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 80,418 142,965 - -
Change - 24.43% -4.44% -47.44% 27.43% 77.78% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 230,336 236,829 222,500
Change - -4.31% 4.69% -26.74% -26.41% 58.3% 2.82% -6.05%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 7.61x 10.3x 8.84x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.74x 0.71x 0.69x
PEG - 0x -0.1x -0.1x 0.1x 0.3x -0.4x 0.5x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.33x 0.34x 0.29x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.53x 0.56x 0.45x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 6.84x 7.57x 6x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 8.36x 11x 8.77x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x -11.5x -50.3x 10.6x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% -8.68% -1.99% 9.42%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 2.544 2.186 2.743
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 3.98% 3.42% 4.29%
EPS 2 6.17 15.63 8.7 4.46 6.53 8.412 6.206 7.243
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 30.2% 35.2% 37.9%
Net sales 1 345,496 529,589 469,244 466,777 395,682 438,077 425,307 492,815
EBITDA 1 30,309 52,014 37,359 20,999 17,686 33,679 31,303 37,073
EBIT 1 22,885 44,270 29,560 12,893 9,621 27,553 21,463 25,368
Net income 1 12,578 32,668 19,443 9,959 11,852 19,605 14,576 16,199
Net Debt 1 168,451 132,155 149,832 134,617 65,092 87,371 93,863 79,534
Reference price 2 49.50 56.25 53.75 28.25 36.00 64.00 64.00 64.00
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.($)
7.51x0.53x6.97x3.89% 4.25B
13.56x1.68x7.13x2.69% 640B
20.01x1.66x9.66x0.48% 181B
7.99x0.61x2.79x4.74% 111B
9.02x0.69x5.97x1.55% 92.32B
7.52x0.79x5.53x1.28% 92.2B
9.25x0.65x6.82x2.39% 84.76B
9.92x1.89x4.86x2.65% 76.47B
13.64x1.49x8.1x1.94% 60.79B
7.47x0.68x3.93x4.92% 32.84B
Average 10.59x 1.07x 6.18x 2.65% 137.59B
Weighted average by Cap. 12.62x 1.38x 6.74x 2.4%

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