HU LANE ASSOCIATE INC. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 155.5 TWD | +2.30% |
|
+3.67% | -2.20% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 8,711 | 11,361 | 13,952 | 14,400 | 15,845 | 15,496 | - |
| Enterprise Value (EV) 1 | 9,053 | 11,825 | 14,822 | 16,186 | 17,868 | 17,655 | 17,379 |
| P/E ratio | 18.9 x | 20.5 x | 17.7 x | 14.4 x | 17.6 x | 13.4 x | 11.7 x |
| Yield | 3.35% | 3.51% | 3.57% | - | - | 4.5% | 4.73% |
| Capitalization / Revenue | 2.3 x | 3.11 x | 2.82 x | 2.21 x | 2.16 x | 1.85 x | 1.69 x |
| EV / Revenue | 2.39 x | 3.24 x | 3 x | 2.48 x | 2.44 x | 2.11 x | 1.89 x |
| EV / EBITDA | 10.6 x | 12.2 x | 11.7 x | 11.4 x | 10.3 x | 8.71 x | 7.46 x |
| EV / FCF | 18 x | 163 x | 272 x | -59.2 x | -187 x | 26.6 x | 17.5 x |
| FCF Yield | 5.57% | 0.61% | 0.37% | -1.69% | -0.53% | 3.76% | 5.7% |
| Price to Book | 2.02 x | 2.47 x | 2.8 x | 2.59 x | 2.61 x | 2.47 x | 2.22 x |
| Nbr of stocks (in thousands) | 99,655 | 99,655 | 99,655 | 99,655 | 99,655 | 99,655 | - |
| Reference price 2 | 87.41 | 114.0 | 140.0 | 144.5 | 159.0 | 155.5 | 155.5 |
| Announcement Date | 3/27/20 | 3/25/21 | 3/31/22 | 3/24/23 | 3/15/24 | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,791 | 3,653 | 4,949 | 6,527 | 7,331 | 8,384 | 9,186 |
| EBITDA 1 | 854.7 | 968.2 | 1,272 | 1,422 | 1,734 | 2,028 | 2,330 |
| EBIT 1 | 591.5 | 693.6 | 967.6 | 1,038 | 1,221 | 1,583 | 1,787 |
| Operating Margin | 15.6% | 18.99% | 19.55% | 15.9% | 16.66% | 18.88% | 19.45% |
| Earnings before Tax (EBT) 1 | 562.8 | 679.9 | 955.8 | 1,258 | 1,205 | 1,598 | 1,811 |
| Net income 1 | 464.3 | 557.5 | 788.5 | 999.9 | 921.2 | 1,224 | 1,409 |
| Net margin | 12.25% | 15.26% | 15.93% | 15.32% | 12.57% | 14.6% | 15.34% |
| EPS 2 | 4.634 | 5.570 | 7.910 | 10.03 | 9.040 | 11.60 | 13.33 |
| Free Cash Flow 1 | 503.8 | 72.54 | 54.52 | -273.5 | -95.32 | 663 | 990.8 |
| FCF margin | 13.29% | 1.99% | 1.1% | -4.19% | -1.3% | 7.91% | 10.78% |
| FCF Conversion (EBITDA) | 58.95% | 7.49% | 4.29% | - | - | 32.7% | 42.52% |
| FCF Conversion (Net income) | 108.52% | 13.01% | 6.91% | - | - | 54.16% | 70.3% |
| Dividend per Share 2 | 2.927 | 4.000 | 5.000 | - | - | 7.000 | 7.348 |
| Announcement Date | 3/27/20 | 3/25/21 | 3/31/22 | 3/24/23 | 3/15/24 | - | - |
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 | 1,155 | 1,466 | 1,331 | 1,412 | 1,782 | 2,002 | 1,611 | 1,579 | 1,885 | 2,257 | 1,909 | 1,907 | 2,157 | 2,447 | 2,150 |
| EBITDA 1 | 273.3 | 325.4 | - | 280 | - | 450.4 | 384.5 | 328.8 | - | 570.4 | 473 | 441 | 519 | 625 | - |
