Company Valuation: Thai Nippon Rubber Industry Public Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 3,990 2,730 3,720 2,910 2,670 1,785
Change - -31.58% 36.26% -21.77% -8.25% -33.15%
Enterprise Value (EV) 1 4,325 3,162 4,130 3,262 3,039 2,330
Change - -26.9% 30.62% -21.02% -6.84% -23.33%
P/E Ratio 35.8x -5.87x 14.2x 14.4x 5.01x 13.3x
PBR 3.17x 3.79x 3.98x 3.03x 2.01x 1.45x
PEG - 0x -0x -0.6x 0x -0.2x
Capitalization / Revenue 2.27x 1.65x 1.87x 1.49x 1.27x 0.97x
EV / Revenue 2.47x 1.91x 2.08x 1.67x 1.45x 1.26x
EV / EBITDA 15.9x -26.4x 10.5x 9.42x 6.75x 6.71x
EV / EBIT 30.7x -13.1x 13.4x 12.8x 8.76x 10.4x
EV / FCF 24.4x -214x 83.3x 24.3x 65.3x 445x
FCF Yield 4.1% -0.47% 1.2% 4.11% 1.53% 0.22%
Dividend per Share 2 0.26 - 0.5 0.5 0.8 0.4
Rate of return 1.95% - 4.03% 5.15% 8.99% 6.72%
EPS 2 0.3714 -1.549 0.8744 0.6734 1.777 0.4467
Distribution rate 70% - 57.2% 74.3% 45% 89.5%
Net sales 1 1,754 1,654 1,984 1,957 2,101 1,844
EBITDA 1 271.8 -119.9 394.8 346.2 450 347.2
EBIT 1 140.8 -241.3 307.2 254.2 347 225
Net income 1 111.4 -464.8 262.3 202 533 134
Net Debt 1 335.1 431.6 409.8 351.7 368.7 544.7
Reference price 2 13.300 9.100 12.400 9.700 8.900 5.950
Nbr of stocks (in thousands) 300,000 300,000 300,000 300,000 300,000 300,000
Announcement Date 24/02/21 23/02/22 27/02/23 27/02/24 27/02/25 27/02/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 46.38M
-160x - - 2.15% 124M
Average -160.00x 2.15% 85.35M
Weighted average by Cap. -160.00x 2.15%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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