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 9.03x 7.09x 6.67x
PBR - 2.59x 1.84x 1.47x 1.21x
PEG - -0x -0.2x 0.3x 1.06x
Capitalization / Revenue - 1.07x 0.82x 0.77x 0.72x
EV / Revenue - 1.29x 1.09x 0.96x 0.91x
EV / EBITDA - 4.12x 5.15x 4.04x 3.73x
EV / EBIT - 5.65x 8.21x 6.02x 5.65x
EV / FCF - 9.39x 13.6x 24.9x 14.3x
FCF Yield - 10.6% 7.33% 4.01% 6.98%
Dividend per Share 2 - 0.21 0.1464 0.1947 0.2094
Rate of return - 3.02% 2.57% 3.42% 3.67%
EPS 2 -6.26 1.09 0.6312 0.8044 0.8551
Distribution rate - 19.3% 23.2% 24.2% 24.5%
Net sales 1 - 183,442 195,823 210,526 224,319
EBITDA 1 - 57,259 41,540 49,833 54,877
EBIT 1 - 41,740 26,042 33,416 36,163
Net income 1 -26,934 30,910 17,840 22,878 24,188
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.($)
9.03x1.09x5.15x2.57% 4.91B
12.57x0.9x6.99x0.97% 52.44B
10.06x0.79x6.52x-.--% 36.15B
13.13x1.31x5.93x1.91% 27.49B
8.21x0.8x3.77x2.2% 25.55B
65.95x2.27x13.2x0.07% 20.45B
27.84x1.09x5.8x3.69% 16.75B
-11.38x1.68x11.53x-.--% 15.99B
13.83x1.18x4.9x3.12% 15.09B
-12.33x1.62x10.24x-.--% 11.91B
Average 13.69x 1.27x 7.40x 1.45% 22.67B
Weighted average by Cap. 14.70x 1.17x 7.21x 1.25%

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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