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 80,418 138,498 - -
Change - 24.43% -4.44% -47.44% 27.43% 72.22% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 225,869 232,361 218,032
Change - -4.31% 4.69% -26.74% -26.41% 55.23% 2.87% -6.17%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 7.24x 10.1x 8.71x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.72x 0.69x 0.67x
PEG - 0x -0.1x -0.1x 0.1x 0.2x -0.4x 0.5x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.32x 0.33x 0.28x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.52x 0.55x 0.44x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 6.82x 7.47x 5.93x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 8.36x 10.9x 8.7x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x -11.3x -49.3x 10.4x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% -8.85% -2.03% 9.61%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 2.496 2.173 2.715
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 4.03% 3.5% 4.38%
EPS 2 6.17 15.63 8.7 4.46 6.53 8.56 6.124 7.115
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.2% 35.5% 38.2%
Net sales 1 345,496 529,589 469,244 466,777 395,682 437,681 425,115 492,526
EBITDA 1 30,309 52,014 37,359 20,999 17,686 33,118 31,086 36,758
EBIT 1 22,885 44,270 29,560 12,893 9,621 27,028 21,260 25,053
Net income 1 12,578 32,668 19,443 9,959 11,852 19,195 14,381 15,915
Net Debt 1 168,451 132,155 149,832 134,617 65,092 87,371 93,863 79,534
Reference price 2 49.50 56.25 53.75 28.25 36.00 62.00 62.00 62.00
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 15/2/22 10/2/23 14/2/24 14/2/25 12/2/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
12.75x1.61x6.96x2.81% 611B
20.79x1.7x9.79x0.48% 187B
9.51x0.69x6.24x1.56% 91.95B
8.04x0.79x5.98x1.3% 91.26B
10.51x0.3x4.84x6.61% 84.92B
9.77x0.66x7.22x2.44% 82.94B
9.84x1.82x4.69x2.76% 73.77B
13.02x1.45x7.8x2% 59.33B
7.33x0.67x3.88x5.01% 32.3B
Average 11.28x 1.08x 6.38x 2.78% 145.97B
Weighted average by Cap. 12.72x 1.34x 6.96x 2.53%

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