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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.4x1.24x5.34x3.97% 8.39B
25.69x1.68x12.74x0.17% 5.96B
6.08x0.52x3.3x4.76% 5.93B
27.9x3.47x16.47x0.77% 4.63B
22.07x1.22x7.92x3.62% 3.16B
16.7x0.97x7.7x1.45% 2.93B
27.94x0.99x9.27x3.04% 2.43B
13.08x - - 2.05% 2.18B
5.85x0.63x3.41x - 1.54B
Average 17.75x 1.34x 8.27x 2.48% 4.13B
Weighted average by Cap. 17.85x 1.42x 8.35x 2.63%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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