Company Valuation: Formosa Laboratories, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 5,085 7,275 8,839 12,266 8,274 7,131
Change - 43.07% 21.49% 38.78% -32.55% -13.81%
Enterprise Value (EV) 1 8,446 9,602 11,008 13,819 9,470 8,247
Change - 13.69% 14.64% 25.53% -31.47% -12.91%
P/E 13.6x 5.86x 21.7x 97.2x 52.9x 16.3x
PBR 0.98x 0.98x 1.18x 1.62x 1.08x 0.92x
PEG - 0x -0.3x -1.4x 2.2x 0x
Capitalization / Revenue 1.65x 2.32x 2.35x 2.81x 1.75x 1.47x
EV / Revenue 2.75x 3.06x 2.92x 3.17x 2x 1.7x
EV / EBITDA 18.1x 32.4x 17.6x 12.3x 7.73x 6.14x
EV / EBIT 302x -57.2x 67.3x 20.5x 13x 10.3x
EV / FCF -11.8x -56.1x 47x 37.1x -128x 20x
FCF Yield -8.46% -1.78% 2.13% 2.69% -0.78% 4.99%
Dividend per Share 2 - 2 1 2 3 3
Rate of return - 3.31% 1.36% 1.96% 4.36% 5.06%
EPS 2 3.459 10.32 3.39 1.05 1.3 3.64
Distribution rate - 19.4% 29.5% 191% 231% 82.4%
Net sales 1 3,075 3,142 3,766 4,360 4,731 4,851
EBITDA 1 467.6 296.6 623.8 1,127 1,225 1,344
EBIT 1 28.01 -168 163.5 675 725.9 803.2
Net income 1 400 1,249 409.4 126.2 157.3 441.1
Net Debt 1 3,361 2,327 2,169 1,553 1,196 1,115
Reference price 2 46.95 60.50 73.50 102.00 68.80 59.30
Nbr of stocks (in thousands) 1,08,313 1,20,256 1,20,256 1,20,256 1,20,256 1,20,256
Announcement Date 08/03/21 11/03/22 15/03/23 12/03/24 13/03/25 13/03/26
1TWD in Million2TWD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 18Cr
33.68x12.2x24.79x0.59% 1,05600Cr
29.76x6.61x18.5x2% 64TCr
33.32x7.79x16.11x2.63% 47TCr
19.01x4.64x11.49x2.87% 34TCr
20.51x5.32x13.17x3.01% 28TCr
20.92x4.34x12.36x2.04% 25TCr
26.76x6.95x12.37x2.38% 23TCr
-45.76x6.66x26x2.18% 19TCr
11.27x4.11x8.54x4.46% 17TCr
Average 16.61x 6.51x 15.93x 2.46% 36.16TCr
Weighted average by Cap. 24.07x 7.86x 18.08x 1.98%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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