EVERGREEN MARINE CORPORATION (TAIWAN) LTD.

Financials Evergreen Marine Corporation (Taiwan) Ltd.

Equities

2603

TW0002603008

Marine Freight & Logistics

End-of-day quote Taiwan S.E. Other stock markets 03:30:00 21/06/2024 am IST			5-day change	1st Jan Change
204 ^TWD	-0.24%		+2.51%	+42.16%

28/05	Evergreen Marine Corporation Ltd. Approves Cash Dividends for 2023, Payable on July 25, 2024	CI
17/05	Evergreen Marine Corporation Ltd. announced that it expects to receive TWD 799.451443 million in funding	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	55,961	1,95,888	7,53,946	3,44,976	3,03,706	4,38,651	-	-
Enterprise Value (EV) ¹	1,09,930	3,05,810	7,81,036	-51,670	2,52,194	3,59,846	2,96,501	3,52,780
P/E ratio	620 x	8.21 x	3.15 x	1.89 x	8.74 x	6.59 x	15.7 x	9.3 x
Yield	-	6.14%	12.6%	42.9%	6.97%	5.46%	3.38%	4.56%
Capitalization / Revenue	0.29 x	0.95 x	1.54 x	0.55 x	1.1 x	1.27 x	1.39 x	1.4 x
EV / Revenue	0.58 x	1.48 x	1.6 x	-0.08 x	0.91 x	1.04 x	0.94 x	1.13 x
EV / EBITDA	4.32 x	5.49 x	2.54 x	-0.13 x	3.68 x	3.21 x	4.18 x	5.45 x
EV / FCF	8.42 x	13.7 x	3.19 x	-0.13 x	-9.61 x	9.58 x	4.35 x	8.06 x
FCF Yield	11.9%	7.28%	31.4%	-747%	-10.4%	10.4%	23%	12.4%
Price to Book	1.59 x	2.08 x	2.31 x	0.62 x	0.69 x	0.91 x	0.9 x	0.84 x
Nbr of stocks (in thousands)	18,05,190	19,25,190	21,16,339	21,16,420	21,16,420	21,50,248	-	-
Reference price ²	31.00	101.8	356.2	163.0	143.5	204.0	204.0	204.0
Announcement Date	23/03/20	22/03/21	15/03/22	15/03/23	15/03/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,90,589	2,07,078	4,89,407	6,27,284	2,76,715	3,45,166	3,14,821	3,12,602
EBITDA ¹	25,422	55,733	3,07,473	4,02,567	68,614	1,12,056	70,920	64,731
EBIT ¹	4,658	34,668	2,84,862	3,74,808	34,750	70,860	35,555	47,655
Operating Margin	2.44%	16.74%	58.21%	59.75%	12.56%	20.53%	11.29%	15.24%
Earnings before Tax (EBT) ¹	778.9	31,840	2,88,235	3,99,424	64,172	83,816	30,049	7,003
Net income ¹	112.5	24,365	2,39,015	3,34,201	35,337	64,240	31,915	67,876
Net margin	0.06%	11.77%	48.84%	53.28%	12.77%	18.61%	10.14%	21.71%
EPS ²	0.0500	12.40	113.0	86.22	16.42	30.94	12.99	21.92
Free Cash Flow ¹	13,062	22,273	2,45,059	3,86,091	-26,238	37,557	68,088	43,765
FCF margin	6.85%	10.76%	50.07%	61.55%	-9.48%	10.88%	21.63%	14%
FCF Conversion (EBITDA)	51.38%	39.96%	79.7%	95.91%	-	33.52%	96.01%	67.61%
FCF Conversion (Net income)	11,608.83%	91.41%	102.53%	115.53%	-	58.46%	213.34%	64.48%
Dividend per Share ²	-	6.250	45.00	70.00	10.00	11.13	6.886	9.302
Announcement Date	23/03/20	22/03/21	15/03/22	15/03/23	15/03/24	-	-	-

