Financials Starflex

Equities

SFLEX

TH9554010Z07

Non-Paper Containers & Packaging

End-of-day quote Thailand S.E. 06:00:00 2024-07-15 pm EDT 5-day change 1st Jan Change
3.22 THB 0.00% Intraday chart for Starflex -5.29% -10.06%

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,387 4,141 2,444 2,835 2,500 - -
Enterprise Value (EV) 1 4,293 4,141 2,444 2,835 2,954 2,870 2,500
P/E ratio 31.5 x 28.1 x 42.6 x 15.6 x 11.9 x 10.5 x 9.61 x
Yield - 1.68% - 2.09% 3.42% 4.43% 5.43%
Capitalization / Revenue 3.14 x 2.47 x 1.46 x 1.58 x 1.27 x 1.14 x 1 x
EV / Revenue 3.07 x 2.47 x 1.46 x 1.58 x 1.5 x 1.31 x 1 x
EV / EBITDA 18.4 x 18.6 x 19.7 x 10.7 x 8.59 x 7.74 x 6.05 x
EV / FCF -209 x -31.7 x 78.6 x 15 x 87.3 x 47.3 x 10.9 x
FCF Yield -0.48% -3.15% 1.27% 6.65% 1.15% 2.11% 9.14%
Price to Book 4.98 x - - 2.85 x 2.42 x 2.22 x 2.21 x
Nbr of stocks (in thousands) 820,000 820,000 820,000 791,793 776,487 - -
Reference price 2 5.350 5.050 2.980 3.580 3.220 3.220 3.220
Announcement Date 2/25/21 2/25/22 2/22/23 2/27/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,398 1,674 1,669 1,795 1,972 2,185 2,490
EBITDA 1 233.9 222.9 124.2 265.2 344 371 413.5
EBIT 1 158.3 - - 207 226.3 249 306
Operating Margin 11.32% - - 11.53% 11.48% 11.4% 12.29%
Earnings before Tax (EBT) 1 170.7 - - 223.1 267.5 283.8 323
Net income 1 142.8 149.8 55.07 184.3 224 252.2 276
Net margin 10.21% 8.95% 3.3% 10.27% 11.36% 11.55% 11.08%
EPS 2 0.1700 0.1800 0.0700 0.2300 0.2700 0.3075 0.3350
Free Cash Flow 1 -20.53 -130.6 31.08 188.6 33.82 60.7 228.6
FCF margin -1.47% -7.8% 1.86% 10.51% 1.71% 2.78% 9.18%
FCF Conversion (EBITDA) - - 25.03% 71.1% 9.83% 16.36% 55.27%
FCF Conversion (Net income) - - 56.43% 102.35% 15.1% 24.07% 82.81%
Dividend per Share 2 - 0.0850 - 0.0750 0.1100 0.1425 0.1750
Announcement Date 2/25/21 2/25/22 2/22/23 2/27/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1
Net sales 1 471.9 468.3 421.3 439 485 469 953
EBITDA 1 - 78.09 77.34 - 78.2 59 162
EBIT 1 45.82 64.25 63.15 47.79 61.86 58.5 128
Operating Margin 9.71% 13.72% 14.99% 10.88% 12.75% 12.47% 13.43%
Earnings before Tax (EBT) 1 50.49 62.96 61.62 48.04 62.77 56.5 119
Net income 1 40.7 50.41 48.88 44.26 63.52 56 118
Net margin 8.62% 10.77% 11.6% 10.08% 13.1% 11.94% 12.38%
EPS 2 0.0500 0.0640 0.0620 0.0540 0.0800 0.0670 0.1400
Dividend per Share - - - - - - -
Announcement Date 5/11/23 8/15/23 11/8/23 2/27/24 5/15/24 - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - 453 370 -
Net Cash position 1 94.1 - - - - - -
Leverage (Debt/EBITDA) - - - - 1.318 x 0.9973 x -
Free Cash Flow 1 -20.5 -131 31.1 189 33.8 60.7 229
ROE (net income / shareholders' equity) 16.7% 16.3% 5.66% 18.6% 20.9% 20.9% 23.9%
ROA (Net income/ Total Assets) 10.6% 9.96% 3.54% 10.1% 10.7% 10.7% 12.2%
Assets 1 1,343 1,504 1,554 1,819 2,101 2,349 2,254
Book Value Per Share 2 1.070 - - 1.260 1.330 1.450 1.460
Cash Flow per Share 2 - - - 0.3000 0.3500 0.3800 0.4100
Capex 1 152 174 185 53.9 187 98.7 180
Capex / Sales 10.91% 10.42% 11.11% 3% 9.48% 4.52% 7.23%
Announcement Date 2/25/21 2/25/22 2/22/23 2/27/24 - - -
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
4
Last Close Price
3.22 THB
Average target price
4.8 THB
Spread / Average Target
+49.07%
Consensus