Indorama Ventures PCL (IVL) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Indorama Ventures PCL stock THB 36.16, price THB 22.60, upside +60.0%, quality 42 out of 100. Rating: strongly undervalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 2, 2026.
How to read this chart
60‑month range 14.46 THB – 44.48 THB · fair‑value band 11.67 THB – 64.83 THB · the 22.60 THB price screens below the 36.16 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 2, 2026.
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Indorama Ventures Public Company Limited, together with its subsidiaries, manufactures and distributes petrochemical products in Thailand, the United States, Brazil, and internationally. It operates through four segments: Combined PET, Indovida, Indovinya, and Fibers.
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The Combined PET segment manufactures and distributes polyethylene terephthalate (PET) value chain comprising paraxylene, purified terephthalic acid, PET, and recycling; and specialty PET-related chemicals, such as purified isophthalic acid and naphthalene dicarboxylate.
The Indovida segment manufactures and distributes packaging.
The Indovinya segment offers specialty chemical solutions including home and personal care, crop solutions, coatings, and energy and resources; supply ethylene oxide to the Combined PET business; and manufactures and distributes integrated downstream surfactants.
The Fibers segment offers polyester, rayon, nylon, polypropylene, composites, and worsted wool fibers for the home, apparel, hygiene and medical, automotive, and industrial/technical markets.
The company was formerly known as Beacon Global Limited and changed its name to Indorama Ventures Public Company Limited in March 2009. The company was incorporated in 1994 and is headquartered in Bangkok, Thailand. Indorama Ventures Public Company Limited is a subsidiary of Indorama Resources Ltd.
Stock analysis
Indorama Ventures PCL (IVL) currently trades at 22.60 THB, while our model-based Fair Value estimate is 36.16 THB, implying the stock looks roughly 38% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 29.46 THB per share, and 6 of the 9 models we run sit above the 22.60 THB price.
Bear case: the Asset-Based group reads lowest at 6.73 THB, and 3 of the 9 models stay below the price. Data coverage for this calculation is low.
Scenario range: 11.67 THB (bear) to 64.83 THB (bull), the price of 22.60 THB sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 42/100 (below-average quality), in the Basic Materials sector.
Mixed Growth: Spin-off in 2010: revenue and profit before it include the divested business. Growth is measured afresh from 2010.
Indorama Ventures PCL reported revenue of 447B THB in FY2025 versus 468B THB in FY2021, a compound −1.1%/yr. Reported net income was −7.3B THB in FY2025.
Key figures
Market cap 127B THB (≈ $3.8B) Mid · P/S ratio 0.33 · EPS (TTM) −0.5900 THB · Dividend yield 1.5% · Net margin −0.5% · Return on equity −0.9% · Return on assets (EBIT) 2.9% (5-year average) · Operating margin 9.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 24 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 56% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −25% fair-value upside, at 60%, IVL screens cheaper than that median.
Fair Value models
Bear11.67 THBFair Value 36.16 THBBull64.83 THB
Price 22.60 THB · Upside +60.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF19.36 THB40.93 THB69.97 THB75
Growth DCF20.00 THB39.10 THB63.38 THB74
Owner Earnings7.64 THB24.06 THB46.18 THB69
All 11 models by family
DCF Models
FCF DCF19.36 THB40.93 THB69.97 THB75
Owner Earnings7.64 THB24.06 THB46.18 THB69
5Y Revenue Exit4.47 THB19.14 THB37.08 THB65
5Y EBITDA Exit6.93 THB23.67 THB42.44 THB68
10Y Revenue Exit9.28 THB23.35 THB40.86 THB61
10Y EBITDA Exit11.44 THB26.27 THB44.64 THB63
Multiples
EV/EBITDAn/an/a9.59 THB62
EV/Revenuen/an/a3.82 THB50
Asset-Based
NCAV (Graham)5.02 THB6.73 THB10.04 THB54
Growth DCF
Growth DCF20.00 THB39.10 THB63.38 THB74
Rev-Margin DCF4.47 THB19.81 THB37.27 THB65
The fair value above starts from this blend and is adjusted for a cyclical trough year.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2010: revenue and profit before it include the divested business. Growth is measured afresh from 2010.
Revenue growth 1 year
−17.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−12.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.2%
Start year 2020 (pandemic). Over 10 years: +6.7% a year
Revenue growth 15 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.6%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
2.1% (2020) → −0.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+12.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about +11.5% a year for the price and +0.9% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Chemicals · 336 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score42 · Bottom 25%
Fair Value upside+60.0% · Top 25%
Profitability
Return on assets−1.4% · Bottom 25%
Net margin (12 months)−0.5% · Bottom 25%
Operating margin (12 months)9.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)15.1% · Above median
Dividend yield (12 months)1.5% · Below median
Balance sheet
Debt / equity1.90× · Highest 25%
Valuation Multiplesvs Chemicals median · lower = cheaper
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Is Indorama Ventures PCL (IVL) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of 36.16 THB versus a price of 22.60 THB, about +60% upside (undervalued).
What is the fair value of IVL?
Our model-based fair value for Indorama Ventures PCL is 36.16 THB (as of Nov 2, 2026), built from audited fundamentals. The current price: 22.60 THB.
What is the quality score of IVL?
Indorama Ventures PCL has a Quality Score of 42/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Indorama Ventures PCL (IVL)?
Our model-based price target is the fair value of 36.16 THB (as of Nov 2, 2026) from 11 valuation models. Cautious scenario 11.67 THB, optimistic scenario 64.83 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Indorama Ventures PCL stock forecast for 2026?
