Star Petroleum Refining Public Company Limited

SET:SPRC Stock Report

Market Cap: ฿36.6b

Star Petroleum Refining Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: SPRC (THB8.5) is trading above our estimate of fair value (THB6.37)

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


Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

SPRC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.2x
Enterprise Value/EBITDA12x
PEG Ratio0.9x

Price to Earnings Ratio vs Peers

How does SPRC's PE Ratio compare to its peers?

The above table shows the PE ratio for SPRC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average20.1x
BSRC Bangchak Sriracha
8.6x22.8%฿30.3b
BCP Bangchak Corporation
3.9x-4.8%฿48.9b
TOP Thai Oil
5.7x8.6%฿118.4b
BBGI BBGI
62.2xn/a฿10.1b
SPRC Star Petroleum Refining
24.7x26.9%฿36.6b

Price-To-Earnings vs Peers: SPRC is expensive based on its Price-To-Earnings Ratio (24.7x) compared to the peer average (20.1x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a-1.5%
n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a-1.5%
n/an/an/a
No more companies

Price-To-Earnings vs Industry: SPRC is expensive based on its Price-To-Earnings Ratio (24.7x) compared to the TH Oil and Gas industry average (9.2x).


Price to Earnings Ratio vs Fair Ratio

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

SPRC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio24.7x
Fair PE Ratio11.9x

Price-To-Earnings vs Fair Ratio: SPRC is expensive based on its Price-To-Earnings Ratio (24.7x) compared to the estimated Fair Price-To-Earnings Ratio (11.9x).


Analyst Price Targets

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

The above table shows the analyst SPRC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿8.50
฿10.34
+21.7%
12.4%฿11.88฿7.11n/a14
Jul ’25฿8.30
฿10.49
+26.4%
12.2%฿12.08฿7.13n/a14
Jun ’25฿8.45
฿10.55
+24.8%
9.3%฿11.91฿8.52n/a15
May ’25฿8.00
฿10.70
+33.7%
8.9%฿12.19฿8.94n/a15
Apr ’25฿8.70
฿10.55
+21.3%
8.8%฿12.14฿8.80n/a15
Mar ’25฿9.05
฿10.28
+13.6%
10.8%฿12.00฿8.41n/a15
Feb ’25฿8.40
฿10.23
+21.8%
10.8%฿11.90฿8.41n/a15
Jan ’25฿8.25
฿10.37
+25.7%
13.4%฿12.79฿8.25n/a15
Dec ’24฿8.15
฿10.40
+27.6%
13.3%฿12.83฿8.27n/a15
Nov ’24฿7.35
฿11.15
+51.7%
10.7%฿13.22฿8.92n/a14
Oct ’24฿9.10
฿11.38
+25.0%
11.2%฿13.33฿9.00n/a15
Sep ’24฿9.25
฿11.33
+22.5%
11.0%฿12.99฿8.99n/a15
Aug ’24฿8.75
฿11.26
+28.7%
11.8%฿12.64฿8.69n/a14
Jul ’24฿8.05
฿11.86
+47.3%
13.7%฿14.67฿9.01฿8.3014
Jun ’24฿8.40
฿12.02
+43.1%
10.2%฿14.26฿9.03฿8.4514
May ’24฿9.70
฿12.06
+24.3%
11.4%฿14.55฿8.98฿8.0012
Apr ’24฿10.80
฿12.40
+14.8%
12.9%฿14.54฿8.98฿8.7012
Mar ’24฿10.90
฿12.52
+14.8%
14.6%฿15.00฿9.26฿9.0513
Feb ’24฿11.50
฿11.74
+2.1%
15.7%฿14.16฿7.86฿8.4013
Jan ’24฿10.70
฿12.35
+15.4%
16.4%฿15.03฿8.24฿8.2513
Dec ’23฿11.80
฿12.23
+3.6%
16.5%฿14.48฿8.28฿8.1513
Nov ’23฿12.20
฿13.66
+11.9%
15.9%฿16.89฿8.87฿7.3515
Oct ’23฿10.60
฿14.43
+36.1%
14.9%฿16.73฿8.76฿9.1015
Sep ’23฿12.50
฿14.44
+15.5%
10.1%฿16.04฿11.95฿9.2515
Aug ’23฿12.00
฿14.23
+18.6%
10.3%฿16.23฿10.76฿8.7515
Jul ’23฿12.10
฿13.92
+15.0%
10.4%฿15.62฿10.36฿8.0514

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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