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 80,418 145,758 - -
Change - 24.43% -4.44% -47.44% 27.43% 81.25% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 215,621 223,354 212,562
Change - -4.31% 4.69% -26.74% -26.41% 48.18% 3.59% -4.83%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 3.41x 7.99x 7.04x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.69x 0.66x 0.62x
PEG - 0x -0.1x -0.1x 0.1x 0x -0.1x 0.5x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.28x 0.33x 0.3x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.42x 0.51x 0.44x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 3.35x 6.08x 5.06x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 3.77x 8.41x 6.94x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x 15.2x 28.5x 8.72x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% 6.56% 3.51% 11.5%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 5.356 3.307 4.19
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 8.21% 5.07% 6.42%
EPS 2 6.17 15.63 8.7 4.46 6.53 19.15 8.162 9.272
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 28% 40.5% 45.2%
Net sales 1 345,496 529,589 469,244 466,777 395,682 515,018 439,821 483,822
EBITDA 1 30,309 52,014 37,359 20,999 17,686 64,431 36,733 41,982
EBIT 1 22,885 44,270 29,560 12,893 9,621 57,137 26,568 30,643
Net income 1 12,578 32,668 19,443 9,959 11,852 41,893 18,998 20,410
Net Debt 1 168,451 132,155 149,832 134,617 65,092 69,864 77,596 66,805
Reference price 2 49.50 56.25 53.75 28.25 36.00 65.25 65.25 65.25
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
3.6x0.43x3.5x7.87% 4.46B
13.87x1.77x7.36x2.31% 740B
18.54x1.54x9.02x0.49% 170B
6.63x0.84x4.72x0.93% 122B
7.46x0.61x2.6x4.18% 126B
6.73x0.68x4.28x1.24% 112B
8.18x0.7x6.06x1.9% 107B
10.77x0.33x5.05x6.59% 94.11B
8.52x1.95x4.76x2.26% 89.1B
11.45x1.46x7.43x1.9% 62.33B
Average 9.58x 1.03x 5.48x 2.97% 162.73B
Weighted average by Cap. 11.86x 1.35x 6.39x 2.3%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Thai Oil

Historical PBR trend

Valuation ratios - PBR - Thai Oil

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Thai Oil

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Thai Oil


Year-on-year evolution of the Yield

Valuation ratios - Yield - Thai Oil