Company Valuation: Coremax Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 6,512 15,840 9,663 9,197 6,339 7,692
Change - 143.25% -39% -4.82% -31.07% 21.35%
Enterprise Value (EV) 1 8,308 17,748 10,660 9,171 5,889 8,985
Change - 113.64% -39.94% -13.97% -35.79% 52.58%
P/E 40.5x 32x 20.5x -84.1x 38.8x 46.3x
PBR 2x 3.31x 1.93x 1.7x 1.14x 1.33x
PEG - 0x -6.36x 1x -0x 37.44x
Capitalization / Revenue 1.23x 2.16x 1.06x 1.76x 1.55x 1.24x
EV / Revenue 1.57x 2.42x 1.17x 1.75x 1.44x 1.45x
EV / EBITDA 17.2x 20.5x 12.3x 42.9x 12.2x 11.5x
EV / EBIT 38.4x 30.4x 18.3x -98.1x 35.4x 20.6x
EV / FCF -30.6x -15.9x 12.6x 24.6x 13x -6.15x
FCF Yield -3.27% -6.28% 7.94% 4.06% 7.69% -16.3%
Dividend per Share 2 1.2 3 3 0.8 0.95 1
Rate of return 1.71% 2.03% 3.28% 1.02% 1.76% 1.53%
EPS 2 1.728 4.619 4.47 -0.93 1.39 1.407
Distribution rate 69.4% 64.9% 67.1% -86% 68.3% 71.1%
Net sales 1 5,285 7,339 9,082 5,232 4,096 6,191
EBITDA 1 484 866.8 865.9 213.7 481.9 781.7
EBIT 1 216.3 584.4 582.8 -93.48 166.3 436.6
Net income 1 155.2 462.9 493.2 -100.2 169 184.3
Net Debt 1 1,796 1,908 997 -25.74 -450.1 1,293
Reference price 2 70.00 148.00 91.50 78.20 53.90 65.20
Nbr of stocks (in thousands) 93,029 107,029 105,604 117,604 117,604 117,976
Announcement Date 3/3/21 A 2/25/22 A 3/9/23 A 3/1/24 A 3/3/25 A 3/6/26 A
1TWD in Million2TWD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 434M
35.56x5.1x20.5x1.03% 79.75B
30.16x4.72x20.16x2.11% 40.28B
23.9x2.85x14.75x2.22% 34.53B
15.84x1.5x9.47x1.99% 26.11B
11.43x2.9x6.21x3.53% 20.77B
33.19x8.03x24.57x2.8% 20.26B
26.13x2.8x11.47x1.82% 18.89B
13.08x2.7x5.77x1.2% 15.99B
23.49x2.81x12.91x1.45% 14.31B
Average 23.64x 3.71x 13.98x 2.02% 27.13B
Weighted average by Cap. 26.72x 4.04x 15.96x 1.85%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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