Our price target of Bt67 is our base case scenario value, derived using 2016e EV/EBITDA multiples, taking the comparable peer average EV/EBITDA multiple of 7.5x for petrochemicals, 6.0x for refining, and 7.5x for aromatics. We use global averages since PTTGC has a product profile similar to that of its peers. We use 2016e net debt of US$1.3bn for the price target calculation