Financials Chailease Holding Company Limited

Equities

5871

KYG202881093

Corporate Financial Services

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
168 ^TWD	-1.75%		0.00%	-12.95%

Feb. 27	Chailease Holding Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Feb. 26	Transcript : Chailease Holding Company Limited, Q4 2023 Earnings Call, Feb 26, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	183,292	232,063	421,704	343,492	311,612	271,248	-	-
Enterprise Value (EV) ¹	519,538	587,571	834,702	842,620	311,612	971,614	1,089,866	1,150,583
P/E ratio	11.8 x	13.8 x	17.8 x	12.8 x	12.7 x	9.56 x	8.44 x	7.4 x
Yield	3.33%	2.98%	2.28%	2.95%	-	3.95%	4.59%	5.26%
Capitalization / Revenue	3.1 x	3.9 x	5.84 x	3.97 x	3.2 x	2.51 x	2.26 x	2.01 x
EV / Revenue	8.79 x	9.88 x	11.6 x	9.73 x	3.2 x	9.01 x	9.09 x	8.53 x
EV / EBITDA	21.1 x	20.8 x	21.5 x	19.4 x	7.7 x	18.3 x	18.4 x	17.3 x
EV / FCF	62.8 x	52.1 x	26.6 x	56 x	-	18.3 x	18.4 x	17.3 x
FCF Yield	1.59%	1.92%	3.76%	1.79%	-	5.46%	5.42%	5.78%
Price to Book	2.63 x	2.47 x	3.49 x	2.43 x	-	1.69 x	1.49 x	1.32 x
Nbr of stocks (in thousands)	1,553,372	1,553,372	1,714,022	1,614,572	1,614,572	1,614,572	-	-
Reference price ²	118.0	149.4	246.0	212.7	193.0	168.0	168.0	168.0
Announcement Date	3/24/20	3/24/21	2/24/22	2/24/23	2/27/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	59,132	59,478	72,160	86,608	97,526	107,856	119,947	134,881
EBITDA ¹	24,611	28,256	38,804	43,466	40,486	53,014	59,089	66,499
EBIT ¹	20,762	23,676	33,485	36,971	32,931	40,846	49,832	58,187
Operating Margin	35.11%	39.81%	46.4%	42.69%	33.77%	37.87%	41.54%	43.14%
Earnings before Tax (EBT) ¹	21,747	24,665	34,654	39,326	36,213	39,701	47,048	52,928
Net income ¹	15,469	16,857	21,644	27,222	25,034	28,470	32,152	36,699
Net margin	26.16%	28.34%	29.99%	31.43%	25.67%	26.4%	26.8%	27.21%
EPS ²	9.961	10.85	13.82	16.63	15.15	17.58	19.90	22.72
Free Cash Flow ¹	8,268	11,278	31,412	15,056	-	53,014	59,089	66,499
FCF margin	13.98%	18.96%	43.53%	17.38%	-	49.15%	49.26%	49.3%
FCF Conversion (EBITDA)	33.6%	39.91%	80.95%	34.64%	-	100%	100%	100%
FCF Conversion (Net income)	53.45%	66.91%	145.13%	55.31%	-	186.21%	183.78%	181.2%
Dividend per Share ²	3.933	4.446	5.602	6.275	-	6.644	7.708	8.833
Announcement Date	3/24/20	3/24/21	2/24/22	2/24/23	2/27/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	18,311	19,391	19,926	21,167	22,309	23,207	23,140	24,137	25,185	25,064	25,372	26,825	27,676	28,259
EBITDA ¹	9,928	10,342	-	-	11,339	10,080	10,182	10,096	-	9,730	11,036	12,146	12,824	13,394
EBIT ¹	8,585	8,929	-	-	9,731	8,296	8,468	8,162	8,546	7,756	8,612	9,338	9,744	9,863
Operating Margin	46.88%	46.05%	-	-	43.62%	35.75%	36.59%	33.81%	33.93%	30.94%	33.94%	34.81%	35.21%	34.9%
Earnings before Tax (EBT) ¹	8,852	9,040	-	-	9,979	9,069	9,877	9,088	9,040	8,207	9,432	9,765	10,126	10,660
Net income ¹	5,528	5,615	-	-	7,010	6,128	6,890	6,174	6,232	5,737	6,632	6,844	7,152	7,540
Net margin	30.19%	28.96%	-	-	31.42%	26.41%	29.77%	25.58%	24.75%	22.89%	26.14%	25.51%	25.84%	26.68%
EPS ²	3.567	3.613	4.613	-	4.304	3.725	4.265	3.470	3.810	3.550	4.013	4.233	4.413	4.673
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/12/21	2/24/22	5/12/22	8/29/22	11/11/22	2/24/23	5/10/23	8/29/23	11/10/23	2/27/24	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	336,247	355,508	412,998	499,128	-	700,366	818,618	879,335
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	13.66 x	12.58 x	10.64 x	11.48 x	-	13.21 x	13.85 x	13.22 x
Free Cash Flow ¹	8,268	11,278	31,412	15,056	-	53,014	59,089	66,499
ROE (net income / shareholders' equity)	23.6%	20.4%	21.1%	21.7%	-	18.3%	18.6%	18.6%
ROA (Net income/ Total Assets)	3.45%	3.09%	3.31%	3.42%	-	3.67%	3.53%	3.9%
Assets ¹	448,858	545,329	653,278	795,213	-	776,450	910,985	941,000
Book Value Per Share ²	44.90	60.40	70.60	87.50	-	99.70	113.0	127.0
Cash Flow per Share ²	-	7.380	20.70	9.320	-	32.80	36.60	41.20
Capex ¹	249	180	754	203	-	377	-	-
Capex / Sales	0.42%	0.3%	1.05%	0.23%	-	0.35%	-	-
Announcement Date	3/24/20	3/24/21	2/24/22	2/24/23	2/27/24	-	-	-

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Chailease Holding Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

168 TWD

Average target price

210.4 TWD

Spread / Average Target

+25.25%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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