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 24,460 - -
Change - 1.13% -24.91% 7.48% -2.61% 22.77% - -
Enterprise Value (EV) 1 25,067 25,026 21,008 23,280 19,316 24,225 24,275 24,162
Change - -0.16% -16.06% 10.82% -17.03% 25.41% 0.2% -0.47%
P/E 12.1x 15.8x 26.1x 9.75x 9.11x 8.63x 9.34x 8.96x
PBR 2.64x 2.48x 1.89x 1.87x 1.72x 2.01x 1.96x 1.88x
PEG - -0.7x -0.5x 0x 2.15x 0.3x -1.23x 2.08x
Capitalization / Revenue 0.8x 0.65x 0.56x 0.67x 0.72x 0.76x 0.73x 0.71x
EV / Revenue 0.8x 0.64x 0.61x 0.76x 0.7x 0.75x 0.73x 0.7x
EV / EBITDA 10x 9.81x 33.5x 8.58x 6.38x 6.8x 6.78x 6.49x
EV / EBIT 11.6x 11.2x 63.4x 9.66x 7.31x 8.15x 8.48x 8.06x
EV / FCF 52.9x 12.6x 72.3x 6.38x 15.6x 10.5x 10.6x 10.3x
FCF Yield 1.89% 7.96% 1.38% 15.7% 6.4% 9.51% 9.45% 9.71%
Dividend per Share 2 2 - 0.81 1.73 1.97 2.287 2.077 2.14
Rate of return 7.1% - 3.79% 7.52% 8.79% 8.32% 7.55% 7.78%
EPS 2 2.327 1.8 0.82 2.36 2.46 3.185 2.943 3.07
Distribution rate 85.9% - 98.8% 73.3% 80.1% 71.8% 70.6% 69.7%
Net sales 1 31,307 39,107 34,195 30,596 27,793 32,100 33,303 34,473
EBITDA 1 2,507 2,552 627.9 2,712 3,026 3,565 3,582 3,720
EBIT 1 2,163 2,227 331.6 2,409 2,642 2,973 2,863 2,998
Net income 1 2,068 1,604 729.6 2,103 2,189 2,864 2,621 2,730
Net Debt 1 - -323.9 1,973 2,822 -607.7 -235.3 -185.8 -298.6
Reference price 2 28.18 28.50 21.40 23.00 22.40 27.50 27.50 27.50
Nbr of stocks (in thousands) 889,472 889,471 889,471 889,471 889,471 889,471 - -
Announcement Date 25/02/22 24/02/23 28/02/24 28/02/25 02/03/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.48x0.74x6.67x8.47% 722M
20.45x2.79x13.93x4.04% 244B
19.85x2.49x14.87x3.3% 79.59B
16.2x1.7x9.61x3.86% 45.22B
15.74x0.56x10.04x2.5% 40.97B
20.68x3.14x12.77x3.38% 34.32B
33.5x2.92x16.93x1.1% 30.08B
-8.72x1.88x9.37x6.49% 29.33B
64.21x9.85x40.85x1.19% 27.86B
Average 21.15x 2.90x 15.01x 3.81% 59.11B
Weighted average by Cap. 21.06x 2.83x 14.65x 3.58%

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

  1. Stock Market
  2. Stocks
  3. TVO Stock
  4. Valuation Thai Vegetable Oil
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