Financials Formosa Petrochemical Corporation

Equities

6505

TW0006505001

Oil & Gas Refining and Marketing

End-of-day quote Taiwan S.E. Other stock markets 03:30:00 29/04/2024 am IST			5-day change	1st Jan Change
72.6 ^TWD	+1.97%		-0.14%	-10.04%

10/04	Formosa Petrochemical Corp. Announces Consolidated Operating Revenue for the Month Ended March 2024	CI
03/04	Taiwan's FPCC shuts Mailiao refinery port after quake, sources say	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,28,781	9,50,691	9,13,540	7,64,935	7,68,745	6,91,585	-	-
Enterprise Value (EV) ¹	8,59,270	8,77,746	8,20,239	7,36,435	7,68,745	6,07,002	6,03,552	6,91,585
P/E ratio	25.3 x	128 x	18.5 x	53.2 x	35.1 x	22.9 x	20.5 x	-
Yield	2.97%	0.59%	3.96%	1.37%	-	3.19%	3.87%	5.23%
Capitalization / Revenue	1.44 x	2.29 x	1.47 x	0.9 x	1.08 x	0.96 x	0.95 x	1.07 x
EV / Revenue	1.33 x	2.11 x	1.32 x	0.87 x	1.08 x	0.85 x	0.83 x	1.07 x
EV / EBITDA	17 x	52.1 x	11.8 x	34 x	24.4 x	14 x	11.5 x	11.1 x
EV / FCF	23.7 x	33 x	32.8 x	-43.8 x	-	24.4 x	18.5 x	-
FCF Yield	4.21%	3.03%	3.04%	-2.29%	-	4.09%	5.42%	-
Price to Book	2.81 x	3.09 x	2.56 x	2.45 x	-	2.02 x	1.96 x	-
Nbr of stocks (in thousands)	95,25,960	95,25,960	95,25,960	95,25,960	95,25,960	95,25,960	-	-
Reference price ²	97.50	99.80	95.90	80.30	80.70	72.60	72.60	72.60
Announcement Date	08/03/20	10/03/21	08/03/22	24/02/23	29/02/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,46,023	4,15,282	6,20,062	8,48,048	7,12,576	7,17,050	7,26,179	6,49,363
EBITDA ¹	50,483	16,853	69,677	21,666	31,567	43,448	52,283	62,377
EBIT ¹	36,786	2,769	55,177	5,420	15,405	26,896	35,791	45,428
Operating Margin	5.69%	0.67%	8.9%	0.64%	2.16%	3.75%	4.93%	7%
Earnings before Tax (EBT) ¹	44,898	8,665	60,485	16,968	24,694	36,550	42,049	-
Net income ¹	36,798	7,430	49,401	14,422	21,889	30,057	34,635	-
Net margin	5.7%	1.79%	7.97%	1.7%	3.07%	4.19%	4.77%	-
EPS ²	3.860	0.7800	5.190	1.510	2.300	3.171	3.550	-
Free Cash Flow ¹	36,205	26,576	24,976	-16,830	-	24,852	32,711	-
FCF margin	5.6%	6.4%	4.03%	-1.98%	-	3.47%	4.5%	-
FCF Conversion (EBITDA)	71.72%	157.69%	35.85%	-	-	57.2%	62.57%	-
FCF Conversion (Net income)	98.39%	357.7%	50.56%	-	-	82.68%	94.45%	-
Dividend per Share ²	2.900	0.5900	3.800	1.100	-	2.316	2.810	3.800
Announcement Date	08/03/20	10/03/21	08/03/22	24/02/23	29/02/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	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
Net sales ¹	1,64,005	1,80,785	1,85,600	2,39,286	2,29,065	1,94,147	1,84,642	1,59,397	1,92,658	1,75,878	1,74,119	1,80,214	1,75,708	1,81,419
EBITDA ¹	13,490	12,417	19,642	21,944	-11,415	-8,506	8,651	-	22,047	3,077	8,797	10,083	13,998	11,008
EBIT ¹	9,839	8,748	15,916	18,067	-15,712	-12,851	4,284	-6,467	18,055	-467.3	9,685	8,670	10,479	5,679
Operating Margin	6%	4.84%	8.58%	7.55%	-6.86%	-6.62%	2.32%	-4.06%	9.37%	-0.27%	5.56%	4.81%	5.96%	3.13%
Earnings before Tax (EBT) ¹	12,413	9,328	17,100	21,043	-8,733	-12,434	5,360	-1,920	21,103	150.3	10,790	10,524	11,703	6,661
Net income ¹	10,291	7,606	13,700	16,930	-6,281	-9,884	4,435	-1,158	17,156	1,455	8,632	8,419	9,363	5,328
Net margin	6.27%	4.21%	7.38%	7.08%	-2.74%	-5.09%	2.4%	-0.73%	8.91%	0.83%	4.96%	4.67%	5.33%	2.94%
EPS ²	1.300	0.8000	1.430	2.210	-0.9200	-1.040	0.5600	-0.2000	2.210	0.1500	0.9100	0.8800	0.9800	0.5600
Dividend per Share	3.800	-	-	-	-	1.100	-	-	-	-	-	-	-	-
Announcement Date	04/11/21	08/03/22	11/04/22	04/08/22	03/11/22	24/02/23	04/05/23	04/08/23	02/11/23	29/02/24	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	69,511	72,945	93,301	28,499	-	84,583	88,032	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	36,205	26,576	24,976	-16,830	-	24,852	32,711	-
ROE (net income / shareholders' equity)	11%	2.33%	14.8%	4.31%	-	7.77%	10.1%	11.7%
ROA (Net income/ Total Assets)	9.16%	1.91%	11.8%	3.28%	-	7.17%	8.12%	-
Assets ¹	4,01,901	3,89,478	4,19,841	4,40,270	-	4,19,200	4,26,484	-
Book Value Per Share ²	34.70	32.30	37.50	32.80	-	35.90	37.10	-
Cash Flow per Share ²	4.610	3.730	3.730	-0.9600	4.760	4.110	5.740	-
Capex ¹	7,719	8,959	10,550	7,647	-	13,027	11,790	-
Capex / Sales	1.19%	2.16%	1.7%	0.9%	-	1.82%	1.62%	-
Announcement Date	08/03/20	10/03/21	08/03/22	24/02/23	29/02/24	-	-	-

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 Formosa Petrochemical Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

72.6 TWD

Average target price

80.88 TWD

Spread / Average Target

+11.40%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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