Financials Starflex

Equities

SFLEX

TH9554010Z07

Non-Paper Containers & Packaging

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
3.12 ^THB	0.00%		-1.27%	-12.85%

Apr. 11	Starflex Public Company Limited Approves Dividend Payment for the Fiscal Year Ended 31 December 2023	CI
Mar. 25	Starflex Public Company Limited announces an Equity Buyback for 19,000,000 shares, representing 2.32% for THB 50 million.	CI

Valuation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,387	4,141	2,444	2,835	2,443	-	-
Enterprise Value (EV) ¹	4,293	4,141	2,444	2,835	2,897	2,813	2,443
P/E ratio	31.5 x	28.1 x	42.6 x	15.6 x	11.4 x	10.1 x	9.31 x
Yield	-	1.68%	-	2.09%	4.17%	4.57%	5.61%
Capitalization / Revenue	3.14 x	2.47 x	1.46 x	1.58 x	1.24 x	1.12 x	0.98 x
EV / Revenue	3.07 x	2.47 x	1.46 x	1.58 x	1.47 x	1.29 x	0.98 x
EV / EBITDA	18.4 x	18.6 x	19.7 x	10.7 x	8.42 x	7.58 x	5.91 x
EV / FCF	-209 x	-31.7 x	78.6 x	15 x	85.7 x	46.3 x	10.7 x
FCF Yield	-0.48%	-3.15%	1.27%	6.65%	1.17%	2.16%	9.35%
Price to Book	4.98 x	-	-	2.85 x	2.35 x	2.15 x	2.14 x
Nbr of stocks (in thousands)	820,000	820,000	820,000	791,793	783,128	-	-
Reference price ²	5.350	5.050	2.980	3.580	3.120	3.120	3.120
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	258.7	283.8	323
Net income ¹	142.8	149.8	55.07	184.3	226	252.2	276
Net margin	10.21%	8.95%	3.3%	10.27%	11.46%	11.55%	11.08%
EPS ²	0.1700	0.1800	0.0700	0.2300	0.2733	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%	14.96%	24.07%	82.81%
Dividend per Share ²	-	0.0850	-	0.0750	0.1300	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
Net sales ¹	471.9	468.3	421.3	439	460
EBITDA ¹	-	78.09	77.34	-	43
EBIT ¹	45.82	64.25	63.15	47.79	60
Operating Margin	9.71%	13.72%	14.99%	10.88%	13.04%
Earnings before Tax (EBT) ¹	50.49	62.96	61.62	48.04	65
Net income ¹	40.7	50.41	48.88	44.26	52
Net margin	8.62%	10.77%	11.6%	10.08%	11.3%
EPS ²	0.0500	0.0640	0.0620	0.0540	0.0600
Dividend per Share	-	-	-	-	-
Announcement Date	5/11/23	8/15/23	11/8/23	2/27/24	-

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	2,120	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

Ratings for Starflex

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.12 THB

Average target price

4.95 THB

Spread / Average Target

+58.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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