Company Valuation: PTT

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,085,394 949,720 1,021,127 906,875 914,016 1,217,946 - -
Change - -12.5% 7.52% -11.19% 0.79% 33.25% - -
Enterprise Value (EV) 1 1,609,372 1,803,259 1,651,392 1,479,267 1,497,004 1,782,499 1,701,883 1,627,180
Change - 12.05% -8.42% -10.42% 1.2% 19.07% -4.52% -4.39%
P/E 10x 10.4x 9.12x 10.1x 10.2x 10.1x 11.4x 10.1x
PBR 1.08x 0.9x 0.91x 0.79x 0.8x 1.03x 0.99x 0.85x
PEG - -0.7x 0.4x -0.5x - 0.3x -1x 0.8x
Capitalization / Revenue 0.48x 0.28x 0.32x 0.29x 0.34x 0.43x 0.43x 0.42x
EV / Revenue 0.71x 0.54x 0.53x 0.48x 0.56x 0.62x 0.6x 0.56x
EV / EBITDA 3.76x 3.67x 3.87x 3.73x 4.5x 3.96x 4x 3.7x
EV / EBIT 6.48x 6.25x 7.21x 6.5x 9.92x 6.39x 6.92x 6.44x
EV / FCF 8.82x 68.1x 7.56x 6.95x 11x 10x 10.2x 8.12x
FCF Yield 11.3% 1.47% 13.2% 14.4% 9.06% 9.98% 9.84% 12.3%
Dividend per Share 2 2 2 2 2.1 2.3 2.278 2.166 2.224
Rate of return 5.26% 6.02% 5.59% 6.61% 7.19% 5.3% 5.04% 5.17%
EPS 2 3.79 3.2 3.92 3.15 3.15 4.244 3.775 4.263
Distribution rate 52.8% 62.5% 51% 66.7% 73% 53.7% 57.4% 52.2%
Net sales 1 2,258,818 3,367,203 3,144,551 3,090,453 2,662,145 2,852,043 2,831,863 2,906,747
EBITDA 1 427,956 491,288 426,895 396,234 332,849 450,145 425,840 439,468
EBIT 1 248,298 288,745 229,168 227,498 150,903 278,871 246,015 252,655
Net income 1 108,363 91,175 112,024 90,072 90,166 121,025 107,961 113,113
Net Debt 1 523,978 853,539 630,265 572,392 582,988 564,552 483,937 409,233
Reference price 2 38.00 33.25 35.75 31.75 32.00 43.00 43.00 43.00
Nbr of stocks (in thousands) 28,562,996 28,562,996 28,562,996 28,562,996 28,562,996 28,324,336 - -
Announcement Date 2/17/22 A 2/16/23 A 2/15/24 A 2/20/25 A 2/19/26 A - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.2x3.45x6.53x5.39% 1,661B
12.89x1.81x5.96x3.49% 401B
7.94x0.6x3.92x6.56% 289B
8.27x0.95x4.17x3.26% 274B
8.18x1.07x4.4x4.49% 203B
5.96x1.64x2.62x7.66% 147B
3.92x1.6x3.02x8.49% 126B
7.67x0.83x2.03x3.69% 101B
8.6x0.84x4.13x4.73% 80.01B
Average 8.52x 1.42x 4.09x 5.31% 364.82B
Weighted average by Cap. 11.01x 2.35x 5.39x 5.18%

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