Stock 9914 MERIDA INDUSTRY CO., LTD.
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Financials Merida Industry Co., Ltd.

Equities

9914

TW0009914002

Recreational Products

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-28 pm EDT 		5-day change 1st Jan Change
239.5 TWD +1.48% Intraday chart for Merida Industry Co., Ltd. +6.21% +31.23%
Mar. 15 Merida Industry Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Merida Industry Co., Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 52,771 70,560 97,917 49,930 54,565 71,607 - -
Enterprise Value (EV) 1 50,816 67,728 97,488 50,420 58,310 69,160 64,950 71,607
P/E ratio 21.2 x 17.8 x 21.1 x 14.7 x 32.2 x 23.5 x 20.1 x 17.5 x
Yield 2.38% 2.97% 2.44% 4.19% 3.29% 2.2% 2.76% 3.02%
Capitalization / Revenue 1.87 x 2.61 x 3.33 x 1.35 x 2 x 2.45 x 2.16 x 2.1 x
EV / Revenue 1.8 x 2.5 x 3.32 x 1.36 x 2.14 x 2.36 x 1.96 x 2.1 x
EV / EBITDA 25.6 x 31.3 x 52 x 13.4 x 15.7 x 20 x 17.1 x 17.4 x
EV / FCF 55.2 x 40.9 x 153 x 31.7 x - 29.7 x 29.7 x -
FCF Yield 1.81% 2.45% 0.65% 3.16% - 3.37% 3.36% -
Price to Book 3.85 x 4.43 x 5.51 x 2.43 x 2.66 x 3.33 x 2.89 x 2.85 x
Nbr of stocks (in thousands) 298,984 298,984 298,984 298,984 298,984 298,984 - -
Reference price 2 176.5 236.0 327.5 167.0 182.5 239.5 239.5 239.5
Announcement Date 3/29/20 3/29/21 3/23/22 3/31/23 3/15/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 28,243 27,072 29,391 37,003 27,261 29,280 33,212 34,045
EBITDA 1 1,982 2,160 1,874 3,767 3,721 3,452 3,790 4,113
EBIT 1 1,711 1,884 1,589 3,437 3,386 3,228 3,612 3,831
Operating Margin 6.06% 6.96% 5.41% 9.29% 12.42% 11.02% 10.88% 11.25%
Earnings before Tax (EBT) 1 3,204 5,241 6,205 4,498 2,750 3,890 4,751 4,992
Net income 1 2,502 3,993 4,650 3,389 1,692 2,748 3,514 3,838
Net margin 8.86% 14.75% 15.82% 9.16% 6.21% 9.39% 10.58% 11.27%
EPS 2 8.330 13.27 15.55 11.34 5.660 10.19 11.91 13.67
Free Cash Flow 1 921.1 1,657 636.7 1,591 - 2,328 2,184 -
FCF margin 3.26% 6.12% 2.17% 4.3% - 7.95% 6.58% -
FCF Conversion (EBITDA) 46.48% 76.72% 33.97% 42.23% - 67.44% 57.62% -
FCF Conversion (Net income) 36.81% 41.51% 13.69% 46.94% - 84.71% 62.14% -
Dividend per Share 2 4.200 7.000 8.000 7.000 6.000 5.274 6.621 7.232
Announcement Date 3/29/20 3/29/21 3/23/22 3/31/23 3/15/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 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 7,508 6,572 8,156 8,809 16,964 9,428 10,611 8,387 7,459 6,688 4,727 5,535 7,383 8,748 8,892 7,398
EBITDA 1 558.5 345.4 641.6 857.3 - 1,035 1,233 1,050 1,064 951.5 655.8 884.9 938.8 - - -
EBIT 1 489.3 270 562 774.1 - 952.2 1,149 966.8 979.1 866.7 573.4 565.6 813.4 995.8 915.4 683.8
Operating Margin 6.52% 4.11% 6.89% 8.79% - 10.1% 10.83% 11.53% 13.13% 12.96% 12.13% 10.22% 11.02% 11.38% 10.29% 9.24%
Earnings before Tax (EBT) 1 1,617 1,794 1,571 1,293 - 1,228 406.5 844.1 1,123 1,079 -296.5 612.1 991.1 1,232 1,044 923
Net income 1 1,218 1,390 1,207 952.9 - 924.5 304.5 565.2 671.8 758.3 -303.4 435.4 685.9 880.9 763 757.2
Net margin 16.22% 21.15% 14.8% 10.82% - 9.81% 2.87% 6.74% 9.01% 11.34% -6.42% 7.87% 9.29% 10.07% 8.58% 10.23%
EPS 2 4.060 4.690 4.010 3.180 - 3.080 1.020 1.890 2.240 2.540 -1.010 1.433 2.110 2.841 2.785 2.465
Dividend per Share 7.000 8.000 - - - - - - - - - - - - - -
Announcement Date 11/12/21 3/23/22 5/12/22 8/12/22 8/12/22 11/14/22 3/31/23 5/13/23 8/11/23 11/13/23 3/15/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - 490 3,746 - - -
Net Cash position 1 1,954 2,833 429 - - 2,446 6,657 -
Leverage (Debt/EBITDA) - - - 0.1299 x 1.007 x - - -
Free Cash Flow 1 921 1,657 637 1,591 - 2,328 2,184 -
ROE (net income / shareholders' equity) 18.9% 26.8% 27.5% 17.7% 8.23% 14.1% 14.8% 16.6%
ROA (Net income/ Total Assets) 10.3% 14.4% 14.3% 8.68% 4.19% 6.47% 7.36% 6.86%
Assets 1 24,229 27,682 32,596 39,031 40,355 42,497 47,741 55,922
Book Value Per Share 2 45.90 53.30 59.40 68.80 68.60 72.00 82.80 84.00
Cash Flow per Share 2 4.030 7.020 2.620 5.750 - 11.50 16.00 8.990
Capex 1 289 455 151 139 120 133 146 100
Capex / Sales 1.02% 1.68% 0.51% 0.38% 0.44% 0.45% 0.44% 0.29%
Announcement Date 3/29/20 3/29/21 3/23/22 3/31/23 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

Ratings for Merida Industry Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
239.5 TWD
Average target price
224.7 TWD
Spread / Average Target
-6.17%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Bicycle Manufacturing

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Bicycle Manufacturing
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