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 23/11/20 24/11/21 24/11/22 24/11/23 26/11/24 26/11/25
1THB in Million2THB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.08x1.22x5.24x4.06% 8.15B
6.33x0.54x3.43x4.44% 6.04B
26.02x1.59x12.15x0.18% 5.82B
30.57x3.78x17.97x0.7% 5.07B
22.93x1.26x8.2x3.49% 3.23B
16.97x0.98x7.82x1.42% 2.96B
14.75x0.97x7.4x2.63% 2.43B
9.43x - - 5.13% 2.19B
26.71x0.99x9.54x0.78% 1.58B
Average 18.64x 1.42x 8.97x 2.54% 4.16B
Weighted average by Cap. 18.21x 1.49x 8.73x 2.64%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  5. Valuation Inoue Rubber (Thailand)