T

Thai Oil PCL
SET:TOP

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Thai Oil PCL
SET:TOP
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Price: 36 THB Market Closed
Market Cap: 80.4B THB

DCF Value

This DCF valuation model was created by Alpha Spread and was last updated on Dec 28, 2025.

Estimated DCF Value of one TOP stock is 149.19 THB. Compared to the current market price of 36 THB, the stock is Undervalued by 76%.

TOP DCF Value
Base Case
149.19 THB
Undervaluation 76%
DCF Value
Price
T
Worst Case
Base Case
Best Case
149.19
DCF Value
Worst Case
Base Case
Best Case
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DCF Value: 149.19 THB

Present Value Calculation

This block is the starting point of the DCF valuation process. It calculates the present value of a company's forecasted cash flows based on selected operating model. Adjust key parameters like discount rate and terminal growth, and alter inputs such as revenue growth and margins to see their impact on valuation.

DCF Model
Base Case Scenario

The present value of cash flows over the next 5 years amounts to 70.3B THB. The present value of the terminal value is 318.6B THB. The total present value equals 388.9B THB.
Forecast Period
Years
Discount Rate
%
Show All DCF Settings
Terminal Growth
%
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DCF Value Calculation

This stage translates the present value into DCF value per share. For firm valuation models, it adjusts present value for debt and assets to derive equity value (skipped if using equity valuation model). Finally, this equity value is divided by the number of shares to determine the DCF value per share.

Present Value to DCF Value
Capital Structure

Present Value 388.9B THB
+ Cash & Equivalents 28.1B THB
+ Investments 53.2B THB
Firm Value 470.1B THB
- Debt 134.2B THB
- Minority Interest 2.7B THB
Equity Value 333.3B THB
/ Shares Outstanding 2.2B
TOP DCF Value 149.19 THB
Undervalued by 76%

Valuation Analysis

Sensitivity Analysis
DCF Value Sensitivity Analysis

Sensitivity Analysis assesses how changes in key factors like revenue growth, margin, and discount rate affect a stock's DCF value. By visualizing various scenarios, from significant downturns to optimistic growth, this tool helps you understand potential valuation shifts, aiding in risk assessment and strategic decision-making.

DCF Financials
Financials used in DCF Calculation

Revenue
408.2B 450.6B
Operating Income
15.5B 24.1B
FCFF
12.4B 19B

What is the DCF value of one TOP stock?

Estimated DCF Value of one TOP stock is 149.19 THB. Compared to the current market price of 36 THB, the stock is Undervalued by 76%.

The true DCF Value lies somewhere between the worst-case and best-case scenario values. This is because the future is not predetermined, and the stock's DCF Value is based almost entirely on the future of the company. Knowing the full range of possible stock DCF values gives a complete picture of the investment risks and opportunities.

How was the DCF Value calculated?

1. Present Value Calculation. Utilizing the DCF operating model, Thai Oil PCL's future cash flows are projected and then discounted using a chosen discount rate to determine its Present Value, which is calculated at 388.9B THB.

2. DCF Value Calculation. The company's capital structure is employed to derive the total Equity Value from the previously calculated Present Value of the cash flow. This Equity Value, when divided by the total number of outstanding shares, yields the DCF Value of 149.19 THB per share.

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