Indorama Ventures Public Company Limited

SET:IVL Stock Report

Market Cap: ฿143.2b

Indorama Ventures Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 (THB25.5) is trading below our estimate of fair value (THB32.04)

Significantly Below Fair Value: IVL is trading below fair value by more than 20%.

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฿143.17b

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 Average1x
PTTGC PTT Global Chemical
0.2x-1.9%฿116.1b
TOA TOA Paint (Thailand)
1.5x4.5%฿33.0b
BCT Birla Carbon (Thailand)
1.6xn/a฿20.6b
EPG Eastern Polymer Group
0.8x4.5%฿11.4b
IVL Indorama Ventures
0.3x0.1%฿143.2b

Price-To-Sales vs Peers: IVL is good value based on its Price-To-Sales Ratio (0.3x) compared to the peer average (1x).

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฿25.50
฿29.37
+15.2%
12.2%฿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฿23.00n/a12
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
Nov ’23฿42.25
฿54.98
+30.1%
19.4%฿70.00฿38.00฿24.0016

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

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