Company Valuation: Stars Microelectronics (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2025 2026 2027
Market Cap 1 5,437 4,234 3,087 870.4 4,718 -
Change - -22.13% -27.08% - 442.06% -
Enterprise Value (EV) 6,120 4,469 3,087 870.4 4,718 4,718
Change - -26.98% -30.92% - 442.06% 0%
P/E 27.1x 14.9x 13.7x -15.3x 32.2x 19.3x
PBR 3.45x 2.26x 1.55x - 2.64x 2.42x
PEG - 0.4x -0.7x - -0x 0.3x
Capitalization / Revenue 2.49x 1.49x 1.2x - 1.77x 1.52x
EV / Revenue 0x 0x 0x - 1.77x 1.52x
EV / EBITDA 0x 0x 0x - 13.1x 9.83x
EV / EBIT 0x 0x 0x - 35.2x 18.8x
EV / FCF 0x 0x 0x - -23.6x 24.3x
FCF Yield 3.9% 11.6% 14.8% - -4.24% 4.11%
Dividend per Share 2 - 0.05 0.07 - 0.07 0.12
Rate of return - 0.99% 1.89% - 1.21% 2.07%
EPS 2 0.24 0.34 0.27 -0.07 0.18 0.3
Distribution rate - 14.7% 25.9% - 38.9% 40%
Net sales 1 2,183 2,835 2,580 - 2,670 3,106
EBITDA 1 393.2 573.7 463.8 - 359 480
EBIT 1 143.9 271.4 187.9 - 134 251
Net income 1 209.7 303.5 235.3 -60.13 150 256
Net Debt 683.3 235.6 - - - -
Reference price 2 6.500 5.050 3.700 1.070 5.800 5.800
Nbr of stocks (in thousands) 8,36,491 8,38,367 8,34,426 8,13,443 8,13,443 -
Announcement Date 18/02/22 27/02/23 22/02/24 26/02/26 - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
32.22x - - - 14Cr
34.3x12.19x22.26x0.8% 12TCr
43.07x7.11x31.04x1.84% 4.8TCr
26.84x1.25x14.27x-.--% 4.08TCr
23.27x1.96x9.45x1.32% 3.63TCr
30.44x4.63x18.47x-.--% 2.95TCr
30.49x2.14x14.83x1.55% 2.95TCr
11.23x6.24x17.41x1.35% 2.84TCr
30.68x4.7x18.79x0.75% 1.81TCr
24.75x3.15x13.2x-.--% 1.74TCr
Average 28.73x 4.82x 17.75x 0.85% 3.7TCr
Weighted average by Cap. 30.52x 6.67x 19.40x 0.9%

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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  4. Valuation Stars Microelectronics (Thailand)