Financials TECO Electric & Machinery Co., Ltd.

Equities

1504

TW0001504009

Heavy Electrical Equipment

End-of-day quote Taiwan S.E. 06:00:00 2024-05-23 pm EDT 5-day change 1st Jan Change
53.5 TWD +1.90% Intraday chart for TECO Electric & Machinery Co., Ltd. -4.12% +14.32%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 50,966 53,591 66,759 58,111 98,714 112,847 -
Enterprise Value (EV) 1 46,605 48,812 64,129 51,444 90,041 89,332 91,002
P/E ratio 15.9 x 15.3 x 13.3 x 16.8 x 17 x 19 x 15.4 x
Yield 3.78% 4.16% 4.27% 5.44% 4.7% 3.94% 4.6%
Capitalization / Revenue 1.06 x 1.17 x 1.27 x 1 x 1.66 x 1.84 x 1.58 x
EV / Revenue 0.97 x 1.07 x 1.22 x 0.88 x 1.52 x 1.46 x 1.27 x
EV / EBITDA 8.51 x 8.81 x 9.33 x 7.48 x 10.4 x 9.97 x 8.07 x
EV / FCF 9.52 x 10.1 x 19.3 x 14.8 x 21.3 x 29.8 x 11.3 x
FCF Yield 10.5% 9.87% 5.18% 6.75% 4.69% 3.35% 8.84%
Price to Book 0.9 x 0.87 x 0.76 x 0.74 x 1.23 x 1.4 x 1.3 x
Nbr of stocks (in thousands) 1,945,250 1,938,180 2,109,284 2,109,284 2,109,284 2,109,284 -
Reference price 2 26.20 27.65 31.65 27.55 46.80 53.50 53.50
Announcement Date 3/18/20 3/24/21 3/16/22 3/16/23 3/15/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 47,909 45,823 52,557 58,315 59,394 61,377 71,608
EBITDA 1 5,476 5,540 6,872 6,877 8,651 8,959 11,280
EBIT 1 3,536 3,534 5,069 5,074 6,663 7,455 9,088
Operating Margin 7.38% 7.71% 9.65% 8.7% 11.22% 12.15% 12.69%
Earnings before Tax (EBT) 1 4,439 4,400 6,152 5,422 8,274 8,607 10,291
Net income 1 3,222 3,511 5,013 3,458 5,830 5,975 7,358
Net margin 6.72% 7.66% 9.54% 5.93% 9.82% 9.73% 10.28%
EPS 2 1.650 1.810 2.380 1.640 2.760 2.815 3.465
Free Cash Flow 1 4,896 4,819 3,319 3,473 4,223 2,995 8,046
FCF margin 10.22% 10.52% 6.32% 5.96% 7.11% 4.88% 11.24%
FCF Conversion (EBITDA) 89.4% 86.99% 48.31% 50.5% 48.81% 33.43% 71.33%
FCF Conversion (Net income) 151.96% 137.24% 66.21% 100.44% 72.43% 50.13% 109.35%
Dividend per Share 2 0.9900 1.150 1.350 1.500 2.200 2.110 2.460
Announcement Date 3/18/20 3/24/21 3/16/22 3/16/23 3/15/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 13,241 13,838 13,897 14,544 14,816 15,058 14,900 15,064 15,065 14,364 13,730 15,375 16,612 16,240 17,732
EBITDA 1 1,306 1,639 1,602 1,735 1,749 1,791 2,170 2,272 2,171 2,105 2,124 2,442 2,552 2,613 -
EBIT 1 849.8 1,217 1,151 1,287 1,314 1,321 1,697 1,780 1,677 1,508 1,634 1,882 2,075 2,061 2,402
Operating Margin 6.42% 8.79% 8.28% 8.85% 8.87% 8.78% 11.39% 11.82% 11.13% 10.5% 11.9% 12.24% 12.49% 12.69% 13.55%
Earnings before Tax (EBT) 1 2,115 846.9 799.8 1,568 1,549 1,505 2,187 2,778 1,609 1,700 1,770 2,528 2,429 2,158 2,430
Net income 1 1,579 896.1 348.4 1,021 1,083 1,005 1,635 2,122 981.2 1,092 1,159 1,167 1,623 1,481 1,742
Net margin 11.92% 6.48% 2.51% 7.02% 7.31% 6.68% 10.97% 14.09% 6.51% 7.6% 8.44% 7.59% 9.77% 9.12% 9.82%
EPS 2 0.7500 0.4200 0.1700 0.4800 0.5100 0.4800 0.7800 1.010 0.4700 0.5100 0.5500 0.8500 0.8167 0.7267 0.8200
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 11/5/21 3/16/22 5/13/22 8/12/22 11/11/22 3/16/23 5/15/23 8/12/23 11/14/23 3/15/24 5/15/24 - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - - - -
Net Cash position 1 4,361 4,779 2,630 6,667 8,673 23,515 21,845
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 4,896 4,819 3,319 3,473 4,223 2,995 8,046
ROE (net income / shareholders' equity) 5.84% 5.92% 6.64% 4.09% 7.3% 7.51% 8.47%
ROA (Net income/ Total Assets) 3.37% 3.43% 4.14% 2.63% 4.6% 5.09% 5.51%
Assets 1 95,538 102,387 121,149 131,608 126,740 117,445 133,458
Book Value Per Share 2 29.20 31.90 41.70 37.40 38.00 38.30 41.10
Cash Flow per Share 2 3.040 2.830 1.950 3.020 2.950 4.610 5.090
Capex 1 1,033 668 796 2,905 2,010 2,429 1,813
Capex / Sales 2.16% 1.46% 1.51% 4.98% 3.38% 3.96% 2.53%
Announcement Date 3/18/20 3/24/21 3/16/22 3/16/23 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

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
5
Last Close Price
53.5 TWD
Average target price
54.8 TWD
Spread / Average Target
+2.43%
Consensus
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