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 24,683 - -
Change - 1.13% -24.91% 7.48% -2.61% 23.88% - -
Enterprise Value (EV) 1 25,067 25,026 21,008 23,280 19,316 24,448 24,497 24,384
Change - -0.16% -16.06% 10.82% -17.03% 26.56% 0.2% -0.46%
P/E 12.1x 15.8x 26.1x 9.75x 9.11x 9.55x 9.98x 9.58x
PBR 2.64x 2.48x 1.89x 1.87x 1.72x 2.08x 1.98x 1.9x
PEG - -0.7x -0.5x 0x 2.15x 0.5x -2.32x 2.28x
Capitalization / Revenue 0.8x 0.65x 0.56x 0.67x 0.72x 0.8x 0.78x 0.75x
EV / Revenue 0.8x 0.64x 0.61x 0.76x 0.7x 0.79x 0.77x 0.74x
EV / EBITDA 10x 9.81x 33.5x 8.58x 6.38x 7.17x 7.31x 7.01x
EV / EBIT 11.6x 11.2x 63.4x 9.66x 7.31x 8.22x 8.56x 8.13x
EV / FCF 52.9x 12.6x 72.3x 6.38x 15.6x 10.6x 10.7x 10.4x
FCF Yield 1.89% 7.96% 1.38% 15.7% 6.4% 9.43% 9.36% 9.62%
Dividend per Share 2 2 - 0.81 1.73 1.97 2.287 2.077 2.14
Rate of return 7.1% - 3.79% 7.52% 8.79% 8.24% 7.48% 7.71%
EPS 2 2.327 1.8 0.82 2.36 2.46 2.905 2.78 2.897
Distribution rate 85.9% - 98.8% 73.3% 80.1% 78.7% 74.7% 73.9%
Net sales 1 31,307 39,107 34,195 30,596 27,793 31,014 31,687 32,781
EBITDA 1 2,507 2,552 627.9 2,712 3,026 3,408 3,351 3,480
EBIT 1 2,163 2,227 331.6 2,409 2,642 2,973 2,863 2,998
Net income 1 2,068 1,604 729.6 2,103 2,189 2,695 2,474 2,576
Net Debt 1 - -323.9 1,973 2,822 -607.7 -235.3 -185.8 -298.6
Reference price 2 28.18 28.50 21.40 23.00 22.40 27.75 27.75 27.75
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.($)
9.55x0.79x7.17x8.24% 744M
20.7x2.82x14.07x3.99% 249B
19.88x2.5x14.89x3.29% 79.71B
17.08x1.78x10.04x3.66% 47.92B
15.81x0.56x10.25x2.44% 41.15B
21.48x3.25x13.22x3.25% 35.65B
35.81x3.11x18x1.03% 31.44B
-25.79x1.95x9.72x6.1% 31.14B
65.92x10.12x41.96x1.16% 29.05B
12.52x0.4x9.06x2.34% 23.6B
Average 19.30x 2.73x 14.84x 3.55% 56.93B
Weighted average by Cap. 20.22x 2.79x 14.70x 3.45%

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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  4. Valuation Thai Vegetable Oil