Financials PTT

Equities

PTT

TH0646010Z00

Integrated Oil & Gas

End-of-day quote Thailand S.E. 06:00:00 2024-05-23 pm EDT 5-day change 1st Jan Change
33.75 THB +0.75% Intraday chart for PTT 0.00% -5.59%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,256,772 1,213,927 1,085,394 949,720 1,021,127 964,001 - -
Enterprise Value (EV) 1 1,584,935 1,591,294 1,609,372 1,803,259 1,651,392 1,678,629 1,609,953 1,472,620
P/E ratio 13.8 x 32.2 x 10 x 10.4 x 9.12 x 9.95 x 9.28 x 9.86 x
Yield 4.55% 2.35% 5.26% 6.02% 5.59% 5.25% 5.77% 5.83%
Capitalization / Revenue 0.57 x 0.75 x 0.48 x 0.28 x 0.32 x 0.31 x 0.31 x 0.29 x
EV / Revenue 0.71 x 0.98 x 0.71 x 0.54 x 0.53 x 0.54 x 0.52 x 0.45 x
EV / EBITDA 5.48 x 7.05 x 3.76 x 3.67 x 3.87 x 4.07 x 3.68 x 3.3 x
EV / FCF 13.1 x 21.1 x 8.82 x 68.1 x 7.56 x 13.3 x 10 x 10.3 x
FCF Yield 7.62% 4.73% 11.3% 1.47% 13.2% 7.52% 9.97% 9.72%
Price to Book 1.43 x 1.38 x 1.08 x 0.9 x 0.91 x 0.82 x 0.79 x 0.77 x
Nbr of stocks (in thousands) 28,562,996 28,562,996 28,562,996 28,562,996 28,562,996 28,562,996 - -
Reference price 2 44.00 42.50 38.00 33.25 35.75 33.75 33.75 33.75
Announcement Date 2/20/20 2/18/21 2/17/22 2/16/23 2/15/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,219,739 1,615,665 2,258,818 3,367,203 3,144,551 3,106,003 3,110,008 3,268,040
EBITDA 1 288,972 225,672 427,956 491,288 426,895 412,236 437,266 446,052
EBIT 1 183,052 73,025 248,298 288,745 229,168 230,978 252,612 259,109
Operating Margin 8.25% 4.52% 10.99% 8.58% 7.29% 7.44% 8.12% 7.93%
Earnings before Tax (EBT) 1 155,080 65,116 219,658 212,562 236,593 198,193 215,491 213,695
Net income 1 91,459 37,766 108,363 91,175 112,024 95,639 102,383 99,522
Net margin 4.12% 2.34% 4.8% 2.71% 3.56% 3.08% 3.29% 3.05%
EPS 2 3.200 1.320 3.790 3.200 3.920 3.390 3.638 3.423
Free Cash Flow 1 120,771 75,248 182,547 26,489 218,311 126,152 160,552 143,128
FCF margin 5.44% 4.66% 8.08% 0.79% 6.94% 4.06% 5.16% 4.38%
FCF Conversion (EBITDA) 41.79% 33.34% 42.66% 5.39% 51.14% 30.6% 36.72% 32.09%
FCF Conversion (Net income) 132.05% 199.25% 168.46% 29.05% 194.88% 131.9% 156.81% 143.82%
Dividend per Share 2 2.000 1.000 2.000 2.000 2.000 1.772 1.946 1.969
Announcement Date 2/20/20 2/18/21 2/17/22 2/16/23 2/15/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 S1 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 1,011,093 688,838 758,465 926,954 884,611 797,174 756,690 778,065 1,534,755 802,683 807,113 - 782,256 768,752 768,752 768,752
EBITDA - - - - - 73,542 104,008 92,625 196,633 146,025 84,237 - 118,717 - - -
EBIT 1 128,215 51,585 103,554 138,414 45,637 8,300 58,079 50,914 - 97,518 29,640 - 71,181 60,351 60,161 56,751
Operating Margin 12.68% 7.49% 13.65% 14.93% 5.16% 1.04% 7.68% 6.54% - 12.15% 3.67% - 9.1% 7.85% 7.83% 7.38%
Earnings before Tax (EBT) - 57,866 - - - 38,359 63,122 37,877 100,998 70,833 64,762 - 59,774 - - -
Net income 1 57,166 27,544 25,571 38,848 8,884 17,872 27,855 20,107 47,962 31,297 32,765 - 28,968 26,923 - -
Net margin 5.65% 4% 3.37% 4.19% 1% 2.24% 3.68% 2.58% 3.13% 3.9% 4.06% - 3.7% 3.5% - -
EPS - 0.9700 0.8900 1.370 0.3100 0.6300 0.9800 0.7000 1.680 1.090 1.150 - 1.010 - - -
Dividend per Share 2 0.1800 - - - - 0.7000 - - - - - 1.200 - - 1.600 -
Announcement Date 8/11/21 2/17/22 5/12/22 8/11/22 11/10/22 2/16/23 5/11/23 8/11/23 8/11/23 11/13/23 2/15/24 2/15/24 5/14/24 - - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 328,163 377,366 523,978 853,539 630,265 714,628 645,952 508,619
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.136 x 1.672 x 1.224 x 1.737 x 1.476 x 1.734 x 1.477 x 1.14 x
Free Cash Flow 1 120,771 75,248 182,547 26,489 218,311 126,152 160,552 143,128
ROE (net income / shareholders' equity) 10.4% 4.29% 11.5% 8.85% 10.3% 8.39% 8.83% 8.3%
ROA (Net income/ Total Assets) 3.78% 1.5% 3.85% 2.81% 3.3% 2.69% 2.87% 2.67%
Assets 1 2,419,036 2,516,043 2,811,129 3,243,503 3,394,663 3,556,109 3,567,728 3,721,842
Book Value Per Share 2 30.80 30.90 35.20 36.90 39.30 41.00 42.60 43.80
Cash Flow per Share 2 9.280 7.650 11.30 6.710 13.40 9.790 10.60 11.20
Capex 1 144,336 143,344 135,678 161,874 163,734 142,718 174,907 154,010
Capex / Sales 6.5% 8.87% 6.01% 4.81% 5.21% 4.59% 5.62% 4.71%
Announcement Date 2/20/20 2/18/21 2/17/22 2/16/23 2/15/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
20
Last Close Price
33.75 THB
Average target price
37.55 THB
Spread / Average Target
+11.26%
Consensus
1st Jan change Capi.
-5.59% 26.31B
-10.76% 1,932B
+48.64% 244B
+7.80% 226B
+7.13% 166B
-1.69% 94.25B
-6.25% 83.59B
-.--% 52.31B
+29.71% 51.82B
-6.28% 49.87B
Integrated Oil & Gas