Company Valuation: Formosa Laboratories, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 5,085 7,275 8,839 12,266 8,274 7,131
Change - 43.07% 21.49% 38.78% -32.55% -13.81%
Enterprise Value (EV) 1 8,446 9,602 11,008 13,819 9,470 8,247
Change - 13.69% 14.64% 25.53% -31.47% -12.91%
P/E 13.6x 5.86x 21.7x 97.2x 52.9x 16.3x
PBR 0.98x 0.98x 1.18x 1.62x 1.08x 0.92x
PEG - 0x -0.3x -1.4x 2.2x 0x
Capitalization / Revenue 1.65x 2.32x 2.35x 2.81x 1.75x 1.47x
EV / Revenue 2.75x 3.06x 2.92x 3.17x 2x 1.7x
EV / EBITDA 18.1x 32.4x 17.6x 12.3x 7.73x 6.14x
EV / EBIT 302x -57.2x 67.3x 20.5x 13x 10.3x
EV / FCF -11.8x -56.1x 47x 37.1x -128x 20x
FCF Yield -8.46% -1.78% 2.13% 2.69% -0.78% 4.99%
Dividend per Share 2 - 2 1 2 3 3
Rate of return - 3.31% 1.36% 1.96% 4.36% 5.06%
EPS 2 3.459 10.32 3.39 1.05 1.3 3.64
Distribution rate - 19.4% 29.5% 191% 231% 82.4%
Net sales 1 3,075 3,142 3,766 4,360 4,731 4,851
EBITDA 1 467.6 296.6 623.8 1,127 1,225 1,344
EBIT 1 28.01 -168 163.5 675 725.9 803.2
Net income 1 400 1,249 409.4 126.2 157.3 441.1
Net Debt 1 3,361 2,327 2,169 1,553 1,196 1,115
Reference price 2 46.95 60.50 73.50 102.00 68.80 59.30
Nbr of stocks (in thousands) 108,313 120,256 120,256 120,256 120,256 120,256
Announcement Date 3/8/21 A 3/11/22 A 3/15/23 A 3/12/24 A 3/13/25 A 3/13/26 A
1TWD in Million2TWD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 193M
34.57x12.36x25.86x0.58% 1,037B
27.4x6.26x17.33x2.1% 615B
33x7.49x15.4x2.71% 448B
17.76x4.4x10.85x3.01% 326B
21.11x5.63x13.79x2.84% 293B
21.21x4.47x12.37x1.97% 264B
14.09x5.24x10.8x3.55% 216B
24.01x6.34x11.18x2.76% 198B
-46.95x5.62x31.09x2.53% 162B
Average 16.24x 6.43x 16.52x 2.45% 355.76B
Weighted average by Cap. 23.96x 7.75x 18.21x 2.01%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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