Stock 2903 FAR EASTERN DEPARTMENT STORES, LTD.
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Financials Far Eastern Department Stores, Ltd.

Equities

2903

TW0002903002

Department Stores

End-of-day quote Taiwan S.E.
Other stock markets
 03:30:00 03/05/2024 am IST 		5-day change 1st Jan Change
34.35 TWD 0.00% Intraday chart for Far Eastern Department Stores, Ltd. +2.69% +38.79%
15/03 Far Eastern Department Stores, Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Far Eastern Department Stores, Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 22,117 36,698 33,810 30,217 30,288 34,866
Enterprise Value (EV) 1 36,290 80,656 73,142 64,406 59,541 71,531
P/E ratio 16.9 x 20.7 x 17.5 x 25 x 15.7 x 12.7 x
Yield 5.41% 3.07% 4.58% 4.2% 5.12% 6.46%
Capitalization / Revenue 0.56 x 0.97 x 0.91 x 0.86 x 0.84 x 0.95 x
EV / Revenue 0.92 x 2.13 x 1.96 x 1.82 x 1.66 x 1.95 x
EV / EBITDA 5.55 x 12.5 x 12.1 x 11.8 x 9.17 x 9.64 x
EV / FCF 45.3 x 11.8 x 10.3 x 9.67 x 7.45 x 10.3 x
FCF Yield 2.21% 8.48% 9.67% 10.3% 13.4% 9.69%
Price to Book 0.75 x 1.19 x 1.08 x 0.97 x 0.96 x 1.11 x
Nbr of stocks (in thousands) 14,08,734 14,08,734 14,08,734 14,08,734 14,08,734 14,08,734
Reference price 2 15.70 26.05 24.00 21.45 21.50 24.75
Announcement Date 01/04/19 31/03/20 31/03/21 16/03/22 16/03/23 15/03/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 39,243 37,896 37,288 35,308 35,864 36,725
EBITDA 1 6,543 6,429 6,047 5,444 6,491 7,423
EBIT 1 4,187 4,539 4,085 3,633 4,446 5,501
Operating Margin 10.67% 11.98% 10.96% 10.29% 12.4% 14.98%
Earnings before Tax (EBT) 1 2,549 3,103 3,001 2,436 3,509 5,174
Net income 1 1,318 1,782 1,939 1,208 1,930 2,752
Net margin 3.36% 4.7% 5.2% 3.42% 5.38% 7.49%
EPS 2 0.9300 1.260 1.370 0.8576 1.370 1.950
Free Cash Flow 1 801.2 6,842 7,070 6,662 7,993 6,931
FCF margin 2.04% 18.06% 18.96% 18.87% 22.29% 18.87%
FCF Conversion (EBITDA) 12.25% 106.42% 116.92% 122.36% 123.15% 93.37%
FCF Conversion (Net income) 60.78% 383.99% 364.62% 551.4% 414.11% 251.83%
Dividend per Share 2 0.8500 0.8000 1.100 0.9000 1.100 1.600
Announcement Date 01/04/19 31/03/20 31/03/21 16/03/22 16/03/23 15/03/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 14,173 43,958 39,332 34,189 29,254 36,665
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 2.166 x 6.837 x 6.504 x 6.28 x 4.507 x 4.939 x
Free Cash Flow 1 801 6,842 7,070 6,662 7,993 6,931
ROE (net income / shareholders' equity) 4.43% 5.62% 6.47% 4.79% 6.73% 10.2%
ROA (Net income/ Total Assets) 2.5% 2.42% 1.97% 1.75% 2.16% 2.64%
Assets 1 52,749 73,575 98,334 68,952 89,472 1,04,388
Book Value Per Share 2 21.00 21.90 22.10 22.00 22.40 22.20
Cash Flow per Share 2 10.40 9.530 10.50 13.90 12.20 14.20
Capex 1 2,258 1,802 2,011 2,317 1,480 1,871
Capex / Sales 5.75% 4.75% 5.39% 6.56% 4.13% 5.1%
Announcement Date 01/04/19 31/03/20 31/03/21 16/03/22 16/03/23 15/03/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Retail - Department Stores

1st Jan change Capi.
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Retail - Department Stores
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