Company Valuation: Thai Oil

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 100,981 125,653 120,069 63,106 80,418 99,964 - -
Change - 24.43% -4.44% -47.44% 27.43% 24.31% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 190,439 194,733 181,059
Change - -4.31% 4.69% -26.74% -26.41% 30.88% 2.25% -7.02%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 5.26x 7.37x 6.31x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.52x 0.5x 0.49x
PEG - 0x -0.1x -0.1x 0.1x 0.2x -0.3x 0.4x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.23x 0.23x 0.2x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.44x 0.46x 0.37x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 6.26x 6.36x 4.98x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 7.5x 9.35x 7.34x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x -8.67x -49.4x 8.39x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% -11.5% -2.03% 11.9%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 2.488 2.248 2.829
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 5.56% 5.02% 6.32%
EPS 2 6.17 15.63 8.7 4.46 6.53 8.505 6.069 7.093
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.3% 37% 39.9%
Net sales 1 345,496 529,589 469,244 466,777 395,682 437,741 426,501 494,743
EBITDA 1 30,309 52,014 37,359 20,999 17,686 30,445 30,616 36,368
EBIT 1 22,885 44,270 29,560 12,893 9,621 25,395 20,819 24,663
Net income 1 12,578 32,668 19,443 9,959 11,852 19,072 14,251 15,865
Net Debt 1 168,451 132,155 149,832 134,617 65,092 90,475 94,769 81,095
Reference price 2 49.50 56.25 53.75 28.25 36.00 44.75 44.75 44.75
Nbr of stocks (in thousands) 2,040,028 2,233,836 2,233,836 2,233,836 2,233,836 2,233,836 - -
Announcement Date 15/02/22 10/02/23 14/02/24 14/02/25 12/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.75x1.48x6.56x3.01% 570B
20.63x1.71x9.81x0.48% 189B
7.28x0.51x2.54x5.38% 98.18B
8.11x0.59x5.57x1.88% 75.74B
7.12x0.67x5.51x1.6% 74.02B
8.41x0.56x6.5x2.94% 68.86B
8.14x1.58x4.19x3.15% 64.14B
11.17x1.31x7.22x2.14% 54.83B
6.91x0.64x3.71x5.32% 31.08B
Average 9.95x 1.01x 5.73x 2.88% 136.22B
Weighted average by Cap. 11.73x 1.26x 6.44x 2.68%

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