Company Valuation: Starflex

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,141 2,444 2,835 2,220 2,356 2,278 - -
Change - -40.99% 16% -21.67% 6.1% -3.31% - -
Enterprise Value (EV) 4,141 2,444 2,835 2,832 2,913 2,278 2,278 2,278
Change - -40.99% 16% -0.1% 2.86% -21.8% 0% 0%
P/E 28.1x 42.6x 15.6x 7.94x 9.81x 9.12x 9.12x 8.86x
PBR - - 2.85x 1.96x 2.08x 2x 1.95x 1.9x
PEG - -0.7x 0x 0.1x -0.9x 1.46x - 3.01x
Capitalization / Revenue 2.47x 1.46x 1.58x 1.19x 1.2x 1.09x 1.05x 0.99x
EV / Revenue 0x 0x 0x 0x 0x 1.09x 1.05x 0.99x
EV / EBITDA 0x 0x 0x 0x 0x 5.77x 5.8x 5.42x
EV / EBIT - - 0x 0x 0x 7.05x 7.14x 6.62x
EV / FCF -0x 0x 0x 0x 0x 15.3x 10.2x 9.82x
FCF Yield -3.15% 1.27% 6.65% 4.86% 12.6% 6.53% 9.81% 10.2%
Dividend per Share 2 0.085 - 0.075 0.133 0.104 0.12 0.12 0.12
Rate of return 1.68% - 2.09% 4.65% 3.31% 3.87% 3.87% 3.87%
EPS 2 0.18 0.07 0.23 0.36 0.32 0.34 0.34 0.35
Distribution rate 47.2% - 32.6% 36.9% 32.5% 35.3% 35.3% 34.3%
Net sales 1 1,674 1,669 1,795 1,869 1,963 2,081 2,176 2,306
EBITDA 1 222.9 124.2 265.2 332.5 332.6 395 393 420
EBIT 1 - - 207 266.2 261.9 323 319 344
Net income 1 149.8 55.07 184.3 280.8 243.2 267 269 274
Net Debt - - - 611.4 556.9 - - -
Reference price 2 5.050 2.980 3.580 2.860 3.140 3.100 3.100 3.100
Nbr of stocks (in thousands) 820,000 820,000 791,793 776,337 750,235 734,773 - -
Announcement Date 25/2/22 22/2/23 27/2/24 26/2/25 25/2/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.12x - - 3.87% 68.31M
17.16x1.45x10.02x1.33% 15.92B
17.62x1.72x10.54x2.37% 12.71B
14.7x1.23x8.02x1.28% 11.74B
18.03x2.15x10.21x1.55% 11.33B
31.29x1.15x8.53x2.62% 9.47B
14.69x - - 2.71% 4.36B
11.7x0.98x6.69x2.26% 3.93B
15.7x2.07x9.1x6.06% 2.83B
Average 16.67x 1.54x 9.02x 2.67% 8.04B
Weighted average by Cap. 18.31x 1.54x 9.36x 2.03%

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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