Our models put fair value at 36.16 THB, about +60% upside versus a price of 22.60 THB (undervalued). Cautious scenario 11.67 THB, optimistic scenario 64.83 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Indorama Ventures PCL (IVL)?
Indorama Ventures PCL reported trailing-twelve-month revenue of about 460B THB (latest available figure, as of Nov 2, 2026).
Does Indorama Ventures PCL pay a dividend?
Indorama Ventures PCL currently shows a dividend yield of 1.55% relative to its recent price (as of Nov 2, 2026).
How much is the dividend of Indorama Ventures PCL (IVL) and when is the ex-dividend date?
Indorama Ventures PCL pays a dividend of 0.35 THB per share a year, a dividend yield of 1.5%. The last ex-dividend date was Aug 27, 2026. A dividend has been paid every year since at least 2010. Free cash flow covers the dividend 8.22 times. Our assessment: Cash covered. The dividend is fully funded by free cash flow. The payout ratio on earnings is not available for this company.
What growth is priced into Indorama Ventures PCL (IVL)?
For today's price to be fair in a discounted-cash-flow model, Indorama Ventures PCL would have to grow free cash flow by +12.8 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.2 % per year. As of Nov 2, 2026.
What discount rate (WACC) does the fair value of IVL use?
Our models discount Indorama Ventures PCL at 10.4 %: a base by market capitalisation (mid), damped by beta 0.59, country premium for Thailand. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Indorama Ventures PCL that is +12.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has Indorama Ventures PCL (IVL) delivered so far?
Over the past 5 years revenue at Indorama Ventures PCL grew +6.2 % a year. The price currently implies free-cash-flow growth of +12.8 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Indorama Ventures PCL (IVL) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Indorama Ventures PCL (+12.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Indorama Ventures PCL (IVL)?
The free-cash-flow yield on the price is 12.74 %: that much free cash flow Indorama Ventures PCL produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Indorama Ventures PCL (IVL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Indorama Ventures PCL it is 36.16 THB per share (as of Nov 2, 2026), against a price of 22.60 THB. It is the blended result of 11 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Indorama Ventures PCL stock overvalued or undervalued in 2026?
As of Nov 2, 2026, IVL trades below its calculated fair value: price 22.60 THB, fair value 36.16 THB, a gap of about +60% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IVL?
No. The price is what the market pays today (22.60 THB); the fair value is what the company's own numbers justify (36.16 THB). For Indorama Ventures PCL the two are 13.56 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Indorama Ventures PCL worth?
The market values Indorama Ventures PCL at about 127B THB (market capitalisation, as of Nov 2, 2026). Per share that is 22.60 THB; our models calculate a fair value of 36.16 THB per share.
What do the bullish and bearish scenarios say about IVL?
Our models span a range for Indorama Ventures PCL: cautious scenario 11.67 THB, base 36.16 THB, optimistic 64.83 THB per share (as of Nov 2, 2026, price 22.60 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of IVL?
The PEG ratio of Indorama Ventures PCL is 1.46 (P/E divided by earnings growth, as of Nov 2, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Indorama Ventures PCL (IVL)?
Balance-sheet figures for Indorama Ventures PCL (as of Nov 2, 2026): return on equity −0.9%, debt of 1.90 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is IVL from its 52-week high?
Indorama Ventures PCL trades at 22.60 THB, about 25% below its 52-week high of 30.00 THB and 56% above the low of 14.46 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 36.16 THB is for.
Which stocks are comparable to Indorama Ventures PCL?
From the same area (Basic Materials) we also value BASF SE, Saudi Basic Industries Corporation, Dow Inc, Ningxia Baofeng Energy Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Indorama Ventures PCL stock attractive at the current price?
The data as of Nov 2, 2026: price 22.60 THB, calculated fair value 36.16 THB (+60%), Quality Score 42/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IVL calculated?
We run Indorama Ventures PCL through 11 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of 36.16 THB builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Indorama Ventures PCL currently trades 38% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Indorama Ventures PCL (IVL)?
The closing price on Nov 6, 2026 was 22.60 THB. Our model-based fair value is 36.16 THB, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Indorama Ventures PCL right now?
The large discount to fair value meets weak quality (42/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide (11.67 THB to 64.83 THB). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Indorama Ventures PCL
How large is the market capitalisation of Indorama Ventures PCL (IVL)?
The market capitalisation of Indorama Ventures PCL is 127B THB (≈ $3.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Indorama Ventures PCL (IVL)?
The price-to-sales ratio of Indorama Ventures PCL is 0.33 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Indorama Ventures PCL (IVL)?
Earnings per share at Indorama Ventures PCL are −0.5900 THB. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Indorama Ventures PCL (IVL)?
The dividend yield of Indorama Ventures PCL is 1.5%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Indorama Ventures PCL (IVL)?
The net margin of Indorama Ventures PCL is −0.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Indorama Ventures PCL (IVL)?
The return on equity (ROE) of Indorama Ventures PCL is −0.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Indorama Ventures PCL (IVL)?
On an EBIT basis the return on assets of Indorama Ventures PCL is 2.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Indorama Ventures PCL (IVL)?
The operating margin of Indorama Ventures PCL is 9.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Indorama Ventures PCL (IVL)?
Revenue at Indorama Ventures PCL is growing +15.1% versus a year earlier (3y avg −12.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Indorama Ventures PCL (IVL)?
Earnings per share at Indorama Ventures PCL are growing +170% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Indorama Ventures PCL (IVL) carry?
The net debt of Indorama Ventures PCL is 252B THB (fiscal year 2025, ≈ 15.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 2, 2026