Company Valuation: PTT

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,085,394 949,720 1,021,127 906,875 914,016 1,175,460 - -
Change - -12.5% 7.52% -11.19% 0.79% 28.6% - -
Enterprise Value (EV) 1 1,609,372 1,803,259 1,651,392 1,479,267 1,497,004 1,740,012 1,659,397 1,584,693
Change - 12.05% -8.42% -10.42% 1.2% 16.23% -4.63% -4.5%
P/E 10x 10.4x 9.12x 10.1x 10.2x 9.52x 11x 9.74x
PBR 1.08x 0.9x 0.91x 0.79x 0.8x 0.99x 0.95x 0.82x
PEG - -0.7x 0.4x -0.5x - 0.2x -0.8x 0.8x
Capitalization / Revenue 0.48x 0.28x 0.32x 0.29x 0.34x 0.41x 0.42x 0.4x
EV / Revenue 0.71x 0.54x 0.53x 0.48x 0.56x 0.61x 0.59x 0.55x
EV / EBITDA 3.76x 3.67x 3.87x 3.73x 4.5x 3.81x 3.9x 3.61x
EV / EBIT 6.48x 6.25x 7.21x 6.5x 9.92x 6.24x 6.87x 6.27x
EV / FCF 8.82x 68.1x 7.56x 6.95x 11x 9.78x 9.91x 7.9x
FCF Yield 11.3% 1.47% 13.2% 14.4% 9.06% 10.2% 10.1% 12.7%
Dividend per Share 2 2 2 2 2.1 2.3 2.278 2.166 2.224
Rate of return 5.26% 6.02% 5.59% 6.61% 7.19% 5.49% 5.22% 5.36%
EPS 2 3.79 3.2 3.92 3.15 3.15 4.36 3.775 4.263
Distribution rate 52.8% 62.5% 51% 66.7% 73% 52.3% 57.4% 52.2%
Net sales 1 2,258,818 3,367,203 3,144,551 3,090,453 2,662,145 2,852,043 2,831,863 2,906,747
EBITDA 1 427,956 491,288 426,895 396,234 332,849 456,404 425,840 439,468
EBIT 1 248,298 288,745 229,168 227,498 150,903 278,871 241,379 252,655
Net income 1 108,363 91,175 112,024 90,072 90,166 124,425 107,961 113,113
Net Debt 1 523,978 853,539 630,265 572,392 582,988 564,552 483,937 409,233
Reference price 2 38.00 33.25 35.75 31.75 32.00 41.50 41.50 41.50
Nbr of stocks (in thousands) 28,562,996 28,562,996 28,562,996 28,562,996 28,562,996 28,324,336 - -
Announcement Date 17/02/22 16/02/23 15/02/24 20/02/25 19/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.52x0.61x3.81x5.49% 35.74B
13.66x3.49x6.57x5.35% 1,672B
13.58x1.88x6.12x3.42% 409B
8.7x0.62x3.98x6% 297B
8.22x0.92x4.01x3.35% 267B
8.22x1.04x4.34x4.63% 197B
6.33x1.77x2.82x6.98% 157B
3.98x1.61x3.03x7.57% 126B
7.91x0.85x2.09x3.72% 101B
8.36x0.79x3.95x4.86% 78.15B
Average 8.85x 1.36x 4.07x 5.14% 333.97B
Weighted average by Cap. 11.40x 2.36x 5.41x 5.07%

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