Company Valuation: Far Eastern New Century Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Capitalization 1 1,54,943 1,56,816 1,70,732 1,66,985 1,69,126 1,48,788
Change - 1.21% 8.87% -2.19% 1.28% -12.03%
Enterprise Value (EV) 1 3,89,177 3,91,660 4,13,053 4,03,656 3,92,056 3,60,897
Change - 0.64% 5.46% -2.27% -2.87% -7.95%
P/E ratio 18x 15.1x 19.6x 19x 15.9x 17.9x
PBR 0.76x 0.76x 0.82x 0.74x 0.72x 0.65x
PEG - 0.7x -1.2x 30.97x 0.7x -0.8x
Capitalization / Revenue 0.75x 0.66x 0.65x 0.65x 0.62x 0.59x
EV / Revenue 1.88x 1.64x 1.56x 1.57x 1.45x 1.42x
EV / EBITDA 12.8x 11.5x 11.3x 10.7x 9.26x 8.41x
EV / EBIT 38.9x 33.2x 28.7x 27x 22.2x 19.7x
EV / FCF -16.2x -23.5x 81.4x 18.1x 18.3x 14.6x
FCF Yield -6.18% -4.25% 1.23% 5.52% 5.47% 6.84%
Dividend per Share 2 1.35 1.5 1.35 1.35 1.6 1.25
Rate of return 4.66% 5.12% 4.23% 4.33% 5.06% 4.5%
EPS 2 1.61 1.94 1.63 1.64 1.99 1.55
Distribution rate 83.9% 77.3% 82.8% 82.3% 80.4% 80.6%
Net sales 1 2,06,769 2,38,806 2,63,945 2,57,204 2,70,954 2,54,056
EBITDA 1 30,350 33,935 36,683 37,556 42,358 42,897
EBIT 1 10,016 11,795 14,368 14,973 17,694 18,339
Net income 1 8,063 9,685 8,160 8,229 10,032 7,831
Net Debt 1 2,34,234 2,34,844 2,42,321 2,36,671 2,22,930 2,12,109
Reference price 2 28.95 29.30 31.90 31.20 31.60 27.80
Nbr of stocks (in thousands) 53,52,096 53,52,096 53,52,096 53,52,096 53,52,096 53,52,096
Announcement Date 31/03/21 31/03/22 16/03/23 15/03/24 17/03/25 16/03/26
1TWD in Million2TWD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 449.34Cr
22.13x - - -.--% 1,02300Cr
23.95x4.27x16.75x2.08% 15TCr
29.03x2.2x14.11x0.95% 15TCr
52.34x3.17x26.41x0.54% 9.65TCr
18.33x3.48x12.02x2.09% 7.9TCr
23.47x5.09x17.31x2.49% 7.62TCr
33.05x1.97x18.08x0.96% 7.48TCr
12.77x0.82x4.89x3.35% 2.15TCr
Average 26.88x 3.00x 15.65x 1.56% 18.56TCr
Weighted average by Cap. 24.91x 3.25x 16.84x 0.6%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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