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 1,57,207 - -
Change - -5.78% -33.13% -8.62% -35.34% 73.91% - -
Enterprise Value (EV) 1 4,50,600 4,61,362 3,88,646 3,84,702 3,26,544 3,85,580 3,63,876 3,46,799
Change - 2.39% -15.76% -1.01% -15.12% 18.08% -5.63% -4.69%
P/E 9.51x 7.56x -13.2x -6.82x -12.3x 20.6x 19.2x 17.1x
PBR 1.53x 1.23x 0.93x 1.11x 0.77x 1.27x 1.18x 1.11x
PEG - 0.4x 0x -0.1x 0.2x -0x 2.5x 1.4x
Capitalization / Revenue 0.52x 0.35x 0.28x 0.26x 0.2x 0.32x 0.32x 0.32x
EV / Revenue 0.96x 0.7x 0.72x 0.71x 0.73x 0.79x 0.74x 0.7x
EV / EBITDA 7.06x 6.17x 11.3x 9.37x 13.2x 8.19x 7.41x 6.72x
EV / EBIT 10.7x 9.41x 58.2x 29.4x -382x 16x 15.6x 13.6x
EV / FCF 32.6x 8.81x 13.3x 20.2x 10.8x 37.5x 20.6x 14.5x
FCF Yield 3.07% 11.3% 7.49% 4.96% 9.24% 2.67% 4.86% 6.88%
Dividend per Share 2 1 1.45 0.925 0.7 0.7 0.7125 0.7883 0.83
Rate of return 2.31% 3.56% 3.39% 2.81% 4.35% 2.54% 2.82% 2.96%
EPS 2 4.55 5.39 -2.06 -3.65 -1.309 1.356 1.461 1.639
Distribution rate 22% 26.9% -44.9% -19.2% -53.5% 52.5% 54% 50.7%
Net sales 1 4,68,108 6,56,266 5,41,458 5,41,583 4,47,246 4,88,839 4,89,161 4,96,922
EBITDA 1 63,825 74,772 34,373 41,078 24,681 47,088 49,138 51,635
EBIT 1 42,089 49,050 6,675 13,089 -854.8 24,070 23,344 25,528
Net income 1 26,288 31,006 -10,798 -19,262 -7,348 7,575 8,326 9,371
Net Debt 1 2,07,771 2,32,569 2,35,649 2,44,900 2,36,150 2,28,373 2,06,669 1,89,592
Reference price 2 43.25 40.75 27.25 24.90 16.10 28.00 28.00 28.00
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.07x4.2x13.51x2.14% 12TCr
17.47x5.62x27.94x3.94% 5.94TCr
63.38x1.3x8.56x6.09% 3.81TCr
11.07x1.18x6.38x2.99% 3.24TCr
9.23x3.01x7.07x4.7% 2.42TCr
8x0.82x5.06x4.75% 1.88TCr
15.89x0.77x5.73x1.94% 1.87TCr
70.18x12.69x46.14x0.07% 1.86TCr
25.75x2.66x12.6x0.43% 1.8TCr
Average 27.56x 3.58x 14.78x 3.01% 3.89TCr
Weighted average by Cap. 27.28x 3.77x 15.14x 3.06%

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