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 80,418 158,602 - -
Change - 24.43% -4.44% -47.44% 27.43% 97.22% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 233,882 241,784 234,999
Change - -4.31% 4.69% -26.74% -26.41% 60.73% 3.38% -2.81%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 4.29x 9.02x 8.33x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.75x 0.72x 0.67x
PEG - 0x -0.1x -0.1x 0.1x 0x -0.2x 1x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.32x 0.37x 0.33x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.47x 0.56x 0.49x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 4.04x 6.76x 5.67x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 4.68x 9.31x 8.07x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x 24.2x 75.5x 11.6x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% 4.14% 1.32% 8.66%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 4.861 3.283 4.1
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 6.85% 4.62% 5.77%
EPS 2 6.17 15.63 8.7 4.46 6.53 16.54 7.868 8.524
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.4% 41.7% 48.1%
Net sales 1 345,496 529,589 469,244 466,777 395,682 496,016 433,331 479,311
EBITDA 1 30,309 52,014 37,359 20,999 17,686 57,925 35,744 41,476
EBIT 1 22,885 44,270 29,560 12,893 9,621 49,959 25,979 29,119
Net income 1 12,578 32,668 19,443 9,959 11,852 36,649 18,433 20,342
Net Debt 1 168,451 132,155 149,832 134,617 65,092 75,279 83,182 76,396
Reference price 2 49.50 56.25 53.75 28.25 36.00 71.00 71.00 71.00
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.39x1.67x7.03x2.53% 674B
18.2x1.51x8.84x0.5% 164B
6.84x0.84x5.05x0.96% 119B
7.84x0.77x5.22x1.19% 117B
6.76x0.56x2.54x4.62% 114B
8.5x0.71x6.39x1.92% 106B
10.33x0.34x5.19x6.81% 89.59B
9.99x1.94x4.97x2.44% 81.35B
12.07x1.48x7.84x1.92% 60.85B
Average 10.44x 1.09x 5.90x 2.54% 169.53B
Weighted average by Cap. 11.73x 1.30x 6.37x 2.42%

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