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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
9.93x0.8x7.4x7.9% 712M
20.88x3x14.72x3.74% 266B
20.91x2.44x14.37x3.47% 76.84B
19.03x1.94x10.92x3.23% 52.7B
18.27x0.54x10.48x2.5% 39.54B
21.95x3.25x13.23x3.3% 35.55B
39.67x3.33x19.7x0.9% 33.02B
12.03x1.94x9.53x6.36% 29.92B
69.67x10.4x44.15x1.09% 28.74B
Average 25.81x 3.07x 16.06x 3.61% 62.61B
Weighted average by Cap. 23.70x 3.00x 15.44x 3.38%

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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  3. TVO Stock
  4. Valuation Thai Vegetable Oil