Stock TVO THAI VEGETABLE OIL
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Financials Thai Vegetable Oil

Equities

TVO

TH0209010Z07

Food Processing

End-of-day quote Thailand S.E.
Other stock markets
 06:00:00 2024-05-30 pm EDT 		5-day change 1st Jan Change
23 THB +1.32% Intraday chart for Thai Vegetable Oil +4.07% +7.48%
May. 10 Thai Vegetable Oil Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Apr. 26 Thai Vegetable Oil Public Company Limited Approves Dividend for the Last Six Months of 2023, Payable on May 17, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 22,237 27,291 25,067 25,350 19,035 20,458 - -
Enterprise Value (EV) 1 21,482 27,291 25,067 25,026 19,035 24,657 23,595 22,211
P/E ratio 15.8 x 16.5 x 12.1 x 15.8 x 26.1 x 14.6 x 13.1 x 11.7 x
Yield 5.27% 5.04% 7.1% - - 4.7% 6% 6.72%
Capitalization / Revenue 0.94 x 1.09 x 0.8 x 0.65 x 0.56 x 0.58 x 0.56 x 0.53 x
EV / Revenue 0.91 x 1.09 x 0.8 x 0.64 x 0.56 x 0.7 x 0.64 x 0.57 x
EV / EBITDA 10.9 x 11.3 x 10 x 9.81 x 30.3 x 12 x 10.3 x 8.84 x
EV / FCF 30 x 14.7 x 52.9 x 12.6 x - 22.7 x 17.1 x 14.6 x
FCF Yield 3.34% 6.82% 1.89% 7.96% - 4.41% 5.83% 6.86%
Price to Book 2.57 x 2.99 x 2.64 x 2.48 x - 1.91 x 1.83 x 1.7 x
Nbr of stocks (in thousands) 889,472 889,472 889,472 889,471 889,471 889,471 - -
Reference price 2 25.00 30.68 28.18 28.50 21.40 23.00 23.00 23.00
Announcement Date 2/28/20 3/1/21 2/25/22 2/24/23 2/28/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 23,587 24,963 31,307 39,107 34,195 35,296 36,762 38,647
EBITDA 1 1,967 2,411 2,507 2,552 627.9 2,048 2,292 2,512
EBIT 1 1,595 2,057 2,163 2,227 331.6 1,669 1,890 2,150
Operating Margin 6.76% 8.24% 6.91% 5.7% 0.97% 4.73% 5.14% 5.56%
Earnings before Tax (EBT) 1 1,807 2,135 2,625 2,035 928.7 1,781 2,004 2,265
Net income 1 1,411 1,656 2,068 1,604 729.6 1,232 1,567 1,755
Net margin 5.98% 6.63% 6.6% 4.1% 2.13% 3.49% 4.26% 4.54%
EPS 2 1.582 1.864 2.327 1.800 0.8200 1.577 1.760 1.973
Free Cash Flow 1 716.9 1,862 473.5 1,991 - 1,086 1,376 1,524
FCF margin 3.04% 7.46% 1.51% 5.09% - 3.08% 3.74% 3.94%
FCF Conversion (EBITDA) 36.45% 77.24% 18.89% 78.04% - 53.05% 60.03% 60.66%
FCF Conversion (Net income) 50.83% 112.46% 22.9% 124.14% - 88.17% 87.83% 86.81%
Dividend per Share 2 1.318 1.545 2.000 - - 1.080 1.380 1.547
Announcement Date 2/28/20 3/1/21 2/25/22 2/24/23 2/28/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2
Net sales 1 12,315 15,408 8,145 9,319 9,539 10,294 9,956 - 9,084 7,515 - - 8,254
EBITDA - - - 791.6 - - - - - - - - -
EBIT 1,044 1,978 -27.57 708.7 951.3 697.2 -130.1 - -106.5 216.2 281.9 333.3 -
Operating Margin 8.47% 12.84% -0.34% 7.61% 9.97% 6.77% -1.31% - -1.17% 2.88% - - -
Earnings before Tax (EBT) 1,091 2,050 126.6 824.8 1,199 743.9 -733 - - 314.1 - - -
Net income 1 834.3 1,609 99.25 661.1 953.6 592.8 -603.2 128.2 35.2 250.4 315.7 308.5 386
Net margin 6.77% 10.44% 1.22% 7.09% 10% 5.76% -6.06% - 0.39% 3.33% - - 4.68%
EPS 0.9364 1.809 0.1182 0.7454 0.9727 0.6700 -0.6800 - - 0.2800 - - -
Dividend per Share - 1.182 - - - - - - - - - - -
Announcement Date 8/14/20 8/13/21 2/25/22 5/13/22 8/11/22 11/11/22 2/24/23 5/12/23 8/11/23 11/10/23 2/28/24 5/13/24 -
1THB in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - 4,199 3,137 1,753
Net Cash position 1 754 - - 324 - - - -
Leverage (Debt/EBITDA) - - - - - 2.05 x 1.368 x 0.6979 x
Free Cash Flow 1 717 1,862 473 1,991 - 1,087 1,376 1,524
ROE (net income / shareholders' equity) 16.5% 18.6% 22.2% 16.2% - 13.6% 14.5% 15.1%
ROA (Net income/ Total Assets) 12.4% 12.9% 15.2% 10.1% - 9.3% 10.4% 10.9%
Assets 1 11,403 12,837 13,625 15,880 - 13,250 15,064 16,101
Book Value Per Share 2 9.740 10.30 10.70 11.50 - 12.10 12.60 13.60
Cash Flow per Share - - - - - - - -
Capex 1 604 481 340 421 - 954 375 400
Capex / Sales 2.56% 1.93% 1.09% 1.08% - 2.7% 1.02% 1.04%
Announcement Date 2/28/20 3/1/21 2/25/22 2/24/23 2/28/24 - - -
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Thai Vegetable Oil

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
4
Last Close Price
23 THB
Average target price
21.98 THB
Spread / Average Target
-4.46%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Food Processing
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