Company Valuation: Tay Ninh Rubber

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 10,60,150 13,09,169 8,88,312 9,05,788 15,66,925 23,10,000
Change - 23.49% -32.15% 1.97% 72.99% 47.42%
Enterprise Value (EV) 1 11,80,882 14,62,407 10,64,703 10,09,024 13,52,844 18,28,705
Change - 23.84% -27.2% -5.23% 34.07% 35.17%
P/E 11.5x 13.5x 16.8x 13.4x 7.08x 9.04x
PBR 0.68x 0.84x 0.56x 0.55x 0.83x 1.09x
PEG - 2.52x -0.4x 0.5x 0x 0.7x
Capitalization / Revenue 2.93x 3.14x 1.7x 1.61x 2.11x 2.74x
EV / Revenue 3.27x 3.5x 2.03x 1.79x 1.82x 2.17x
EV / EBITDA 18.7x 16x 10.1x 9.36x 5.09x 6.92x
EV / EBIT 32.8x 23.6x 16.1x 16.4x 6.38x 9.73x
EV / FCF 181x 177x 32x 19x 5.31x 6.46x
FCF Yield 0.55% 0.57% 3.13% 5.26% 18.8% 15.5%
Dividend per Share 2 1,900 1,900 1,000 900 2,500 -
Rate of return 5.22% 4.23% 3.28% 2.89% 4.65% -
EPS 2 3,168 3,338 1,821 2,321 7,598 8,521
Distribution rate 60% 56.9% 54.9% 38.8% 32.9% -
Net sales 1 3,61,522 4,17,464 5,23,464 5,62,679 7,44,135 8,43,795
EBITDA 1 63,287 91,536 1,04,963 1,07,834 2,65,793 2,64,252
EBIT 1 35,950 61,847 66,161 61,625 2,12,196 1,87,859
Net income 1 92,280 97,218 74,991 67,591 2,21,285 2,50,577
Net Debt 1 1,20,732 1,53,238 1,76,391 1,03,237 -2,14,081 -4,81,295
Reference price 2 36,400.00 44,950.00 30,500.00 31,100.00 53,800.00 77,000.00
Nbr of stocks (in thousands) 29,125 29,125 29,125 29,125 29,125 30,000
Announcement Date 23/02/21 24/02/22 10/03/23 28/02/24 27/02/25 26/03/26
1VND in Million2VND
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 9.23Cr
83.83x - - - 316.82Cr
6.53x - - 5.51% 33Cr
Average 45.18x 5.51% 119.61Cr
Weighted average by Cap. 76.59x 5.51%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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