Company Valuation: Hoa Binh Rubber

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 15,40,538 16,00,951 16,61,364 16,61,364 12,38,472 8,94,116
Change - 3.92% 3.77% 0% -25.45% -27.8%
Enterprise Value (EV) 1 15,74,664 18,48,628 18,86,186 18,80,527 13,63,162 9,99,443
Change - 17.4% 2.03% -0.3% -27.51% -26.68%
P/E 172x 72.5x 164x 97.9x 20.2x 25.5x
PBR 2.87x 2.91x 3.03x 3.01x 2.05x 1.42x
PEG - 0x -3x 1.5x 0x -0.6x
Capitalization / Revenue 8.17x 8.66x 9.27x 9.07x 5.78x 3.66x
EV / Revenue 8.35x 10x 10.5x 10.3x 6.36x 4.09x
EV / EBITDA 233x 75.6x 112x 237x 29.2x 26x
EV / EBIT -238x 206x -2,731x -169x 51.5x 55.9x
EV / FCF -43.4x -8.33x 123x -163x 30.1x 343x
FCF Yield -2.3% -12% 0.81% -0.61% 3.33% 0.29%
Dividend per Share 2 - - 300 - - -
Rate of return - - 0.55% - - -
EPS 2 297 730.7 336 562 2,033 1,163
Distribution rate - - 89.3% - - -
Net sales 1 1,88,514 1,84,909 1,79,203 1,83,174 2,14,268 2,44,145
EBITDA 1 6,752 24,444 16,808 7,938 46,694 38,393
EBIT 1 -6,611 8,954 -690.7 -11,136 26,476 17,884
Net income 1 8,970 22,072 10,159 16,978 61,401 35,130
Net Debt 1 34,127 2,47,677 2,24,822 2,19,163 1,24,690 1,05,327
Reference price 2 51,000.00 53,000.00 55,000.00 55,000.00 41,000.00 29,600.00
Nbr of stocks (in thousands) 30,207 30,207 30,207 30,207 30,207 30,207
Announcement Date 04/02/21 23/02/22 08/03/23 29/02/24 25/03/25 13/02/26
1VND in Million2VND
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 4.48Cr
81.83x - - - 309.56Cr
6.56x - - 5.49% 33Cr
6.41x - - 9.7% 13Cr
Average 31.60x 7.59% 89.93Cr
Weighted average by Cap. 72.15x 6.67%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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