Company Valuation: N.D. Rubber

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 457.3 957.4 728.5 412.8 836.1 598.5
Change - 109.36% -23.91% -43.33% 102.55% -28.42%
Enterprise Value (EV) 1 465.4 930.6 728.9 430.5 720.3 462.3
Change - 99.97% -21.68% -40.93% 67.32% -35.82%
P/E 10.1x 21.9x -29.9x -6.35x 84.5x 28.3x
PBR 0.61x 1.06x 0.86x 0.55x 0.88x 0.61x
PEG - -1.8x 0x -0x -1x 0x
Capitalization / Revenue 0.59x 1.14x 0.87x 0.49x 0.91x 0.64x
EV / Revenue 0.6x 1.11x 0.87x 0.51x 0.78x 0.49x
EV / EBITDA 4.65x 10.4x 22.3x 7.66x 8.9x 6.5x
EV / EBIT 7.98x 20.1x -49.6x 47.2x 18.2x 15.8x
EV / FCF 4.3x 38.7x -1,044x -48.2x -13.9x 16.6x
FCF Yield 23.2% 2.58% -0.1% -2.07% -7.17% 6.04%
Dividend per Share 2 0.05 0.03 0.02 0.05 - 0.035
Rate of return 3.45% 1.09% 0.95% 4.2% - 2.67%
EPS 2 0.1435 0.126 -0.0703 -0.1873 0.0217 0.0463
Distribution rate 34.8% 23.8% -28.5% -26.7% - 75.6%
Net sales 1 775.8 841.4 839.3 836.3 918.1 937
EBITDA 1 100.1 89.06 32.64 56.23 80.91 71.08
EBIT 1 58.35 46.29 -14.7 9.117 39.66 29.19
Net income 1 45.26 41.63 -24.37 -64.97 8.187 21.15
Net Debt 1 8.047 -26.84 0.3816 17.7 -115.8 -136.2
Reference price 2 1.450 2.760 2.100 1.190 1.830 1.310
Nbr of stocks (in thousands) 315,392 346,892 346,892 346,892 456,892 456,892
Announcement Date 2/23/21 2/22/22 2/23/23 2/28/24 2/28/25 2/26/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 24.24M
14.39x1.24x5.34x3.98% 8.32B
6.55x0.55x3.47x4.38% 6.15B
26.06x1.59x12.17x0.18% 5.82B
29.47x3.65x17.35x0.73% 4.88B
21.93x1.21x7.87x3.65% 3.1B
16.88x0.98x7.77x1.44% 2.95B
14.62x0.97x7.36x2.66% 2.41B
9.33x - - 5.18% 2.16B
6.47x0.68x3.64x - 1.65B
Average 16.19x 1.36x 8.12x 2.77% 3.75B
Weighted average by Cap. 17.07x 1.44x 8.29x 2.73%

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 N.D. Rubber