Star Petroleum Refining Public Company Limited

SET:SPRC-R Stock Report

Market Cap: ฿29.1b

Star Petroleum Refining Valuation

Is SPRC-R undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of SPRC-R when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SPRC-R (THB6.7) is trading above our estimate of fair value (THB2.35)

Significantly Below Fair Value: SPRC-R is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SPRC-R?

Key metric: As SPRC-R is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for SPRC-R. This is calculated by dividing SPRC-R's market cap by their current revenue.
What is SPRC-R's PS Ratio?
PS Ratio0.1x
Sales฿250.70b
Market Cap฿29.05b

Price to Sales Ratio vs Peers

How does SPRC-R's PS Ratio compare to its peers?

The above table shows the PS ratio for SPRC-R vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.1x
BSRC Bangchak Sriracha
0.1x-6.2%฿26.0b
IRPC IRPC
0.09x-3.6%฿28.4b
BCP Bangchak Corporation
0.07x-4.4%฿43.0b
TOP Thai Oil
0.2x3.9%฿88.2b
SPRC-R Star Petroleum Refining
0.1x-3.0%฿29.1b

Price-To-Sales vs Peers: SPRC-R is good value based on its Price-To-Sales Ratio (0.1x) compared to the peer average (0.1x).

Price to Sales Ratio vs Industry

How does SPRC-R's PS Ratio compare vs other companies in the TH Oil and Gas Industry?

5 CompaniesPrice / SalesEstimated GrowthMarket Cap
BCP Bangchak Corporation
0.07x-4.4%US$1.24b
IRPC IRPC
0.09x-3.6%US$817.93m
SUSCO Susco
0.09xn/aUS$87.07m
WP WP Energy
0.1xn/aUS$52.10m
SPRC-R 0.1xIndustry Avg. 0.3xNo. of Companies5PS00.40.81.21.62+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: SPRC-R is good value based on its Price-To-Sales Ratio (0.1x) compared to the TH Oil and Gas industry average (0.3x).

Price to Sales Ratio vs Fair Ratio

What is SPRC-R's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SPRC-R PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.1x
Fair PS Ratio0.1x

Price-To-Sales vs Fair Ratio: SPRC-R is good value based on its Price-To-Sales Ratio (0.1x) compared to the estimated Fair Price-To-Sales Ratio (0.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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