Company Valuation: Forest Water Environmental Engineering Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 5,527 4,796 3,967 4,469 6,497 6,764
Change - -13.23% -17.29% 12.66% 45.38% 4.11%
Enterprise Value (EV) 1 8,761 7,919 7,514 7,103 8,660 7,584
Change - -9.61% -5.12% -5.47% 21.92% -12.42%
P/E 36x 25.6x -14.5x 129x 40.1x 15.2x
PBR 0.98x 0.84x 0.75x 0.83x 0.99x 0.99x
PEG - 1.2x 0x -1x 0x 0x
Capitalization / Revenue 1.23x 1.21x 1.01x 1.21x 1.92x 1.32x
EV / Revenue 1.95x 2x 1.92x 1.93x 2.56x 1.48x
EV / EBITDA 11.9x 9.01x 32.3x 11.9x 12.6x 6.83x
EV / EBIT 15.6x 11.5x 192x 17.5x 17x 8.38x
EV / FCF 9.23x 19.1x -28.6x 13.5x -27x 5.61x
FCF Yield 10.8% 5.22% -3.5% 7.39% -3.7% 17.8%
Dividend per Share 2 0.8189 0.7447 - - 0.6601 0.7234
Rate of return 2.44% 2.56% - - 2.03% 2.14%
EPS 2 0.9326 1.136 -1.658 0.2062 0.8113 2.232
Distribution rate 87.8% 65.5% - - 81.4% 32.4%
Net sales 1 4,487 3,962 3,923 3,680 3,387 5,125
EBITDA 1 733.2 879.4 232.7 594.4 687.1 1,110
EBIT 1 561.9 686.8 39.2 407 508.2 905.2
Net income 1 155 195.9 -273 39.75 167.2 461.9
Net Debt 1 3,234 3,123 3,547 2,634 2,163 820.2
Reference price 2 33.57 29.13 24.09 26.64 32.55 33.82
Nbr of stocks (in thousands) 164,636 164,636 164,636 167,780 199,586 200,010
Announcement Date 3/31/21 A 3/31/22 A 3/30/23 A 3/29/24 A 3/25/25 A 3/20/26 A
1TWD in Million2TWD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 227M
48.31x2.37x22.88x0.07% 93.53B
12.06x1.03x5.68x4.83% 67.2B
25.68x1.96x19.84x1.15% 55.9B
24.28x2.96x16.44x0.27% 43.05B
52.83x4.13x25.9x1.78% 40.82B
25.86x0.64x10.58x2.41% 31.4B
19.94x1.38x12.33x0.23% 29.75B
5.36x0.34x6.7x5.25% 28.87B
21.6x0.4x6.43x2.82% 26.92B
Average 26.21x 1.69x 14.09x 2.09% 41.77B
Weighted average by Cap. 29.00x 1.86x 15.48x 1.89%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Forest Water Environmental Engineering Co., Ltd.

Historical PBR trend

Valuation ratios - PBR - Forest Water Environmental Engineering Co., Ltd.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Forest Water Environmental Engineering Co., Ltd.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Forest Water Environmental Engineering Co., Ltd.

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