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 90,394 123,520 - -
Change - -5.78% -33.13% -8.62% -35.34% 36.65% - -
Enterprise Value (EV) 1 450,600 461,362 388,646 384,702 326,544 350,193 328,532 310,468
Change - 2.39% -15.76% -1.01% -15.12% 7.24% -6.19% -5.5%
P/E 9.51x 7.56x -13.2x -6.82x -12.3x 19.6x 14.9x 13.9x
PBR 1.53x 1.23x 0.93x 1.11x 0.77x 1.02x 0.93x 0.86x
PEG - 0.4x 0x -0.1x 0.2x -0x 0.5x 1.78x
Capitalization / Revenue 0.52x 0.35x 0.28x 0.26x 0.2x 0.25x 0.25x 0.25x
EV / Revenue 0.96x 0.7x 0.72x 0.71x 0.73x 0.7x 0.66x 0.62x
EV / EBITDA 7.06x 6.17x 11.3x 9.37x 13.2x 7.94x 6.82x 6.24x
EV / EBIT 10.7x 9.41x 58.2x 29.4x -382x 15.9x 14.6x 12.8x
EV / FCF 32.6x 8.81x 13.3x 20.2x 10.8x 21.4x 15.5x 12.4x
FCF Yield 3.07% 11.3% 7.49% 4.96% 9.24% 4.68% 6.45% 8.04%
Dividend per Share 2 1 1.45 0.925 0.7 0.7 0.7 0.6622 0.6274
Rate of return 2.31% 3.56% 3.39% 2.81% 4.35% 3.18% 3.01% 2.85%
EPS 2 4.55 5.39 -2.06 -3.65 -1.309 1.121 1.473 1.587
Distribution rate 22% 26.9% -44.9% -19.2% -53.5% 62.4% 45% 39.5%
Net sales 1 468,108 656,266 541,458 541,583 447,246 497,827 494,088 497,845
EBITDA 1 63,825 74,772 34,373 41,078 24,681 44,078 48,168 49,767
EBIT 1 42,089 49,050 6,675 13,089 -854.8 22,028 22,534 24,256
Net income 1 26,288 31,006 -10,798 -19,262 -7,348 7,216 7,974 8,912
Net Debt 1 207,771 232,569 235,649 244,900 236,150 226,673 205,012 186,948
Reference price 2 43.25 40.75 27.25 24.90 16.10 22.00 22.00 22.00
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.8x0.72x7.72x3.18% 3.74B
27.17x4.27x13.76x2.11% 126B
15.1x4.87x31.96x3% 45.47B
34.69x1.22x7.56x6.67% 40.75B
13.24x1.27x7.2x2.31% 36.2B
10.76x3.18x8.14x4.09% 25.76B
18.78x - - - 20.74B
9.08x0.87x5.37x4.4% 20.24B
29.99x2.63x14.29x0.4% 19.28B
19.04x0.8x6.4x1.15% 19.18B
Average 19.76x 2.20x 11.38x 3.04% 35.74B
Weighted average by Cap. 22.02x 3.04x 13.37x 2.95%

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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