Company Valuation: Starflex

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,141 2,444 2,835 2,220 2,356 2,318 - -
Change - -40.99% 16% -21.67% 6.1% -1.58% - -
Enterprise Value (EV) 4,141 2,444 2,835 2,832 2,913 2,318 2,318 2,318
Change - -40.99% 16% -0.1% 2.86% -20.4% 0% 0%
P/E 28.1x 42.6x 15.6x 7.94x 9.81x 9.35x 9.35x 9.09x
PBR - - 2.85x 1.96x 2.08x 2.05x 2x 1.95x
PEG - -0.7x 0x 0.1x -0.9x 1.5x - 3.09x
Capitalization / Revenue 2.47x 1.46x 1.58x 1.19x 1.2x 1.11x 1.07x 1.01x
EV / Revenue 0x 0x 0x 0x 0x 1.11x 1.07x 1.01x
EV / EBITDA 0x 0x 0x 0x 0x 5.87x 5.9x 5.52x
EV / EBIT - - 0x 0x 0x 7.18x 7.27x 6.74x
EV / FCF -0x 0x 0x 0x 0x 15.6x 10.4x 9.99x
FCF Yield -3.15% 1.27% 6.65% 4.86% 12.6% 6.42% 9.64% 10%
Dividend per Share 2 0.085 - 0.075 0.133 0.104 0.12 0.12 0.12
Rate of return 1.68% - 2.09% 4.65% 3.31% 3.77% 3.77% 3.77%
EPS 2 0.18 0.07 0.23 0.36 0.32 0.34 0.34 0.35
Distribution rate 47.2% - 32.6% 36.9% 32.5% 35.3% 35.3% 34.3%
Net sales 1 1,674 1,669 1,795 1,869 1,963 2,081 2,176 2,306
EBITDA 1 222.9 124.2 265.2 332.5 332.6 395 393 420
EBIT 1 - - 207 266.2 261.9 323 319 344
Net income 1 149.8 55.07 184.3 280.8 243.2 267 269 274
Net Debt - - - 611.4 556.9 - - -
Reference price 2 5.050 2.980 3.580 2.860 3.140 3.180 3.180 3.180
Nbr of stocks (in thousands) 820,000 820,000 791,793 776,337 750,235 729,084 - -
Announcement Date 25/02/22 22/02/23 27/02/24 26/02/25 25/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.53x - - 3.7% 70.32M
13.67x1.34x8.16x6.16% 19.61B
17.93x2.88x8.11x3.43% 17.74B
16.16x1.39x9.59x1.41% 15B
17.94x1.75x10.69x2.32% 12.94B
14.31x1.21x7.88x1.32% 11.43B
18.32x2.18x10.36x1.53% 11.36B
30.51x1.13x8.4x2.68% 9.14B
23.12x2.06x9.92x1.58% 7.84B
Average 17.94x 1.74x 9.14x 2.68% 11.68B
Weighted average by Cap. 18.01x 1.77x 9.03x 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