Company Valuation: Kenda Rubber Industrial Co. Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 31,784 28,282 27,555 29,506 25,925 18,811
Change - -11.02% -2.57% 7.08% -12.14% -27.44%
Enterprise Value (EV) 1 38,681 40,116 41,001 37,509 35,823 28,753
Change - 3.71% 2.21% -8.52% -4.5% -19.73%
P/E 32.7x 30.8x 81.9x 33.6x 20.9x 152x
PBR 1.66x 1.51x 1.42x 1.51x 1.23x 0.96x
PEG - -5.52x -1.3x 0x 0.5x -1.7x
Capitalization / Revenue 1.05x 0.81x 0.71x 0.86x 0.76x 0.55x
EV / Revenue 1.28x 1.15x 1.06x 1.09x 1.05x 0.85x
EV / EBITDA 10.7x 12.6x 21.9x 12.8x 11.8x 13.3x
EV / EBIT 17.2x 23x 178x 29x 24.4x 50.3x
EV / FCF 20.5x -11.6x -26.8x 8.66x -47.2x 18.4x
FCF Yield 4.87% -8.61% -3.73% 11.5% -2.12% 5.44%
Dividend per Share 2 0.9524 0.9524 0.4762 1 1.1 0.65
Rate of return 2.86% 3.22% 1.65% 3.24% 4.05% 3.3%
EPS 2 1.018 0.9613 0.3524 0.92 1.3 0.13
Distribution rate 93.5% 99.1% 135% 109% 84.6% 500%
Net sales 1 30,260 34,896 38,618 34,444 34,203 33,963
EBITDA 1 3,618 3,184 1,868 2,927 3,038 2,154
EBIT 1 2,244 1,743 230.9 1,295 1,470 571.1
Net income 1 972.2 917.9 338.2 881 1,241 125.4
Net Debt 1 6,898 11,834 13,446 8,003 9,897 9,942
Reference price 2 33.29 29.62 28.86 30.90 27.15 19.70
Nbr of stocks (in thousands) 9,54,881 9,54,881 9,54,881 9,54,881 9,54,890 9,54,890
Announcement Date 29/03/21 29/03/22 15/03/23 14/03/24 17/03/25 30/04/26
1TWD in Million2TWD
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 52Cr
14.21x1.22x5.28x4.03% 827.78Cr
25.07x1.64x12.43x0.18% 585.54Cr
6.07x0.52x3.3x4.77% 597.56Cr
28.46x3.53x16.79x0.75% 475.87Cr
21.93x1.21x7.87x3.65% 313.63Cr
16.51x0.96x7.63x1.47% 291.48Cr
29.35x0.99x8.76x0.93% 233.26Cr
12.63x - - 2.13% 210.35Cr
5.66x0.62x3.34x - 150.66Cr
Average 17.77x 1.34x 8.18x 2.24% 373.79Cr
Weighted average by Cap. 17.81x 1.42x 8.30x 2.51%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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