| EBIT 1 | 196.1 | 244.8 | 208.9 | 186.1 | 299.1 | 343.7 | 269.1 | 198.9 | 319.2 | 434.4 | 343 | 335.2 | 406.7 | 498.5 | 390.8 |
| Operating Margin | 16.98% | 16.7% | 15.7% | 13.18% | 16.78% | 17.17% | 16.7% | 12.6% | 16.93% | 19.25% | 17.96% | 17.58% | 18.86% | 20.37% | 18.17% |
| Earnings before Tax (EBT) 1 | 201.5 | 257.6 | 258.7 | 179.6 | 508.5 | 311.1 | 280 | 158.3 | 374.6 | 391.6 | 346.2 | 338.6 | 418.6 | 499.6 | 397 |
| Net income 1 | 172.3 | 230.7 | 206.5 | 104.4 | 460.3 | 228.6 | 221.7 | 73.06 | 288.8 | 337.6 | 266.5 | 255.2 | 315.7 | 386.8 | 317 |
| Net margin | 14.92% | 15.74% | 15.52% | 7.4% | 25.83% | 11.42% | 13.77% | 4.63% | 15.32% | 14.96% | 13.96% | 13.38% | 14.64% | 15.81% | 14.74% |
| EPS 2 | 1.730 | 2.310 | 2.070 | 1.050 | 4.620 | 2.290 | 2.230 | 0.7300 | 2.690 | 3.690 | 2.545 | 2.445 | 3.010 | 3.695 | 2.823 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 11/5/21 | 3/31/22 | 5/12/22 | 8/10/22 | 11/11/22 | 3/24/23 | 5/15/23 | 8/7/23 | 11/14/23 | 3/15/24 | - | - | - | - | - |
1TWD in Million2TWD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Debt 1 | 342 | 464 | 871 | 1,786 | 2,023 | 2,159 | 1,882 |
| Net Cash position 1 | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.3998 x | 0.4794 x | 0.6847 x | 1.257 x | 1.167 x | 1.065 x | 0.8077 x |
| Free Cash Flow 1 | 504 | 72.5 | 54.5 | -273 | -95.3 | 663 | 991 |
| ROE (net income / shareholders' equity) | 10.8% | 12.5% | 16.4% | 19% | 15.9% | 18.6% | 19.8% |
| ROA (Net income/ Total Assets) | 6.83% | 8.05% | 10.4% | 10.4% | 8.17% | 9.89% | 10.8% |
| Assets 1 | 6,799 | 6,923 | 7,615 | 9,586 | 11,280 | 12,374 | 13,002 |
| Book Value Per Share 2 | 43.30 | 46.20 | 50.00 | 55.70 | 60.90 | 62.90 | 70.10 |
| Cash Flow per Share 2 | 10.40 | 6.050 | 5.920 | 7.920 | 13.90 | 13.40 | 14.40 |
| Capex 1 | 539 | 533 | 591 | 1,065 | 1,528 | 667 | 660 |
| Capex / Sales | 14.21% | 14.6% | 11.95% | 16.32% | 20.84% | 7.95% | 7.18% |
| Announcement Date | 3/27/20 | 3/25/21 | 3/31/22 | 3/24/23 | 3/15/24 | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
155.5
TWD
Average target price
186.5
TWD
Spread / Average Target
+19.94%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -2.20% | 464M | |
| +1.65% | 42.94B | |
| +154.08% | 4.73B | |
| +6.89% | 2.92B | |
| -2.48% | 2.7B | |
| +98.16% | 1.16B | |
| -2.92% | 1.04B | |
| -31.00% | 1.04B | |
| +62.80% | 1.03B | |
| -15.04% | 900M |
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- Financials Hu Lane Associate Inc.
