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 80,418 139,615 - -
Change - 24.43% -4.44% -47.44% 27.43% 73.61% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 218,243 226,683 220,063
Change - -4.31% 4.69% -26.74% -26.41% 49.98% 3.87% -2.92%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 4.06x 9x 7.96x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.67x 0.65x 0.6x
PEG - 0x -0.1x -0.1x 0.1x 0x -0.2x 0.6x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.29x 0.33x 0.29x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.45x 0.53x 0.46x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 3.95x 6.73x 5.65x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 4.45x 9.82x 8.24x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x 33.5x 77.7x 10.2x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% 2.98% 1.29% 9.78%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 4.582 2.852 3.55
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 7.33% 4.56% 5.68%
EPS 2 6.17 15.63 8.7 4.46 6.53 15.41 6.946 7.85
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 29.7% 41.1% 45.2%
Net sales 1 345,496 529,589 469,244 466,777 395,682 488,012 426,550 479,283
EBITDA 1 30,309 52,014 37,359 20,999 17,686 55,297 33,675 38,939
EBIT 1 22,885 44,270 29,560 12,893 9,621 49,005 23,089 26,701
Net income 1 12,578 32,668 19,443 9,959 11,852 34,019 16,034 18,095
Net Debt 1 168,451 132,155 149,832 134,617 65,092 78,628 87,068 80,449
Reference price 2 49.50 56.25 53.75 28.25 36.00 62.50 62.50 62.50
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.($)
13.66x1.64x7.04x2.65% 643B
19.97x1.65x9.59x0.46% 182B
7.14x0.56x2.62x4.87% 108B
7.2x0.77x5.13x1.12% 102B
8.48x0.69x5.28x1.4% 99.79B
9.1x0.66x6.71x2.12% 95.69B
11.43x0.33x5.24x6.27% 90.54B
9.28x1.81x4.69x2.63% 77.7B
12.18x1.46x8.03x1.87% 63.92B
Average 10.94x 1.06x 6.04x 2.6% 162.54B
Weighted average by Cap. 12.42x 1.29x 6.56x 2.5%

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