Company Valuation: Tay Ninh Rubber

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,060,150 1,309,169 888,312 905,787 1,566,925 2,310,000
Change - 23.49% -32.15% 1.97% 72.99% 47.42%
Enterprise Value (EV) 1 1,180,882 1,462,407 1,064,703 1,009,024 1,352,844 1,828,705
Change - 23.84% -27.2% -5.23% 34.07% 35.17%
P/E 11.5x 13.5x 16.8x 13.4x 7.08x 9.04x
PBR 0.68x 0.84x 0.56x 0.55x 0.83x 1.09x
PEG - 2.52x -0.4x 0.5x 0x 0.7x
Capitalization / Revenue 2.93x 3.14x 1.7x 1.61x 2.11x 2.74x
EV / Revenue 3.27x 3.5x 2.03x 1.79x 1.82x 2.17x
EV / EBITDA 18.7x 16x 10.1x 9.36x 5.09x 6.92x
EV / EBIT 32.8x 23.6x 16.1x 16.4x 6.38x 9.73x
EV / FCF 181x 177x 32x 19x 5.31x 6.46x
FCF Yield 0.55% 0.57% 3.13% 5.26% 18.8% 15.5%
Dividend per Share 2 475 475 250 225 625 750
Rate of return 5.22% 4.23% 3.28% 2.89% 4.65% 3.9%
EPS 2 792 834.5 455.2 580.2 1,899 2,130
Distribution rate 60% 56.9% 54.9% 38.8% 32.9% 35.2%
Net sales 1 361,522 417,464 523,464 562,679 744,135 843,795
EBITDA 1 63,287 91,536 104,963 107,834 265,793 264,252
EBIT 1 35,950 61,847 66,161 61,625 212,196 187,859
Net income 1 92,280 97,218 74,991 67,591 221,285 250,577
Net Debt 1 120,732 153,238 176,391 103,237 -214,081 -481,295
Reference price 2 9,100.00 11,237.50 7,625.00 7,775.00 13,450.00 19,250.00
Nbr of stocks (in thousands) 116,500 116,500 116,500 116,500 116,500 120,000
Announcement Date 2/23/21 2/24/22 3/10/23 2/28/24 2/27/25 3/26/26
1VND in Million2VND
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 98.7M
109x - - - 4.18B
4.43x - - 4.83% 297M
5.12x - - 8.99% 126M
Average 39.52x 6.91% 1.17B
Weighted average by Cap. 99.42x 6.06%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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