Company Valuation: Cheng Shin Rubber Ind. Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 117,015 109,884 145,540 158,991 95,622 98,701 - -
Change - -6.09% 32.45% 9.24% -39.86% 3.22% - -
Enterprise Value (EV) 1 129,733 123,112 148,726 161,507 111,245 109,955 104,070 99,155
Change - -5.1% 20.81% 8.59% -31.12% -1.16% -5.35% -4.72%
P/E 22.3x 22.2x 20.2x 19.9x 19.7x 21.8x 21.1x 22.1x
PBR 1.45x 1.31x 1.7x 1.77x 1.09x 1.14x 1.13x 1.12x
PEG - -4x 0.4x 1.8x -0.5x -3.27x 7.38x -5.3x
Capitalization / Revenue 1.15x 1.11x 1.51x 1.65x 1.05x 1.08x 1.08x 1.08x
EV / Revenue 1.28x 1.25x 1.55x 1.68x 1.23x 1.2x 1.14x 1.08x
EV / EBITDA 6.87x 6.8x 7.06x 8.15x 7.09x 7.82x 7.83x 7.86x
EV / EBIT 17x 16.7x 14.4x 16.1x 15.5x 17.2x 16.2x 15.5x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 1.2 1.4 2 2.4 1.8 1.12 1.15 1.1
Rate of return 3.32% 4.13% 4.45% 4.89% 6.1% 3.68% 3.78% 3.61%
EPS 2 1.62 1.53 2.22 2.47 1.5 1.4 1.44 1.38
Distribution rate 74.1% 91.5% 90.1% 97.2% 120% 80% 79.9% 79.7%
Net sales 1 101,537 98,623 96,201 96,247 90,781 91,556 91,555 91,637
EBITDA 1 18,896 18,096 21,058 19,828 15,688 14,069 13,287 12,618
EBIT 1 7,654 7,374 10,358 10,012 7,155 6,409 6,409 6,415
Net income 5,270 4,961 7,182 8,017 4,854 - - -
Net Debt 1 12,718 13,228 3,187 2,516 15,623 11,254 5,369 453.8
Reference price 2 36.10 33.90 44.90 49.05 29.50 30.45 30.45 30.45
Nbr of stocks (in thousands) 3,241,416 3,241,416 3,241,416 3,241,416 3,241,416 3,241,416 - -
Announcement Date 24/03/22 16/03/23 14/03/24 12/03/25 12/03/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.75x1.2x7.82x3.68% 3.1B
13.02x0.99x5.29x3.58% 29.83B
13.54x0.98x5.51x4.07% 25.18B
14.31x1.23x5.32x4.02% 8.02B
8.33x1.13x5.37x3.37% 7.06B
9.81x1x5.72x3.02% 6.23B
8.69x - - 3.5% 5.73B
23.77x1.56x11.8x0.19% 5.46B
5.56x0.48x3.02x5.11% 5.43B
18.35x - - 3.05% 5.04B
Average 13.71x 1.07x 6.23x 3.36% 10.11B
Weighted average by Cap. 13.19x 1.03x 5.73x 3.56%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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