Company Valuation: Thai Vegetable Oil

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 25,067 25,350 19,035 20,458 19,924 25,350 - -
Change - 1.13% -24.91% 7.48% -2.61% 27.23% - -
Enterprise Value (EV) 1 25,067 25,026 21,008 23,280 19,316 26,047 26,039 25,903
Change - -0.16% -16.06% 10.82% -17.03% 34.84% -0.03% -0.52%
P/E 12.1x 15.8x 26.1x 9.75x 9.11x 10.6x 10.4x 10x
PBR 2.64x 2.48x 1.89x 1.87x 1.72x 2.16x 2.04x 1.96x
PEG - -0.7x -0.5x 0x 2.15x 1.11x 7.31x 2.34x
Capitalization / Revenue 0.8x 0.65x 0.56x 0.67x 0.72x 0.82x 0.8x 0.77x
EV / Revenue 0.8x 0.64x 0.61x 0.76x 0.7x 0.85x 0.82x 0.79x
EV / EBITDA 10x 9.81x 33.5x 8.58x 6.38x 7.87x 7.86x 7.53x
EV / EBIT 11.6x 11.2x 63.4x 9.66x 7.31x 9.1x 9.28x 8.81x
EV / FCF 52.9x 12.6x 72.3x 6.38x 15.6x 14x 11.9x 11.4x
FCF Yield 1.89% 7.96% 1.38% 15.7% 6.4% 7.12% 8.42% 8.81%
Dividend per Share 2 2 - 0.81 1.73 1.97 2.113 2.043 2.107
Rate of return 7.1% - 3.79% 7.52% 8.79% 7.42% 7.17% 7.39%
EPS 2 2.327 1.8 0.82 2.36 2.46 2.695 2.733 2.85
Distribution rate 85.9% - 98.8% 73.3% 80.1% 78.4% 74.8% 73.9%
Net sales 1 31,307 39,107 34,195 30,596 27,793 30,790 31,643 32,737
EBITDA 1 2,507 2,552 627.9 2,712 3,026 3,310 3,312 3,441
EBIT 1 2,163 2,227 331.6 2,409 2,642 2,862 2,805 2,939
Net income 1 2,068 1,604 729.6 2,103 2,189 2,494 2,433 2,535
Net Debt 1 - -323.9 1,973 2,822 -607.7 697 689 553
Reference price 2 28.18 28.50 21.40 23.00 22.40 28.50 28.50 28.50
Nbr of stocks (in thousands) 889,472 889,471 889,471 889,471 889,471 889,471 - -
Announcement Date 2/25/22 2/24/23 2/28/24 2/28/25 3/2/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.45x2.82x14.08x3.98% 250B
19.81x2.49x14.83x3.31% 79.36B
17.51x1.8x10.2x3.61% 48.61B
15.05x0.56x10.05x2.56% 39.18B
21.92x3.32x13.43x3.19% 36.38B
39.61x3.38x19.66x0.91% 34.27B
68.15x10.46x43.36x1.12% 29.65B
99.75x1.88x9.36x6.47% 29.35B
Average 37.78x 3.34x 16.87x 3.14% 68.35B
Weighted average by Cap. 27.85x 2.95x 15.19x 3.48%

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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  5. Valuation Thai Vegetable Oil