TAIWAN COGENERATION CORPORATION |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 47.85 TWD | -0.83% |
|
+0.63% | +18.88% |
| Mar. 14 | Taiwan Cogeneration Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
| 2023 | Taiwan Cogeneration Corporation Announces Change of Accountant Officer | CI |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 14,756 | 17,613 | 22,796 | 22,325 | 19,115 | 29,394 |
| Enterprise Value (EV) 1 | 17,186 | 21,397 | 27,002 | 26,964 | 23,496 | 33,259 |
| P/E ratio | 22 x | 16.1 x | 21.4 x | 24.9 x | 21.1 x | 22.1 x |
| Yield | 5.99% | 5.69% | 4.91% | 4.62% | 2.77% | 4.8% |
| Capitalization / Revenue | 3.87 x | 2.45 x | 2.45 x | 3.48 x | 4.09 x | 5.5 x |
| EV / Revenue | 4.51 x | 2.98 x | 2.9 x | 4.21 x | 5.03 x | 6.22 x |
| EV / EBITDA | 62.5 x | 64 x | 45.3 x | 39.2 x | 43.5 x | 89.1 x |
| EV / FCF | -27.7 x | -19.2 x | 21.1 x | 31.6 x | 42 x | -18 x |
| FCF Yield | -3.61% | -5.2% | 4.75% | 3.17% | 2.38% | -5.57% |
| Price to Book | 1.26 x | 1.47 x | 1.89 x | 1.89 x | 1.63 x | 1.9 x |
| Nbr of stocks (in thousands) | 624,298 | 624,298 | 624,298 | 624,298 | 624,298 | 730,282 |
| Reference price 2 | 23.64 | 28.21 | 36.51 | 35.76 | 30.62 | 40.25 |
| Announcement Date | 3/28/19 | 3/23/20 | 3/22/21 | 3/17/22 | 3/14/23 | 3/14/24 |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 3,814 | 7,186 | 9,314 | 6,407 | 4,669 | 5,348 |
| EBITDA 1 | 274.8 | 334.3 | 596.2 | 687.4 | 540.4 | 373.4 |
| EBIT 1 | 231.6 | 274.6 | 438.4 | 412.3 | 226.5 | 7.318 |
| Operating Margin | 6.07% | 3.82% | 4.71% | 6.44% | 4.85% | 0.14% |
| Earnings before Tax (EBT) 1 | 676.2 | 1,103 | 1,121 | 1,026 | 1,006 | 1,303 |
| Net income 1 | 672.3 | 1,098 | 1,069 | 897.9 | 906.8 | 1,252 |
| Net margin | 17.63% | 15.28% | 11.47% | 14.01% | 19.42% | 23.41% |
| EPS 2 | 1.076 | 1.755 | 1.708 | 1.434 | 1.452 | 1.820 |
| Free Cash Flow 1 | -620.5 | -1,113 | 1,282 | 854.3 | 559.9 | -1,851 |
| FCF margin | -16.27% | -15.48% | 13.76% | 13.33% | 11.99% | -34.61% |
| FCF Conversion (EBITDA) | - | - | 214.99% | 124.28% | 103.61% | - |
| FCF Conversion (Net income) | - | - | 119.95% | 95.14% | 61.75% | - |
| Dividend per Share 2 | 1.415 | 1.604 | 1.793 | 1.651 | 0.8469 | 1.930 |
| Announcement Date | 3/28/19 | 3/23/20 | 3/22/21 | 3/17/22 | 3/14/23 | 3/14/24 |
1TWD in Million2TWD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 2,430 | 3,784 | 4,205 | 4,639 | 4,382 | 3,865 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 8.843 x | 11.32 x | 7.054 x | 6.748 x | 8.108 x | 10.35 x |
| Free Cash Flow 1 | -620 | -1,113 | 1,282 | 854 | 560 | -1,851 |
| ROE (net income / shareholders' equity) | 5.63% | 9.15% | 8.81% | 7.49% | 7.7% | 9.06% |
| ROA (Net income/ Total Assets) | 0.9% | 0.92% | 1.26% | 1.1% | 0.58% | 0.02% |
| Assets 1 | 74,344 | 119,004 | 84,644 | 81,939 | 157,044 | 7,035,253 |
| Book Value Per Share 2 | 18.80 | 19.20 | 19.30 | 19.00 | 18.70 | 21.20 |
| Cash Flow per Share 2 | 1.760 | 1.540 | 2.570 | 4.430 | 5.980 | 2.630 |
| Capex 1 | 319 | 705 | 503 | 578 | 561 | 1,017 |
| Capex / Sales | 8.37% | 9.81% | 5.4% | 9.03% | 12.03% | 19.01% |
| Announcement Date | 3/28/19 | 3/23/20 | 3/22/21 | 3/17/22 | 3/14/23 | 3/14/24 |
1TWD in Million2TWD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
| 1st Jan change | Capi. | |
|---|---|---|
| +18.88% | 1.07B | |
| +1.28% | 10.87B | |
| +57.87% | 1.91B | |
| +11.25% | 1.66B | |
| -35.28% | 1.61B | |
| -22.12% | 1.56B | |
| -13.62% | 599M | |
| -47.02% | 497M | |
| -25.92% | 415M | |
| -14.18% | 356M |
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