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 1,07,029 1,05,604 1,17,604 1,17,604 1,17,976
Announcement Date 03/03/21 25/02/22 09/03/23 01/03/24 03/03/25 06/03/26
1TWD in Million2TWD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 31Cr
34.48x4.87x19.63x1.08% 7.56TCr
28.16x4.36x18.61x2.32% 3.61TCr
21.65x2.62x13.54x2.46% 3.06TCr
15.29x1.47x8.9x2.06% 2.63TCr
36.71x9x27.39x2.49% 2.26TCr
10.45x2.74x5.74x3.88% 1.96TCr
26.58x2.76x11.29x1.6% 1.86TCr
10.75x2.31x4.96x1.41% 1.35TCr
22.51x2.69x12.37x1.52% 1.35TCr
Average 22.95x 3.65x 13.60x 2.09% 2.57TCr
Weighted average by Cap. 25.99x 3.98x 15.52x 1.94%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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