Company Valuation: Vietnam Rubber Industry Group -

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2023 2024 2025 2026 2027 2028
Market Cap 1 14,78,00,000 8,48,00,000 12,14,00,000 10,48,00,000 12,68,00,000 - -
Change - - 43.16% -13.67% 20.99% - -
Enterprise Value (EV) 14,78,00,000 8,48,00,000 12,14,00,000 10,48,00,000 12,68,00,000 12,68,00,000 12,68,00,000
Change - - 43.16% -13.67% 20.99% 0% 0%
P/E - 43.7x 23.5x 21x 17.8x 16.5x 16.4x
PBR - - 2.29x 1.86x 1.94x 1.77x 1.56x
PEG - - 0x -6.94x 0.4x 2.11x 66.44x
Capitalization / Revenue - 3.83x 4.62x 3.6x 3.92x 3.91x 3.72x
EV / Revenue - 0x 0x 0x 3.92x 3.91x 3.72x
EV / EBITDA 0x 0x 0x 0x 14.2x 14.6x 12.6x
EV / EBIT - 0x 0x 0x 21x 20.9x 18.8x
EV / FCF - - - - 22.3x 20.8x 18.9x
FCF Yield - - - - 4.48% 4.8% 5.3%
Dividend per Share 2 600 - - - 1,000 766.7 766.7
Rate of return 1.62% - - - 3.15% 2.42% 2.42%
EPS 2 - 485 1,289 1,250 1,784 1,924 1,929
Distribution rate - - - - 56% 39.8% 39.7%
Net sales 1 - 2,21,38,403 2,62,54,333 2,90,78,056 3,23,38,200 3,24,61,000 3,40,62,667
EBITDA 1 74,98,877 49,95,423 68,39,690 80,68,273 89,05,000 86,89,667 1,00,28,000
EBIT 1 - 25,06,997 42,13,868 49,65,910 60,43,600 60,55,000 67,34,333
Net income 1 - 26,23,175 42,13,320 53,18,552 69,70,750 75,17,667 74,33,000
Net Debt - - - - - - -
Reference price 2 36,950.00 21,200.00 30,350.00 26,200.00 31,700.00 31,700.00 31,700.00
Nbr of stocks (in thousands) 40,00,000 40,00,000 40,00,000 40,00,000 40,00,000 - -
Announcement Date 05/04/22 20/03/24 26/01/25 29/03/26 - - -
1VND in Million2VND
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.85x - - 3.14% 489.16Cr
12.97x0.99x5.23x3.54% 3.05TCr
13.71x1x5.59x4% 2.64TCr
8.07x1.11x5.26x3.49% 695.59Cr
10.83x1.1x6.28x2.74% 668.13Cr
9.51x - - 3.2% 612.4Cr
7.57x0.81x3.92x3.89% 368.66Cr
9.28x0.63x5.15x4.36% 341.98Cr
35.54x1.91x10.73x1.88% 260.78Cr
5.71x0.34x3.09x3.3% 222.5Cr
Average 13.10x 0.98x 5.66x 3.35% 935.32Cr
Weighted average by Cap. 12.80x 1.00x 5.49x 3.56%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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