Company Valuation: Star Petroleum Refining

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 42,492 46,394 35,771 28,400 25,582 63,738 - -
Change - 9.18% -22.9% -20.61% -9.92% 149.15% - -
Enterprise Value (EV) 1 47,601 56,049 48,346 37,279 27,712 56,232 55,803 50,951
Change - 17.75% -13.74% -22.89% -25.66% 102.92% -0.76% -8.7%
P/E 8.99x 6.05x -29.5x 12.6x 10x 3.7x 10.7x 11x
PBR 1.24x 1.2x 0.98x 0.73x 0.67x 1.26x 1.21x 1.14x
PEG - 0.1x 0x -0x 0.7x 0x -0.2x -4.22x
Capitalization / Revenue 0.25x 0.16x 0.15x 0.1x 0.11x 0.23x 0.24x 0.24x
EV / Revenue 0.28x 0.2x 0.2x 0.14x 0.11x 0.2x 0.21x 0.19x
EV / EBITDA 5.42x 4.58x 31.6x 7.37x 4.59x 2.41x 5.24x 5.53x
EV / EBIT 7.76x 5.81x -52.1x 15.6x 11.8x 2.94x 7.87x 8.95x
EV / FCF 12.9x -457x -74.3x 3.16x 4.61x 4.35x 8.45x 8.31x
FCF Yield 7.73% -0.22% -1.35% 31.7% 21.7% 23% 11.8% 12%
Dividend per Share 2 - 1.11 - 0.4 0.45 1.471 0.8716 0.7518
Rate of return - 10.4% - 6.11% 7.63% 10% 5.93% 5.11%
EPS 2 1.09 1.77 -0.28 0.52 0.59 3.972 1.37 1.334
Distribution rate - 62.7% - 76.9% 76.3% 37% 63.6% 56.4%
Net sales 1 172,484 285,264 238,284 270,606 241,882 282,130 268,413 269,341
EBITDA 1 8,781 12,243 1,531 5,059 6,043 23,303 10,654 9,205
EBIT 1 6,137 9,640 -928.5 2,386 2,357 19,115 7,094 5,693
Net income 1 4,746 7,674 -1,230 2,235 2,570 17,632 5,926 5,387
Net Debt 1 5,109 9,655 12,575 8,878 2,130 -7,506 -7,934 -12,787
Reference price 2 9.80 10.70 8.25 6.55 5.90 14.70 14.70 14.70
Nbr of stocks (in thousands) 4,335,902 4,335,902 4,335,902 4,335,902 4,335,902 4,335,902 - -
Announcement Date 2/22/22 2/24/23 2/20/24 2/19/25 2/12/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
3.7x0.2x2.41x10.01% 1.9B
13.47x1.67x7.03x2.53% 674B
18.2x1.51x8.84x0.5% 164B
7.28x0.84x5.12x0.96% 119B
8.02x0.78x5.27x1.19% 117B
6.76x0.56x2.54x4.62% 114B
8.69x0.72x6.44x1.92% 106B
10.33x0.34x5.19x6.81% 89.59B
9.99x1.94x4.97x2.44% 81.35B
12.07x1.48x7.84x1.92% 60.85B
Average 9.85x 1.00x 5.56x 3.29% 152.77B
Weighted average by Cap. 11.81x 1.30x 6.38x 2.43%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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