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 80,418 147,992 - -
Change - 24.43% -4.44% -47.44% 27.43% 84.03% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 214,510 244,433 238,818
Change - -4.31% 4.69% -26.74% -26.41% 47.42% 13.95% -2.3%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 4.19x 10.2x 9.3x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.74x 0.7x 0.67x
PEG - 0x -0.1x -0.1x 0.1x 0x -0.2x 0.9x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.27x 0.34x 0.3x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.39x 0.56x 0.49x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 3.93x 7.62x 6.38x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 4.65x 11.3x 9.86x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x -9.77x -61.9x 11.5x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% -10.2% -1.61% 8.67%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 5.066 2.51 3.196
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 7.65% 3.79% 4.82%
EPS 2 6.17 15.63 8.7 4.46 6.53 15.82 6.464 7.121
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 32% 38.8% 44.9%
Net sales 1 345,496 529,589 469,244 466,777 395,682 548,367 432,916 492,391
EBITDA 1 30,309 52,014 37,359 20,999 17,686 54,570 32,075 37,417
EBIT 1 22,885 44,270 29,560 12,893 9,621 46,138 21,564 24,220
Net income 1 12,578 32,668 19,443 9,959 11,852 32,291 14,922 16,270
Net Debt 1 168,451 132,155 149,832 134,617 65,092 66,518 96,442 90,827
Reference price 2 49.50 56.25 53.75 28.25 36.00 66.25 66.25 66.25
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
5.85x0.51x5.31x5.06% 4.64B
14.07x1.69x7.24x2.6% 657B
20.63x1.71x9.93x0.44% 189B
7.32x0.58x2.7x4.76% 111B
7.46x0.75x5.09x1.17% 97.8B
8.18x0.66x5.02x1.47% 95.08B
9.27x0.63x6.39x2.25% 90.01B
10.24x0.31x4.85x6.63% 85.53B
12.65x1.5x8.11x1.88% 63.23B
6.08x0.44x3.14x4.21% 32.89B
Average 10.18x 0.88x 5.78x 3.05% 142.54B
Weighted average by Cap. 12.76x 1.28x 6.69x 2.54%

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