Company Valuation: Cheng Shin Rubber Ind. Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 117,015 109,884 145,540 158,991 95,622 102,267 - -
Change - -6.09% 32.45% 9.24% -39.86% 6.95% - -
Enterprise Value (EV) 1 129,733 123,112 148,726 161,507 111,245 113,521 107,636 102,720
Change - -5.1% 20.81% 8.59% -31.12% 2.05% -5.18% -4.57%
P/E 22.3x 22.2x 20.2x 19.9x 19.7x 22.5x 21.9x 22.9x
PBR 1.45x 1.31x 1.7x 1.77x 1.09x 1.19x 1.17x 1.16x
PEG - -4x 0.4x 1.8x -0.5x -3.38x 7.66x -5.5x
Capitalization / Revenue 1.15x 1.11x 1.51x 1.65x 1.05x 1.12x 1.12x 1.12x
EV / Revenue 1.28x 1.25x 1.55x 1.68x 1.23x 1.24x 1.18x 1.12x
EV / EBITDA 6.87x 6.8x 7.06x 8.15x 7.09x 8.07x 8.1x 8.14x
EV / EBIT 17x 16.7x 14.4x 16.1x 15.5x 17.7x 16.8x 16x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 1.2 1.4 2 2.4 1.8 1.12 1.15 1.1
Rate of return 3.32% 4.13% 4.45% 4.89% 6.1% 3.55% 3.65% 3.49%
EPS 2 1.62 1.53 2.22 2.47 1.5 1.4 1.44 1.38
Distribution rate 74.1% 91.5% 90.1% 97.2% 120% 80% 79.9% 79.7%
Net sales 1 101,537 98,623 96,201 96,247 90,781 91,556 91,555 91,637
EBITDA 1 18,896 18,096 21,058 19,828 15,688 14,069 13,287 12,618
EBIT 1 7,654 7,374 10,358 10,012 7,155 6,409 6,409 6,415
Net income 5,270 4,961 7,182 8,017 4,854 - - -
Net Debt 1 12,718 13,228 3,187 2,516 15,623 11,254 5,369 453.8
Reference price 2 36.10 33.90 44.90 49.05 29.50 31.55 31.55 31.55
Nbr of stocks (in thousands) 3,241,416 3,241,416 3,241,416 3,241,416 3,241,416 3,241,416 - -
Announcement Date 3/24/22 A 3/16/23 A 3/14/24 A 3/12/25 A 3/12/26 A - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.54x1.24x8.07x3.55% 3.21B
14.36x1.24x5.33x3.98% 8.4B
25.48x1.67x12.63x0.17% 5.88B
6.01x0.52x3.29x4.75% 5.81B
28.73x3.57x16.94x0.75% 4.75B
16.73x0.97x7.72x1.51% 2.92B
14.35x0.96x7.28x2.7% 2.37B
9.27x - - 5.21% 2.16B
10.25x - - - 1.52B
25.74x0.95x9.24x0.81% 1.51B
Average 17.35x 1.39x 8.81x 2.6% 3.85B
Weighted average by Cap. 17.43x 1.45x 8.56x 2.71%

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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