TAIWAN NAVIGATION CO., LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 36.2 TWD | +2.55% |
|
+4.32% | +9.70% |
| Mar. 14 | Taiwan Navigation Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
| 2023 | Taiwan Navigation Co., Ltd. Announces Executive Changes, Effective on January 1 2024 | CI |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 7,929 | 7,407 | 8,805 | 15,502 | 11,225 | 13,771 |
| Enterprise Value (EV) 1 | 10,959 | 9,854 | 12,427 | 15,607 | 14,302 | 17,420 |
| P/E ratio | 8.3 x | 12.3 x | 17 x | 11.8 x | 5.58 x | 8.29 x |
| Yield | 6.84% | 4.51% | 4.27% | 5.38% | 8.18% | - |
| Capitalization / Revenue | 2.35 x | 2.38 x | 3.53 x | 4.81 x | 2.9 x | 3.45 x |
| EV / Revenue | 3.25 x | 3.16 x | 4.99 x | 4.84 x | 3.69 x | 4.37 x |
| EV / EBITDA | 7.41 x | 15.2 x | 24.3 x | 13.4 x | 7.46 x | 8.28 x |
| EV / FCF | 13 x | 16.5 x | -17.9 x | -4.73 x | -10.6 x | -23.8 x |
| FCF Yield | 7.72% | 6.07% | -5.6% | -21.2% | -9.47% | -4.2% |
| Price to Book | 0.76 x | 0.72 x | 0.82 x | 0.99 x | 0.71 x | 0.86 x |
| Nbr of stocks (in thousands) | 417,294 | 417,294 | 417,294 | 417,294 | 417,294 | 417,294 |
| Reference price 2 | 19.00 | 17.75 | 21.10 | 37.15 | 26.90 | 33.00 |
| Announcement Date | 3/28/19 | 3/26/20 | 3/24/21 | 3/30/22 | 3/15/23 | 3/14/24 |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 3,367 | 3,114 | 2,491 | 3,226 | 3,873 | 3,990 |
| EBITDA 1 | 1,478 | 650.4 | 511.1 | 1,161 | 1,918 | 2,103 |
| EBIT 1 | 715.4 | 603.8 | 461.2 | 1,112 | 1,136 | 1,236 |
| Operating Margin | 21.25% | 19.39% | 18.51% | 34.46% | 29.34% | 30.97% |
| Earnings before Tax (EBT) 1 | 988.6 | 765.9 | 712.3 | 1,418 | 2,142 | 2,000 |
| Net income 1 | 957.6 | 601.1 | 518.1 | 1,320 | 2,015 | 1,663 |
| Net margin | 28.44% | 19.3% | 20.8% | 40.92% | 52.03% | 41.68% |
| EPS 2 | 2.290 | 1.440 | 1.240 | 3.160 | 4.820 | 3.980 |
| Free Cash Flow 1 | 846.2 | 598.4 | -695.6 | -3,301 | -1,355 | -731.9 |
| FCF margin | 25.13% | 19.22% | -27.92% | -102.33% | -34.98% | -18.34% |
| FCF Conversion (EBITDA) | 57.25% | 92% | - | - | - | - |
| FCF Conversion (Net income) | 88.37% | 99.54% | - | - | - | - |
| Dividend per Share 2 | 1.300 | 0.8000 | 0.9000 | 2.000 | 2.200 | - |
| Announcement Date | 3/28/19 | 3/26/20 | 3/24/21 | 3/30/22 | 3/15/23 | 3/14/24 |
1TWD in Million2TWD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 3,031 | 2,447 | 3,622 | 105 | 3,077 | 3,650 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.05 x | 3.763 x | 7.087 x | 0.09 x | 1.604 x | 1.736 x |
| Free Cash Flow 1 | 846 | 598 | -696 | -3,301 | -1,355 | -732 |
| ROE (net income / shareholders' equity) | 9.59% | 5.82% | 4.93% | 9.99% | 12.9% | 10.5% |
| ROA (Net income/ Total Assets) | 2.93% | 2.5% | 1.81% | 3.47% | 2.96% | 3.14% |
| Assets 1 | 32,720 | 24,092 | 28,617 | 38,002 | 67,968 | 52,952 |
| Book Value Per Share 2 | 25.00 | 24.50 | 25.80 | 37.50 | 37.70 | 38.30 |
| Cash Flow per Share 2 | 1.150 | 0.9800 | 0.7800 | 0.7900 | 1.710 | 1.260 |
| Capex 1 | 221 | 661 | 1,008 | 4,659 | 3,319 | 2,138 |
| Capex / Sales | 6.57% | 21.21% | 40.46% | 144.4% | 85.7% | 53.58% |
| Announcement Date | 3/28/19 | 3/26/20 | 3/24/21 | 3/30/22 | 3/15/23 | 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. | |
|---|---|---|
| +9.70% | 463M | |
| +30.31% | 12.25B | |
| +21.24% | 4.13B | |
| +36.60% | 4B | |
| +16.23% | 2.8B | |
| -15.05% | 1.89B | |
| +18.10% | 1.88B | |
| +16.21% | 1.85B | |
| +33.94% | 1.59B | |
| +32.12% | 1.57B |
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