Company Valuation: The Southern Rubber Industry

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,823,805 1,958,517 1,492,204 1,264,228 1,601,010 1,383,397
Change - 7.39% -23.81% -15.28% 26.64% -13.59%
Enterprise Value (EV) 1 3,690,747 4,156,854 3,743,121 2,961,335 3,044,408 2,438,737
Change - 12.63% -9.95% -20.89% 2.81% -19.89%
P/E 20.1x 46.6x 26x 31.8x 35.7x 32.5x
PBR 1.43x 1.56x 1.15x 0.95x 1.18x 1.01x
PEG - -0.9x 0.7x -1x 2.8x -6.42x
Capitalization / Revenue 0.39x 0.4x 0.28x 0.24x 0.34x 0.33x
EV / Revenue 0.79x 0.86x 0.7x 0.57x 0.65x 0.59x
EV / EBITDA 8.08x 11x 8.07x 7.97x 9.95x 9.04x
EV / EBIT 15.3x 24.7x 15x 17.4x 26.3x 21.4x
EV / FCF 15x -14x -888x 5.61x 14.7x 6.14x
FCF Yield 6.65% -7.13% -0.11% 17.8% 6.79% 16.3%
Dividend per Share 2 - 300 300 300 300 -
Rate of return - 1.59% 2.08% 2.46% 1.94% -
EPS 2 874.9 405.5 554.2 383.8 432.6 410.7
Distribution rate - 74% 54.1% 78.2% 69.4% -
Net sales 1 4,692,034 4,839,508 5,320,632 5,234,907 4,712,176 4,142,875
EBITDA 1 456,525 377,108 464,111 371,774 305,873 269,697
EBIT 1 240,871 168,342 249,823 170,668 115,562 113,819
Net income 1 90,661 42,015 79,185 60,375 72,071 42,555
Net Debt 1 1,866,942 2,198,336 2,250,917 1,697,107 1,443,398 1,055,340
Reference price 2 17,600.00 18,900.00 14,400.00 12,200.00 15,450.00 13,350.00
Nbr of stocks (in thousands) 103,625 103,625 103,625 103,625 103,625 103,625
Announcement Date 2/4/21 10/3/22 24/3/23 19/3/24 21/3/25 16/3/26
1VND in Million2VND
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 55.89M
13.95x1.2x5.22x4% 7.99B
6.08x0.53x3.15x4.2% 5.89B
23.76x1.62x11.52x0.17% 5.76B
25.49x3.2x14.6x0.91% 4.04B
22.32x1.23x8x3.58% 3.13B
16.01x0.91x7.07x1.49% 2.77B
14.43x0.96x7.3x2.69% 2.37B
9.05x - - 5.31% 2.1B
10.06x - - - 1.48B
Average 15.68x 1.38x 8.12x 2.8% 3.56B
Weighted average by Cap. 16.03x 1.36x 7.75x 2.77%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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