Company Valuation: Indorama Ventures

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 242,829 228,793 152,997 139,802 90,394 141,767 - -
Change - -5.78% -33.13% -8.62% -35.34% 56.83% - -
Enterprise Value (EV) 1 450,600 461,362 388,646 384,702 326,544 370,140 348,436 331,359
Change - 2.39% -15.76% -1.01% -15.12% 13.35% -5.86% -4.9%
P/E 9.51x 7.56x -13.2x -6.82x -12.3x 18.6x 17.3x 15.4x
PBR 1.53x 1.23x 0.93x 1.11x 0.77x 1.14x 1.06x 1x
PEG - 0.4x 0x -0.1x 0.2x -0x 2.25x 1.3x
Capitalization / Revenue 0.52x 0.35x 0.28x 0.26x 0.2x 0.29x 0.29x 0.29x
EV / Revenue 0.96x 0.7x 0.72x 0.71x 0.73x 0.76x 0.71x 0.67x
EV / EBITDA 7.06x 6.17x 11.3x 9.37x 13.2x 7.86x 7.09x 6.42x
EV / EBIT 10.7x 9.41x 58.2x 29.4x -382x 15.4x 14.9x 13x
EV / FCF 32.6x 8.81x 13.3x 20.2x 10.8x 36x 19.7x 13.9x
FCF Yield 3.07% 11.3% 7.49% 4.96% 9.24% 2.78% 5.07% 7.2%
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% 2.82% 3.12% 3.29%
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 1 468,108 656,266 541,458 541,583 447,246 488,839 489,161 496,922
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 1 207,771 232,569 235,649 244,900 236,150 228,373 206,669 189,592
Reference price 2 43.25 40.75 27.25 24.90 16.10 25.25 25.25 25.25
Nbr of stocks (in thousands) 5,614,552 5,614,552 5,614,552 5,614,552 5,614,552 5,614,552 - -
Announcement Date 2/27/22 A 2/25/23 A 2/23/24 A 2/26/25 A 3/2/26 A - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
27.56x4.27x13.72x2.1% 126B
16.95x6.09x31.82x2.8% 57.94B
58.06x1.35x9.48x6.08% 39.43B
12.49x1.26x6.81x2.71% 35.79B
9.68x3.14x7.38x4.48% 25.37B
77.38x14.04x51.07x0.06% 21B
8.68x0.87x5.34x4.35% 20.52B
19.01x0.85x6.48x1.22% 19.95B
10.86x0.99x8.01x3.86% 19.12B
Average 26.74x 3.65x 15.57x 3.07% 40.61B
Weighted average by Cap. 26.91x 3.88x 16.00x 2.92%

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

  1. Stock Market
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  3. IVL Stock
  4. INDOY Stock
  5. Valuation Indorama Ventures
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