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1. Company Snapshot

1.a. Company Description

Indorama Ventures Public Company Limited produces and distributes polyethylene terephthalate (PET), purified terephthalic acid (PTA), paraxylene, purified isophthalic acid, naphthalene dicarboxylate (NDC), integrated purified ethylene oxide and ethylene glycol, polyester, rayon, nylon, polypropylene, composites, and worsted wool fibers products.It operates in five segments: Integrated PET, Specialty Chemicals, Packaging, Integrated Oxides and Derivatives, and Fibers.The company offers various PET resins, including hot-fill, high and low intrinsic viscosity, quick heat, and general grade to serve beverage containers and food, pharmaceutical and household products, and industrial packaging applications, as well as produces clear and colored preforms, bottles, and closures.


It also provides ethylene glycol used as a raw material in the production of polyester fibers, antifreeze, liquid coolant, and solvent; monoethylene glycol for use as a feedstock in the production of PET and polyester fibers; diethylene glycol used to manufacture polyester polyols, unsaturated polyester resins, buffet heaters, paints and coatings, plasticizers, liquid laundry detergents, and cement grinding; and triethylene glycol used for natural gas dehydration.In addition, the company offers surfactants, LAB, and ethanolamines used in manufacture of detergents, homecare products, soaps, toothpastes, shampoos, hair conditioners, and other foaming products.In addition, it provides polyester fibers and yarns used for apparels, home textile, automotive, and non-woven; bicomponent fibers; and worsted wool yarns used in making suits and sweaters, as well as tire cord yarns used in air bags and tire cords.


The company operates in Thailand, North America, Europe, and internationally.The company was incorporated in 2003 and is headquartered in Bangkok, Thailand.Indorama Ventures Public Company Limited is a subsidiary of Indorama Resources Limited.

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1.b. Last Insights on I93

Indorama Ventures Public Company Limited's recent stock performance was negatively impacted by the divestment of a 24.9% stake in its Indian packaging subsidiary, EPL, by Blackstone for $220 million. This move marks a significant reduction in Blackstone's interest in EPL, which it first acquired in 2019. Additionally, the company's recent Q4 2023 earnings release showed a decline in EBITDA margin due to higher raw material costs and lower margins in certain product lines.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Indorama Ventures, Jiaren partner to target 100,000t PET recycling

Nov -12

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Indorama receives greenlight to offload Wellman International

Oct -01

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Recycled Plastics Market Forecast Report to 2032: Veolia, Indorama Ventures, Far Eastern New Drive Market Expansion Century

Sep -16

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Antimony-Free Polyesters Industry Company Evaluation Report 2025 | Reliance Industries, Indorama Ventures, and Toray Lead with Sustainable Manufacturing, Recycling, and Advanced Polymer Innovation

Sep -08

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/C O R R E C T I O N -- Innovapptive/

Aug -20

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Strategic Collaboration Between Innovapptive and AWS Accelerates Innovation in the Connected Worker Space

Aug -20

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PET & PBT Resins Company Evaluation Report 2025 | Indorama Ventures, Mitsubishi Chemical Group, and SABIC Lead with Sustainability, Innovation, and Strong Manufacturing Footprints

Aug -19

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Indovinya unveils new brand positioning inspired by the transformative power of chemistry

Jul -31

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.42%)

6. Segments

Combined PET

Expected Growth: 7.5%

Growing demand for sustainable packaging, increasing adoption in textile industry, and rising use in bottling industry drive the growth of Combined PET market.

Integrated Oxides and Derivatives

Expected Growth: 4.5%

Growing demand for polyester fibers, packaging, and construction materials drives the market for integrated oxides and derivatives. Increasing adoption in automotive, aerospace, and medical industries also fuels growth.

Fibers

Expected Growth: 5.5%

Growing demand for sustainable textiles, increasing adoption in nonwovens and industrial applications, and rising need for durable materials drive the growth of Indorama Ventures' fibers segment.

Unallocated and Eliminations

Expected Growth: 4.5%

The Unallocated and Eliminations segment's growth is driven by the consolidation of inter-segment transactions and unallocated corporate costs, eliminating internal sales and purchases between business segments, resulting in a forecast CAGR of 4.5%.

7. Detailed Products

PET (Polyethylene Terephthalate)

A thermoplastic polymer resin used in packaging, textiles, and bottling

PX (Paraxylene)

A petrochemical used in the production of PET and PTA

PTA (Purified Terephthalic Acid)

A chemical intermediate used in the production of PET

MEG (Monoethylene Glycol)

A chemical intermediate used in the production of PET and polyester fibers

Oxo-Alcohols

A chemical intermediate used in the production of plasticizers, lubricants, and other chemicals

Fertilizers

Agricultural fertilizers used to promote plant growth

8. Indorama Ventures Public Company Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Indorama Ventures Public Company Limited is medium due to the availability of alternative products in the market, but the company's strong brand presence and quality products reduce the likelihood of customers switching to substitutes.

Bargaining Power Of Customers

The bargaining power of customers for Indorama Ventures Public Company Limited is low due to the company's strong market position and the lack of concentration of buyers in the market.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Indorama Ventures Public Company Limited is medium due to the presence of multiple suppliers in the market, but the company's large scale of operations and long-term contracts reduce the bargaining power of suppliers.

Threat Of New Entrants

The threat of new entrants for Indorama Ventures Public Company Limited is low due to the high barriers to entry in the industry, including high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry for Indorama Ventures Public Company Limited is high due to the presence of several established players in the market, leading to a competitive landscape.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 60.74%
Debt Cost 7.53%
Equity Weight 39.26%
Equity Cost 9.21%
WACC 8.19%
Leverage 154.74%

11. Quality Control: Indorama Ventures Public Company Limited passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Perseus Mining

A-Score: 6.5/10

Value: 3.4

Growth: 6.6

Quality: 8.4

Yield: 1.7

Momentum: 9.5

Volatility: 9.3

1-Year Total Return ->

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Kemira

A-Score: 5.9/10

Value: 6.5

Growth: 6.0

Quality: 6.0

Yield: 6.9

Momentum: 2.5

Volatility: 7.7

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Indorama Ventures

A-Score: 5.3/10

Value: 5.2

Growth: 4.0

Quality: 4.0

Yield: 5.8

Momentum: 5.5

Volatility: 7.3

1-Year Total Return ->

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Solvay

A-Score: 4.7/10

Value: 6.0

Growth: 2.1

Quality: 3.4

Yield: 10.0

Momentum: 1.0

Volatility: 5.7

1-Year Total Return ->

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PTT Chemical

A-Score: 4.1/10

Value: 7.0

Growth: 3.6

Quality: 2.8

Yield: 3.3

Momentum: 5.5

Volatility: 2.7

1-Year Total Return ->

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Celanese

A-Score: 3.4/10

Value: 7.9

Growth: 3.1

Quality: 3.9

Yield: 2.0

Momentum: 0.0

Volatility: 3.3

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.38$

Current Price

0.38$

Potential

-0.00%

Expected Cash-Flows