Company Valuation: Inoue Rubber (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: September 2020 2021 2022 2023 2024 2025
Market Cap 1 2,364 3,248 2,749 2,576 2,691 2,189
Change - 37.4% -15.38% -6.29% 4.48% -18.66%
Enterprise Value (EV) 1 1,146 2,029 1,408 863.9 584 146.2
Change - 77.06% -30.59% -38.66% -32.4% -74.97%
P/E 11x 9.55x 25x 16.1x 8.64x 11.9x
PBR 0.67x 0.83x 0.72x 0.66x 0.66x 0.53x
PEG - 0.2x -0.4x 0.4x 0.1x -0.3x
Capitalization / Revenue 0.54x 0.61x 0.46x 0.47x 0.58x 0.47x
EV / Revenue 0.26x 0.38x 0.24x 0.16x 0.13x 0.03x
EV / EBITDA 1.89x 2.63x 2.92x 1.64x 1.16x 0.29x
EV / EBIT 4.36x 4.84x 10.9x 4.5x 2.99x 0.7x
EV / FCF 9.57x 6.18x 33.8x 3.29x 2.04x 0.75x
FCF Yield 10.4% 16.2% 2.96% 30.4% 49.1% 134%
Dividend per Share 2 0.5699 0.8845 0.291 0.4178 0.868 0.493
Rate of return 4.63% 5.23% 2.03% 3.12% 6.2% 4.32%
EPS 2 1.119 1.769 0.572 0.8312 1.621 0.9586
Distribution rate 50.9% 50% 50.9% 50.3% 53.6% 51.4%
Net sales 1 4,412 5,350 5,938 5,477 4,612 4,650
EBITDA 1 605.9 771.4 482.2 526.6 502.9 504
EBIT 1 263 418.8 129.7 192 195.3 207.4
Net income 1 219.1 340 109.9 159.8 311.5 184.3
Net Debt 1 -1,218 -1,219 -1,340 -1,712 -2,107 -2,043
Reference price 2 12.30 16.90 14.30 13.40 14.00 11.40
Nbr of stocks (in thousands) 192,208 192,208 192,208 192,208 192,208 192,000
Announcement Date 11/23/20 11/24/21 11/24/22 11/24/23 11/26/24 11/26/25
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.17x1.22x5.29x3.94% 8.13B
6.05x0.52x3.14x4.22% 5.78B
24.13x1.65x11.7x0.17% 5.84B
26x3.26x14.88x0.89% 4.12B
23.71x1.3x8.45x3.86% 3.33B
16.35x0.92x7.2x1.46% 2.82B
12.88x0.96x7.03x2.64% 2.41B
9.35x - - 5.14% 2.17B
20.05x1.08x8.42x1.07% 1.43B
Average 16.97x 1.36x 8.26x 2.6% 4B
Weighted average by Cap. 16.74x 1.38x 7.92x 2.7%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

  1. Stock Market
  2. Stocks
  3. IRC Stock
  4. IRC-R Stock
  5. Valuation Inoue Rubber (Thailand)