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 90,394 152,997 - -
Change - -5.78% -33.13% -8.62% -35.34% 69.25% - -
Enterprise Value (EV) 1 450,600 461,362 388,646 384,702 326,544 381,369 359,665 342,588
Change - 2.39% -15.76% -1.01% -15.12% 16.79% -5.69% -4.75%
P/E 9.51x 7.56x -13.2x -6.82x -12.3x 20.1x 18.7x 16.6x
PBR 1.53x 1.23x 0.93x 1.11x 0.77x 1.23x 1.15x 1.08x
PEG - 0.4x 0x -0.1x 0.2x -0x 2.44x 1.4x
Capitalization / Revenue 0.52x 0.35x 0.28x 0.26x 0.2x 0.31x 0.31x 0.31x
EV / Revenue 0.96x 0.7x 0.72x 0.71x 0.73x 0.78x 0.74x 0.69x
EV / EBITDA 7.06x 6.17x 11.3x 9.37x 13.2x 8.1x 7.32x 6.63x
EV / EBIT 10.7x 9.41x 58.2x 29.4x -382x 15.8x 15.4x 13.4x
EV / FCF 32.6x 8.81x 13.3x 20.2x 10.8x 37.1x 20.4x 14.4x
FCF Yield 3.07% 11.3% 7.49% 4.96% 9.24% 2.7% 4.91% 6.96%
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% 2.61% 2.89% 3.05%
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 27.25 27.25 27.25
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
29.27x6.72x17.18x1.34% 221B
27.52x4.27x13.75x2.12% 122B
28.61x3.5x17.92x1.01% 77.11B
19.06x6.13x30.46x3.6% 64.73B
81.92x6.17x14.34x2.6% 61.81B
61.73x1.27x8.42x6.44% 36.61B
10.99x1.17x6.34x3.02% 32.17B
9.04x3.03x7.11x4.67% 24.36B
43.77x5.61x29.84x1.3% 24.02B
Average 34.66x 4.21x 16.15x 2.9% 73.75B
Weighted average by Cap. 33.47x 5.04x 16.75x 2.27%

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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  3. IVL Stock
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  5. Valuation Indorama Ventures