Financials Indorama Ventures

Equities

IVL

TH1027010004

Commodity Chemicals

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
23.8 ^THB	+0.42%		-0.42%	-12.66%

Apr. 25	Indorama Ventures Public Company Limited Approves Dividend for the Year Ended December 31, 2023, Payable on 23 May 2024	CI
Apr. 25	Indorama Ventures Public Company Limited Announces Board Changes	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	196,509	207,738	242,829	228,793	152,997	133,626	-	-
Enterprise Value (EV) ¹	333,006	400,308	450,600	461,362	388,646	373,582	364,775	325,468
P/E ratio	46.1 x	123 x	9.51 x	7.56 x	-13.2 x	17.2 x	10.3 x	9.18 x
Yield	3.5%	1.89%	2.31%	3.56%	3.39%	2.23%	3.35%	3.6%
Capitalization / Revenue	0.56 x	0.63 x	0.52 x	0.35 x	0.28 x	0.24 x	0.23 x	0.23 x
EV / Revenue	0.94 x	1.21 x	0.96 x	0.7 x	0.72 x	0.68 x	0.64 x	0.55 x
EV / EBITDA	12.7 x	14.6 x	7.06 x	6.17 x	11.3 x	7.47 x	6.32 x	5.49 x
EV / FCF	13.8 x	15 x	32.6 x	8.81 x	13.3 x	13.7 x	12.1 x	11.8 x
FCF Yield	7.26%	6.66%	3.07%	11.3%	7.49%	7.32%	8.25%	8.48%
Price to Book	1.51 x	1.64 x	1.53 x	1.23 x	0.93 x	0.79 x	0.75 x	0.72 x
Nbr of stocks (in thousands)	5,614,552	5,614,552	5,614,552	5,614,552	5,614,552	5,614,552	-	-
Reference price ²	35.00	37.00	43.25	40.75	27.25	23.80	23.80	23.80
Announcement Date	2/26/20	2/25/21	2/27/22	2/25/23	2/23/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	352,692	331,513	468,108	656,266	541,458	551,686	573,935	591,718
EBITDA ¹	26,168	27,332	63,825	74,772	34,373	49,992	57,688	59,236
EBIT ¹	9,127	9,575	42,089	49,050	6,675	22,381	29,171	30,945
Operating Margin	2.59%	2.89%	8.99%	7.47%	1.23%	4.06%	5.08%	5.23%
Earnings before Tax (EBT) ¹	5,898	1,557	34,957	40,104	-13,597	10,065	17,813	18,612
Net income ¹	5,252	2,414	26,288	31,006	-10,798	7,661	13,220	15,287
Net margin	1.49%	0.73%	5.62%	4.72%	-1.99%	1.39%	2.3%	2.58%
EPS ²	0.7600	0.3000	4.550	5.390	-2.060	1.383	2.322	2.594
Free Cash Flow ¹	24,171	26,647	13,813	52,350	29,124	27,360	30,084	27,604
FCF margin	6.85%	8.04%	2.95%	7.98%	5.38%	4.96%	5.24%	4.67%
FCF Conversion (EBITDA)	92.37%	97.49%	21.64%	70.01%	84.73%	54.73%	52.15%	46.6%
FCF Conversion (Net income)	460.22%	1,103.74%	52.54%	168.84%	-	357.13%	227.56%	180.57%
Dividend per Share ²	1.225	0.7000	1.000	1.450	0.9250	0.5319	0.7969	0.8563
Announcement Date	2/26/20	2/25/21	2/27/22	2/25/23	2/23/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2024 Q1	2024 Q2
Net sales	167,034	-	126,892	131,755	146,957	186,741	333,698	178,782	143,786	136,579	137,419	138,352	-	-
EBITDA	14,002	-	15,881	15,871	25,267	34,759	-	16,885	2,313	8,074	10,040	11,823	-	-
EBIT	-	-	10,247	9,899	19,751	28,370	-	10,162	-4,781	2,558	3,506	-	-	-
Operating Margin	-	-	8.08%	7.51%	13.44%	15.19%	-	5.68%	-3.33%	1.87%	2.55%	-	-	-
Earnings before Tax (EBT)	-	-	8,489	8,089	15,464	26,118	-	9,958	-14,674	391.9	991.5	-	-	-
Net income ¹	724.2	-	6,548	5,392	14,070	20,278	34,348	8,137	-11,479	1,023	411.1	195.5	704	1,007
Net margin	0.43%	-	5.16%	4.09%	9.57%	10.86%	10.29%	4.55%	-7.98%	0.75%	0.3%	0.14%	-	-
EPS	0.0600	-	1.130	0.9300	2.470	3.580	6.050	1.420	-2.080	-	0.0400	-	-	-
Dividend per Share	-	0.5000	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/13/20	8/5/21	11/5/21	2/27/22	5/12/22	8/10/22	8/10/22	11/10/22	2/25/23	5/10/23	8/11/23	11/14/23	-	-

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	136,497	192,570	207,771	232,569	235,649	239,956	231,149	191,842
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.216 x	7.046 x	3.255 x	3.11 x	6.856 x	4.8 x	4.007 x	3.239 x
Free Cash Flow ¹	24,171	26,647	13,813	52,350	29,124	27,360	30,084	27,605
ROE (net income / shareholders' equity)	3.83%	1.88%	18.4%	18%	-1.25%	4.66%	7.22%	8.47%
ROA (Net income/ Total Assets)	1.38%	0.58%	5.28%	5.32%	-0.36%	1.66%	2.53%	3.33%
Assets ¹	379,762	416,973	497,500	582,854	2,995,268	461,798	521,770	458,598
Book Value Per Share ²	23.10	22.60	28.30	33.10	29.30	30.00	31.90	33.20
Cash Flow per Share ²	7.270	5.400	5.850	13.90	9.460	8.470	9.420	-
Capex ¹	16,674	16,789	19,959	25,631	24,009	27,363	20,864	19,630
Capex / Sales	4.73%	5.06%	4.26%	3.91%	4.43%	4.96%	3.64%	3.32%
Announcement Date	2/26/20	2/25/21	2/27/22	2/25/23	2/23/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Indorama Ventures

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

23.8 THB

Average target price

25.96 THB

Spread / Average Target

+9.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Commodity Chemicals