THAI OIL |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 56.25 THB | -1.32% |
|
-1.75% | +4.65% |
| Apr. 11 | Thai Oil Public Company Limited Announces Appointment of ACM Chanon Mungthanya as Chairman of Board of Directors | CI |
| Apr. 11 | Thai Oil Public Company Limited Approves Board Changes | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 142,290 | 106,081 | 100,981 | 125,653 | 120,069 | 125,653 | - | - |
| Enterprise Value (EV) 1 | 183,877 | 191,741 | 269,433 | 257,808 | 120,069 | 285,544 | 273,980 | 258,369 |
| P/E ratio | 22.6 x | -32.1 x | 8.02 x | 3.6 x | 6.18 x | 8.21 x | 5.66 x | 4.7 x |
| Yield | 2.15% | 1.35% | 5.25% | 7.11% | - | 5.35% | 7.31% | 8.96% |
| Capitalization / Revenue | 0.39 x | 0.43 x | 0.29 x | 0.24 x | 0.26 x | 0.27 x | 0.25 x | 0.23 x |
| EV / Revenue | 0.5 x | 0.77 x | 0.78 x | 0.49 x | 0.26 x | 0.62 x | 0.54 x | 0.47 x |
| EV / EBITDA | 14.2 x | -77.2 x | 8.89 x | 4.96 x | 3.21 x | 9.09 x | 6.49 x | 5.4 x |
| EV / FCF | -12.7 x | -4.17 x | -10.9 x | 22.8 x | - | 36.5 x | 8.83 x | 8.9 x |
| FCF Yield | -7.85% | -24% | -9.15% | 4.39% | - | 2.74% | 11.3% | 11.2% |
| Price to Book | 1.19 x | 0.91 x | 0.84 x | 0.83 x | - | 0.71 x | 0.66 x | 0.61 x |
| Nbr of stocks (in thousands) | 2,040,000 | 2,040,028 | 2,040,028 | 2,233,836 | 2,233,836 | 2,233,836 | - | - |
| Reference price 2 | 69.75 | 52.00 | 49.50 | 56.25 | 53.75 | 56.25 | 56.25 | 56.25 |
| Announcement Date | 2/14/20 | 2/15/21 | 2/15/22 | 2/10/23 | 2/14/24 | - | - | - |
1THB in Million2THB
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 364,327 | 247,913 | 345,496 | 529,589 | 469,244 | 458,156 | 509,751 | 555,320 |
| EBITDA 1 | 12,971 | -2,483 | 30,309 | 52,014 | 37,359 | 31,398 | 42,197 | 47,857 |
| EBIT 1 | 5,886 | -10,037 | 22,885 | 44,270 | 29,560 | 22,610 | 30,242 | 34,693 |
| Operating Margin | 1.62% | -4.05% | 6.62% | 8.36% | 6.3% | 4.93% | 5.93% | 6.25% |
| Earnings before Tax (EBT) 1 | 7,756 | -3,242 | 15,100 | 42,024 | 24,257 | 19,390 | 26,805 | 32,847 |
| Net income 1 | 6,277 | -3,301 | 12,578 | 32,668 | 19,443 | 15,507 | 22,197 | 26,756 |
| Net margin | 1.72% | -1.33% | 3.64% | 6.17% | 4.14% | 3.38% | 4.35% | 4.82% |
| EPS 2 | 3.080 | -1.620 | 6.170 | 15.63 | 8.700 | 6.849 | 9.938 | 11.97 |
| Free Cash Flow 1 | -14,443 | -45,942 | -24,642 | 11,322 | - | 7,816 | 31,020 | 29,043 |
| FCF margin | -3.96% | -18.53% | -7.13% | 2.14% | - | 1.71% | 6.09% | 5.23% |
| FCF Conversion (EBITDA) | - | - | - | 21.77% | - | 24.89% | 73.51% | 60.69% |
| FCF Conversion (Net income) | - | - | - | 34.66% | - | 50.4% | 139.75% | 108.55% |
| Dividend per Share 2 | 1.500 | 0.7000 | 2.600 | 4.000 | - | 3.008 | 4.114 | 5.040 |
| Announcement Date | 2/14/20 | 2/15/21 | 2/15/22 | 2/10/23 | 2/14/24 | - | - | - |
1THB in Million2THB
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 128,353 | 155,094 | 82,064 | 108,338 | 120,882 | 155,379 | - | 127,901 | 125,426 | 116,820 | 108,662 | 124,206 | 119,556 | 113,574 | 118,900 | 118,900 | 118,900 | - |
