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 80,418 112,250 - -
Change - 24.43% -4.44% -47.44% 27.43% 39.58% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 202,263 206,479 192,626
Change - -4.31% 4.69% -26.74% -26.41% 39% 2.08% -6.71%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 5.91x 8.28x 7.08x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.58x 0.56x 0.55x
PEG - 0x -0.1x -0.1x 0.1x 0.2x -0.3x 0.4x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.26x 0.26x 0.23x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.46x 0.48x 0.39x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 6.37x 6.71x 5.32x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 7.85x 9.85x 7.87x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x -10.1x -43.8x 9.19x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% -9.88% -2.28% 10.9%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 2.488 2.248 2.829
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 4.95% 4.47% 5.63%
EPS 2 6.17 15.63 8.7 4.46 6.53 8.505 6.069 7.093
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.3% 37% 39.9%
Net sales 1 345,496 529,589 469,244 466,777 395,682 437,655 426,500 494,741
EBITDA 1 30,309 52,014 37,359 20,999 17,686 31,765 30,759 36,176
EBIT 1 22,885 44,270 29,560 12,893 9,621 25,760 20,953 24,472
Net income 1 12,578 32,668 19,443 9,959 11,852 19,072 14,251 15,865
Net Debt 1 168,451 132,155 149,832 134,617 65,092 90,012 94,228 80,375
Reference price 2 49.50 56.25 53.75 28.25 36.00 50.25 50.25 50.25
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 2/15/22 2/10/23 2/14/24 2/14/25 2/12/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.84x1.48x6.59x3.02% 568B
20.41x1.69x9.71x0.49% 185B
7.1x0.53x2.6x5.51% 101B
8.63x0.63x5.76x1.8% 79.51B
7.37x0.7x5.67x1.52% 77.76B
9.77x0.28x4.47x7.12% 77.98B
8.62x0.57x6.62x2.86% 70.73B
8.43x1.6x4.26x3.11% 64.93B
11.37x1.28x7.14x2.13% 54.99B
Average 10.39x 0.97x 5.87x 3.06% 142.23B
Weighted average by Cap. 11.74x 1.21x 6.40x 2.89%

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