Thai Oil Valuation

Is TOP-F undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TOP-F when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TOP-F (THB40) is trading above our estimate of fair value (THB18.73)

Significantly Below Fair Value: TOP-F is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TOP-F?

Key metric: As TOP-F is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TOP-F. This is calculated by dividing TOP-F's market cap by their current earnings.
What is TOP-F's PE Ratio?
PE Ratio	8.7x
Earnings	฿10.14b
Market Cap	฿88.24b

TOP-F key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.5x
Enterprise Value/EBITDA	13.2x
PEG Ratio	0.4x

Price to Earnings Ratio vs Peers

How does TOP-F's PE Ratio compare to its peers?

The above table shows the PE ratio for TOP-F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	28.2x
BCP Bangchak Corporation	62.4x	64.3%	฿43.0b
BBGI BBGI	28.5x	n/a	฿6.4b
SUSCO Susco	13.3x	n/a	฿3.0b
AI Asian Insulators	8.7x	n/a	฿2.6b
TOP-F Thai Oil	8.7x	20.6%	฿88.2b

Price-To-Earnings vs Peers: TOP-F is good value based on its Price-To-Earnings Ratio (8.7x) compared to the peer average (28.2x).

Price to Earnings Ratio vs Industry

How does TOP-F's PE Ratio compare vs other companies in the Asian Oil and Gas Industry?

8 Companies	Price / Earnings	Estimated Growth	Market Cap

8 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: TOP-F is good value based on its Price-To-Earnings Ratio (8.7x) compared to the Asian Oil and Gas industry average (10.7x).

Price to Earnings Ratio vs Fair Ratio

What is TOP-F's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TOP-F PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	8.7x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate TOP-F's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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