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 1,11,133 - -
Change - 24.43% -4.44% -47.44% 27.43% 38.19% - -
Enterprise Value (EV) 1 2,69,433 2,57,808 2,69,900 1,97,723 1,45,510 2,01,146 2,05,362 1,91,509
Change - -4.31% 4.69% -26.74% -26.41% 38.23% 2.1% -6.75%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 5.85x 8.2x 7.01x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.57x 0.56x 0.54x
PEG - 0x -0.1x -0.1x 0.1x 0.2x -0.3x 0.4x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.25x 0.26x 0.22x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.46x 0.48x 0.39x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 6.33x 6.68x 5.29x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 7.81x 9.8x 7.83x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x -10.1x -43.6x 9.14x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% -9.94% -2.29% 10.9%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 2.488 2.248 2.829
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 5% 4.52% 5.69%
EPS 2 6.17 15.63 8.7 4.46 6.53 8.505 6.069 7.093
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.3% 37% 39.9%
Net sales 1 3,45,496 5,29,589 4,69,244 4,66,777 3,95,682 4,37,655 4,26,500 4,94,741
EBITDA 1 30,309 52,014 37,359 20,999 17,686 31,765 30,759 36,176
EBIT 1 22,885 44,270 29,560 12,893 9,621 25,760 20,953 24,472
Net income 1 12,578 32,668 19,443 9,959 11,852 19,072 14,251 15,865
Net Debt 1 1,68,451 1,32,155 1,49,832 1,34,617 65,092 90,012 94,228 80,375
Reference price 2 49.50 56.25 53.75 28.25 36.00 49.75 49.75 49.75
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.($)
5.85x0.46x6.33x5% 334.91Cr
11.84x1.48x6.59x3.02% 57TCr
20.41x1.69x9.71x0.49% 19TCr
7.1x0.53x2.6x5.51% 10TCr
8.63x0.63x5.76x1.8% 7.95TCr
7.37x0.7x5.67x1.52% 7.78TCr
9.77x0.28x4.47x7.12% 7.8TCr
8.62x0.57x6.62x2.86% 7.07TCr
8.43x1.6x4.26x3.11% 6.49TCr
11.37x1.28x7.14x2.13% 5.5TCr
Average 9.94x 0.92x 5.92x 3.26% 12.83TCr
Weighted average by Cap. 11.73x 1.21x 6.40x 2.9%

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