Company Valuation: Taiwan Business Bank, Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 66,177 89,863 72,864 76,658 103,985 112,647
Change - 35.79% -18.92% 5.21% 35.65% 8.33%
Enterprise Value (EV) 1 47,387 126,673 169,764 142,529 -58,069 -81,261
Change - 167.31% 34.02% -16.04% -140.74% 39.94%
P/E ratio 8.77x 12.9x 15.5x 15x 10.3x 10.7x
PBR 0.78x 0.94x 0.74x 0.75x 1x 0.94x
PEG - -1x -0.5x 1.77x 0.1x 2.66x
Capitalization / Revenue 2.98x 4.35x 4.09x 4.05x 3.98x 4.07x
EV / Revenue 2.13x 6.13x 9.53x 7.53x -2.22x -2.93x
EV / EBITDA - - - - - -
EV / EBIT - - - - - -
EV / FCF - - - - - -
FCF Yield - - - - - -
Dividend per Share 2 0.2223 0.1556 0.0817 0.0845 0.0876 0.1794
Rate of return 2.9% 1.59% 1.03% 1.01% 0.77% 1.46%
EPS 2 0.8742 0.7624 0.5128 0.5563 1.104 1.148
Distribution rate 25.4% 20.4% 15.9% 15.2% 7.94% 15.6%
Net sales 1 22,235 20,655 17,816 18,920 26,145 27,689
EBITDA - - - - - -
EBIT - - - - - -
Net income 1 7,641 6,734 4,702 5,100 10,122 10,568
Net Debt 1 -18,789 36,810 96,900 65,871 -162,054 -193,908
Reference price 2 7.67 9.80 7.95 8.36 11.34 12.29
Nbr of stocks (in thousands) 8,630,127 9,167,983 9,167,983 9,167,983 9,167,983 9,167,983
Announcement Date 3/28/19 3/25/20 3/17/21 3/14/22 2/24/23 2/27/24
1TWD in Million2TWD
Estimates

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P/E ratio (N) EV / Sales (N) EV / EBITDA (N) Yield (N) Capi.($)
14.52x - - 1.77% 758B
14.65x - - 2.15% 355B
5.16x - - 6.01% 307B
14.89x - - 1.92% 260B
4.54x - - 6.69% 208B
5.13x - - 6.33% 196B
8.57x - - 8.08% 189B
27.55x - - 2.93% 171B
13.6x - - 3.56% 167B
Average 12.07x - - percentage-no-prefix 290.09B
Weighted average by Cap. 12.34x - - percentage-no-prefix
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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