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Starflex Public Company (SFLEX) Fair Value & Analysis

Consumer Cyclical · TH · Market cap 2.2B THB

SP Starflex Public Company SFLEX · BK
Price3.10 THB
Fair Value4.02 THB
Upside+29.7%
Quality65/100
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Healthy Growth
Solidly profitable · 12.1% net margin
Low debt · generates free cash flow
5.67% dividend yield
Ranks above peers (10/14)
Moderate moat 61/100
Evidence: High Range 3.01 THB – 6.42 THB Share as image

Fair value as of: Jul 16, 2026

From 26 valuation models · updated 25 days ago

Fair value updated Jul 16, 2026, revised from 3.98 THB to 4.02 THB (+1.0%) since Jun 24, 2026. Share price +4.0% over the past month.

A solid business, screening 30% undervalued on our models.

What matters now

  • Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (3.01 THB to 6.42 THB) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

5.73 THB 2.34 THB Fair Value 4.02 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 2.34 THB – 5.73 THB · fair‑value band 3.01 THB – 6.42 THB · the 3.10 THB price screens below the 4.02 THB fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Starflex Public Company (SFLEX) currently trades at 3.10 THB, while our model-based Fair Value estimate is 4.02 THB, implying the stock looks roughly 29.7% undervalued today. The Quality Score stands at 65/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Starflex Public Company generated revenue of 2.0B THB at a net margin of 12.1%. Revenue declined 0.2% year over year. It earns a return on equity of 19.9%. Net debt stands at 572M THB. Fundamentals as of Jul 16, 2026

Our scenario range runs from 3.01 THB (bear case) to 6.42 THB (bull case); at 3.10 THB, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 26% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -22% fair-value upside, at 30%, SFLEX screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Growth DCF 4.02 THB 5.83 THB 8.27 THB 80
Residual Income 2.01 THB 2.51 THB 6.96 THB 76
Rev-Margin DCF 2.97 THB 4.58 THB 6.40 THB 74
All 26 models by family
DCF Models
FCF DCF 3.94 THB 5.97 THB 8.85 THB 38
Owner Earnings 3.48 THB 5.28 THB 7.85 THB 31
5Y Revenue Exit 2.97 THB 4.53 THB 6.48 THB 39
5Y EBITDA Exit 3.06 THB 4.70 THB 6.56 THB 41
5Y P/E Exit 3.65 THB 5.78 THB 7.97 THB 38
10Y Revenue Exit 3.22 THB 4.70 THB 6.57 THB 36
10Y EBITDA Exit 3.35 THB 4.81 THB 6.63 THB 37
10Y P/E Exit 3.72 THB 5.53 THB 7.66 THB 35
Earnings-Based
Graham-Dodd 2.26 THB 6.37 THB 8.38 THB 54
Lynch FV 1.29 THB 1.84 THB 2.40 THB 50
PEG = 1.0 1.29 THB 1.84 THB 2.40 THB 46
EPV 2.41 THB 2.84 THB 3.20 THB 59
Dividend Discount
Gordon GGM 1.76 THB 3.51 THB 5.31 THB 70
DDM Multi-Stage 1.76 THB 2.74 THB 3.70 THB 61
Multiples
P/E Multiple 4.23 THB 5.64 THB 7.05 THB 63
P/S Multiple 3.01 THB 4.02 THB 5.02 THB 58
P/B Multiple 3.55 THB 4.74 THB 5.92 THB 55
EV/EBIT 3.17 THB 4.32 THB 5.46 THB 53
EV/EBITDA 2.91 THB 3.97 THB 5.03 THB 54
EV/Revenue 2.55 THB 3.75 THB 4.96 THB 43
Asset-Based
NCAV (Graham) 0.7900 THB 1.06 THB 1.58 THB 50
Growth DCF
Growth DCF 4.02 THB 5.83 THB 8.27 THB 80
Rev-Margin DCF 2.97 THB 4.58 THB 6.40 THB 74
Economic Profit
Residual Income 2.01 THB 2.51 THB 6.96 THB 76
ROIC Compounder 2.55 THB 3.22 THB 4.00 THB 72
Growth Earnings
Growth-Adj P/E 3.46 THB 4.94 THB 6.42 THB 68

Widest divergence: Growth Earnings (4.94 THB) versus Asset-Based (1.06 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.0B THB
Revenue growth (YoY) -0.2%
Net margin 12.1%
Return on equity 19.9%
Free cash flow 292M THB FY2025
P/E ratio 8.4
More key figures
Operating margin 14.9%
EPS (TTM) 0.3300 THB
Dividend yield 6.1%
EPS growth (YoY) +7.9%
Net debt 572M THB FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 64 · Market factors (momentum, volatility) 59

