Company Valuation: Indorama Ventures

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 242,829 228,793 152,997 139,802 90,394 119,029 - -
Change - -5.78% -33.13% -8.62% -35.34% 31.68% - -
Enterprise Value (EV) 1 450,600 461,362 388,646 384,702 326,544 354,184 348,647 351,426
Change - 2.39% -15.76% -1.01% -15.12% 8.46% -1.56% 0.8%
P/E 9.51x 7.56x -13.2x -6.82x -12.3x 17.3x 15.5x 14.2x
PBR 1.53x 1.23x 0.93x 1.11x 0.77x 0.97x 0.9x 0.85x
PEG - 0.4x 0x -0.1x 0.2x -0x 1.4x 1.46x
Capitalization / Revenue 0.52x 0.35x 0.28x 0.26x 0.2x 0.24x 0.24x 0.24x
EV / Revenue 0.96x 0.7x 0.72x 0.71x 0.73x 0.72x 0.71x 0.7x
EV / EBITDA 7.06x 6.17x 11.3x 9.37x 13.2x 7.75x 7.22x 7.01x
EV / EBIT 10.7x 9.41x 58.2x 29.4x -382x 15.5x 15.6x 14.6x
EV / FCF 32.6x 8.81x 13.3x 20.2x 10.8x 30.6x 16.7x 10.9x
FCF Yield 3.07% 11.3% 7.49% 4.96% 9.24% 3.26% 5.97% 9.21%
Dividend per Share 2 1 1.45 0.925 0.7 0.7 0.7371 0.7559 0.7388
Rate of return 2.31% 3.56% 3.39% 2.81% 4.35% 3.48% 3.57% 3.48%
EPS 2 4.55 5.39 -2.06 -3.65 -1.309 1.225 1.365 1.497
Distribution rate 22% 26.9% -44.9% -19.2% -53.5% 60.2% 55.4% 49.3%
Net sales 1 468,108 656,266 541,458 541,583 447,246 489,199 489,636 499,709
EBITDA 1 63,825 74,772 34,373 41,078 24,681 45,678 48,271 50,145
EBIT 1 42,089 49,050 6,675 13,089 -854.8 22,894 22,380 24,038
Net income 1 26,288 31,006 -10,798 -19,262 -7,348 6,921 7,803 8,550
Net Debt 1 207,771 232,569 235,649 244,900 236,150 235,156 229,618 232,398
Reference price 2 43.25 40.75 27.25 24.90 16.10 21.20 21.20 21.20
Nbr of stocks (in thousands) 5,614,552 5,614,552 5,614,552 5,614,552 5,614,552 5,614,552 - -
Announcement Date 27/02/22 25/02/23 23/02/24 26/02/25 02/03/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
26.67x4.21x13.54x2.15% 124B
15.28x5.42x35.57x2.68% 51.43B
33.47x1.33x9.46x6.51% 39.31B
12.39x1.2x6.84x2.47% 33.9B
9.69x3.13x7.23x4.59% 24.68B
9.24x0.88x5.45x4.33% 20.6B
30.23x2.65x14.39x0.39% 19.4B
69.93x12.76x46.2x0.07% 18.9B
16.35x - - - 18.01B
Average 24.81x 3.95x 17.33x 2.9% 38.91B
Weighted average by Cap. 24.16x 3.86x 16.72x 2.88%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  5. Valuation Indorama Ventures