Company Valuation: Thai Rubber Latex Group

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,131 2,028 1,537 1,055 826 515.2
Change - 79.28% -24.19% -31.38% -21.71% -37.62%
Enterprise Value (EV) 1 6,063 5,252 4,793 5,031 5,148 4,065
Change - -13.38% -8.73% 4.96% 2.33% -21.04%
P/E 46.8x 2.95x 5.89x -2.91x -3.76x -2.86x
PBR 0.49x 0.57x 0.43x 0.35x 0.29x 0.18x
PEG - 0x -0.1x 0x 0.1x 0.2x
Capitalization / Revenue 0.17x 0.22x 0.17x 0.16x 0.11x 0.08x
EV / Revenue 0.89x 0.56x 0.52x 0.76x 0.67x 0.64x
EV / EBITDA 23.3x 4.77x 6.22x 70.5x 17.8x 13.7x
EV / EBIT 961x 6.01x 9.52x -22.1x -397x -412x
EV / FCF -71.7x 21.2x 63x -10.7x -24.5x 5.29x
FCF Yield -1.4% 4.71% 1.59% -9.36% -4.08% 18.9%
Dividend per Share 2 - 0.1459 0.1168 - - 0.003
Rate of return - 6.05% 6.39% - - 0.49%
EPS 2 0.0345 0.8184 0.3106 -0.431 -0.2617 -0.214
Distribution rate - 17.8% 37.6% - - -1.4%
Net sales 1 6,848 9,333 9,228 6,604 7,648 6,342
EBITDA 1 260.6 1,102 770.3 71.37 289.9 296.8
EBIT 1 6.309 873.4 503.4 -227.9 -12.96 -9.868
Net income 1 24.16 607.1 261.1 -362.2 -220 -178.5
Net Debt 1 4,931 3,224 3,256 3,976 4,322 3,550
Reference price 2 1.615 2.413 1.829 1.255 0.983 0.613
Nbr of stocks (in thousands) 7,00,425 8,40,510 8,40,510 8,40,510 8,40,510 8,40,510
Announcement Date 01/03/21 24/02/22 22/02/23 22/02/24 03/03/25 28/02/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 2.65Cr
13.34x0.99x5.36x3.56% 2.84TCr
13.58x1.02x5.64x3.9% 2.67TCr
9.55x1.22x5.96x3% 707.61Cr
9.83x1x5.84x2.88% 615.21Cr
9.39x - - 3.24% 613.34Cr
15.32x - - 3.82% 398.04Cr
8.94x0.9x4.11x3.56% 375.45Cr
9.85x0.64x5.04x4.14% 343.53Cr
33.88x1.82x10.32x1.98% 235.25Cr
Average 13.74x 1.08x 6.04x 3.34% 880.11Cr
Weighted average by Cap. 12.90x 1.03x 5.62x 3.54%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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