Profitability 60
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 69
Earnings quality: real cash, not paper profit
Fin. Strength 60
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 52
Distance to the 52-week high (market factor)
Net Issuance 96
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Starflex Public Company Limited manufactures, trades in, and distributes flexible packaging products in Thailand. It provides packaging for non-food products, such as detergent and liquid detergent stand up pouch and roll, fabric softener and concentrated-stand up pouch, and fabric starch and dish wash stand up pouch; food products, including beverage, ice …

Full company description

Starflex Public Company Limited manufactures, trades in, and distributes flexible packaging products in Thailand. It provides packaging for non-food products, such as detergent and liquid detergent stand up pouch and roll, fabric softener and concentrated-stand up pouch, and fabric starch and dish wash stand up pouch; food products, including beverage, ice cream, snack, condiment, and pet food; and medical bags. Starflex Public Company Limited was incorporated in 2003 and is headquartered in Bang Bon, Thailand.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Starflex Public Company reported revenue of 2.0B THB in FY2025 versus 1.7B THB in FY2021, a compound +4.0%/yr. Reported net income was 243M THB in FY2025, compounding +13.0%/yr from FY2021.

Growth Quality 84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
2.0B THB
Latest YoY
+5.0%
Avg. growth/yr (3Y) 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.
+5.6%
Avg. growth/yr (5Y) 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.
+7.0%
Avg. growth/yr (10Y) 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.
+5.6%
Revenue +4.0%/yr
FY21 1.7B THB
FY22 1.7B THB
FY23 1.8B THB
FY24 1.9B THB
FY25 2.0B THB
Net income +13.0%/yr
FY21 149M THB
FY22 55.1M THB
FY23 184M THB
FY24 281M THB
FY25 243M THB
Character of growth · EPS growth decomposed (2015-2025) +43.6 % p.a.
Revenue per share +15.6 pp

of which total revenue +5.9 pp · buybacks/dilution +9.7 pp

EBIT margin +16.3 pp
Tax rate +3.1 pp
Residual (interest, one-offs) +8.6 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Starflex Public Company Fair Value". https://www.fairvalue-calculator.com/stock/SFLEX

Peer Group

Packaging & Containers · 272 stocks

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.

Quality Score 65 · Top 25%
Fair Value upside +30% · Top 25%
Return on equity (TTM) 20% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 15% · Top 25%
Revenue growth -0% · Below median
Dividend yield (TTM) 5.7% · Top 25%
Debt / equity 0.25× · Higher than median

Valuation Multiples vs Packaging & Containers median · lower = cheaper

P/E (TTM) 9.0× · Cheaper than 75% of peers
P/B 1.89× · Pricier than median
P/S (TTM) 1.10× · Pricier than median
P/FCF 0.2× · Cheaper than median
EV/EBITDA 7.3× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 73 · sector 9
FUTURE 0 · sector 1
PAST 80 · sector 21
HEALTH 88 · sector 92
DIVIDEND 100 · sector 42

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Packaging & Containers stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Stora Enso Oyj STER kr 101.90 kr 126.39 +24%
ShenZhen YUTO Packaging Technology Co 002831 ¥29.10 ¥20.88 -28%
SCG Packaging Public Company SCGP 29.00 THB 16.12 THB -44%
AblePrint Technology Co 7734 2,850 TWD 661.69 TWD -77%
PT Fajar Surya Wisesa Tbk, FASW 5,312 IDR 1,194 IDR -78%
Taiwan Hon Chuan Enterprise Co 9939 132.50 TWD 127.06 TWD -4%
Time Technoplast Limited TIMETECHNO ₹206.82 ₹161.42 -22%
EPL Limited 500135 ₹222.25 ₹111.65 -50%
Ton Yi Industrial Corp 9907 15.15 TWD 23.17 TWD +53%
Dongwon Systems Corporation 014820 19,330 KRW 31,473 KRW +63%

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Frequently asked questions

Is Starflex Public Company (SFLEX) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 4.02 THB versus a price of 3.10 THB, about +30% (undervalued).
What is the fair value of SFLEX?
Our model-based fair value for Starflex Public Company is 4.02 THB (as of Jul 16, 2026), built from audited fundamentals. The current price is 3.10 THB.
What is the quality score of SFLEX?
Starflex Public Company has a Quality Score of 65/100. 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 revenue of Starflex Public Company (SFLEX)?
Starflex Public Company reported trailing-twelve-month revenue of about 2.0B THB (latest available figure, as of Jul 16, 2026).
What is the net profit margin of SFLEX?
The net profit margin of Starflex Public Company is about 12.1%, meaning it keeps roughly 12.1% of revenue as net income. Based on the latest reported figures.
Does Starflex Public Company pay a dividend?
Starflex Public Company currently shows a dividend yield of about 6.12% relative to its recent price (as of Jul 16, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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