Financials BES Engineering Corporation

Equities

2515

TW0002515004

Construction & Engineering

End-of-day quote Taiwan S.E. 06:00:00 2024-05-23 pm EDT 5-day change 1st Jan Change
15.65 TWD +1.95% Intraday chart for BES Engineering Corporation -3.99% +17.67%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 10,900 11,910 15,309 13,870 12,462 20,361
Enterprise Value (EV) 1 19,092 19,547 22,280 19,660 19,312 33,119
P/E ratio 30 x 38.9 x 25 x 5.21 x 15.2 x 32.6 x
Yield 2.77% 2.58% 2.33% 5.89% 6.46% 3.91%
Capitalization / Revenue 0.99 x 0.95 x 1.14 x 0.81 x 0.83 x 1.07 x
EV / Revenue 1.73 x 1.55 x 1.65 x 1.14 x 1.28 x 1.75 x
EV / EBITDA 39.7 x 31.2 x 48.4 x -71.9 x 23.1 x 32.7 x
EV / FCF -9.21 x -25 x 16.8 x -17.8 x -47 x -4.59 x
FCF Yield -10.9% -4.01% 5.95% -5.62% -2.13% -21.8%
Price to Book 0.55 x 0.6 x 0.75 x 0.61 x 0.55 x 0.91 x
Nbr of stocks (in thousands) 1,530,899 1,530,899 1,530,899 1,530,899 1,530,900 1,530,900
Reference price 2 7.120 7.780 10.00 9.060 8.140 13.30
Announcement Date 3/29/19 3/31/20 3/26/21 3/22/22 3/15/23 3/15/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 11,062 12,591 13,471 17,197 15,093 18,959
EBITDA 1 480.7 625.7 460.3 -273.5 834.3 1,014
EBIT 1 352.5 509.7 375 -358.6 753.4 931.6
Operating Margin 3.19% 4.05% 2.78% -2.09% 4.99% 4.91%
Earnings before Tax (EBT) 1 224.9 417.7 793.2 2,478 1,001 781.3
Net income 1 363.3 312.9 619 2,677 821.3 624.7
Net margin 3.28% 2.49% 4.59% 15.57% 5.44% 3.3%
EPS 2 0.2373 0.2000 0.4000 1.740 0.5365 0.4081
Free Cash Flow 1 -2,073 -783 1,326 -1,106 -411.1 -7,217
FCF margin -18.74% -6.22% 9.85% -6.43% -2.72% -38.07%
FCF Conversion (EBITDA) - - 288.1% - - -
FCF Conversion (Net income) - - 214.27% - - -
Dividend per Share 2 0.1970 0.2010 0.2330 0.5340 0.5260 0.5200
Announcement Date 3/29/19 3/31/20 3/26/21 3/22/22 3/15/23 3/15/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 8,192 7,637 6,971 5,790 6,850 12,758
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 17.04 x 12.21 x 15.14 x -21.17 x 8.211 x 12.59 x
Free Cash Flow 1 -2,073 -783 1,326 -1,106 -411 -7,217
ROE (net income / shareholders' equity) 1.78% 1.54% 2.96% 12.3% 3.53% 2.72%
ROA (Net income/ Total Assets) 0.57% 0.77% 0.55% -0.5% 1.01% 1.15%
Assets 1 64,171 40,767 112,681 -538,691 81,310 54,290
Book Value Per Share 2 13.00 13.00 13.30 14.90 14.80 14.70
Cash Flow per Share 2 0.6800 1.750 1.600 1.960 2.740 2.370
Capex 1 91.3 31.5 57.8 63.1 44.2 187
Capex / Sales 0.83% 0.25% 0.43% 0.37% 0.29% 0.99%
Announcement Date 3/29/19 3/31/20 3/26/21 3/22/22 3/15/23 3/15/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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