Indorama Ventures Public Company Limited

SET:IVL Stock Report

Market Cap: ฿147.4b

Indorama Ventures Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • 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 IVL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IVL (THB26.25) is trading below our estimate of fair value (THB28.46)

Significantly Below Fair Value: IVL is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for IVL. This is calculated by dividing IVL's market cap by their current revenue.
What is IVL's PS Ratio?
PS Ratio0.3x
Sales฿551.77b
Market Cap฿147.38b

Price to Sales Ratio vs Peers

How does IVL's PS Ratio compare to its peers?

The above table shows the PS ratio for IVL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.9x
PTTGC PTT Global Chemical
0.2x-2.0%฿101.9b
TOA TOA Paint (Thailand)
1.3x4.4%฿28.0b
BCT Birla Carbon (Thailand)
1.5xn/a฿20.1b
EPG Eastern Polymer Group
0.7x4.5%฿10.5b
IVL Indorama Ventures
0.3x0.5%฿147.4b

Price-To-Sales vs Peers: IVL is good value based on its Price-To-Sales Ratio (0.3x) compared to the peer average (0.9x).

Price to Sales Ratio vs Industry

How does IVL's PS Ratio compare vs other companies in the TH Chemicals Industry?

0 CompaniesPrice / SalesEstimated GrowthMarket Cap
No more companies available in this PS range
IVL 0.3xIndustry Avg. 0.6xNo. of Companies6PS00.40.81.21.62+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: IVL is good value based on its Price-To-Sales Ratio (0.3x) compared to the TH Chemicals industry average (0.6x).

Price to Sales Ratio vs Fair Ratio

What is IVL'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.

IVL PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.3x
Fair PS Ratio0.6x

Price-To-Sales vs Fair Ratio: IVL is good value based on its Price-To-Sales Ratio (0.3x) compared to the estimated Fair Price-To-Sales Ratio (0.6x).

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 IVL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿26.25
฿29.55
+12.6%
11.5%฿35.00฿24.00n/a14
Dec ’25฿25.00
฿29.55
+18.2%
11.5%฿35.00฿24.00n/a14
Nov ’25฿25.75
฿25.55
-0.8%
15.5%฿33.00฿19.00n/a13
Oct ’25฿24.50
฿23.32
-4.8%
16.9%฿33.00฿19.00n/a13
Sep ’25฿17.10
฿22.16
+29.6%
18.2%฿33.00฿17.00n/a13
Aug ’25฿19.30
฿23.81
+23.4%
16.2%฿33.00฿17.00n/a13
Jul ’25฿19.70
฿25.42
+29.1%
13.2%฿33.00฿20.00n/a13
Jun ’25฿23.10
฿26.70
+15.6%
16.8%฿39.60฿20.00n/a13
May ’25฿23.90
฿26.30
+10.0%
19.0%฿39.60฿20.00n/a12
Apr ’25฿24.70
฿25.96
+5.1%
19.6%฿39.60฿20.00n/a11
Mar ’25฿23.70
฿26.15
+10.3%
18.6%฿39.60฿20.00n/a11
Feb ’25฿23.80
฿27.55
+15.8%
15.7%฿39.60฿23.00n/a11
Jan ’25฿27.25
฿28.78
+5.6%
14.4%฿39.60฿23.00n/a11
Dec ’24฿25.00
฿32.97
+31.9%
29.1%฿60.00฿23.00฿25.0012
Nov ’24฿24.00
฿36.11
+50.5%
26.8%฿60.00฿26.00฿25.7512
Oct ’24฿26.00
฿37.11
+42.7%
24.6%฿60.00฿27.00฿24.5012
Sep ’24฿29.00
฿37.41
+29.0%
23.6%฿60.00฿27.00฿17.1013
Aug ’24฿34.25
฿41.01
+19.7%
23.3%฿60.00฿27.00฿19.3013
Jul ’24฿34.25
฿42.08
+22.9%
21.9%฿60.00฿27.00฿19.7013
Jun ’24฿32.00
฿44.16
+38.0%
18.1%฿60.00฿32.00฿23.1013
May ’24฿34.00
฿49.74
+46.3%
22.2%฿69.60฿32.00฿23.9013
Apr ’24฿34.50
฿49.74
+44.2%
22.2%฿69.60฿32.00฿24.7013
Mar ’24฿36.50
฿50.90
+39.5%
20.5%฿69.60฿32.00฿23.7014
Feb ’24฿41.25
฿54.97
+33.3%
18.1%฿70.00฿42.00฿23.8014
Jan ’24฿40.75
฿53.83
+32.1%
20.8%฿70.00฿38.00฿27.2514
Dec ’23฿42.50
฿54.57
+28.4%
20.5%฿70.00฿38.00฿25.0015

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/21 12:28
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Indorama Ventures Public Company Limited is covered by 29 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Thiptawat SuwantammarongAsia Plus Securities Company Limited
Cheng KhooBNP Paribas Securities (Asia)
Somkij OranchatchawanBNP Paribas Securities (Asia)