Company Valuation: Stars Microelectronics (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2025 2026 2027
Market Cap 1 5,437 4,234 3,087 870.4 4,677 -
Change - -22.13% -27.08% - 437.38% -
Enterprise Value (EV) 1 6,120 4,469 3,087 870.4 4,678 4,677
Change - -26.98% -30.92% - 437.46% -0.01%
P/E 27.1x 14.9x 13.7x -15.3x 31.9x 19.2x
PBR 3.45x 2.26x 1.55x - 2.61x 2.4x
PEG - 0.4x -0.7x - -0x 0.3x
Capitalization / Revenue 2.49x 1.49x 1.2x - 1.75x 1.51x
EV / Revenue 2.8x 1.58x 1.2x - 1.75x 1.51x
EV / EBITDA 15.6x 7.79x 6.66x - 13x 9.74x
EV / EBIT 42.5x 16.5x 16.4x - 34.9x 18.6x
EV / FCF 28.9x 9.07x 6.77x - -23.4x 24.1x
FCF Yield 3.46% 11% 14.8% - -4.28% 4.15%
Dividend per Share 2 - 0.05 0.07 - 0.07 0.12
Rate of return - 0.99% 1.89% - 1.22% 2.09%
EPS 2 0.24 0.34 0.27 -0.07 0.18 0.3
Distribution rate - 14.7% 25.9% - 38.9% 40%
Net sales 1 2,183 2,835 2,580 - 2,670 3,106
EBITDA 1 393.2 573.7 463.8 - 359 480
EBIT 1 143.9 271.4 187.9 - 134 251
Net income 1 209.7 303.5 235.3 -60.13 150 256
Net Debt 1 683.3 235.6 - - 0.7 -
Reference price 2 6.500 5.050 3.700 1.070 5.750 5.750
Nbr of stocks (in thousands) 836,491 838,367 834,426 813,443 813,443 -
Announcement Date 18/2/22 27/2/23 22/2/24 26/2/26 - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
32.5x - - - 143M
32.43x11.46x20.93x0.85% 118B
48.5x8.11x35.16x1.52% 54.35B
26.25x1.22x13.86x-.--% 39.9B
20.73x1.76x8.65x1.46% 34.67B
29.47x2.08x14.45x1.58% 29.55B
28.6x4.37x17.44x-.--% 27.74B
10.22x5.74x15.91x1.46% 25.61B
29.78x4.57x18.21x0.77% 17.43B
23.13x2.95x12.37x-.--% 16.21B
Average 28.16x 4.70x 17.44x 0.85% 36.39B
Weighted average by Cap. 30.40x 6.50x 19.45x 0.91%

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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  4. Valuation Stars Microelectronics (Thailand)
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