Star Petroleum Refining Co Ltd (SPRC) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Star Petroleum Refining Co Ltd stock THB 8.30, price THB 13.30, that is 37.6% below the price, quality 65 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 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 7, 2026.
How to read this chart
60‑month range 3.94 THB – 16.20 THB · fair‑value band 6.22 THB – 10.37 THB · the 13.30 THB price screens above the 8.30 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Star Petroleum Refining Public Company Limited engages in refinery and petroleum product distribution in Thailand and internationally. It offers petroleum products, including liquefied petroleum gas, gasoline, jet fuel, diesel, fuel oil, asphalt, and other products.
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The company also distributes various fuels, including premium and regular diesel, gasohol, unleaded gasoline, commercial and industrial fuels, and aviation fuel under the Caltex brand name.
In addition, it operates a truck loading terminal to facilitate the distribution of petroleum products; engages in the operation of fuel service station networks; and provides property management services. The company serves commercial, industrial, automobile, and marine sectors.
It exports its products to Laos, Cambodia, and Myanmar. The company was formerly known as Star Petroleum Refining Company Limited and changed its name to Star Petroleum Refining Public Company Limited in January 2012.
Star Petroleum Refining Public Company Limited was founded in 1992 and is based in Mueang Rayong, Thailand. The company operates as a subsidiary of Chevron South Asia Holdings Pte Ltd.
Stock analysis
Star Petroleum Refining Co Ltd (SPRC) currently trades at 13.30 THB, while our model-based Fair Value estimate is 8.30 THB, 38% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 13.39 THB per share, and 3 of the 24 models we run sit above the 13.30 THB price.
Bear case: the Asset-Based group reads lowest at 2.36 THB, and 21 of the 24 models stay below the price. Data coverage for this calculation is low.
Scenario range: 6.22 THB (bear) to 10.37 THB (bull), the price of 13.30 THB sits above 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 65/100 (solid quality), in the Energy sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Star Petroleum Refining Co Ltd reported revenue of 241B THB in FY2025 versus 170B THB in FY2021, a compound +9.1%/yr. Reported net income was 2.6B THB in FY2025, compounding −14.2%/yr from FY2021.
Key figures
Market cap 67.6B THB (≈ $2.0B) Mid · P/E ratio 3.5 · P/S ratio 0.27 · EPS (TTM) 3.83 THB · Dividend yield 6.0% · Net margin 6.7% · Return on equity 37.7% · Return on assets (EBIT) 5.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 56 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 192% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −46% fair-value upside, at −38%, SPRC screens cheaper than that median.
Fair Value models
Bear6.22 THBFair Value 8.30 THBBull10.37 THB
Price 13.30 THB · Downside -37.6%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (2.59 THB per share) are deliberately not added.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.
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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−9.3%
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.
−5.0%
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.
+13.2%
Start year 2020 (pandemic). Over 10 years: +3.0% a year
Revenue growth 13 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.
−0.6%
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What shareholders gained per year (last 5 years), in THB ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−5.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−11.6%
Dividend (yield on the price)6.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−11.6% vs −11.4%, steady
Profit margin 2020 to 2025 ⓘ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.−6% → 1%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less 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).
−3.0%
The company could shrink this much every year for the next five years and today's price would still be justified.
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.
+0.2%
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 −4.1% a year for the price and −1.0% for the forecasts.
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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.Oil & Gas Refining & Marketing · 115 stocks
Beats the industry median on 12/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside−37.6% · Below median
Profitability
Return on equity (12 months)37.7% · Top 25%
Return on assets4.2% · Above median
Net margin (12 months)6.7% · Above median
Operating margin (12 months)10.3% · Above median
Growth and dividend
Revenue growth (quarter YoY)42.6% · Above median
Dividend yield (12 months)6.0% · Top 25%
Balance sheet
Debt / equity0.05× · Lowest 25%
Valuation Multiplesvs Oil & Gas Refining & Marketing median · lower = cheaper
P/E (12 months)3.5× · Cheapest 25%
P/B1.78× · Pricier than median
P/S (12 months)0.27× · Cheaper than median
Price / free cash flow (fiscal year)10.8× · Cheaper than median
EV/EBITDA2.9× · Cheapest 25%
PEG1.18× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 30
FUTURE (revenue growth)100· sector 100
PAST (return on equity)100· sector 48
HEALTH (low debt)98· sector 85
DIVIDEND (yield)100· sector 65
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Star Petroleum Refining Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/SPRC
Frequently asked questions
Is Star Petroleum Refining Co Ltd (SPRC) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 8.30 THB versus a price of 13.30 THB, about 38% lower (overvalued).
