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 4/2/21 3/10/22 3/24/23 3/19/24 3/21/25 3/16/26
1VND in Million2VND
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 55.91M
13.98x1.2x5.23x3.99% 7.99B
6.62x0.56x3.36x3.86% 6.34B
23.99x1.64x11.63x0.17% 5.78B
25.45x3.19x14.58x0.91% 4.02B
22.29x1.23x7.99x3.59% 3.12B
16.19x0.92x7.14x1.48% 2.78B
14.72x0.97x7.39x2.64% 2.42B
9.31x - - 5.17% 2.16B
10.25x - - - 1.51B
Average 15.87x 1.39x 8.19x 2.73% 3.62B
Weighted average by Cap. 16.07x 1.36x 7.75x 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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