| EBITDA 1 | - | - | 7,185 | 7,788 | 18,687 | 32,514 | - | -432.8 | 1,246 | 7,758 | 4,390 | 21,222 | 4,305 | 9,648 | - | - | - | - |
| EBIT 1 | -13,670 | 11,702 | 5,325 | 5,858 | 16,855 | 30,509 | - | -2,283 | -810.9 | 5,854 | 2,138 | 19,281 | 2,287 | 7,218 | 5,805 | 5,615 | 4,915 | - |
| Operating Margin | -10.65% | 7.55% | 6.49% | 5.41% | 13.94% | 19.64% | - | -1.78% | -0.65% | 5.01% | 1.97% | 15.52% | 1.91% | 6.36% | 4.88% | 4.72% | 4.13% | - |
| Earnings before Tax (EBT) 1 | -14,139 | - | 2,394 | 6,229 | 9,004 | 32,959 | - | -40.94 | 101.9 | 6,404 | 618.4 | 13,567 | 3,667 | 5,785 | - | - | - | - |
| Net income 1 | -11,274 | 5,483 | 2,063 | 5,033 | 7,183 | 25,327 | 32,510 | 11.71 | 146.8 | 4,554 | 1,117 | 10,828 | 2,944 | 5,380 | 3,798 | - | - | - |
| Net margin | -8.78% | 3.54% | 2.51% | 4.65% | 5.94% | 16.3% | - | 0.01% | 0.12% | 3.9% | 1.03% | 8.72% | 2.46% | 4.74% | 3.19% | - | - | - |
| EPS 2 | -5.530 | - | 1.010 | 2.470 | 3.520 | 12.41 | 15.94 | 0.0100 | - | 2.040 | 0.5000 | 4.850 | 1.310 | 2.335 | - | - | - | - |
| Dividend per Share 2 | - | - | - | 2.000 | - | - | - | - | 4.000 | - | - | - | - | - | - | - | 2.396 | - |
| Announcement Date | 8/10/20 | 8/10/21 | 11/9/21 | 2/15/22 | 5/11/22 | 8/9/22 | 8/9/22 | 11/9/22 | 2/10/23 | 5/10/23 | 8/9/23 | 11/8/23 | 2/14/24 | - | - | - | - | - |
1THB in Million2THB
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 41,587 | 85,659 | 168,451 | 132,155 | - | 159,891 | 148,326 | 132,716 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.206 x | -34.49 x | 5.558 x | 2.541 x | - | 5.092 x | 3.515 x | 2.773 x |
| Free Cash Flow 1 | -14,443 | -45,942 | -24,642 | 11,322 | - | 7,816 | 31,020 | 29,043 |
| ROE (net income / shareholders' equity) | 3.71% | -7.57% | 10.6% | 23.6% | - | 9.26% | 12.5% | 13.7% |
| ROA (Net income/ Total Assets) | 1.62% | -3.03% | 3.76% | 8.1% | - | 3.8% | 5.61% | 6.73% |
| Assets 1 | 386,495 | 108,823 | 334,166 | 403,360 | - | 407,839 | 395,706 | 397,561 |
| Book Value Per Share 2 | 58.80 | 57.00 | 59.30 | 67.40 | - | 79.00 | 85.10 | 92.80 |
| Cash Flow per Share 2 | 6.420 | 1.190 | 5.150 | 20.70 | - | 8.310 | 12.60 | 15.70 |
| Capex 1 | 27,531 | 48,377 | 35,146 | 31,929 | - | 15,985 | 12,350 | 10,788 |
| Capex / Sales | 7.56% | 19.51% | 10.17% | 6.03% | - | 3.49% | 2.42% | 1.94% |
| Announcement Date | 2/14/20 | 2/15/21 | 2/15/22 | 2/10/23 | 2/14/24 | - | - | - |
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-
Sell
Buy
Mean consensus
BUY
Number of Analysts
21
Last Close Price
56.25
THB
Average target price
66.38
THB
Spread / Average Target
+18.01%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +4.65% | 3.39B | |
| +12.39% | 221B | |
| +12.58% | 107B | |
| +17.36% | 103B | |
| +33.72% | 71.49B | |
| +13.72% | 64.2B | |
| +27.54% | 54.22B | |
| +32.11% | 28.33B | |
| -11.77% | 20.79B | |
| +9.44% | 19.12B |
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