What is the fair value of SPRC?
Our model-based fair value for Star Petroleum Refining Co Ltd is 8.30 THB (as of Nov 7, 2026), built from audited fundamentals. The current price: 13.30 THB.
What is the quality score of SPRC?
Star Petroleum Refining Co Ltd 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 price target for Star Petroleum Refining Co Ltd (SPRC)?
Our model-based price target is the fair value of 8.30 THB (as of Nov 7, 2026) from 24 valuation models. Cautious scenario 6.22 THB, optimistic scenario 10.37 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Star Petroleum Refining Co Ltd stock forecast for 2026?
Our models put fair value at 8.30 THB, about 38% lower versus a price of 13.30 THB (overvalued). Cautious scenario 6.22 THB, optimistic scenario 10.37 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Star Petroleum Refining Co Ltd (SPRC)?
Star Petroleum Refining Co Ltd reported trailing-twelve-month revenue of about 254B THB (latest available figure, as of Nov 7, 2026).
Does Star Petroleum Refining Co Ltd pay a dividend?
Star Petroleum Refining Co Ltd currently shows a dividend yield of 6.02% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Star Petroleum Refining Co Ltd (SPRC) and when is the ex-dividend date?
Star Petroleum Refining Co Ltd pays a dividend of 0.8 THB per share a year, a dividend yield of 6.0%. The last ex-dividend date was Aug 28, 2026. A dividend has been paid every year since 2022. The payout ratio is 20.9% of earnings. Free cash flow covers the dividend 1.80 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Star Petroleum Refining Co Ltd (SPRC)?
For today's price to be fair in a discounted-cash-flow model, Star Petroleum Refining Co Ltd would have to grow free cash flow by -3.0 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.2 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of SPRC use?
Our models discount Star Petroleum Refining Co Ltd at 10.1 %: a base by market capitalisation (mid), damped by beta 0.36, 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 Star Petroleum Refining Co Ltd that is -3.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has Star Petroleum Refining Co Ltd (SPRC) delivered so far?
Over the past 5 years revenue at Star Petroleum Refining Co Ltd grew +13.2 % a year. The price currently implies free-cash-flow growth of -3.0 % 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 Star Petroleum Refining Co Ltd (SPRC) growing?
The median revenue growth in the sector is +14.1 % a year. That is the yardstick for the growth priced into Star Petroleum Refining Co Ltd (-3.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Star Petroleum Refining Co Ltd (SPRC)?
The free-cash-flow yield on the price is 10.84 %: that much free cash flow Star Petroleum Refining Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Star Petroleum Refining Co Ltd (SPRC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Star Petroleum Refining Co Ltd it is 8.30 THB per share (as of Nov 7, 2026), against a price of 13.30 THB. It is the blended result of 24 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Star Petroleum Refining Co Ltd stock overvalued or undervalued in 2026?
As of Nov 7, 2026, SPRC trades above its calculated fair value: price 13.30 THB, fair value 8.30 THB, a gap of about −38% (overvalued). 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 SPRC?
No. The price is what the market pays today (13.30 THB); the fair value is what the company's own numbers justify (8.30 THB). For Star Petroleum Refining Co Ltd the two are 5.00 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Star Petroleum Refining Co Ltd worth?
The market values Star Petroleum Refining Co Ltd at about 67.6B THB (market capitalisation, as of Nov 7, 2026). Per share that is 13.30 THB; our models calculate a fair value of 8.30 THB per share.
What do the bullish and bearish scenarios say about SPRC?
