Company Valuation: Hwa Fong Rubber (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 3,292 5,663 4,280 2,950 2,752 2,752
Change - 72% -24.42% -31.08% -6.7% 0%
Enterprise Value (EV) 1 2,353 4,960 3,200 1,637 1,655 1,317
Change - 110.85% -35.48% -48.84% 1.08% -20.41%
P/E 7.98x 12.3x 11.8x 11.8x 7.37x 13.7x
PBR 1.01x 1.6x 1.18x 0.82x 0.76x 0.72x
PEG - 1.1x -0.5x -0.4x 0.1x -0.3x
Capitalization / Revenue 1.24x 1.65x 1.25x 1.11x 0.91x 1.02x
EV / Revenue 0.88x 1.45x 0.94x 0.62x 0.55x 0.49x
EV / EBITDA 4.18x 8.25x 6.41x 4.1x 3.48x 4.09x
EV / EBIT 5.02x 9.88x 8.32x 5.69x 4.47x 6.19x
EV / FCF 14.3x -25.9x 6.01x 4.96x -546x 4.62x
FCF Yield 6.98% -3.86% 16.7% 20.2% -0.18% 21.7%
Dividend per Share 2 0.315 0.425 0.38 0.3 0.28 0.27
Rate of return 6.3% 4.94% 5.85% 6.7% 6.7% 6.46%
EPS 2 0.6267 0.7 0.5491 0.3795 0.567 0.3047
Distribution rate 50.3% 60.7% 69.2% 79.1% 49.4% 88.6%
Net sales 1 2,665 3,427 3,412 2,649 3,024 2,691
EBITDA 1 562.8 601.1 499.1 399.4 475.3 321.9
EBIT 1 468.2 502.3 384.8 287.7 370.2 212.8
Net income 1 412.6 460.9 361.6 249.9 373.3 200.6
Net Debt 1 -939.6 -702.2 -1,079 -1,313 -1,097 -1,435
Reference price 2 5.000 8.600 6.500 4.480 4.180 4.180
Nbr of stocks (in thousands) 658,434 658,434 658,434 658,434 658,434 658,434
Announcement Date 25/2/21 25/2/22 22/2/23 22/2/24 27/2/25 26/2/26
1THB in Million2THB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.93x1.13x5.94x3.01% 33.05B
14.03x1.02x5.46x3.9% 27.07B
9.68x1.26x6.12x3.1% 7.62B
10.16x1.02x5.99x2.8% 6.35B
9.52x - - 3.2% 6.25B
18.07x - - 3.1% 4.95B
10.78x0.71x5.41x4.05% 4B
8.4x0.86x4.03x3.74% 3.64B
129.84x - - - 2.53B
Average 25.05x 1.00x 5.49x 3.36% 10.61B
Weighted average by Cap. 16.37x 1.07x 5.69x 3.35%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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