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 1,309,169 888,312 905,788 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 1,900 1,900 1,000 900 2,500 -
Rate of return 5.22% 4.23% 3.28% 2.89% 4.65% -
EPS 2 3,168 3,338 1,821 2,321 7,598 8,521
Distribution rate 60% 56.9% 54.9% 38.8% 32.9% -
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 36,400.00 44,950.00 30,500.00 31,100.00 53,800.00 77,000.00
Nbr of stocks (in thousands) 29,125 29,125 29,125 29,125 29,125 30,000
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.($)
- - - - 87.95M
95.67x - - - 3.63B
7.8x - - 4.23% 334M
Average 51.73x 4.23% 1.35B
Weighted average by Cap. 88.25x 4.23%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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