Our models span a range for Star Petroleum Refining Co Ltd: cautious scenario 6.22 THB, base 8.30 THB, optimistic 10.37 THB per share (as of Nov 7, 2026, price 13.30 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SPRC?
Star Petroleum Refining Co Ltd trades at a price-to-earnings ratio of 3.5 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 8.30 THB is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2016 to 2025), reported earnings: 9.0. Other multiples: PEG 1.2, P/B 1.8, P/S 0.3, EV/EBITDA 2.9.
What is the PEG ratio of SPRC?
The PEG ratio of Star Petroleum Refining Co Ltd is 1.18 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Star Petroleum Refining Co Ltd (SPRC)?
Balance-sheet figures for Star Petroleum Refining Co Ltd (as of Nov 7, 2026): return on equity 37.7%, debt of 0.05 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is SPRC from its 52-week high?
Star Petroleum Refining Co Ltd trades at 13.30 THB, about 18% below its 52-week high of 16.20 THB and 192% above the low of 4.55 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 8.30 THB is for.
Which stocks are comparable to Star Petroleum Refining Co Ltd?
From the same area (Energy) we also value Reliance Industries Limited, Valero Energy Corporation, Phillips 66, Marathon Petroleum Corporation, 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 Star Petroleum Refining Co Ltd stock attractive at the current price?
The data as of Nov 7, 2026: price 13.30 THB, calculated fair value 8.30 THB (−38%), Quality Score 65/100, from 24 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 SPRC calculated?
We run Star Petroleum Refining Co Ltd through 24 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 8.30 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. Star Petroleum Refining Co Ltd itself currently trades above fair value. 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 Star Petroleum Refining Co Ltd (SPRC)?
The closing price on Nov 6, 2026 was 13.30 THB. Our model-based fair value is 8.30 THB, about 38% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Star Petroleum Refining Co Ltd right now?
The price sits above even our optimistic bull case (10.37 THB). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Star Petroleum Refining Co Ltd (SPRC) come from?
Earnings per share at Star Petroleum Refining Co Ltd grew −13.3 % a year from 2015 to 2025. Broken into its drivers: revenue per share +4.5 %, EBIT margin −22.2 %, tax rate +0.3 %, residual (interest, one-offs) +6.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Star Petroleum Refining Co Ltd
How large is the market capitalisation of Star Petroleum Refining Co Ltd (SPRC)?
The market capitalisation of Star Petroleum Refining Co Ltd is 67.6B THB (≈ $2.0B). 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 Star Petroleum Refining Co Ltd (SPRC)?
The price-to-sales ratio of Star Petroleum Refining Co Ltd is 0.27 (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 Star Petroleum Refining Co Ltd (SPRC)?
Earnings per share at Star Petroleum Refining Co Ltd are 3.83 THB (price ÷ EPS = P/E 3.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Star Petroleum Refining Co Ltd (SPRC)?
The dividend yield of Star Petroleum Refining Co Ltd is 6.0% (payout 20.9%). 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 Star Petroleum Refining Co Ltd (SPRC)?
The net margin of Star Petroleum Refining Co Ltd is 6.7% (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 Star Petroleum Refining Co Ltd (SPRC)?
The return on equity (ROE) of Star Petroleum Refining Co Ltd is 37.7% (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 Star Petroleum Refining Co Ltd (SPRC)?
On an EBIT basis the return on assets of Star Petroleum Refining Co Ltd is 5.8% (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 Star Petroleum Refining Co Ltd (SPRC)?
The operating margin of Star Petroleum Refining Co Ltd is 10.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Star Petroleum Refining Co Ltd (SPRC)?
Revenue at Star Petroleum Refining Co Ltd is growing +42.6% versus a year earlier (3y avg −5.0%). 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 Star Petroleum Refining Co Ltd (SPRC)?
Earnings per share at Star Petroleum Refining Co Ltd are growing +963% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Star Petroleum Refining Co Ltd (SPRC) carry?
The net debt of Star Petroleum Refining Co Ltd is 6.6B THB (fiscal year 2025, ≈ 1.1 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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Nov 7, 2026