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Thai Oil PCL (BKK:TOP-F) Cyclically Adjusted Book per Share : ฿100.97 (As of Mar. 2025)


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What is Thai Oil PCL Cyclically Adjusted Book per Share?

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Book per Share and the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years.

Thai Oil PCL's adjusted book value per share for the three months ended in Mar. 2025 was ฿72.892. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is ฿100.97 for the trailing ten years ended in Mar. 2025.

During the past 12 months, Thai Oil PCL's average Cyclically Adjusted Book Growth Rate was 4.80% per year. During the past 3 years, the average Cyclically Adjusted Book Growth Rate was 6.80% per year. During the past 5 years, the average Cyclically Adjusted Book Growth Rate was 7.10% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted Book Growth Rate using Cyclically Adjusted Book per Share data.

During the past 13 years, the highest 3-Year average Cyclically Adjusted Book Growth Rate of Thai Oil PCL was 8.00% per year. The lowest was 5.60% per year. And the median was 6.80% per year.

As of today (2025-07-12), Thai Oil PCL's current stock price is ฿27.75. Thai Oil PCL's Cyclically Adjusted Book per Share for the quarter that ended in Mar. 2025 was ฿100.97. Thai Oil PCL's Cyclically Adjusted PB Ratio of today is 0.27.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Thai Oil PCL was 2.38. The lowest was 0.33. And the median was 0.90.


Thai Oil PCL Cyclically Adjusted Book per Share Historical Data

The historical data trend for Thai Oil PCL's Cyclically Adjusted Book per Share can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Thai Oil PCL Cyclically Adjusted Book per Share Chart

Thai Oil PCL Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Cyclically Adjusted Book per Share
Get a 7-Day Free Trial Premium Member Only Premium Member Only 53.63 70.53 57.74 58.90 85.97

Thai Oil PCL Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Cyclically Adjusted Book per Share Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 66.78 76.48 70.04 85.97 100.97

Competitive Comparison of Thai Oil PCL's Cyclically Adjusted Book per Share

For the Oil & Gas Refining & Marketing subindustry, Thai Oil PCL's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Thai Oil PCL's Cyclically Adjusted PB Ratio Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Thai Oil PCL's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Thai Oil PCL's Cyclically Adjusted PB Ratio falls into.


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Thai Oil PCL Cyclically Adjusted Book per Share Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Book per Share and the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years.

What is Cyclically Adjusted Book per Share? How do we calculate Cyclically Adjusted Book per Share?

Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted Book per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the book value per share from 2001 through 2010.

We adjusted the 2001 book value per share data with the total inflation from 2001 through 2010 to the equivalent book value in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's book value is $1 a share in 2001, then the 2001's equivalent book value in 2010 is $1.4 a share. If Wal-Mart's book value is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 book value in 2010 is $1.35. So on and so forth, you get the equivalent book value per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Thai Oil PCL's adjusted Book Value per Share data for the three months ended in Mar. 2025 was:

Adj_Book= Book Value per Share /CPI of Mar. 2025 (Change)*Current CPI (Mar. 2025)
=72.892/134.9266*134.9266
=72.892

Current CPI (Mar. 2025) = 134.9266.

Thai Oil PCL Quarterly Data

Book Value per Share CPI Adj_Book
201506 45.320 100.684 60.733
201509 43.330 100.392 58.236
201512 45.062 99.792 60.927
201603 47.361 100.470 63.603
201606 49.357 101.688 65.490
201609 49.293 101.861 65.294
201612 52.129 101.863 69.050
201703 55.563 102.862 72.883
201706 54.169 103.349 70.720
201709 56.402 104.136 73.079
201712 59.625 104.011 77.347
201803 62.351 105.290 79.902
201806 61.023 106.317 77.444
201809 61.746 106.507 78.222
201812 59.376 105.998 75.581
201903 61.526 107.251 77.403
201906 59.103 108.070 73.791
201909 57.802 108.329 71.994
201912 58.527 108.420 72.836
202003 50.953 108.902 63.130
202006 52.177 108.767 64.726
202009 52.584 109.815 64.609
202012 56.700 109.897 69.614
202103 56.003 111.754 67.615
202106 56.489 114.631 66.490
202109 56.350 115.734 65.695
202112 58.969 117.630 67.640
202203 62.056 121.301 69.027
202206 72.276 125.017 78.005
202209 69.504 125.227 74.888
202212 69.850 125.222 75.263
202303 71.693 127.348 75.960
202306 68.569 128.729 71.870
202309 71.768 129.860 74.568
202312 74.118 129.419 77.272
202403 76.449 131.776 78.277
202406 74.937 132.554 76.278
202409 73.947 133.029 75.002
202412 73.168 133.157 74.140
202503 72.892 134.927 72.892

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.


Thai Oil PCL  (BKK:TOP-F) Cyclically Adjusted Book per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted Book per Share may underestimate the company's equity. Cyclically Adjusted PB Ratio can seem to be too high even the actual PB Ratio is low.

For the Cyclically Adjusted PB Ratio, the book value of the past 10 years are inflation-adjusted and averaged. The result is used for P/B calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted PB Ratio is also called CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.

Thai Oil PCL's Cyclically Adjusted PB Ratio of today is calculated as

Cyclically Adjusted PB Ratio=Share Price/Cyclically Adjusted Book per Share
=27.75/100.97
=0.27

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Thai Oil PCL was 2.38. The lowest was 0.33. And the median was 0.90.


Be Aware

Cyclically Adjusted PB Ratio works better for cyclical companies. It gives you a better idea on the company's real book value.


Thai Oil PCL Cyclically Adjusted Book per Share Related Terms

Thank you for viewing the detailed overview of Thai Oil PCL's Cyclically Adjusted Book per Share provided by GuruFocus.com. Please click on the following links to see related term pages.


Thai Oil PCL Business Description

Industry
GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Thai Oil PCL (BKK:TOP-F) » Definitions » Cyclically Adjusted Book per Share
Address
Vibhavadi Rangsit Road, 555/1 Energy Complex, 11th Floor, Building A, Chatuchak Subdistrict, Chatuchak District, Bangkok, THA, 10900
Thai Oil PCL operates an integrated business in oil refining and petrochemicals. Along with oil refinery and distributions, the company has also expanded into other related businesses including petrochemicals-aromatics and olefin chain, lube base oil, etc. In addition, there are also ethanol and supporting businesses such as pipeline transportation, ethanol, recruitment services for Thaioil and subsidiaries, as well as treasury center to enhance Thaioil and subsidiaries. Along with its subsidiaries, the company operates in the following reportable segments; Oil refinery, which derives key revenue, Lube base oil refinery, Aromatics and LAB, Solvent, Power generation, Ethanol, Olefins, and Others. Geographically, it derives key revenue from Thailand, followed by Indonesia and other regions.

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