Financials Formosa Chemicals & Fibre Corporation

Equities

1326

TW0001326007

Commodity Chemicals

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
53.9 ^TWD	-0.19%		+2.86%	-13.48%

Apr. 10	Formosa Chemicals & Fibre Corporation Reports Consolidated Operating Revenue Results for the Month of March 2024	CI
Mar. 11	Formosa Chemicals & Fibre Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	510,318	495,412	472,601	412,356	364,394	315,262	-	-
Enterprise Value (EV) ¹	481,607	458,178	434,574	421,906	390,413	374,350	348,927	368,167
P/E ratio	17.2 x	25.4 x	12.3 x	56 x	42.7 x	30.3 x	18.4 x	12 x
Yield	4.34%	2.95%	5.94%	1.35%	2.01%	2.4%	4.02%	6.84%
Capitalization / Revenue	1.62 x	1.96 x	1.29 x	1.09 x	1.1 x	0.9 x	0.89 x	1 x
EV / Revenue	1.53 x	1.81 x	1.19 x	1.11 x	1.17 x	1.07 x	0.99 x	1.17 x
EV / EBITDA	13.8 x	14.2 x	8.29 x	32 x	27.1 x	18.5 x	12.9 x	9.6 x
EV / FCF	11.5 x	15 x	19.2 x	43.2 x	-162 x	65 x	32.1 x	-
FCF Yield	8.73%	6.66%	5.2%	2.31%	-0.62%	1.54%	3.12%	-
Price to Book	1.44 x	1.44 x	1.21 x	1.27 x	1.08 x	0.91 x	0.91 x	0.79 x
Nbr of stocks (in thousands)	5,832,204	5,849,016	5,849,016	5,849,016	5,849,017	5,849,017	-	-
Reference price ²	87.50	84.70	80.80	70.50	62.30	53.90	53.90	53.90
Announcement Date	3/12/20	3/12/21	1/10/22	3/6/23	3/11/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	315,499	253,295	365,810	379,897	332,620	351,029	354,165	315,045
EBITDA ¹	34,973	32,358	52,426	13,178	14,413	20,248	27,116	38,358
EBIT ¹	16,490	15,324	34,433	-5,286	-3,050	3,141	9,722	17,924
Operating Margin	5.23%	6.05%	9.41%	-1.39%	-0.92%	0.89%	2.75%	5.69%
Earnings before Tax (EBT) ¹	37,107	24,768	50,120	9,590	7,386	9,876	25,371	33,515
Net income ¹	29,702	19,544	38,340	7,360	8,549	10,012	18,653	26,253
Net margin	9.41%	7.72%	10.48%	1.94%	2.57%	2.85%	5.27%	8.33%
EPS ²	5.090	3.340	6.560	1.260	1.460	1.780	2.925	4.500
Free Cash Flow ¹	42,040	30,531	22,577	9,761	-2,417	5,762	10,876	-
FCF margin	13.32%	12.05%	6.17%	2.57%	-0.73%	1.64%	3.07%	-
FCF Conversion (EBITDA)	120.21%	94.35%	43.06%	74.07%	-	28.46%	40.11%	-
FCF Conversion (Net income)	141.54%	156.22%	58.89%	132.63%	-	57.55%	58.31%	-
Dividend per Share ²	3.800	2.500	4.800	0.9500	1.250	1.292	2.167	3.688
Announcement Date	3/12/20	3/12/21	1/10/22	3/6/23	3/11/24	-	-	-

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	2025 Q1
Net sales ¹	91,126	94,660	95,399	107,791	90,739	85,968	83,029	75,169	86,824	87,598	79,012	83,344	83,667	83,411	68,650
EBITDA ¹	-	8,169	8,673	-	-1,744	6.798	-	-	6,326	4,908	3,797	5,094	6,618	6,492	-
EBIT ¹	5,401	3,279	4,328	1,833	-6,176	-5,271	-2,305	-3,153	2,066	341.8	-430	-	-	-	4,073
Operating Margin	5.93%	3.46%	4.54%	1.7%	-6.81%	-6.13%	-2.78%	-4.2%	2.38%	0.39%	-0.54%	-	-	-	5.93%
Earnings before Tax (EBT) ¹	11,688	5,180	8,170	8,563	1,699	-8,842	-1,134	1,592	7,415	-487	1,457	3,388	2,488	1,732	8,356
Net income ¹	9,518	3,540	6,000	6,309	2,495	-7,505	-767.8	1,697	7,501	118.3	144	2,996	2,466	1,924	6,546
Net margin	10.44%	3.74%	6.29%	5.85%	2.75%	-8.73%	-0.92%	2.26%	8.64%	0.14%	0.18%	3.59%	2.95%	2.31%	9.53%
EPS ²	1.710	0.6100	1.030	1.080	0.4300	-1.280	-0.1300	0.2900	1.280	0.0200	0.1700	0.4100	0.3000	0.2100	1.119
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	3.230	-	-
Announcement Date	11/5/21	1/10/22	4/11/22	8/5/22	11/4/22	3/6/23	5/5/23	8/4/23	11/3/23	3/11/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	9,550	26,020	59,088	33,665	52,905
Net Cash position ¹	28,711	37,234	38,026	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.7247 x	1.805 x	2.918 x	1.242 x	1.379 x
Free Cash Flow ¹	42,040	30,531	22,577	9,761	-2,417	5,762	10,877	-
ROE (net income / shareholders' equity)	8.18%	5.58%	10.4%	2.05%	2.57%	2.81%	4.34%	7.32%
ROA (Net income/ Total Assets)	5.2%	3.61%	6.79%	1.28%	1.52%	1.61%	2.7%	-
Assets ¹	571,025	541,179	564,798	576,942	560,706	621,846	690,669	-
Book Value Per Share ²	60.80	58.80	66.70	55.60	57.80	59.10	59.30	68.60
Cash Flow per Share ²	10.10	7.900	6.620	5.600	3.140	3.450	4.100	-
Capex ¹	16,972	15,682	16,152	22,971	20,781	16,382	17,338	15,000
Capex / Sales	5.38%	6.19%	4.42%	6.05%	6.25%	4.67%	4.9%	4.76%
Announcement Date	3/12/20	3/12/21	1/10/22	3/6/23	3/11/24	-	-	-

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 Formosa Chemicals & Fibre Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

53.9 TWD

Average target price

58.61 TWD

Spread / Average Target

+8.74%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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