Company Valuation: Kenda Rubber Industrial Co. Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 31,784 28,282 27,555 29,506 25,925 18,811
Change - -11.02% -2.57% 7.08% -12.14% -27.44%
Enterprise Value (EV) 1 38,681 40,116 41,001 37,509 35,823 28,753
Change - 3.71% 2.21% -8.52% -4.5% -19.73%
P/E 32.7x 30.8x 81.9x 33.6x 20.9x 152x
PBR 1.66x 1.51x 1.42x 1.51x 1.23x 0.96x
PEG - -5.52x -1.3x 0x 0.5x -1.7x
Capitalization / Revenue 1.05x 0.81x 0.71x 0.86x 0.76x 0.55x
EV / Revenue 1.28x 1.15x 1.06x 1.09x 1.05x 0.85x
EV / EBITDA 10.7x 12.6x 21.9x 12.8x 11.8x 13.3x
EV / EBIT 17.2x 23x 178x 29x 24.4x 50.3x
EV / FCF 20.5x -11.6x -26.8x 8.66x -47.2x 18.4x
FCF Yield 4.87% -8.61% -3.73% 11.5% -2.12% 5.44%
Dividend per Share 2 0.9524 0.9524 0.4762 1 1.1 0.65
Rate of return 2.86% 3.22% 1.65% 3.24% 4.05% 3.3%
EPS 2 1.018 0.9613 0.3524 0.92 1.3 0.13
Distribution rate 93.5% 99.1% 135% 109% 84.6% 500%
Net sales 1 30,260 34,896 38,618 34,444 34,203 33,963
EBITDA 1 3,618 3,184 1,868 2,927 3,038 2,154
EBIT 1 2,244 1,743 230.9 1,295 1,470 571.1
Net income 1 972.2 917.9 338.2 881 1,241 125.4
Net Debt 1 6,898 11,834 13,446 8,003 9,897 9,942
Reference price 2 33.29 29.62 28.86 30.90 27.15 19.70
Nbr of stocks (in thousands) 954,881 954,881 954,881 954,881 954,890 954,890
Announcement Date 29/3/21 29/3/22 15/3/23 14/3/24 17/3/25 30/4/26
1TWD in Million2TWD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 520M
14.7x1.26x5.46x3.8% 8.45B
23.5x1.86x11.98x0.18% 5.79B
5.89x0.51x3.08x4.32% 5.61B
27.41x3.43x15.65x0.85% 4.36B
20.41x1.13x6.91x3.92% 3.29B
16.24x0.92x7.16x1.47% 2.82B
12.43x0.94x6.89x2.74% 2.33B
8.94x - - 5.38% 2.07B
21.9x1.16x9.05x0.98% 1.57B
Average 16.82x 1.40x 8.27x 2.63% 3.68B
Weighted average by Cap. 16.74x 1.45x 8.01x 2.68%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Kenda Rubber Industrial Co. Ltd.