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 80,418 146,316 - -
Change - 24.43% -4.44% -47.44% 27.43% 81.94% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 224,062 239,361 232,743
Change - -4.31% 4.69% -26.74% -26.41% 53.98% 6.83% -2.76%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 5.9x 9.99x 9.03x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.71x 0.69x 0.65x
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 0.31x 0.34x 0.3x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.48x 0.55x 0.48x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 4.95x 7.32x 6.08x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 6.3x 11.1x 9.57x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x -10.2x -60.7x 12x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% -9.8% -1.65% 8.34%
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% 5.31% 3.83% 4.88%
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 1 345,496 529,589 469,244 466,777 395,682 465,265 432,062 489,529
EBITDA 1 30,309 52,014 37,359 20,999 17,686 45,309 32,717 38,301
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 77,746 93,045 86,427
Reference price 2 49.50 56.25 53.75 28.25 36.00 65.50 65.50 65.50
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.($)
13.71x1.69x6.89x2.68% 639B
20.3x1.68x9.79x0.45% 185B
8.29x0.63x2.87x4.6% 115B
7.45x0.78x5.56x1.28% 92.39B
8.18x0.65x5.25x1.55% 90.09B
10.59x0.31x4.94x6.38% 88.97B
9.38x0.65x6.94x2.38% 84.87B
10.23x1.96x5.02x2.57% 79.23B
14x1.55x8.38x1.89% 62.65B
Average 11.35x 1.10x 6.18x 2.64% 159.74B
Weighted average by Cap. 12.75x 1.34x 6.60x 2.55%

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