Company Valuation: Stars Microelectronics (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 2,225 5,437 4,234 3,087 1,310 870.4
Change - 144.36% -22.13% -27.08% -57.58% -33.54%
Enterprise Value (EV) 1 3,140 6,121 4,470 2,960 1,076 641.1
Change - 94.93% -26.98% -33.77% -63.66% -40.41%
P/E 27.3x 27.1x 14.9x 13.7x -8.17x -15.3x
PBR 1.68x 3.45x 2.25x 1.5x 0.72x 0.51x
PEG - 0x 0.4x -0.7x 0x 0.2x
Capitalization / Revenue 1.16x 2.47x 1.49x 1.18x 0.62x 0.43x
EV / Revenue 1.63x 2.78x 1.57x 1.13x 0.51x 0.31x
EV / EBITDA 8.21x 14.1x 7.92x 6.65x 55.2x 16.9x
EV / EBIT 26.5x 32.3x 13x 12.4x -5.9x -4.33x
EV / FCF 28.6x 54.2x 12.7x 8.44x 5.68x 25.2x
FCF Yield 3.5% 1.84% 7.85% 11.9% 17.6% 3.97%
Dividend per Share 2 - 0.05 0.06 0.07 0.04 0.03
Rate of return - 0.77% 1.19% 1.89% 2.52% 2.8%
EPS 2 0.0973 0.24 0.34 0.27 -0.1945 -0.07
Distribution rate - 20.8% 17.6% 25.9% -20.6% -42.9%
Net sales 1 1,923 2,201 2,849 2,615 2,113 2,047
EBITDA 1 382.5 433.2 564.6 445.4 19.51 37.97
EBIT 1 118.7 189.6 343.8 238.5 -182.3 -148
Net income 1 81.39 209.7 303.5 235.3 -164.5 -60.13
Net Debt 1 915.1 684 236.1 -127 -233.8 -229.3
Reference price 2 2.660 6.500 5.050 3.700 1.590 1.070
Nbr of stocks (in thousands) 836,479 836,491 838,367 834,426 823,666 813,443
Announcement Date 18/2/21 18/2/22 27/2/23 22/2/24 20/2/25 26/2/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 116M
36.24x12.7x23.32x0.77% 124B
27.64x1.28x14.67x-.--% 42.02B
41.3x6.2x29.1x1.91% 37.99B
24.06x2x9.25x1.34% 35.83B
31.37x4.79x19.11x-.--% 30.39B
32.15x2.21x15.48x1.52% 30.07B
10.58x5.9x16.44x1.43% 26.35B
30.85x4.73x18.9x0.75% 17.95B
29.25x1.58x13.8x0.43% 14.02B
Average 29.27x 4.60x 17.79x 0.9% 35.82B
Weighted average by Cap. 31.36x 6.71x 19.40x 0.89%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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