EVERGREEN MARINE CORPORATION (TAIWAN) LTD.

Financials Evergreen Marine Corporation (Taiwan) Ltd.

Equities

2603

TW0002603008

Marine Freight & Logistics

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
210.5 ^TWD	-3.66%		-4.10%	+46.69%

May. 28	Evergreen Marine Corporation Ltd. Approves Cash Dividends for 2023, Payable on July 25, 2024	CI
May. 17	Evergreen Marine Corporation Ltd. announced that it expects to receive TWD 799.451443 million in funding	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	55,961	195,888	753,946	344,976	303,706	452,627	-	-
Enterprise Value (EV) ¹	109,930	305,810	781,036	-51,670	252,194	373,823	310,478	366,757
P/E ratio	620 x	8.21 x	3.15 x	1.89 x	8.74 x	7.72 x	15.8 x	9.6 x
Yield	-	6.14%	12.6%	42.9%	6.97%	5.29%	3.41%	4.42%
Capitalization / Revenue	0.29 x	0.95 x	1.54 x	0.55 x	1.1 x	1.29 x	1.46 x	1.45 x
EV / Revenue	0.58 x	1.48 x	1.6 x	-0.08 x	0.91 x	1.07 x	1 x	1.17 x
EV / EBITDA	4.32 x	5.49 x	2.54 x	-0.13 x	3.68 x	3.48 x	4.6 x	5.67 x
EV / FCF	8.42 x	13.7 x	3.19 x	-0.13 x	-9.61 x	9.95 x	4.56 x	8.38 x
FCF Yield	11.9%	7.28%	31.4%	-747%	-10.4%	10%	21.9%	11.9%
Price to Book	1.59 x	2.08 x	2.31 x	0.62 x	0.69 x	0.93 x	0.93 x	0.86 x
Nbr of stocks (in thousands)	1,805,190	1,925,190	2,116,339	2,116,420	2,116,420	2,150,248	-	-
Reference price ²	31.00	101.8	356.2	163.0	143.5	210.5	210.5	210.5
Announcement Date	3/23/20	3/22/21	3/15/22	3/15/23	3/15/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	190,589	207,078	489,407	627,284	276,715	350,969	310,100	312,602
EBITDA ¹	25,422	55,733	307,473	402,567	68,614	107,356	67,486	64,731
EBIT ¹	4,658	34,668	284,862	374,808	34,750	66,160	37,504	47,655
Operating Margin	2.44%	16.74%	58.21%	59.75%	12.56%	18.85%	12.09%	15.24%
Earnings before Tax (EBT) ¹	778.9	31,840	288,235	399,424	64,172	76,782	29,201	7,003
Net income ¹	112.5	24,365	239,015	334,201	35,337	60,254	34,173	67,876
Net margin	0.06%	11.77%	48.84%	53.28%	12.77%	17.17%	11.02%	21.71%
EPS ²	0.0500	12.40	113.0	86.22	16.42	27.28	13.36	21.92
Free Cash Flow ¹	13,062	22,273	245,059	386,091	-26,238	37,557	68,088	43,765
FCF margin	6.85%	10.76%	50.07%	61.55%	-9.48%	10.7%	21.96%	14%
FCF Conversion (EBITDA)	51.38%	39.96%	79.7%	95.91%	-	34.98%	100.89%	67.61%
FCF Conversion (Net income)	11,608.83%	91.41%	102.53%	115.53%	-	62.33%	199.25%	64.48%
Dividend per Share ²	-	6.250	45.00	70.00	10.00	11.13	7.181	9.302
Announcement Date	3/23/20	3/22/21	3/15/22	3/15/23	3/15/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q2
Net sales ¹	156,006	170,825	174,999	170,433	111,027	66,827	67,385	72,812	69,691	88,639	84,528	90,665	80,156	70,644	75,613
EBITDA ¹	-	-	124,767	116,350	-	18,675	-	-	13,919	25,122	17,640	11,260	10,210	-	-
EBIT ¹	92,757	114,802	117,930	109,250	32,826	11,137	10,132	8,760	4,721	15,654	13,245	13,576	6,298	2,300	5,411
Operating Margin	59.46%	67.2%	67.39%	64.1%	29.57%	16.67%	15.04%	12.03%	6.77%	17.66%	15.67%	14.97%	7.86%	3.26%	7.16%
Earnings before Tax (EBT) ¹	95,065	117,376	125,326	118,253	38,470	16,229	16,214	25,196	6,533	21,047	15,666	14,486	8,236	3,200	6,311
Net income ¹	80,736	101,360	102,293	100,698	29,850	5,043	5,092	21,909	3,293	17,382	16,068	14,738	4,830	1,935	4,303
Net margin	51.75%	59.34%	58.45%	59.08%	26.89%	7.55%	7.56%	30.09%	4.73%	19.61%	19.01%	16.26%	6.03%	2.74%	5.69%
EPS ²	37.85	47.38	47.72	36.85	17.34	2.360	2.360	10.35	1.610	8.090	7.500	6.850	2.245	0.9000	2.000
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/15/22	5/6/22	8/5/22	11/4/22	3/15/23	5/13/23	8/11/23	11/13/23	3/15/24	5/14/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	53,970	109,922	27,090	-	-	-	-	-
Net Cash position ¹	-	-	-	396,646	51,513	78,804	142,150	85,871
Leverage (Debt/EBITDA)	2.123 x	1.972 x	0.0881 x	-	-	-	-	-
Free Cash Flow ¹	13,062	22,273	245,059	386,091	-26,238	37,557	68,088	43,765
ROE (net income / shareholders' equity)	0.16%	29.7%	114%	76%	7.1%	12%	5.97%	8.86%
ROA (Net income/ Total Assets)	0.04%	7.6%	50.6%	44.6%	4.4%	7.34%	4.23%	8.12%
Assets ¹	267,775	320,410	472,624	749,268	803,115	820,674	807,862	835,700
Book Value Per Share ²	19.50	49.00	154.0	261.0	208.0	225.0	227.0	244.0
Cash Flow per Share ²	8.800	26.40	144.0	109.0	-6.420	38.30	24.20	28.40
Capex ¹	6,731	29,585	55,999	54,174	-12,405	47,935	29,035	50,341
Capex / Sales	3.53%	14.29%	11.44%	8.64%	-4.48%	13.66%	9.36%	16.1%
Announcement Date	3/23/20	3/22/21	3/15/22	3/15/23	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

Ratings for Evergreen Marine Corporation (Taiwan) Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

210.5 TWD

Average target price

227.1 TWD

Spread / Average Target

+7.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Deep Sea Freight

	1st Jan change	Capi.
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Deep Sea Freight