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 97,242 - -
Change - -6.09% 32.45% 9.24% -39.86% 1.69% - -
Enterprise Value (EV) 1 129,733 123,112 148,726 161,507 111,245 108,497 102,612 97,696
Change - -5.1% 20.81% 8.59% -31.12% -2.47% -5.42% -4.79%
P/E 22.3x 22.2x 20.2x 19.9x 19.7x 21.4x 20.8x 21.7x
PBR 1.45x 1.31x 1.7x 1.77x 1.09x 1.13x 1.11x 1.11x
PEG - -4x 0.4x 1.8x -0.5x -3.21x 7.28x -5.21x
Capitalization / Revenue 1.15x 1.11x 1.51x 1.65x 1.05x 1.06x 1.06x 1.06x
EV / Revenue 1.28x 1.25x 1.55x 1.68x 1.23x 1.19x 1.12x 1.07x
EV / EBITDA 6.87x 6.8x 7.06x 8.15x 7.09x 7.71x 7.72x 7.74x
EV / EBIT 17x 16.7x 14.4x 16.1x 15.5x 16.9x 16x 15.2x
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% 3.73% 3.83% 3.67%
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 30.00 30.00 30.00
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 24/3/22 16/3/23 14/3/24 12/3/25 12/3/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.5x1.19x7.73x3.72% 3.06B
13.84x1.2x5.19x4.13% 7.97B
23.93x1.57x11.88x0.19% 5.52B
5.47x0.48x2.99x5.34% 5.2B
26.56x3.34x15.85x0.85% 4.38B
15.62x0.92x7.29x1.55% 2.73B
28.48x0.97x8.61x0.96% 2.26B
11.92x - - 2.25% 1.99B
10.68x - - - 1.48B
4.96x0.61x3.27x - 1.46B
Average 16.29x 1.28x 7.85x 2.37% 3.61B
Weighted average by Cap. 16.83x 1.37x 7.97x 2.65%

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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