Company Valuation: Indorama Ventures

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,42,829 2,28,793 1,52,997 1,39,802 90,394 1,27,450 - -
Change - -5.78% -33.13% -8.62% -35.34% 40.99% - -
Enterprise Value (EV) 1 4,50,600 4,61,362 3,88,646 3,84,702 3,26,544 3,45,248 3,35,728 3,17,472
Change - 2.39% -15.76% -1.01% -15.12% 5.73% -2.76% -5.44%
P/E 9.51x 7.56x -13.2x -6.82x -12.3x 16.5x 16.3x 14x
PBR 1.53x 1.23x 0.93x 1.11x 0.77x 1.03x 0.96x 0.9x
PEG - 0.4x 0x -0.1x 0.2x -0x 13.84x 0.9x
Capitalization / Revenue 0.52x 0.35x 0.28x 0.26x 0.2x 0.26x 0.26x 0.26x
EV / Revenue 0.96x 0.7x 0.72x 0.71x 0.73x 0.7x 0.69x 0.64x
EV / EBITDA 7.06x 6.17x 11.3x 9.37x 13.2x 7.23x 6.93x 6.15x
EV / EBIT 10.7x 9.41x 58.2x 29.4x -382x 14.4x 14.3x 12.5x
EV / FCF 32.6x 8.81x 13.3x 20.2x 10.8x 33.6x 19.1x 13.3x
FCF Yield 3.07% 11.3% 7.49% 4.96% 9.24% 2.98% 5.25% 7.5%
Dividend per Share 2 1 1.45 0.925 0.7 0.7 0.7329 0.8009 0.83
Rate of return 2.31% 3.56% 3.39% 2.81% 4.35% 3.23% 3.53% 3.66%
EPS 2 4.55 5.39 -2.06 -3.65 -1.309 1.373 1.389 1.616
Distribution rate 22% 26.9% -44.9% -19.2% -53.5% 53.4% 57.7% 51.4%
Net sales 1 4,68,108 6,56,266 5,41,458 5,41,583 4,47,246 4,96,497 4,88,907 4,96,922
EBITDA 1 63,825 74,772 34,373 41,078 24,681 47,733 48,414 51,595
EBIT 1 42,089 49,050 6,675 13,089 -854.8 23,998 23,402 25,370
Net income 1 26,288 31,006 -10,798 -19,262 -7,348 7,631 7,952 9,258
Net Debt 1 2,07,771 2,32,569 2,35,649 2,44,900 2,36,150 2,17,798 2,08,277 1,90,022
Reference price 2 43.25 40.75 27.25 24.90 16.10 22.70 22.70 22.70
Nbr of stocks (in thousands) 56,14,552 56,14,552 56,14,552 56,14,552 56,14,552 56,14,552 - -
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.($)
32.77x7.23x18.62x1.22% 24TCr
31.12x4.78x15.48x1.91% 14TCr
31.56x3.77x19.54x0.92% 8.4TCr
19.64x7x31.09x3.76% 7.33TCr
93.97x6.87x16x2.28% 7.05TCr
70.71x1.36x8.74x5.54% 3.88TCr
10.49x1.05x5.7x2.94% 3.19TCr
16.64x1.91x11.11x2.37% 2.71TCr
47.19x5.8x31.94x1.22% 2.59TCr
Average 39.34x 4.42x 17.58x 2.46% 8TCr
Weighted average by Cap. 37.88x 5.49x 18.24x 2.02%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Indorama Ventures

Historical PBR trend

Valuation ratios - PBR - Indorama Ventures

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Indorama Ventures

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Indorama Ventures


Year-on-year evolution of the Yield

Valuation ratios - Yield - Indorama Ventures
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