Company Valuation: Hwa Fong Rubber Industrial Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 4,387 4,693 4,051 4,106 5,042 4,176
Change - 6.98% -13.69% 1.38% 22.79% -17.17%
Enterprise Value (EV) 1 4,961 5,585 4,390 3,056 3,965 3,064
Change - 12.57% -21.39% -30.38% 29.72% -22.71%
P/E Ratio 11.8x 13x 13.8x 9.74x 11.2x 12.9x
PBR 1.45x 1.54x 1.26x 1.19x 1.44x 1.19x
PEG - -4.32x -0.7x 0.2x 1.69x -0.5x
Capitalization / Revenue 0.9x 0.85x 0.75x 0.88x 1.02x 0.94x
EV / Revenue 1.02x 1.01x 0.81x 0.65x 0.8x 0.69x
EV / EBITDA 6.09x 6.14x 5.63x 4.7x 4.67x 4.67x
EV / EBIT 8.2x 7.98x 7.68x 6.72x 5.81x 6.31x
EV / FCF 14.6x 67.6x 7.81x 4.26x 44.7x 8.69x
FCF Yield 6.86% 1.48% 12.8% 23.5% 2.24% 11.5%
Dividend per Share 2 - 1 0.9 1.2 1.5 1
Rate of return - 5.95% 6.21% 8.16% 8.31% 6.69%
EPS 2 1.33 1.29 1.05 1.51 1.61 1.16
Distribution rate - 77.5% 85.7% 79.5% 93.2% 86.2%
Net sales 1 4,883 5,541 5,414 4,674 4,941 4,456
EBITDA 1 815.2 909.3 779.1 650.9 849.4 655.8
EBIT 1 605.1 699.7 571.3 455.1 682 485.8
Net income 1 371.6 362 294.5 422.3 450 324.9
Net Debt 1 574.2 891.8 339.6 -1,050 -1,078 -1,112
Reference price 2 15.70 16.80 14.50 14.70 18.05 14.95
Nbr of stocks (in thousands) 279,349 279,349 279,349 279,349 279,349 279,349
Announcement Date 3/26/21 3/23/22 3/16/23 3/14/24 3/13/25 3/16/26
1TWD in Million2TWD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 127M
13.27x1.15x4.98x4.17% 7.71B
6.16x0.53x3.18x4.19% 5.67B
21.99x1.74x11.23x0.19% 5.45B
30.23x3.85x16.84x0.78% 3.99B
21.59x1.2x7.33x3.7% 3.58B
13.8x1x7.33x2.47% 2.54B
15.39x0.93x6.38x1.74% 2.52B
9.54x - - 5.04% 2.14B
10.64x - - - 1.54B
Average 15.85x 1.49x 8.18x 2.78% 3.53B
Weighted average by Cap. 16.10x 1.46x 7.81x 2.82%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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