Stock 9914 MERIDA INDUSTRY CO., LTD.
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Financials Merida Industry Co., Ltd.

Equities

9914

TW0009914002

Recreational Products

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-07-11 pm EDT 		5-day change 1st Jan Change
231 TWD -0.65% Intraday chart for Merida Industry Co., Ltd. +6.21% +26.58%
Jun. 26 Merida Industry Co., Ltd. Approves Cash Dividend Distribution for Common Shares, Payable on September 6, 2024 CI
Jun. 26 Merida Industry Co., Ltd. Approves Changes to Compensation Committee Members CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 52,771 70,560 97,917 49,930 54,565 69,065 - -
Enterprise Value (EV) 1 50,816 67,728 97,488 50,420 58,310 71,984 67,671 66,174
P/E ratio 21.2 x 17.8 x 21.1 x 14.7 x 32.2 x 24.5 x 18.6 x 16.6 x
Yield 2.38% 2.97% 2.44% 4.19% 3.29% 2.38% 2.96% 3.42%
Capitalization / Revenue 1.87 x 2.61 x 3.33 x 1.35 x 2 x 2.17 x 2 x 1.84 x
EV / Revenue 1.8 x 2.5 x 3.32 x 1.36 x 2.14 x 2.26 x 1.96 x 1.77 x
EV / EBITDA 25.6 x 31.3 x 52 x 13.4 x 15.7 x 19.1 x 16 x 14.3 x
EV / FCF 55.2 x 40.9 x 153 x 31.7 x -153 x 36.4 x 21.3 x 21.3 x
FCF Yield 1.81% 2.45% 0.65% 3.16% -0.65% 2.74% 4.69% 4.69%
Price to Book 3.85 x 4.43 x 5.51 x 2.43 x 2.66 x 3.19 x 2.83 x 2.57 x
Nbr of stocks (in thousands) 298,984 298,984 298,984 298,984 298,984 298,984 - -
Reference price 2 176.5 236.0 327.5 167.0 182.5 231.0 231.0 231.0
Announcement Date 3/29/20 3/29/21 3/23/22 3/31/23 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 28,243 27,072 29,391 37,003 27,261 31,848 34,501 37,479
EBITDA 1 1,982 2,160 1,874 3,767 3,721 3,766 4,221 4,619
EBIT 1 1,711 1,884 1,589 3,437 3,386 3,394 3,839 4,237
Operating Margin 6.06% 6.96% 5.41% 9.29% 12.42% 10.66% 11.13% 11.3%
Earnings before Tax (EBT) 1 3,204 5,241 6,205 4,498 2,750 3,685 5,014 5,414
Net income 1 2,502 3,993 4,650 3,389 1,692 2,737 3,648 4,088
Net margin 8.86% 14.75% 15.82% 9.16% 6.21% 8.6% 10.57% 10.91%
EPS 2 8.330 13.27 15.55 11.34 5.660 9.445 12.39 13.89
Free Cash Flow 1 921.1 1,657 636.7 1,591 -381.7 1,975 3,175 3,106
FCF margin 3.26% 6.12% 2.17% 4.3% -1.4% 6.2% 9.2% 8.29%
FCF Conversion (EBITDA) 46.48% 76.72% 33.97% 42.23% - 52.44% 75.21% 67.25%
FCF Conversion (Net income) 36.81% 41.51% 13.69% 46.94% - 72.15% 87.03% 75.99%
Dividend per Share 2 4.200 7.000 8.000 7.000 6.000 5.503 6.844 7.903
Announcement Date 3/29/20 3/29/21 3/23/22 3/31/23 3/15/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 S1 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 6,572 8,156 8,809 16,964 9,428 10,611 8,387 7,459 6,688 4,727 5,845 8,701 9,313 8,128 7,314 9,304
EBITDA 1 345.4 641.6 857.3 - 1,035 1,233 1,050 1,064 951.5 655.8 606 1,105 1,246 970.1 960 1,331
EBIT 1 270 562 774.1 - 952.2 1,149 966.8 979.1 866.7 573.4 531.7 926.4 1,057 911.5 693.3 1,066
Operating Margin 4.11% 6.89% 8.79% - 10.1% 10.83% 11.53% 13.13% 12.96% 12.13% 9.1% 10.65% 11.35% 11.21% 9.48% 11.46%
Earnings before Tax (EBT) 1 1,794 1,571 1,293 - 1,228 406.5 844.1 1,123 1,079 -296.5 609.5 819 1,188 1,068 900.7 1,384
Net income 1 1,390 1,207 952.9 - 924.5 304.5 565.2 671.8 758.3 -303.4 415.8 640 904.4 746.9 660 1,015
Net margin 21.15% 14.8% 10.82% - 9.81% 2.87% 6.74% 9.01% 11.34% -6.42% 7.11% 7.36% 9.71% 9.19% 9.02% 10.91%
EPS 2 4.690 4.010 3.180 - 3.080 1.020 1.890 2.240 2.540 -1.010 1.390 2.246 3.057 2.630 2.344 3.056
Dividend per Share 2 8.000 - - - - - - - - - - - 6.000 - - -
Announcement Date 3/23/22 5/12/22 8/12/22 8/12/22 11/14/22 3/31/23 5/13/23 8/11/23 11/13/23 3/15/24 5/13/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - 490 3,746 2,918 - -
Net Cash position 1 1,954 2,833 429 - - - 1,394 2,891
Leverage (Debt/EBITDA) - - - 0.1299 x 1.007 x 0.7748 x - -
Free Cash Flow 1 921 1,657 637 1,591 -382 1,975 3,175 3,106
ROE (net income / shareholders' equity) 18.9% 26.8% 27.5% 17.7% 8.23% 13.3% 15.9% 16.5%
ROA (Net income/ Total Assets) 10.3% 14.4% 14.3% 8.68% 4.19% 6.55% 8.05% 8.3%
Assets 1 24,229 27,682 32,596 39,031 40,355 41,767 45,320 49,274
Book Value Per Share 2 45.90 53.30 59.40 68.80 68.60 72.50 81.70 90.00
Cash Flow per Share 2 4.030 7.020 2.620 5.750 -0.8800 9.850 12.60 12.50
Capex 1 289 455 151 139 120 150 142 133
Capex / Sales 1.02% 1.68% 0.51% 0.38% 0.44% 0.47% 0.41% 0.35%
Announcement Date 3/29/20 3/29/21 3/23/22 3/31/23 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 Merida Industry Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
231 TWD
Average target price
253 TWD
Spread / Average Target
+9.52%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Bicycle Manufacturing

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Bicycle Manufacturing
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