Company Valuation: Formosa Plastics Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 662,037 552,546 504,167 225,984 248,264 399,132 - -
Change - -16.54% -8.76% -55.18% 9.86% 60.77% - -
Enterprise Value (EV) 1 704,603 617,325 613,420 346,479 357,804 418,820 428,673 430,641
Change - -12.39% -0.63% -43.52% 3.27% 17.05% 2.35% 0.46%
P/E 9.28x 15.3x 68.9x -187x -24.7x 17.5x 24.1x 15.4x
PBR 1.64x 1.54x 1.45x 0.78x 0.68x 1.08x 1.11x 1.11x
PEG - -0.3x -0.9x 2x -0x -0x -0.9x 0.3x
Capitalization / Revenue 2.42x 2.2x 2.53x 1.13x 1.42x 2.28x 2.2x 2.1x
EV / Revenue 2.58x 2.45x 3.08x 1.73x 2.04x 2.39x 2.37x 2.27x
EV / EBITDA 10.3x 17.5x 152x 71.7x 117x 51.7x 37.9x 36.1x
EV / EBIT 11.7x 23x -152x -83.3x -47.7x -183x 216x 572x
EV / FCF 17.8x 16x -82.3x -74.3x -45.1x 19.6x 37x -
FCF Yield 5.63% 6.23% -1.21% -1.35% -2.22% 5.11% 2.7% -
Dividend per Share 2 8.2 4.2 - 0.5 0.5 1.257 1.233 2.841
Rate of return 7.88% 4.84% - 1.41% 1.28% 2% 1.97% 4.53%
EPS 2 11.21 5.68 1.15 -0.19 -1.58 3.584 2.604 4.059
Distribution rate 73.1% 73.9% - -263% -31.6% 35.1% 47.3% 70%
Net sales 1 273,500 251,647 199,139 200,040 175,411 175,393 181,205 189,813
EBITDA 1 68,508 35,255 4,039 4,834 3,070 8,095 11,324 11,933
EBIT 1 60,100 26,799 -4,029 -4,162 -7,505 -2,290 1,985 753.1
Net income 1 71,300 36,143 7,338 -1,232 -10,049 20,070 13,214 25,840
Net Debt 1 42,566 64,779 109,253 120,495 109,540 19,688 29,541 31,509
Reference price 2 104.00 86.80 79.20 35.50 39.00 62.70 62.70 62.70
Nbr of stocks (in thousands) 6,365,741 6,365,741 6,365,741 6,365,741 6,365,741 6,365,741 - -
Announcement Date 1/10/22 A 3/13/23 A 3/7/24 A 3/13/25 A 3/6/26 A - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.49x2.39x51.74x2% 12.6B
17.57x0.82x5.84x4.57% 22.04B
21.52x4x11.73x6.47% 19.6B
-88.56x0.87x6.43x0.81% 14.89B
-316.32x - - -.--% 14.48B
23.78x3.6x11.87x1.96% 7.92B
23.83x2.35x15.41x1.65% 5.9B
24.33x0.8x11.66x2.04% 5.59B
26.95x2.75x17.58x1.98% 5.02B
22.53x - - - 4.94B
Average -22.69x 2.20x 16.53x 2.39% 11.3B
Weighted average by Cap. -36.81x 2.14x 15.44x 2.88%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation Formosa Plastics Corporation