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 24,016 - -
Change - 1.13% -24.91% 7.48% -2.61% 20.54% - -
Enterprise Value (EV) 1 25,067 25,026 21,008 23,280 19,316 24,713 24,705 24,569
Change - -0.16% -16.06% 10.82% -17.03% 27.94% -0.03% -0.55%
P/E 12.1x 15.8x 26.1x 9.75x 9.11x 10x 9.88x 9.47x
PBR 2.64x 2.48x 1.89x 1.87x 1.72x 2.04x 1.94x 1.86x
PEG - -0.7x -0.5x 0x 2.15x 1.05x 6.95x 2.22x
Capitalization / Revenue 0.8x 0.65x 0.56x 0.67x 0.72x 0.78x 0.76x 0.73x
EV / Revenue 0.8x 0.64x 0.61x 0.76x 0.7x 0.8x 0.78x 0.75x
EV / EBITDA 10x 9.81x 33.5x 8.58x 6.38x 7.47x 7.46x 7.14x
EV / EBIT 11.6x 11.2x 63.4x 9.66x 7.31x 8.63x 8.81x 8.36x
EV / FCF 52.9x 12.6x 72.3x 6.38x 15.6x 13.3x 11.3x 10.8x
FCF Yield 1.89% 7.96% 1.38% 15.7% 6.4% 7.5% 8.88% 9.29%
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% 7.83% 7.57% 7.8%
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 27.00 27.00 27.00
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.($)
10.02x0.8x7.47x7.83% 716M
20.96x3.01x14.77x3.72% 269B
21.45x2.48x14.68x3.38% 78.84B
19.18x1.95x11x3.21% 53.29B
18.49x0.55x10.59x2.48% 40B
21.88x3.24x13.2x3.31% 35.44B
37.87x3.19x18.87x0.94% 31.5B
12.5x1.99x9.78x6.12% 31.1B
69.46x10.38x44.06x1.1% 28.49B
13.31x0.4x9.14x2.51% 22.47B
Average 24.51x 2.80x 15.35x 3.46% 59.07B
Weighted average by Cap. 23.24x 2.90x 15.19x 3.33%

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