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 80,418 158,602 - -
Change - 24.43% -4.44% -47.44% 27.43% 97.22% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 237,260 245,022 238,535
Change - -4.31% 4.69% -26.74% -26.41% 63.05% 3.27% -2.65%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 4.37x 9.45x 8.5x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.76x 0.73x 0.68x
PEG - 0x -0.1x -0.1x 0.1x 0x -0.2x 0.8x
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 0.48x 0.57x 0.5x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 4.22x 6.99x 5.74x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 4.84x 9.81x 8.33x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x 36.5x 63x 10.8x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% 2.74% 1.59% 9.25%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 4.788 3.137 4.008
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 6.74% 4.42% 5.64%
EPS 2 6.17 15.63 8.7 4.46 6.53 16.24 7.512 8.353
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.5% 41.8% 48%
Net sales 1 345,496 529,589 469,244 466,777 395,682 494,583 431,516 480,110
EBITDA 1 30,309 52,014 37,359 20,999 17,686 56,218 35,039 41,542
EBIT 1 22,885 44,270 29,560 12,893 9,621 49,068 24,982 28,619
Net income 1 12,578 32,668 19,443 9,959 11,852 36,016 17,453 19,848
Net Debt 1 168,451 132,155 149,832 134,617 65,092 78,658 86,419 79,932
Reference price 2 49.50 56.25 53.75 28.25 36.00 71.00 71.00 71.00
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 2/15/22 2/10/23 2/14/24 2/14/25 2/12/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.76x1.64x6.96x2.61% 653B
19.33x1.59x9.33x0.47% 176B
7.53x0.73x4.98x1.28% 109B
6.85x0.8x4.86x1.05% 109B
6.99x0.57x2.61x4.71% 112B
8.77x0.7x6.37x1.98% 102B
10.6x0.34x5.21x6.65% 90.41B
9.48x1.85x4.75x2.57% 78.25B
11.76x1.45x7.66x1.97% 60.06B
Average 10.56x 1.07x 5.86x 2.59% 165.47B
Weighted average by Cap. 12.11x 1.28x 6.38x 2.48%

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

-40%: Exceptional extension
d
:
:
SEIZE THE OFFER!