Financials PTT Exploration and Production

Equities

PTTEP

TH0355A10Z04

Oil & Gas Exploration and Production

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-14 pm EDT			5-day change	1st Jan Change
154.5 ^THB	0.00%		+0.98%	+3.34%

Apr. 25	PTT Exploration and Production Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 09	Chevron Exits Myanmar With Withdrawal From Natural Gas Project	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	494,263	390,051	468,458	700,702	593,513	613,363	-	-
Enterprise Value (EV) ¹	492,102	385,741	519,742	710,857	574,163	596,791	640,444	675,485
P/E ratio	10.6 x	17.4 x	12.2 x	9.84 x	7.91 x	8.27 x	8.86 x	9.59 x
Yield	4.82%	4.33%	4.24%	5.24%	6.35%	5.67%	5.14%	4.88%
Capitalization / Revenue	2.59 x	2.43 x	2.14 x	2.11 x	1.97 x	2 x	2.02 x	2 x
EV / Revenue	2.58 x	2.4 x	2.37 x	2.15 x	1.91 x	1.95 x	2.1 x	2.21 x
EV / EBITDA	3.64 x	3.51 x	3.34 x	2.9 x	2.59 x	2.65 x	2.91 x	3.12 x
EV / FCF	6.75 x	7.48 x	8.54 x	6.96 x	7.74 x	17.4 x	55.9 x	37.7 x
FCF Yield	14.8%	13.4%	11.7%	14.4%	12.9%	5.74%	1.79%	2.65%
Price to Book	1.38 x	1.1 x	1.13 x	1.5 x	1.19 x	1.13 x	1.05 x	1.01 x
Nbr of stocks (in thousands)	3,969,985	3,969,985	3,969,985	3,969,985	3,969,985	3,969,985	-	-
Reference price ²	124.5	98.25	118.0	176.5	149.5	154.5	154.5	154.5
Announcement Date	1/30/20	1/28/21	1/27/22	1/30/23	1/30/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	191,053	160,401	219,068	331,350	300,694	306,129	304,386	306,170
EBITDA ¹	135,112	109,753	155,824	245,183	222,110	225,027	220,439	216,750
EBIT ¹	72,301	44,503	85,530	162,015	140,788	132,711	127,789	121,287
Operating Margin	37.84%	27.75%	39.04%	48.9%	46.82%	43.35%	41.98%	39.61%
Earnings before Tax (EBT) ¹	69,754	41,428	80,392	143,196	140,408	128,814	118,598	107,240
Net income ¹	48,803	22,664	38,864	70,901	76,706	73,605	69,263	63,985
Net margin	25.54%	14.13%	17.74%	21.4%	25.51%	24.04%	22.76%	20.9%
EPS ²	11.72	5.650	9.700	17.94	18.89	18.68	17.44	16.11
Free Cash Flow ¹	72,912	51,595	60,866	102,073	74,182	34,276	11,459	17,923
FCF margin	38.16%	32.17%	27.78%	30.81%	24.67%	11.2%	3.76%	5.85%
FCF Conversion (EBITDA)	53.96%	47.01%	39.06%	41.63%	33.4%	15.23%	5.2%	8.27%
FCF Conversion (Net income)	149.4%	227.65%	156.61%	143.97%	96.71%	46.57%	16.54%	28.01%
Dividend per Share ²	6.000	4.250	5.000	9.250	9.500	8.757	7.946	7.547
Announcement Date	1/30/20	1/28/21	1/27/22	1/30/23	1/30/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	81,014	97,584	63,189	-	68,890	83,088	151,237	88,503	91,611	75,493	67,479	-	78,206	79,516	75,737	76,075	76,075	76,075	-	-
EBITDA	56,459	-	44,398	-	-	60,967	-	66,930	62,801	54,703	51,907	-	58,058	57,442	55,924	-	-	-	-	-
EBIT ¹	24,106	32,413	30,357	-	28,323	41,524	69,423	43,958	39,135	38,120	32,597	-	35,925	34,146	33,694	28,810	28,810	28,810	-	-
Operating Margin	29.76%	33.22%	48.04%	-	41.11%	49.98%	45.9%	49.67%	42.72%	50.49%	48.31%	-	45.94%	42.94%	44.49%	37.87%	37.87%	37.87%	-	-
Earnings before Tax (EBT)	24,869	-	25,564	-	26,955	41,642	-	41,177	33,421	37,481	34,319	-	35,134	33,474	33,603	-	-	-	-	-
Net income ¹	12,935	18,673	10,645	-	10,519	20,600	31,119	24,172	15,611	19,281	21,040	40,321	18,101	18,284	18,681	22,741	-	-	-	-
Net margin	15.97%	19.14%	16.85%	-	15.27%	24.79%	20.58%	27.31%	17.04%	25.54%	31.18%	-	23.15%	22.99%	24.67%	29.89%	-	-	-	-
EPS	-	-	2.670	-	2.640	5.280	-	6.090	3.930	4.860	4.860	9.720	4.560	4.610	4.710	-	-	-	-	-
Dividend per Share ²	-	1.972	-	3.000	-	4.336	-	-	-	-	-	-	-	-	-	5.250	4.250	-	-	4.750
Announcement Date	7/30/20	7/29/21	1/27/22	1/27/22	4/28/22	8/1/22	8/1/22	10/25/22	1/30/23	4/27/23	7/31/23	7/31/23	10/27/23	1/30/24	4/25/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	51,284	10,154	-	-	27,082	62,123
Net Cash position ¹	2,161	4,310	-	-	19,350	16,571	-	-
Leverage (Debt/EBITDA)	-	-	0.3291 x	0.0414 x	-	-	0.1229 x	0.2866 x
Free Cash Flow ¹	72,912	51,595	60,866	102,073	74,182	34,276	11,459	17,923
ROE (net income / shareholders' equity)	13.1%	6.37%	10.1%	16.1%	15.9%	14.2%	12.5%	11%
ROA (Net income/ Total Assets)	7.48%	3.36%	5.33%	8.58%	8.65%	7.99%	7.05%	6.58%
Assets ¹	652,275	673,822	729,586	826,703	886,338	921,012	981,962	972,993
Book Value Per Share ²	89.90	89.30	105.0	118.0	126.0	137.0	148.0	153.0
Cash Flow per Share ²	26.20	21.60	27.50	41.70	37.40	42.50	40.80	41.90
Capex ¹	36,883	35,079	49,203	62,843	77,669	136,939	152,924	146,699
Capex / Sales	19.3%	21.87%	22.46%	18.97%	25.83%	44.73%	50.24%	47.91%
Announcement Date	1/30/20	1/28/21	1/27/22	1/30/23	1/30/24	-	-	-

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 Exploration and Production

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

154.5 THB

Average target price

180.1 THB

Spread / Average Target

+16.57%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Exploration and Production

	1st Jan change	Capi.
PTT EXPLORATION AND PRODUCTION	+3.34%	16.77B
CHEVRON CORPORATION	+9.69%	302B
CONOCOPHILLIPS	+4.28%	142B
CNOOC LIMITED	+50.31%	123B
CANADIAN NATURAL RESOURCES LIMITED	+19.23%	80.99B
EOG RESOURCES, INC.	+7.01%	74.38B
OCCIDENTAL PETROLEUM CORPORATION	+5.61%	55.91B
HESS CORPORATION	+9.93%	48.67B
WOODSIDE ENERGY GROUP LTD	-10.14%	35.39B
DIAMONDBACK ENERGY, INC.	+27.71%	35.32B

Other Oil & Gas Exploration and Production