Financials Formosa Petrochemical Corporation

Equities

6505

TW0006505001

Oil & Gas Refining and Marketing

End-of-day quote Taiwan S.E. Other stock markets 03:30:00 12/06/2024 am IST			5-day change	1st Jan Change
66.1 ^TWD	0.00%		-0.60%	-18.09%

07/06	Formosa Petrochemical Corporation Announces Consolidated Revenue Results for the Month Ended May 2024	CI
09/05	Bear market for diesel spells fresh troubles for oil	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,28,781	9,50,691	9,13,540	7,64,935	7,68,745	6,29,666	-	-
Enterprise Value (EV) ¹	8,59,270	8,77,746	8,20,239	7,36,435	7,57,594	5,36,192	5,37,128	5,43,198
P/E ratio	25.3 x	128 x	18.5 x	53.2 x	35.1 x	23.3 x	19 x	16.9 x
Yield	2.97%	0.59%	3.96%	1.37%	2.48%	3.26%	4.24%	5.07%
Capitalization / Revenue	1.44 x	2.29 x	1.47 x	0.9 x	1.08 x	0.88 x	0.86 x	0.88 x
EV / Revenue	1.33 x	2.11 x	1.32 x	0.87 x	1.06 x	0.75 x	0.74 x	0.76 x
EV / EBITDA	17 x	52.1 x	11.8 x	34 x	24 x	12.5 x	10.6 x	9.75 x
EV / FCF	23.7 x	33 x	32.8 x	-43.8 x	20.5 x	22.5 x	17.5 x	-
FCF Yield	4.21%	3.03%	3.04%	-2.29%	4.89%	4.45%	5.71%	-
Price to Book	2.81 x	3.09 x	2.56 x	2.45 x	2.29 x	1.84 x	1.79 x	1.7 x
Nbr of stocks (in thousands)	95,25,960	95,25,960	95,25,960	95,25,960	95,25,960	95,25,960	-	-
Reference price ²	97.50	99.80	95.90	80.30	80.70	66.10	66.10	66.10
Announcement Date	08/03/20	10/03/21	08/03/22	24/02/23	29/02/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,46,023	4,15,282	6,20,062	8,48,048	7,12,576	7,15,010	7,29,970	7,17,046
EBITDA ¹	50,483	16,853	69,677	21,666	31,567	42,910	50,882	55,715
EBIT ¹	36,786	2,769	55,177	5,420	15,405	24,501	34,557	39,572
Operating Margin	5.69%	0.67%	8.9%	0.64%	2.16%	3.43%	4.73%	5.52%
Earnings before Tax (EBT) ¹	44,898	8,665	60,485	16,968	24,694	31,244	40,462	44,575
Net income ¹	36,798	7,430	49,401	14,422	21,889	25,704	33,592	37,224
Net margin	5.7%	1.79%	7.97%	1.7%	3.07%	3.59%	4.6%	5.19%
EPS ²	3.860	0.7800	5.190	1.510	2.300	2.841	3.475	3.908
Free Cash Flow ¹	36,205	26,576	24,976	-16,830	37,019	23,861	30,662	-
FCF margin	5.6%	6.4%	4.03%	-1.98%	5.2%	3.34%	4.2%	-
FCF Conversion (EBITDA)	71.72%	157.69%	35.85%	-	117.27%	55.61%	60.26%	-
FCF Conversion (Net income)	98.39%	357.7%	50.56%	-	169.12%	92.83%	91.28%	-
Dividend per Share ²	2.900	0.5900	3.800	1.100	2.000	2.155	2.802	3.351
Announcement Date	08/03/20	10/03/21	08/03/22	24/02/23	29/02/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	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	1,80,785	1,85,600	2,39,286	2,29,065	1,94,147	1,84,642	1,59,397	1,92,658	1,75,878	1,71,197	1,84,442	1,90,275	1,89,866	1,85,402	1,94,241
EBITDA ¹	12,417	19,642	21,944	-11,415	-8,506	8,651	-	22,047	3,077	6,496	10,083	13,998	11,008	-	-
EBIT ¹	8,748	15,916	18,067	-15,712	-12,851	4,284	-6,467	18,055	-467.3	3,208	7,610	7,590	6,145	8,466	8,869
Operating Margin	4.84%	8.58%	7.55%	-6.86%	-6.62%	2.32%	-4.06%	9.37%	-0.27%	1.87%	4.13%	3.99%	3.24%	4.57%	4.57%
Earnings before Tax (EBT) ¹	9,328	17,100	21,043	-8,733	-12,434	5,360	-1,920	21,103	150.3	6,107	9,187	8,745	7,240	9,864	10,268
Net income ¹	7,606	13,700	16,930	-6,281	-9,884	4,435	-1,158	17,156	1,455	5,026	7,663	7,170	5,918	8,390	8,733
Net margin	4.21%	7.38%	7.08%	-2.74%	-5.09%	2.4%	-0.73%	8.91%	0.83%	2.94%	4.15%	3.77%	3.12%	4.53%	4.5%
EPS ²	0.8000	1.430	2.210	-0.9200	-1.040	0.5600	-0.2000	2.210	0.1500	0.5300	0.7746	0.7342	0.6354	0.8807	0.9168
Dividend per Share ²	-	-	-	-	1.100	-	-	-	-	-	-	2.149	-	-	-
Announcement Date	08/03/22	11/04/22	04/08/22	03/11/22	24/02/23	04/05/23	04/08/23	02/11/23	29/02/24	03/05/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	69,511	72,945	93,301	28,499	11,151	93,474	92,538	86,468
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	36,205	26,576	24,976	-16,830	37,019	23,861	30,662	-
ROE (net income / shareholders' equity)	11%	2.33%	14.8%	4.31%	6.75%	7.57%	9.76%	10.9%
ROA (Net income/ Total Assets)	9.16%	1.91%	11.8%	3.28%	5.22%	5.3%	7.55%	-
Assets ¹	4,01,901	3,89,478	4,19,841	4,40,270	4,18,973	4,84,982	4,44,678	-
Book Value Per Share ²	34.70	32.30	37.50	32.80	35.30	35.90	37.00	39.00
Cash Flow per Share ²	4.610	3.730	3.730	-0.9600	4.760	3.740	5.740	-
Capex ¹	7,719	8,959	10,550	7,647	8,365	10,461	10,762	8,000
Capex / Sales	1.19%	2.16%	1.7%	0.9%	1.17%	1.46%	1.47%	1.12%
Announcement Date	08/03/20	10/03/21	08/03/22	24/02/23	29/02/24	-	-	-

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 Formosa Petrochemical Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

66.1 TWD

Average target price

77.99 TWD

Spread / Average Target

+17.99%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

	1st Jan change	Capi.
FORMOSA PETROCHEMICAL CORPORATION	-18.09%	19.53B
RELIANCE INDUSTRIES LTD	+13.69%	237B
CHINA PETROLEUM & CHEMICAL CORPORATION	+17.11%	98.67B
BP PLC	-0.57%	97.41B
MARATHON PETROLEUM CORPORATION	+13.75%	59.46B
PHILLIPS 66	+2.16%	57.66B
VALERO ENERGY CORPORATION	+14.14%	48.52B
IMPERIAL OIL LIMITED	+19.41%	35.27B
INDIAN OIL CORPORATION LIMITED	+30.14%	27.86B
REPSOL S.A.	+5.84%	18.89B

Other Oil & Gas Refining and Marketing