Stock 2816 UNION INSURANCE CO., LTD.
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Financials Union Insurance Co., Ltd.

Equities

2816

TW0002816006

Property & Casualty Insurance

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
30.95 TWD -0.80% Intraday chart for Union Insurance Co., Ltd. +4.21% -18.45%
Mar. 26 Union Insurance to Halt Trading in April Amid Board Meeting MT
Mar. 14 European Commission Extends Equivalence Decision for EU Insurers in US MT

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 4,025 4,824 4,740 4,383 3,533 8,486
Enterprise Value (EV) 1 1,963 2,959 2,932 1,530 1,178 5,723
P/E ratio 6.65 x 6.88 x 6.79 x 6.34 x -2.67 x 7.07 x
Yield - 3.89% 3.77% 5.1% - -
Capitalization / Revenue 0.52 x 0.6 x 0.58 x 0.5 x 0.42 x 0.8 x
EV / Revenue 0.26 x 0.37 x 0.36 x 0.17 x 0.14 x 0.54 x
EV / EBITDA 3.04 x 3.97 x 4.01 x 1.79 x -0.91 x 4.18 x
EV / FCF 1.52 x -4.85 x 71.6 x 1.52 x 1.23 x -302 x
FCF Yield 65.7% -20.6% 1.4% 65.7% 81.3% -0.33%
Price to Book 0.83 x 0.89 x 0.81 x 0.68 x 0.74 x 1.39 x
Nbr of stocks (in thousands) 223,608 223,608 223,608 223,608 223,608 223,608
Reference price 2 18.00 21.57 21.20 19.60 15.80 37.95
Announcement Date 3/28/19 3/23/20 3/30/21 3/28/22 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 7,678 8,076 8,225 8,800 8,459 10,552
EBITDA 1 645.3 744.7 732.1 852.8 -1,288 1,368
EBIT 1 593.9 689.3 677 800.1 -1,342 1,308
Operating Margin 7.73% 8.54% 8.23% 9.09% -15.86% 12.39%
Earnings before Tax (EBT) 1 625.1 700.3 706.1 806.3 -1,323 1,310
Net income 1 605.6 703.8 702.1 696.7 -1,322 1,200
Net margin 7.89% 8.71% 8.54% 7.92% -15.63% 11.38%
EPS 2 2.705 3.133 3.120 3.090 -5.913 5.368
Free Cash Flow 1 1,290 -610.3 40.97 1,005 957.6 -18.92
FCF margin 16.8% -7.56% 0.5% 11.42% 11.32% -0.18%
FCF Conversion (EBITDA) 199.92% - 5.6% 117.84% - -
FCF Conversion (Net income) 213.01% - 5.84% 144.26% - -
Dividend per Share - 0.8381 0.8000 1.000 - -
Announcement Date 3/28/19 3/23/20 3/30/21 3/28/22 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 - - - - - -
Net Cash position 1 2,062 1,864 1,808 2,853 2,355 2,763
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 1,290 -610 41 1,005 958 -18.9
ROE (net income / shareholders' equity) 13.1% 13.6% 12.4% 11.3% -23.5% 22%
ROA (Net income/ Total Assets) 2.2% 2.46% 2.4% 2.72% -4.49% 4.28%
Assets 1 27,481 28,571 29,310 25,612 29,419 28,077
Book Value Per Share 2 21.60 24.20 26.10 28.80 21.50 27.30
Cash Flow per Share 2 9.220 8.430 8.120 12.80 10.60 12.40
Capex 1 68.3 121 56.7 196 62.2 23.8
Capex / Sales 0.89% 1.5% 0.69% 2.23% 0.74% 0.23%
Announcement Date 3/28/19 3/23/20 3/30/21 3/28/22 3/14/23 3/14/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Property & Casualty Insurance

1st Jan change Capi.
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Other Property & Casualty Insurance
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