Company Valuation: N.D. Rubber

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 457.3 957.4 728.5 412.8 836.1 598.5
Change - 109.36% -23.91% -43.33% 102.55% -28.42%
Enterprise Value (EV) 1 465.4 930.6 728.9 430.5 720.3 462.3
Change - 99.97% -21.68% -40.93% 67.32% -35.82%
P/E 10.1x 21.9x -29.9x -6.35x 84.5x 28.3x
PBR 0.61x 1.06x 0.86x 0.55x 0.88x 0.61x
PEG - -1.8x 0x -0x -1x 0x
Capitalization / Revenue 0.59x 1.14x 0.87x 0.49x 0.91x 0.64x
EV / Revenue 0.6x 1.11x 0.87x 0.51x 0.78x 0.49x
EV / EBITDA 4.65x 10.4x 22.3x 7.66x 8.9x 6.5x
EV / EBIT 7.98x 20.1x -49.6x 47.2x 18.2x 15.8x
EV / FCF 4.3x 38.7x -1,044x -48.2x -13.9x 16.6x
FCF Yield 23.2% 2.58% -0.1% -2.07% -7.17% 6.04%
Dividend per Share 2 0.05 0.03 0.02 0.05 - 0.035
Rate of return 3.45% 1.09% 0.95% 4.2% - 2.67%
EPS 2 0.1435 0.126 -0.0703 -0.1873 0.0217 0.0463
Distribution rate 34.8% 23.8% -28.5% -26.7% - 75.6%
Net sales 1 775.8 841.4 839.3 836.3 918.1 937
EBITDA 1 100.1 89.06 32.64 56.23 80.91 71.08
EBIT 1 58.35 46.29 -14.7 9.117 39.66 29.19
Net income 1 45.26 41.63 -24.37 -64.97 8.187 21.15
Net Debt 1 8.047 -26.84 0.3816 17.7 -115.8 -136.2
Reference price 2 1.450 2.760 2.100 1.190 1.830 1.310
Nbr of stocks (in thousands) 315,392 346,892 346,892 346,892 456,892 456,892
Announcement Date 23/02/21 22/02/22 23/02/23 28/02/24 28/02/25 26/02/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 25.07M
15.17x1.28x5.58x3.65% 8.66B
24.15x1.91x12.3x0.17% 6B
5.81x0.51x3.03x4.39% 5.36B
32.2x4.09x17.92x0.73% 4.51B
20.09x1.11x6.81x3.98% 3.26B
17.89x1.07x7.33x1.49% 2.99B
12.4x0.94x6.88x2.75% 2.32B
8.98x - - 5.36% 2.08B
22.35x1.18x9.21x0.96% 1.61B
Average 17.67x 1.51x 8.63x 2.61% 3.68B
Weighted average by Cap. 17.80x 1.58x 8.47x 2.61%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation N.D. Rubber