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 23,793 - -
Change - 1.13% -24.91% 7.48% -2.61% 19.42% - -
Enterprise Value (EV) 1 25,067 25,026 21,008 23,280 19,316 24,490 24,482 24,346
Change - -0.16% -16.06% 10.82% -17.03% 26.78% -0.03% -0.56%
P/E 12.1x 15.8x 26.1x 9.75x 9.11x 9.93x 9.79x 9.39x
PBR 2.64x 2.48x 1.89x 1.87x 1.72x 2.02x 1.92x 1.84x
PEG - -0.7x -0.5x 0x 2.15x 1.04x 6.88x 2.2x
Capitalization / Revenue 0.8x 0.65x 0.56x 0.67x 0.72x 0.77x 0.75x 0.73x
EV / Revenue 0.8x 0.64x 0.61x 0.76x 0.7x 0.8x 0.77x 0.74x
EV / EBITDA 10x 9.81x 33.5x 8.58x 6.38x 7.4x 7.39x 7.07x
EV / EBIT 11.6x 11.2x 63.4x 9.66x 7.31x 8.56x 8.73x 8.28x
EV / FCF 52.9x 12.6x 72.3x 6.38x 15.6x 13.2x 11.2x 10.7x
FCF Yield 1.89% 7.96% 1.38% 15.7% 6.4% 7.57% 8.96% 9.37%
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% 7.9% 7.64% 7.88%
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 26.75 26.75 26.75
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.($)
9.93x0.8x7.4x7.9% 715M
20.63x2.97x14.58x3.78% 265B
20.55x2.4x14.18x3.53% 75.52B
19.09x1.94x10.95x3.22% 53B
17.91x0.54x10.3x2.56% 38.75B
21.72x3.22x13.1x3.33% 35.23B
40.49x3.39x20.08x0.88% 33.87B
11.92x1.92x9.44x6.46% 29.47B
71.13x10.62x45.09x1.07% 29.45B
Average 25.93x 3.09x 16.13x 3.64% 62.35B
Weighted average by Cap. 23.73x 3.01x 15.45x 3.41%

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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  4. Valuation Thai Vegetable Oil