TOPKEY CORPORATION |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 197 TWD | +1.03% |
|
+5.63% | +10.06% |
| Feb. 29 | Topkey Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
| Feb. 29 | Topkey Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 9,627 | 12,669 | 14,168 | 13,623 | 16,620 | 16,257 |
| Enterprise Value (EV) 1 | 8,238 | 11,244 | 13,872 | 13,453 | 15,663 | 13,510 |
| P/E ratio | 11.4 x | 14.7 x | 20.9 x | 16.4 x | 7.41 x | 11.6 x |
| Yield | 5.19% | 4.3% | 3.21% | 4% | 6.01% | 4.75% |
| Capitalization / Revenue | 1.3 x | 1.75 x | 1.96 x | 1.57 x | 1.52 x | 1.75 x |
| EV / Revenue | 1.11 x | 1.56 x | 1.92 x | 1.55 x | 1.43 x | 1.46 x |
| EV / EBITDA | 5.94 x | 6.95 x | 7.73 x | 7.42 x | 5.41 x | 6.6 x |
| EV / FCF | 15 x | 12.1 x | -36.7 x | -67.8 x | 27.9 x | 7.71 x |
| FCF Yield | 6.67% | 8.25% | -2.73% | -1.47% | 3.58% | 13% |
| Price to Book | 1.9 x | 2.41 x | 2.66 x | 2.41 x | 2.17 x | 2.02 x |
| Nbr of stocks (in thousands) | 90,820 | 90,820 | 90,820 | 90,820 | 90,820 | 90,820 |
| Reference price 2 | 106.0 | 139.5 | 156.0 | 150.0 | 183.0 | 179.0 |
| Announcement Date | 3/28/19 | 3/11/20 | 3/29/21 | 3/29/22 | 3/28/23 | 2/29/24 |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 7,398 | 7,225 | 7,234 | 8,692 | 10,965 | 9,267 |
| EBITDA 1 | 1,387 | 1,617 | 1,795 | 1,812 | 2,893 | 2,046 |
| EBIT 1 | 965.5 | 1,208 | 1,414 | 1,439 | 2,541 | 1,703 |
| Operating Margin | 13.05% | 16.72% | 19.54% | 16.55% | 23.18% | 18.38% |
| Earnings before Tax (EBT) 1 | 1,132 | 1,229 | 1,203 | 1,463 | 3,161 | 1,997 |
| Net income 1 | 845.2 | 865.8 | 679 | 831.6 | 2,260 | 1,415 |
| Net margin | 11.43% | 11.98% | 9.39% | 9.57% | 20.61% | 15.27% |
| EPS 2 | 9.260 | 9.500 | 7.450 | 9.120 | 24.71 | 15.49 |
| Free Cash Flow 1 | 549.5 | 927 | -378.4 | -198.3 | 561.5 | 1,752 |
| FCF margin | 7.43% | 12.83% | -5.23% | -2.28% | 5.12% | 18.91% |
| FCF Conversion (EBITDA) | 39.61% | 57.33% | - | - | 19.41% | 85.64% |
| FCF Conversion (Net income) | 65.02% | 107.08% | - | - | 24.84% | 123.8% |
| Dividend per Share 2 | 5.500 | 6.000 | 5.000 | 6.000 | 11.00 | 8.500 |
| Announcement Date | 3/28/19 | 3/11/20 | 3/29/21 | 3/29/22 | 3/28/23 | 2/29/24 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,349 | 2,510 | 2,183 | 2,675 | 3,170 | 2,936 | 2,758 | 2,502 | 1,987 |
| EBITDA | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 413 | 486.5 | 327 | 708.9 | 718 | 787.6 | 515.9 | 471.9 | 336.2 |
| Operating Margin | 17.58% | 19.38% | 14.98% | 26.5% | 22.65% | 26.82% | 18.71% | 18.86% | 16.92% |
| Earnings before Tax (EBT) 1 | 387.8 | 503.7 | 414.6 | 1,017 | 1,210 | 519.4 | 449.2 | 763 | 522.4 |
| Net income 1 | 164.2 | 258.6 | 286 | 715.4 | 851.6 | 407.1 | 326.6 | 472.6 | 380.1 |
| Net margin | 6.99% | 10.3% | 13.1% | 26.74% | 26.86% | 13.86% | 11.85% | 18.88% | 19.13% |
| EPS 2 | 1.810 | 2.850 | 3.140 | 7.840 | 9.370 | 4.540 | 3.580 | 5.200 | 4.190 |
| Dividend per Share | - | - | - | - | - | - | - | - | - |
| Announcement Date | 11/12/21 | 3/29/22 | 5/13/22 | 8/12/22 | 11/11/22 | 3/28/23 | 5/15/23 | 8/11/23 | 11/13/23 |
1TWD in Million2TWD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net Debt | - | - | - | - | - | - |
| Net Cash position | - | - | 2,003 | - | - | - |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - |
| Free Cash Flow | - | 861 | 384 | 726 | - | - |
| ROE (net income / shareholders' equity) | - | 12.8% | 15.1% | 33.9% | 19.3% | 7.9% |
| ROA (Net income/ Total Assets) | - | 6.77% | 7.76% | 16.5% | - | - |
| Assets | - | - | 10,721 | 13,734 | - | - |
| Book Value Per Share | 58.00 | 58.70 | 62.30 | 84.30 | - | - |
| Cash Flow per Share | - | - | - | - | - | - |
| Capex | - | 407 | 594 | 1,432 | - | - |
| Capex / Sales | - | 5.63% | 6.83% | 13.06% | - | - |
| Announcement Date | 3/11/20 | 3/9/21 | 3/29/22 | 3/28/23 | - | - |
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
| 1st Jan change | Capi. | |
|---|---|---|
| +10.06% | 549M | |
| -15.13% | 5.58B | |
| -13.11% | 5.48B | |
| +0.01% | 5.21B | |
| -8.41% | 4.91B | |
| -28.54% | 3.15B | |
| -2.97% | 3.04B | |
| +23.91% | 2.74B | |
| +19.51% | 2.05B | |
| -13.19% | 1.85B |
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