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.($)
- - - - 78.04M
14.15x1.22x5.27x4.04% 8.23B
6.15x0.53x3.33x4.7% 5.99B
25.42x1.66x12.6x0.17% 5.91B
28.52x3.54x16.82x0.75% 4.75B
22.25x1.23x7.98x3.6% 3.19B
16.85x0.98x7.76x1.44% 2.96B
30.53x1.01x8.97x3.05% 2.43B
12.98x - - 2.07% 2.16B
5.92x0.64x3.44x - 1.56B
Average 18.09x 1.35x 8.27x 2.48% 3.73B
Weighted average by Cap. 18.05x 1.43x 8.37x 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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