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 90,394 118,467 - -
Change - -5.78% -33.13% -8.62% -35.34% 31.06% - -
Enterprise Value (EV) 1 450,600 461,362 388,646 384,702 326,544 343,460 323,703 302,952
Change - 2.39% -15.76% -1.01% -15.12% 5.18% -5.75% -6.41%
P/E 9.51x 7.56x -13.2x -6.82x -12.3x 19x 14.5x 13.4x
PBR 1.53x 1.23x 0.93x 1.11x 0.77x 0.96x 0.88x 0.81x
PEG - 0.4x 0x -0.1x 0.2x -0x 0.5x 1.67x
Capitalization / Revenue 0.52x 0.35x 0.28x 0.26x 0.2x 0.24x 0.23x 0.24x
EV / Revenue 0.96x 0.7x 0.72x 0.71x 0.73x 0.71x 0.64x 0.61x
EV / EBITDA 7.06x 6.17x 11.3x 9.37x 13.2x 7.37x 6.47x 6.04x
EV / EBIT 10.7x 9.41x 58.2x 29.4x -382x 16x 14.2x 12.2x
EV / FCF 32.6x 8.81x 13.3x 20.2x 10.8x 23.9x 15.1x 12x
FCF Yield 3.07% 11.3% 7.49% 4.96% 9.24% 4.18% 6.6% 8.32%
Dividend per Share 2 1 1.45 0.925 0.7 0.7 0.7 0.6889 0.6548
Rate of return 2.31% 3.56% 3.39% 2.81% 4.35% 3.32% 3.26% 3.1%
EPS 2 4.55 5.39 -2.06 -3.65 -1.309 1.108 1.456 1.573
Distribution rate 22% 26.9% -44.9% -19.2% -53.5% 63.2% 47.3% 41.6%
Net sales 1 468,108 656,266 541,458 541,583 447,246 486,520 505,431 497,938
EBITDA 1 63,825 74,772 34,373 41,078 24,681 46,617 50,011 50,185
EBIT 1 42,089 49,050 6,675 13,089 -854.8 21,441 22,727 24,804
Net income 1 26,288 31,006 -10,798 -19,262 -7,348 5,910 7,952 9,008
Net Debt 1 207,771 232,569 235,649 244,900 236,150 224,993 205,236 184,484
Reference price 2 43.25 40.75 27.25 24.90 16.10 21.10 21.10 21.10
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.($)
19.04x0.71x7.37x3.32% 3.55B
27.84x4.28x13.82x2.03% 125B
52.46x1.36x8.39x6% 42.42B
15.68x4.11x23.43x4.08% 36.82B
12.13x1.2x6.7x2.52% 33.04B
9.6x2.81x6.97x4.63% 22.17B
23.51x - - 1.69% 20.22B
33.32x2.64x14.97x0.38% 19.45B
18.91x2.93x11.19x0.63% 17.92B
11.44x0.95x8.43x3.46% 19.08B
Average 22.39x 2.33x 11.25x 2.87% 33.98B
Weighted average by Cap. 25.45x 3.04x 12.52x 2.87%

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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