Company Valuation: Thai Airways International

Data adjusted to current consolidation scope
Fiscal Period: December 2024 2025 2026 2027 2028
Market Cap 1 7,247 196,708 174,065 - -
Change - 2,614.41% -11.51% - -
Enterprise Value (EV) 1 7,247 235,802 226,613 213,871 217,201
Change - 3,153.87% -3.9% -5.62% 1.56%
P/E -0.53x 6.38x 9.82x 7.74x 7.35x
PBR - 2.59x 1.98x 1.59x 1.31x
PEG - -0x -0.2x 0.3x 1.36x
Capitalization / Revenue - 1.07x 0.89x 0.83x 0.78x
EV / Revenue - 1.29x 1.16x 1.02x 0.97x
EV / EBITDA - 4.12x 5.46x 4.3x 3.98x
EV / EBIT - 5.65x 8.76x 6.45x 6.09x
EV / FCF - 9.39x 14.5x 26.5x 15.2x
FCF Yield - 10.6% 6.92% 3.77% 6.58%
Dividend per Share 2 - 0.21 0.1547 0.1955 0.2086
Rate of return - 3.02% 2.52% 3.18% 3.39%
EPS 2 -6.26 1.09 0.6265 0.7942 0.8372
Distribution rate - 19.3% 24.7% 24.6% 24.9%
Net sales 1 - 183,442 195,411 210,149 224,218
EBITDA 1 - 57,259 41,502 49,720 54,632
EBIT 1 - 41,740 25,869 33,184 35,690
Net income 1 -26,934 30,910 17,701 22,591 23,688
Net Debt 1 - 39,094 52,548 39,806 43,136
Reference price 2 3.320 6.950 6.150 6.150 6.150
Nbr of stocks (in thousands) 2,182,772 28,303,292 28,303,292 - -
Announcement Date 2/25/25 A 2/27/26 A - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.82x1.16x5.46x2.52% 5.21B
13.44x0.94x7.46x0.89% 55.56B
10.68x0.81x6.86x-.--% 37B
13.64x1.36x6.22x1.86% 27.76B
8.31x0.81x3.87x2.15% 25.43B
65.14x2.25x13.06x0.07% 19.93B
28.27x1.08x5.76x3.73% 16.4B
-10.5x1.58x11.12x-.--% 15.8B
11.59x1.18x4.88x - 14.97B
-11.9x1.58x10.34x-.--% 11.49B
Average 13.85x 1.27x 7.50x 1.25% 22.95B
Weighted average by Cap. 14.88x 1.17x 7.36x 1.08%

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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  3. THAI Stock
  4. Valuation Thai Airways International