Company Valuation: Thai Oil

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 100,981 125,653 120,069 63,106 80,418 107,224 - -
Change - 24.43% -4.44% -47.44% 27.43% 33.33% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 197,699 201,993 188,319
Change - -4.31% 4.69% -26.74% -26.41% 35.87% 2.17% -6.77%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 5.64x 7.91x 6.77x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.55x 0.54x 0.52x
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 0.24x 0.25x 0.22x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.45x 0.47x 0.38x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 6.49x 6.6x 5.18x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 7.78x 9.7x 7.64x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x -9.01x -51.2x 8.73x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% -11.1% -1.95% 11.5%
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% 5.18% 4.68% 5.89%
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 1 345,496 529,589 469,244 466,777 395,682 437,741 426,501 494,743
EBITDA 1 30,309 52,014 37,359 20,999 17,686 30,445 30,616 36,368
EBIT 1 22,885 44,270 29,560 12,893 9,621 25,395 20,819 24,663
Net income 1 12,578 32,668 19,443 9,959 11,852 19,072 14,251 15,865
Net Debt 1 168,451 132,155 149,832 134,617 65,092 90,475 94,769 81,095
Reference price 2 49.50 56.25 53.75 28.25 36.00 48.00 48.00 48.00
Nbr of stocks (in thousands) 2,040,028 2,233,836 2,233,836 2,233,836 2,233,836 2,233,836 - -
Announcement Date 2/15/22 A 2/10/23 A 2/14/24 A 2/14/25 A 2/12/26 A - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.62x1.47x6.54x3.05% 564B
20.37x1.69x9.69x0.49% 186B
7.13x0.5x2.5x5.46% 96.76B
8.26x0.62x5.79x1.8% 79.08B
9.91x0.27x4.47x7.06% 78.25B
7.18x0.68x5.56x1.56% 75.68B
8.5x0.56x6.55x2.9% 69.78B
8.26x1.56x4.17x3.18% 63.51B
11.14x1.31x7.07x2.14% 54.69B
Average 10.26x 0.96x 5.82x 3.07% 140.87B
Weighted average by Cap. 11.62x 1.20x 6.37x 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