% -4.44% -47.44% 27.43% 77.08% - -
Enterprise Value (EV) 1 2,69,433 2,57,808 2,69,900 1,97,723 1,45,510 2,24,237 2,35,452 2,28,834
Change - -4.31% 4.69% -26.74% -26.41% 54.1% 5% -2.81%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 5.74x 9.72x 8.79x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.69x 0.67x 0.63x
PEG - 0x -0.1x -0.1x 0.1x 0.1x -0.2x 0.8x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.31x 0.33x 0.29x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.49x 0.54x 0.47x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 5.06x 7.39x 6.13x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 6.3x 10.9x 9.41x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x -10.2x -59.7x 14.4x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% -9.79% -1.68% 6.95%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 3.48 2.51 3.196
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 5.46% 3.94% 5.01%
EPS 2 6.17 15.63 8.7 4.46 6.53 11.1 6.556 7.255
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 31.4% 38.3% 44.1%
Net sales 1 3,45,496 5,29,589 4,69,244 4,66,777 3,95,682 4,59,251 4,32,062 4,89,529
EBITDA 1 30,309 52,014 37,359 20,999 17,686 44,337 31,846 37,307
EBIT 1 22,885 44,270 29,560 12,893 9,621 35,568 21,551 24,308
Net income 1 12,578 32,668 19,443 9,959 11,852 25,753 15,124 16,591
Net Debt 1 1,68,451 1,32,155 1,49,832 1,34,617 65,092 81,830 93,045 86,427
Reference price 2 49.50 56.25 53.75 28.25 36.00 63.75 63.75 63.75
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.41x1.61x6.89x2.74% 62TCr
19.87x1.65x9.61x0.46% 18TCr
7.08x0.57x2.65x4.92% 11TCr
7.67x0.6x4.72x1.6% 8.71TCr
10.38x0.3x4.79x6.53% 8.47TCr
6.46x0.66x4.61x1.37% 8.36TCr
7.42x0.57x5.9x2.49% 8.12TCr
9.57x1.7x4.56x2.75% 7.35TCr
12.57x1.48x7.84x1.95% 6.06TCr
Average 10.49x 1.02x 5.73x 2.76% 15.37TCr
Weighted average by Cap. 12.21x 1.27x 6.38x 2.64%

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