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 80,418 156,368 - -
Change - 24.43% -4.44% -47.44% 27.43% 94.44% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 234,996 243,436 236,817
Change - -4.31% 4.69% -26.74% -26.41% 61.5% 3.59% -2.72%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 4.32x 10.1x 8.85x
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 0.6x
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 0.48x 0.57x 0.5x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 4.22x 7.17x 6.01x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 4.78x 10.5x 8.78x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x 36.1x 62.6x 10.7x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% 2.77% 1.6% 9.32%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 4.76 2.824 3.779
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 6.8% 4.03% 5.4%
EPS 2 6.17 15.63 8.7 4.46 6.53 16.22 6.941 7.909
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.3% 40.7% 47.8%
Net sales 1 345,496 529,589 469,244 466,777 395,682 488,012 425,868 477,079
EBITDA 1 30,309 52,014 37,359 20,999 17,686 55,650 33,954 39,427
EBIT 1 22,885 44,270 29,560 12,893 9,621 49,160 23,256 26,971
Net income 1 12,578 32,668 19,443 9,959 11,852 36,149 16,024 18,253
Net Debt 1 168,451 132,155 149,832 134,617 65,092 78,628 87,068 80,449
Reference price 2 49.50 56.25 53.75 28.25 36.00 70.00 70.00 70.00
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.($)
14.03x1.68x7.15x2.58% 661B
20.18x1.66x9.69x0.45% 185B
7.53x0.59x2.72x4.58% 115B
7.76x0.82x5.41x1.02% 112B
9.18x0.76x5.75x1.27% 110B
9.67x0.7x7.13x1.96% 103B
11.72x0.39x6.07x6.03% 95.69B
9.44x1.85x4.73x2.58% 79.56B
12.02x1.44x7.93x1.89% 63.48B
Average 11.28x 1.10x 6.29x 2.49% 169.41B
Weighted average by Cap. 12.71x 1.31x 6.73x 2.41%

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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