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 1,67,538 - -
Change - 24.43% -4.44% -47.44% 27.43% 108.33% - -
Enterprise Value (EV) 1 2,69,433 2,57,808 2,69,900 1,97,723 1,45,510 2,42,817 2,50,720 2,43,934
Change - -4.31% 4.69% -26.74% -26.41% 66.87% 3.25% -2.71%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 4.54x 9.53x 8.8x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.79x 0.76x 0.71x
PEG - 0x -0.1x -0.1x 0.1x 0x -0.2x 1.06x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.34x 0.39x 0.35x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.49x 0.58x 0.51x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 4.19x 7.01x 5.88x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 4.86x 9.65x 8.38x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x 25.1x 78.3x 12x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% 3.98% 1.28% 8.34%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 4.861 3.283 4.1
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 6.48% 4.38% 5.47%
EPS 2 6.17 15.63 8.7 4.46 6.53 16.54 7.868 8.524
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.4% 41.7% 48.1%
Net sales 1 3,45,496 5,29,589 4,69,244 4,66,777 3,95,682 4,96,016 4,33,331 4,79,311
EBITDA 1 30,309 52,014 37,359 20,999 17,686 57,925 35,744 41,476
EBIT 1 22,885 44,270 29,560 12,893 9,621 49,959 25,979 29,119
Net income 1 12,578 32,668 19,443 9,959 11,852 36,649 18,433 20,342
Net Debt 1 1,68,451 1,32,155 1,49,832 1,34,617 65,092 75,279 83,182 76,396
Reference price 2 49.50 56.25 53.75 28.25 36.00 75.00 75.00 75.00
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.($)
4.29x0.47x4.04x6.85% 472.24Cr
13.86x1.75x7.45x2.38% 72TCr
18.11x1.51x8.83x0.5% 17TCr
7.38x0.91x5.1x0.85% 13TCr
8.58x0.82x5.57x1.06% 13TCr
6.73x0.61x2.65x4.22% 12TCr
8.89x0.76x6.56x1.74% 12TCr
10.71x0.34x5.3x6.56% 9.28TCr
10.23x2.06x5.22x2.27% 8.79TCr
12.2x1.51x7.92x1.87% 6.25TCr
Average 10.10x 1.07x 5.86x 2.83% 16.37TCr
Weighted average by Cap. 11.97x 1.35x 6.58x 2.28%

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