Stock 2546 KEDGE CONSTRUCTION CO., LTD.
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Financials Kedge Construction Co., Ltd.

Equities

2546

TW0002546009

Construction & Engineering

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
108 TWD +4.35% Intraday chart for Kedge Construction Co., Ltd. +5.37% +35.17%
Mar. 13 Kedge Construction Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Kedge Construction Co., Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 2,889 3,987 5,212 5,265 6,007 9,646
Enterprise Value (EV) 1 1,465 1,522 1,188 1,235 1,451 4,403
P/E ratio 7.11 x 9.92 x 8.37 x 7.17 x 5.82 x 9.85 x
Yield 11% 7.98% 7.32% 5.24% 8.06% 5.01%
Capitalization / Revenue 0.25 x 0.35 x 0.37 x 0.49 x 0.42 x 0.67 x
EV / Revenue 0.13 x 0.13 x 0.08 x 0.11 x 0.1 x 0.31 x
EV / EBITDA 2.91 x 3.23 x 1.52 x 1.38 x 1.12 x 3.65 x
EV / FCF -5.3 x 1.23 x 0.7 x 7.73 x 2.63 x 4.72 x
FCF Yield -18.9% 81.1% 143% 12.9% 38% 21.2%
Price to Book 1.14 x 1.45 x 1.7 x 1.5 x 1.43 x 2.01 x
Nbr of stocks (in thousands) 120,722 120,722 120,722 120,722 120,722 120,722
Reference price 2 23.94 33.03 43.17 43.61 49.76 79.90
Announcement Date 3/28/19 3/31/20 3/31/21 3/25/22 3/15/23 3/13/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 11,429 11,462 14,131 10,772 14,205 14,292
EBITDA 1 503.6 471.2 779.7 892.6 1,298 1,207
EBIT 1 502.8 470.4 769.8 875.7 1,282 1,170
Operating Margin 4.4% 4.1% 5.45% 8.13% 9.03% 8.19%
Earnings before Tax (EBT) 1 517.2 499.9 782.2 923 1,326 1,255
Net income 1 407.5 402.3 626.4 740.5 1,048 990.3
Net margin 3.57% 3.51% 4.43% 6.87% 7.38% 6.93%
EPS 2 3.364 3.329 5.156 6.078 8.551 8.110
Free Cash Flow 1 -276.6 1,234 1,704 159.7 551.4 933.6
FCF margin -2.42% 10.76% 12.06% 1.48% 3.88% 6.53%
FCF Conversion (EBITDA) - 261.88% 218.56% 17.89% 42.49% 77.32%
FCF Conversion (Net income) - 306.68% 272.01% 21.57% 52.61% 94.27%
Dividend per Share 2 2.635 2.635 3.162 2.284 4.010 4.000
Announcement Date 3/28/19 3/31/20 3/31/21 3/25/22 3/15/23 3/13/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 1,425 2,465 4,024 4,030 4,556 5,243
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 -277 1,234 1,704 160 551 934
ROE (net income / shareholders' equity) 16.7% 15.3% 21.6% 22.5% 27.2% 22%
ROA (Net income/ Total Assets) 4.63% 3.85% 5.43% 5.85% 7.6% 6%
Assets 1 8,807 10,443 11,530 12,658 13,782 16,512
Book Value Per Share 2 21.00 22.70 25.40 29.10 34.70 39.80
Cash Flow per Share 2 11.00 20.90 34.00 33.30 41.00 43.60
Capex - - 80.7 3.88 21.1 15.2
Capex / Sales - - 0.57% 0.04% 0.15% 0.11%
Announcement Date 3/28/19 3/31/20 3/31/21 3/25/22 3/15/23 3/13/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Construction & Engineering

1st Jan change Capi.
KEDGE CONSTRUCTION CO., LTD. Stock Kedge Construction Co., Ltd.
+35.17% 400M
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