Company Valuation: Thai Airways International

Data adjusted to current consolidation scope
Fiscal Period: December 2024 2025 2026 2027 2028
Market Cap 1 7,247 196,708 161,329 - -
Change - 2,614.41% -17.99% - -
Enterprise Value (EV) 1 7,247 235,802 213,876 201,134 204,465
Change - 3,153.87% -9.3% -5.96% 1.66%
P/E -0.53x 6.38x 9.1x 7.18x 6.81x
PBR - 2.59x 1.84x 1.47x 1.21x
PEG - -0x -0.2x 0.3x 1.26x
Capitalization / Revenue - 1.07x 0.83x 0.77x 0.72x
EV / Revenue - 1.29x 1.09x 0.96x 0.91x
EV / EBITDA - 4.12x 5.15x 4.05x 3.74x
EV / EBIT - 5.65x 8.27x 6.06x 5.73x
EV / FCF - 9.39x 13.6x 16.6x 12.4x
FCF Yield - 10.6% 7.33% 6.04% 8.08%
Dividend per Share 2 - 0.21 0.1547 0.1955 0.2086
Rate of return - 3.02% 2.71% 3.43% 3.66%
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 5.700 5.700 5.700
Nbr of stocks (in thousands) 2,182,772 28,303,292 28,303,292 - -
Announcement Date 2/25/25 2/27/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.66x1.15x5.39x2.56% 5.1B
14.66x0.94x7.63x0.89% 55.51B
10.56x0.8x6.99x-.--% 36.56B
13.76x1.37x6.29x1.85% 27.84B
8.37x0.82x3.9x2.14% 25.47B
13.93x0.75x6.77x1.71% 20.59B
63.22x2.22x12.88x0.07% 19.63B
28.44x1.08x5.79x3.71% 16.48B
-10.67x1.6x11.22x-.--% 15.77B
11.33x1.16x4.8x - 14.63B
Average 16.33x 1.19x 7.17x 1.44% 23.76B
Weighted average by Cap. 16.16x 1.12x 7.22x 1.19%

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