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 1,189,622 - -
Change - -12.5% 7.52% -11.19% 0.79% 30.15% - -
Enterprise Value (EV) 1 1,609,372 1,803,259 1,651,392 1,479,267 1,497,004 1,754,174 1,673,559 1,598,855
Change - 12.05% -8.42% -10.42% 1.2% 17.18% -4.6% -4.46%
P/E 10x 10.4x 9.12x 10.1x 10.2x 9.92x 11.1x 9.85x
PBR 1.08x 0.9x 0.91x 0.79x 0.8x 1.01x 0.97x 0.83x
PEG - -0.7x 0.4x -0.5x - 0.3x -1x 0.8x
Capitalization / Revenue 0.48x 0.28x 0.32x 0.29x 0.34x 0.42x 0.42x 0.41x
EV / Revenue 0.71x 0.54x 0.53x 0.48x 0.56x 0.62x 0.59x 0.55x
EV / EBITDA 3.76x 3.67x 3.87x 3.73x 4.5x 3.9x 3.93x 3.64x
EV / EBIT 6.48x 6.25x 7.21x 6.5x 9.92x 6.29x 6.8x 6.33x
EV / FCF 8.82x 68.1x 7.56x 6.95x 11x 9.86x 9.99x 7.98x
FCF Yield 11.3% 1.47% 13.2% 14.4% 9.06% 10.1% 10% 12.5%
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% 5.42% 5.16% 5.29%
EPS 2 3.79 3.2 3.92 3.15 3.15 4.234 3.775 4.263
Distribution rate 52.8% 62.5% 51% 66.7% 73% 53.8% 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 1 427,956 491,288 426,895 396,234 332,849 450,164 425,840 439,468
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 42.00 42.00 42.00
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.($)
13.69x3.46x6.6x5.32% 1,684B
13.93x1.93x6.27x3.33% 420B
8.48x0.6x3.9x6.14% 298B
8.67x0.98x4.31x3.25% 276B
8.42x1.07x4.44x4.48% 203B
6.15x1.72x2.74x7.18% 154B
4.14x1.64x3.1x7.27% 132B
8.36x0.9x2.19x3.52% 106B
8.69x0.81x4.05x4.68% 81.18B
Average 8.95x 1.46x 4.18x 5.02% 372.66B
Weighted average by Cap. 11.52x 2.37x 5.48x 5.01%

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

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