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 1,20,713 - -
Change - -5.78% -33.13% -8.62% -35.34% 33.54% - -
Enterprise Value (EV) 1 4,50,600 4,61,362 3,88,646 3,84,702 3,26,544 3,47,159 3,25,428 3,07,898
Change - 2.39% -15.76% -1.01% -15.12% 6.31% -6.26% -5.39%
P/E 9.51x 7.56x -13.2x -6.82x -12.3x 17.7x 15.5x 13.7x
PBR 1.53x 1.23x 0.93x 1.11x 0.77x 0.98x 0.92x 0.85x
PEG - 0.4x 0x -0.1x 0.2x -0x 1.1x 1.1x
Capitalization / Revenue 0.52x 0.35x 0.28x 0.26x 0.2x 0.25x 0.25x 0.24x
EV / Revenue 0.96x 0.7x 0.72x 0.71x 0.73x 0.71x 0.66x 0.62x
EV / EBITDA 7.06x 6.17x 11.3x 9.37x 13.2x 7.75x 6.8x 6.19x
EV / EBIT 10.7x 9.41x 58.2x 29.4x -382x 15.8x 14.9x 12.7x
EV / FCF 32.6x 8.81x 13.3x 20.2x 10.8x 30x 15.6x 9.51x
FCF Yield 3.07% 11.3% 7.49% 4.96% 9.24% 3.33% 6.4% 10.5%
Dividend per Share 2 1 1.45 0.925 0.7 0.7 0.7733 0.798 0.791
Rate of return 2.31% 3.56% 3.39% 2.81% 4.35% 3.6% 3.71% 3.68%
EPS 2 4.55 5.39 -2.06 -3.65 -1.309 1.212 1.385 1.564
Distribution rate 22% 26.9% -44.9% -19.2% -53.5% 63.8% 57.6% 50.6%
Net sales 1 4,68,108 6,56,266 5,41,458 5,41,583 4,47,246 4,89,199 4,89,636 4,96,457
EBITDA 1 63,825 74,772 34,373 41,078 24,681 44,810 47,823 49,767
EBIT 1 42,089 49,050 6,675 13,089 -854.8 22,026 21,883 24,195
Net income 1 26,288 31,006 -10,798 -19,262 -7,348 6,856 7,600 8,941
Net Debt 1 2,07,771 2,32,569 2,35,649 2,44,900 2,36,150 2,26,446 2,04,715 1,87,185
Reference price 2 43.25 40.75 27.25 24.90 16.10 21.50 21.50 21.50
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.($)
17.74x0.71x7.75x3.6% 363.85Cr
26.8x4.23x13.6x2.14% 12TCr
13.92x4.97x32.6x2.94% 4.67TCr
33.47x1.33x9.46x6.51% 3.93TCr
12.41x1.2x6.84x2.47% 3.39TCr
10.14x3.08x7.8x4.52% 2.46TCr
31.21x2.72x14.78x0.38% 2TCr
9.05x0.87x5.36x4.42% 2.02TCr
16.43x - - - 1.81TCr
17.89x0.77x6.2x1.22% 1.8TCr
Average 18.90x 2.21x 11.60x 3.13% 3.49TCr
Weighted average by Cap. 21.39x 3.07x 13.77x 2.98%

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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