Financials Formosa Chemicals & Fibre Corporation

Equities

1326

TW0001326007

Commodity Chemicals

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-07-11 pm EDT			5-day change	1st Jan Change
48.65 ^TWD	+1.99%		-1.12%	-21.91%

Jun. 18	Formosa Chemicals & Fibre Corporation Appoints Jia Ruei OU to Remuneration Committee Members	CI
Jun. 18	Formosa Chemicals & Fibre Corporation Appoints Jia Ruei OU to Sustainable Development Committee Members	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	510,318	495,412	472,601	412,356	364,394	284,555	-	-
Enterprise Value (EV) ¹	481,607	458,178	434,574	421,906	390,413	393,367	394,587	404,493
P/E ratio	17.2 x	25.4 x	12.3 x	56 x	42.7 x	34.1 x	21.5 x	19.8 x
Yield	4.34%	2.95%	5.94%	1.35%	2.01%	2.34%	3.8%	4.46%
Capitalization / Revenue	1.62 x	1.96 x	1.29 x	1.09 x	1.1 x	0.82 x	0.78 x	0.79 x
EV / Revenue	1.53 x	1.81 x	1.19 x	1.11 x	1.17 x	1.14 x	1.08 x	1.12 x
EV / EBITDA	13.8 x	14.2 x	8.29 x	32 x	27.1 x	18.6 x	16 x	14.6 x
EV / FCF	11.5 x	15 x	19.2 x	43.2 x	-162 x	308 x	33.8 x	-
FCF Yield	8.73%	6.66%	5.2%	2.31%	-0.62%	0.32%	2.96%	-
Price to Book	1.44 x	1.44 x	1.21 x	1.27 x	1.08 x	0.84 x	0.85 x	0.81 x
Nbr of stocks (in thousands)	5,832,204	5,849,016	5,849,016	5,849,016	5,849,017	5,849,017	-	-
Reference price ²	87.50	84.70	80.80	70.50	62.30	48.65	48.65	48.65
Announcement Date	3/12/20	3/12/21	1/10/22	3/6/23	3/11/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	315,499	253,295	365,810	379,897	332,620	345,432	364,071	360,777
EBITDA ¹	34,973	32,358	52,426	13,178	14,413	21,141	24,706	27,704
EBIT ¹	16,490	15,324	34,433	-5,286	-3,050	3,009	6,861	11,107
Operating Margin	5.23%	6.05%	9.41%	-1.39%	-0.92%	0.87%	1.88%	3.08%
Earnings before Tax (EBT) ¹	37,107	24,768	50,120	9,590	7,386	9,594	18,277	22,282
Net income ¹	29,702	19,544	38,340	7,360	8,549	8,275	15,317	17,826
Net margin	9.41%	7.72%	10.48%	1.94%	2.57%	2.4%	4.21%	4.94%
EPS ²	5.090	3.340	6.560	1.260	1.460	1.425	2.263	2.452
Free Cash Flow ¹	42,040	30,531	22,577	9,761	-2,417	1,278	11,687	-
FCF margin	13.32%	12.05%	6.17%	2.57%	-0.73%	0.37%	3.21%	-
FCF Conversion (EBITDA)	120.21%	94.35%	43.06%	74.07%	-	6.05%	47.3%	-
FCF Conversion (Net income)	141.54%	156.22%	58.89%	132.63%	-	15.44%	76.3%	-
Dividend per Share ²	3.800	2.500	4.800	0.9500	1.250	1.139	1.850	2.168
Announcement Date	3/12/20	3/12/21	1/10/22	3/6/23	3/11/24	-	-	-

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	94,660	95,399	107,791	90,739	85,968	83,029	75,169	86,824	87,598	83,942	90,459	90,933	90,401	87,361	88,975
EBITDA ¹	8,169	8,673	-	-1,744	6.798	-	-	6,326	4,908	3,394	5,094	6,618	6,492	-	-
EBIT ¹	3,279	4,328	1,833	-6,176	-5,271	-2,305	-3,153	2,066	341.8	-148.7	-151.7	842.9	2,078	1,372	1,201
Operating Margin	3.46%	4.54%	1.7%	-6.81%	-6.13%	-2.78%	-4.2%	2.38%	0.39%	-0.18%	-0.17%	0.93%	2.3%	1.57%	1.35%
Earnings before Tax (EBT) ¹	5,180	8,170	8,563	1,699	-8,842	-1,134	1,592	7,415	-487	1,577	1,934	2,963	2,910	3,814	2,899
Net income ¹	3,540	6,000	6,309	2,495	-7,505	-767.8	1,697	7,501	118.3	1,531	1,630	2,328	2,384	3,117	2,823
Net margin	3.74%	6.29%	5.85%	2.75%	-8.73%	-0.92%	2.26%	8.64%	0.14%	1.82%	1.8%	2.56%	2.64%	3.57%	3.17%
EPS ²	0.6100	1.030	1.080	0.4300	-1.280	-0.1300	0.2900	1.280	0.0200	0.2700	0.2791	0.3996	0.4093	0.3992	0.3919
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	1.280	-	-	-
Announcement Date	1/10/22	4/11/22	8/5/22	11/4/22	3/6/23	5/5/23	8/4/23	11/3/23	3/11/24	5/7/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	9,550	26,020	108,812	110,032	119,939
Net Cash position ¹	28,711	37,234	38,026	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.7247 x	1.805 x	5.147 x	4.454 x	4.329 x
Free Cash Flow ¹	42,040	30,531	22,577	9,761	-2,417	1,278	11,687	-
ROE (net income / shareholders' equity)	8.18%	5.58%	10.4%	2.05%	2.57%	2.33%	3.97%	4.72%
ROA (Net income/ Total Assets)	5.2%	3.61%	6.79%	1.28%	1.52%	1.1%	2.37%	-
Assets ¹	571,025	541,179	564,798	576,942	560,706	752,310	646,814	-
Book Value Per Share ²	60.80	58.80	66.70	55.60	57.80	57.80	57.10	59.70
Cash Flow per Share ²	10.10	7.900	6.620	5.600	3.140	3.220	4.070	3.230
Capex ¹	16,972	15,682	16,152	22,971	20,781	17,723	16,985	15,000
Capex / Sales	5.38%	6.19%	4.42%	6.05%	6.25%	5.13%	4.67%	4.16%
Announcement Date	3/12/20	3/12/21	1/10/22	3/6/23	3/11/24	-	-	-

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 Formosa Chemicals & Fibre Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

48.65 TWD

Average target price

55.55 TWD

Spread / Average Target

+14.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Plastics