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 80,418 159,719 - -
Change - 24.43% -4.44% -47.44% 27.43% 98.61% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 234,999 242,901 236,116
Change - -4.31% 4.69% -26.74% -26.41% 61.5% 3.36% -2.79%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 4.32x 9.09x 8.39x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.76x 0.72x 0.68x
PEG - 0x -0.1x -0.1x 0.1x 0x -0.2x 1.01x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.32x 0.37x 0.33x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.47x 0.56x 0.49x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 4.06x 6.8x 5.69x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 4.7x 9.35x 8.11x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x 24.3x 75.8x 11.6x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% 4.12% 1.32% 8.62%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 4.861 3.283 4.1
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 6.8% 4.59% 5.73%
EPS 2 6.17 15.63 8.7 4.46 6.53 16.54 7.868 8.524
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.4% 41.7% 48.1%
Net sales 1 345,496 529,589 469,244 466,777 395,682 496,016 433,331 479,311
EBITDA 1 30,309 52,014 37,359 20,999 17,686 57,925 35,744 41,476
EBIT 1 22,885 44,270 29,560 12,893 9,621 49,959 25,979 29,119
Net income 1 12,578 32,668 19,443 9,959 11,852 36,649 18,433 20,342
Net Debt 1 168,451 132,155 149,832 134,617 65,092 75,279 83,182 76,396
Reference price 2 49.50 56.25 53.75 28.25 36.00 71.50 71.50 71.50
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.($)
13.39x1.67x7.03x2.53% 674B
18.55x1.53x8.97x0.5% 167B
7.02x0.86x5.13x0.94% 122B
8.09x0.8x5.36x1.16% 121B
6.66x0.58x2.57x4.58% 115B
8.66x0.72x6.46x1.89% 108B
10.39x0.34x5.19x6.77% 89.66B
9.43x1.89x4.9x2.47% 80.47B
11.8x1.45x7.66x1.95% 59.84B
Average 10.44x 1.09x 5.92x 2.53% 170.69B
Weighted average by Cap. 11.75x 1.30x 6.39x 2.4%

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