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 80,418 145,199 - -
Change - 24.43% -4.44% -47.44% 27.43% 80.56% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 227,029 238,244 231,626
Change - -4.31% 4.69% -26.74% -26.41% 56.02% 4.94% -2.78%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 5.86x 9.91x 8.96x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.71x 0.68x 0.64x
PEG - 0x -0.1x -0.1x 0.1x 0.1x -0.2x 0.8x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.32x 0.34x 0.3x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.49x 0.55x 0.47x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 5.12x 7.48x 6.21x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 6.38x 11.1x 9.53x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x -10.3x -60.4x 14.6x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% -9.67% -1.66% 6.87%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 3.48 2.51 3.196
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 5.35% 3.86% 4.92%
EPS 2 6.17 15.63 8.7 4.46 6.53 11.1 6.556 7.255
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 31.4% 38.3% 44.1%
Net sales 1 345,496 529,589 469,244 466,777 395,682 459,251 432,062 489,529
EBITDA 1 30,309 52,014 37,359 20,999 17,686 44,337 31,846 37,307
EBIT 1 22,885 44,270 29,560 12,893 9,621 35,568 21,551 24,308
Net income 1 12,578 32,668 19,443 9,959 11,852 25,753 15,124 16,591
Net Debt 1 168,451 132,155 149,832 134,617 65,092 81,830 93,045 86,427
Reference price 2 49.50 56.25 53.75 28.25 36.00 65.00 65.00 65.00
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 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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.61x1.63x6.98x2.7% 633B
20.04x1.66x9.68x0.46% 184B
7.36x0.59x2.69x4.82% 109B
6.41x0.75x4.67x1.31% 91.26B
7.83x0.62x4.81x1.57% 88.89B
10.38x0.31x4.88x6.51% 86.46B
9.12x0.63x6.77x2.45% 82.55B
9.87x1.9x4.85x2.66% 76.21B
12.85x1.51x8x1.91% 61.73B
Average 10.83x 1.07x 5.93x 2.71% 156.99B
Weighted average by Cap. 12.44x 1.30x 6.51x 2.59%

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