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 80,418 142,965 - -
Change - 24.43% -4.44% -47.44% 27.43% 77.78% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 225,325 236,735 225,395
Change - -4.31% 4.69% -26.74% -26.41% 54.85% 5.06% -4.79%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 6.02x 9.76x 8.82x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.72x 0.69x 0.66x
PEG - 0x -0.1x -0.1x 0.1x 0.1x -0.3x 0.8x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.31x 0.33x 0.29x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.49x 0.55x 0.46x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 5.02x 7.43x 6.04x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 6.5x 11x 9.27x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x -10.3x -60x 11.6x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% -9.74% -1.67% 8.61%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 3.378 2.51 3.196
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 5.28% 3.92% 4.99%
EPS 2 6.17 15.63 8.7 4.46 6.53 10.63 6.556 7.255
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 31.8% 38.3% 44.1%
Net sales 1 345,496 529,589 469,244 466,777 395,682 464,575 432,062 489,529
EBITDA 1 30,309 52,014 37,359 20,999 17,686 44,859 31,846 37,307
EBIT 1 22,885 44,270 29,560 12,893 9,621 34,643 21,551 24,308
Net income 1 12,578 32,668 19,443 9,959 11,852 24,925 15,124 16,591
Net Debt 1 168,451 132,155 149,832 134,617 65,092 82,360 93,769 82,430
Reference price 2 49.50 56.25 53.75 28.25 36.00 64.00 64.00 64.00
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.41x0.48x5.01x5.3% 4.23B
13.78x1.72x7.26x2.64% 650B
19.84x1.65x9.59x0.46% 180B
8.1x0.62x2.83x4.68% 113B
7.28x0.77x5.41x1.31% 90.28B
9.15x0.67x5.81x1.59% 89.82B
9.05x0.64x6.69x2.44% 82.9B
10.09x1.92x4.94x2.6% 77.85B
13.96x1.54x8.34x1.9% 62.25B
7.38x0.67x3.89x4.98% 32.5B
Average 10.50x 1.07x 5.98x 2.79% 138.29B
Weighted average by Cap. 12.72x 1.40x 6.79x 2.39%

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