Company Valuation: Formosan Rubber Group Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 8,490 7,874 7,337 7,392 7,833 7,484
Change - -7.26% -6.82% 0.76% 5.95% -4.46%
Enterprise Value (EV) 1 4,351 2,142 2,428 2,395 2,128 1,498
Change - -50.76% 13.35% -1.36% -11.17% -29.57%
P/E 9.5x 10.1x 10.4x 15.2x 13.7x 14.8x
PBR 0.76x 0.66x 0.62x 0.6x 0.6x 0.56x
PEG - -0.8x -1.31x -0.5x 0.8x -1.3x
Capitalization / Revenue 2.59x 2.82x 3.79x 5.44x 5.29x 5.18x
EV / Revenue 1.33x 0.77x 1.25x 1.76x 1.44x 1.04x
EV / EBITDA 4.75x 2.94x 5.16x 8.1x 6.17x 3.82x
EV / EBIT 5.37x 3.42x 6.53x 12x 8.59x 5.3x
EV / FCF 2.33x 1.6x -4.56x 8.45x 5x -20.8x
FCF Yield 42.8% 62.3% -21.9% 11.8% 20% -4.81%
Dividend per Share 2 1.667 1.333 1.333 1.3 1.4 1.4
Rate of return 6.05% 5.22% 5.52% 5.34% 5.43% 5.68%
EPS 2 2.9 2.522 2.322 1.6 1.889 1.67
Distribution rate 57.5% 52.9% 57.4% 81.3% 74.1% 83.8%
Net sales 1 3,282 2,795 1,937 1,360 1,481 1,444
EBITDA 1 917 729.9 470.5 295.7 345.1 392.7
EBIT 1 810.6 627.2 371.6 199.9 247.7 282.9
Net income 1 901.7 778 711.7 518.9 573.5 507.8
Net Debt 1 -4,138 -5,731 -4,908 -4,997 -5,705 -5,985
Reference price 2 27.56 25.56 24.17 24.35 25.80 24.65
Nbr of stocks (in thousands) 308,094 308,094 303,594 303,593 303,593 303,593
Announcement Date 3/30/21 3/30/22 3/30/23 3/25/24 3/28/25 3/30/26
1TWD in Million2TWD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 242M
27.95x4.31x13.9x2.04% 126B
19.11x5.18x35.38x1.94% 44.85B
52.19x1.35x8.49x6.06% 41.71B
11.66x1.15x6.52x2.62% 31.72B
9.41x2.76x6.85x4.73% 21.8B
6.06x0.79x5.14x4.9% 18.19B
31.05x2.5x14.13x0.41% 18.14B
98.07x16.99x63.9x0.06% 17.3B
20.03x - - 1.98% 17.29B
Average 30.61x 4.38x 19.29x 2.75% 33.77B
Weighted average by Cap. 29.22x 4.01x 17.21x 2.71%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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