Stock 2496 SUCCESS PRIME CORPORATION
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Financials Success Prime Corporation

Equities

2496

TW0002496007

Miscellaneous Educational Service Providers

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-05-21 pm EDT 		5-day change 1st Jan Change
73.8 TWD -0.27% Intraday chart for Success Prime Corporation -3.53% +17.89%
Mar. 18 Success Prime Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Mar. 08 Success Prime Corporation Approves Cash Dividend, Payable on May 10, 2024 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,557 1,070 1,053 936.7 899.7 1,185
Enterprise Value (EV) 1 1,477 1,209 982.2 804.1 758.2 903.4
P/E ratio 12.6 x 14.1 x 17 x 16.4 x 11.5 x 11.5 x
Yield 4.43% 2.42% 8.04% 6.06% 6.94% 7.48%
Capitalization / Revenue 1.7 x 1.21 x 1.36 x 1.42 x 1.28 x 1.55 x
EV / Revenue 1.61 x 1.37 x 1.27 x 1.21 x 1.08 x 1.18 x
EV / EBITDA 11.3 x 11.3 x 10.8 x 8.42 x 6.87 x 6.5 x
EV / FCF -35.6 x 9.07 x 6.73 x 7.74 x 4.48 x 4.71 x
FCF Yield -2.81% 11% 14.8% 12.9% 22.3% 21.2%
Price to Book 2 x 1.36 x 1.3 x 1.19 x 1.11 x 1.39 x
Nbr of stocks (in thousands) 19,004 19,004 18,808 18,922 18,922 18,922
Reference price 2 81.92 56.31 56.00 49.50 47.55 62.60
Announcement Date 3/29/19 3/27/20 3/19/21 3/23/22 3/22/23 3/18/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 917.6 881.6 776.4 661.9 702.3 764.8
EBITDA 1 130.2 107 90.72 95.5 110.4 139
EBIT 1 111.8 85.55 71.54 77.21 95.04 122
Operating Margin 12.19% 9.7% 9.21% 11.66% 13.53% 15.95%
Earnings before Tax (EBT) 1 121.1 86.99 83.8 74.26 98.38 125.3
Net income 1 124.9 76.12 62.23 56.9 78.7 103.6
Net margin 13.61% 8.63% 8.02% 8.6% 11.21% 13.55%
EPS 2 6.503 3.996 3.290 3.020 4.150 5.460
Free Cash Flow 1 -41.47 133.3 145.8 103.8 169.2 191.6
FCF margin -4.52% 15.12% 18.78% 15.69% 24.1% 25.06%
FCF Conversion (EBITDA) - 124.52% 160.76% 108.72% 153.35% 137.89%
FCF Conversion (Net income) - 175.11% 234.34% 182.49% 215.04% 184.89%
Dividend per Share 2 3.633 1.362 4.500 3.000 3.300 4.680
Announcement Date 3/29/19 3/27/20 3/19/21 3/23/22 3/22/23 3/18/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - 139 - - - -
Net Cash position 1 79.6 - 71.1 133 142 281
Leverage (Debt/EBITDA) - 1.295 x - - - -
Free Cash Flow 1 -41.5 133 146 104 169 192
ROE (net income / shareholders' equity) 16.1% 9.75% 7.85% 7.07% 9.9% 12.4%
ROA (Net income/ Total Assets) 5.43% 3.82% 3.25% 3.89% 4.7% 5.69%
Assets 1 2,299 1,994 1,915 1,461 1,676 1,821
Book Value Per Share 2 41.10 41.30 42.90 41.60 42.70 44.90
Cash Flow per Share 2 11.10 9.760 9.720 12.00 11.50 9.710
Capex 1 49.7 31 8.7 23.5 19.5 4.8
Capex / Sales 5.41% 3.51% 1.12% 3.55% 2.78% 0.63%
Announcement Date 3/29/19 3/27/20 3/19/21 3/23/22 3/22/23 3/18/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Miscellaneous Educational Service Providers

1st Jan change Capi.
SUCCESS PRIME CORPORATION Stock Success Prime Corporation
+17.89% 43.23M
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. Stock New Oriental Education & Technology Group Inc.
+9.14% 13.24B
TAL EDUCATION GROUP Stock TAL Education Group
-2.06% 7.9B
GRAND CANYON EDUCATION, INC. Stock Grand Canyon Education, Inc.
+10.55% 4.28B
STRIDE, INC. Stock Stride, Inc.
+17.26% 2.96B
STRATEGIC EDUCATION, INC. Stock Strategic Education, Inc.
+24.93% 2.81B
LAUREATE EDUCATION, INC. Stock Laureate Education, Inc.
+16.70% 2.48B
ADTALEM GLOBAL EDUCATION INC. Stock Adtalem Global Education Inc.
+10.89% 2.46B
GAOTU TECHEDU INC. Stock Gaotu Techedu Inc.
+80.94% 1.69B
BENESSE HOLDINGS, INC. Stock Benesse Holdings, Inc.
-0.58% 1.52B
Miscellaneous Educational Service Providers
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