Financials PTT

Equities

PTT

TH0646010Z00

Integrated Oil & Gas

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-13 pm EDT			5-day change	1st Jan Change
34 ^THB	+0.74%		+0.74%	-4.90%

05:48am	Thailand's EGAT says considering small modular nuclear reactors	RE
Apr. 25	PTT Public Company Limited Announces Executive Changes, Effective from May 13, 2024	CI

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	971,142	-	-
Enterprise Value (EV) ¹	1,584,935	1,591,294	1,609,372	1,803,259	1,651,392	1,673,377	1,615,888	1,493,308
P/E ratio	13.8 x	32.2 x	10 x	10.4 x	9.12 x	9.94 x	9.35 x	10 x
Yield	4.55%	2.35%	5.26%	6.02%	5.59%	5.37%	5.72%	5.89%
Capitalization / Revenue	0.57 x	0.75 x	0.48 x	0.28 x	0.32 x	0.31 x	0.31 x	0.3 x
EV / Revenue	0.71 x	0.98 x	0.71 x	0.54 x	0.53 x	0.54 x	0.52 x	0.46 x
EV / EBITDA	5.48 x	7.05 x	3.76 x	3.67 x	3.87 x	4.05 x	3.7 x	3.38 x
EV / FCF	13.1 x	21.1 x	8.82 x	68.1 x	7.56 x	13.3 x	10.1 x	10.4 x
FCF Yield	7.62%	4.73%	11.3%	1.47%	13.2%	7.54%	9.94%	9.58%
Price to Book	1.43 x	1.38 x	1.08 x	0.9 x	0.91 x	0.83 x	0.8 x	0.78 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	34.00	34.00	34.00
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	3,107,993	3,099,960	3,227,285
EBITDA ¹	288,972	225,672	427,956	491,288	426,895	413,622	436,937	441,241
EBIT ¹	183,052	73,025	248,298	288,745	229,168	235,174	252,827	256,594
Operating Margin	8.25%	4.52%	10.99%	8.58%	7.29%	7.57%	8.16%	7.95%
Earnings before Tax (EBT) ¹	155,080	65,116	219,658	212,562	236,593	203,023	215,764	212,934
Net income ¹	91,459	37,766	108,363	91,175	112,024	96,233	102,476	98,751
Net margin	4.12%	2.34%	4.8%	2.71%	3.56%	3.1%	3.31%	3.06%
EPS ²	3.200	1.320	3.790	3.200	3.920	3.420	3.638	3.395
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%	5.18%	4.43%
FCF Conversion (EBITDA)	41.79%	33.34%	42.66%	5.39%	51.14%	30.5%	36.74%	32.44%
FCF Conversion (Net income)	132.05%	199.25%	168.46%	29.05%	194.88%	131.09%	156.67%	144.94%
Dividend per Share ²	2.000	1.000	2.000	2.000	2.000	1.825	1.945	2.001
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 Q3	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	558,888	688,838	758,465	926,954	884,611	797,174	756,690	778,065	1,534,755	802,683	807,113	-	786,240	733,901	733,901	733,901
EBITDA ¹	-	-	-	-	-	-	73,542	104,008	92,625	196,633	146,025	84,237	-	111,091	-	-	-
EBIT ¹	128,215	73,126	51,585	103,554	138,414	45,637	8,300	58,079	50,914	-	97,518	29,640	-	65,028	66,771	66,580	66,080
Operating Margin	12.68%	13.08%	7.49%	13.65%	14.93%	5.16%	1.04%	7.68%	6.54%	-	12.15%	3.67%	-	8.27%	9.1%	9.07%	9%
Earnings before Tax (EBT) ¹	-	-	57,866	-	-	-	38,359	63,122	37,877	100,998	70,833	64,762	-	58,624	-	-	-
Net income ¹	57,166	23,653	27,544	25,571	38,848	8,884	17,872	27,855	20,107	47,962	31,297	32,765	-	24,646	27,067	-	-
Net margin	5.65%	4.23%	4%	3.37%	4.19%	1%	2.24%	3.68%	2.58%	3.13%	3.9%	4.06%	-	3.13%	3.69%	-	-
EPS ²	-	0.8200	0.9700	0.8900	1.370	0.3100	0.6300	0.9800	0.7000	1.680	1.090	1.150	-	0.9933	-	-	-
Dividend per Share ²	0.1800	-	-	-	-	-	0.7000	-	-	-	-	-	1.200	-	-	1.600	-
Announcement Date	8/11/21	11/12/21	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	-	-	-	-

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	702,235	644,746	522,166
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.136 x	1.672 x	1.224 x	1.737 x	1.476 x	1.698 x	1.476 x	1.183 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%	8.62%	9%	8.53%
ROA (Net income/ Total Assets)	3.78%	1.5%	3.85%	2.81%	3.3%	2.93%	3.15%	3.04%
Assets ¹	2,419,036	2,516,043	2,811,129	3,243,503	3,394,663	3,287,736	3,249,459	3,248,290
Book Value Per Share ²	30.80	30.90	35.20	36.90	39.30	40.70	42.60	43.70
Cash Flow per Share ²	9.280	7.650	11.30	6.710	13.40	10.00	10.60	11.20
Capex ¹	144,336	143,344	135,678	161,874	163,734	155,203	174,907	154,504
Capex / Sales	6.5%	8.87%	6.01%	4.81%	5.21%	4.99%	5.64%	4.79%
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

Ratings for PTT

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

34 THB

Average target price

37.4 THB

Spread / Average Target

+10.00%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Oil & Gas

	1st Jan change	Capi.
PTT	-4.90%	26.55B
ARAMCO	-9.70%	1,922B
EXXON MOBIL CORPORATION	+17.69%	464B
PETROCHINA COMPANY LIMITED	+46.12%	243B
SHELL PLC	+12.81%	233B
PETROBRAS	+9.75%	106B
EQUINOR ASA	-4.07%	83.49B
ENI S.P.A	-1.12%	52.44B
GAZPROM	-.--%	51.23B
SUNCOR ENERGY INC.	+26.03%	50.4B

Integrated Oil & Gas