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	1,56,006	1,70,825	1,74,999	1,70,433	1,11,027	66,827	67,385	72,812	69,691	88,639	87,634	86,636	74,004	70,644	75,613
EBITDA ¹	-	-	1,24,767	1,16,350	-	18,675	-	-	13,919	25,122	17,640	11,260	10,210	-	-
EBIT ¹	92,757	1,14,802	1,17,930	1,09,250	32,826	11,137	10,132	8,760	4,721	15,654	15,124	13,885	4,809	2,300	5,411
Operating Margin	59.46%	67.2%	67.39%	64.1%	29.57%	16.67%	15.04%	12.03%	6.77%	17.66%	17.26%	16.03%	6.5%	3.26%	7.16%
Earnings before Tax (EBT) ¹	95,065	1,17,376	1,25,326	1,18,253	38,470	16,229	16,214	25,196	6,533	21,047	17,008	15,780	6,353	3,200	6,311
Net income ¹	80,736	1,01,360	1,02,293	1,00,698	29,850	5,043	5,092	21,909	3,293	17,382	16,068	14,738	4,830	1,935	4,303
Net margin	51.75%	59.34%	58.45%	59.08%	26.89%	7.55%	7.56%	30.09%	4.73%	19.61%	18.34%	17.01%	6.53%	2.74%	5.69%
EPS ²	37.85	47.38	47.72	36.85	17.34	2.360	2.360	10.35	1.610	8.090	7.500	6.850	2.245	0.9000	2.000
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	15/03/22	06/05/22	05/08/22	04/11/22	15/03/23	13/05/23	11/08/23	13/11/23	15/03/24	14/05/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	53,970	1,09,922	27,090	-	-	-	-	-
Net Cash position ¹	-	-	-	3,96,646	51,513	78,804	1,42,150	85,871
Leverage (Debt/EBITDA)	2.123 x	1.972 x	0.0881 x	-	-	-	-	-
Free Cash Flow ¹	13,062	22,273	2,45,059	3,86,091	-26,238	37,557	68,088	43,765
ROE (net income / shareholders' equity)	0.16%	29.7%	114%	76%	7.1%	12.7%	5.97%	8.86%
ROA (Net income/ Total Assets)	0.04%	7.6%	50.6%	44.6%	4.4%	7.34%	4.23%	8.12%
Assets ¹	2,67,775	3,20,410	4,72,624	7,49,268	8,03,115	8,74,962	7,54,494	8,35,700
Book Value Per Share ²	19.50	49.00	154.0	261.0	208.0	225.0	227.0	244.0
Cash Flow per Share ²	8.800	26.40	144.0	109.0	-6.420	38.30	24.20	28.40
Capex ¹	6,731	29,585	55,999	54,174	-12,405	47,935	29,035	50,341
Capex / Sales	3.53%	14.29%	11.44%	8.64%	-4.48%	13.89%	9.22%	16.1%
Announcement Date	23/03/20	22/03/21	15/03/22	15/03/23	15/03/24	-	-	-

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 Evergreen Marine Corporation (Taiwan) Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

204 TWD

Average target price

241.6 TWD

Spread / Average Target

+18.41%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Deep Sea Freight

	1st Jan change	Capi.
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.	+42.16%	13.54B
WALLENIUS WILHELMSEN ASA	+14.27%	4.06B
COMPAÑÍA SUD AMERICANA DE VAPORES S.A.	+11.07%	3.28B
STAR BULK CARRIERS CORP.	+13.36%	2.74B
ZIM INTEGRATED SHIPPING SERVICES LTD.	+99.09%	2.36B
HÖEGH AUTOLINERS ASA	+30.08%	2.16B
COSTAMARE INC.	+61.86%	2.01B
COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD.	+15.86%	1.84B
DANAOS CORPORATION	+24.29%	1.78B
SHANGHAI JINJIANG SHIPPING (GROUP) CO., LTD.	-21.14%	1.76B

Deep Sea Freight