Financials Formosa Taffeta Co., Ltd.

Equities

1434

TW0001434009

Textiles & Leather Goods

End-of-day quote Taiwan S.E. Other stock markets 03:30:00 28/06/2024 am IST			5-day change	1st Jan Change
22.5 ^TWD	+0.45%		-1.53%	-10.71%

07/05	Formosa Taffeta Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
11/03	Formosa Taffeta Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	57,541	52,241	49,044	45,006	42,398	37,856	-
Enterprise Value (EV) ¹	63,920	52,241	49,044	45,006	49,695	46,933	47,188
P/E ratio	11.1 x	24.8 x	-	-	-	-	-
Yield	7.31%	-	-	-	1.98%	2.22%	2.22%
Capitalization / Revenue	1.57 x	-	1.5 x	1.3 x	1.49 x	1.29 x	1.28 x
EV / Revenue	1.74 x	-	1.5 x	1.3 x	1.74 x	1.6 x	1.6 x
EV / EBITDA	15.9 x	-	-	-	30 x	18.9 x	18.5 x
EV / FCF	16.2 x	-	-	-	14.6 x	101 x	44.6 x
FCF Yield	6.19%	-	-	-	6.85%	0.99%	2.24%
Price to Book	0.9 x	-	0.79 x	0.81 x	0.78 x	0.7 x	0.69 x
Nbr of stocks (in thousands)	16,82,472	16,82,472	16,82,472	16,82,472	16,82,472	16,82,472	-
Reference price ²	34.20	31.05	29.15	26.75	25.20	22.50	22.50
Announcement Date	25/03/20	11/03/21	09/03/22	06/03/23	11/03/24	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	36,762	-	32,799	34,723	28,502	29,294	29,550
EBITDA ¹	4,022	-	-	-	1,658	2,478	2,555
EBIT ¹	1,067	-	1,550	1,270	280.6	669	830
Operating Margin	2.9%	-	4.73%	3.66%	0.98%	2.28%	2.81%
Earnings before Tax (EBT)	5,164	-	-	-	-	-	-
Net income	5,189	2,096	-	-	-	-	-
Net margin	14.11%	-	-	-	-	-	-
EPS	3.080	1.250	-	-	-	-	-
Free Cash Flow ¹	3,956	-	-	-	3,405	464	1,058
FCF margin	10.76%	-	-	-	11.95%	1.58%	3.58%
FCF Conversion (EBITDA)	98.36%	-	-	-	205.45%	18.72%	41.41%
FCF Conversion (Net income)	76.25%	-	-	-	-	-	-
Dividend per Share ²	2.500	-	-	-	0.5000	0.5000	0.5000
Announcement Date	25/03/20	11/03/21	09/03/22	06/03/23	11/03/24	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	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	8,451	8,914	-	7,777	7,653	-	7,144	6,476	7,170	7,363	7,474	7,287	7,214	7,322
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	307.4	366.8	-	330	224.2	-	33.77	39.67	182.2	162	150	175	180	202
Operating Margin	3.64%	4.11%	-	4.24%	2.93%	-	0.47%	0.61%	2.54%	2.2%	2.01%	2.4%	2.5%	2.76%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	586.1	-	-	466.1	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	0.3500	-	-	0.2800	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	09/03/22	06/05/22	04/11/22	06/03/23	05/05/23	04/08/23	03/11/23	11/03/24	07/05/24	-	-	-	-	-

¹TWD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	6,380	-	-	-	7,297	9,077	9,332
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.586 x	-	-	-	4.402 x	3.663 x	3.652 x
Free Cash Flow ¹	3,956	-	-	-	3,405	464	1,058
ROE (net income / shareholders' equity)	7.79%	-	-	-	0.81%	2.1%	2.2%
ROA (Net income/ Total Assets)	5.97%	-	-	-	0.6%	1.5%	1.6%
Assets	86,894	-	-	-	-	-	-
Book Value Per Share ²	38.20	-	37.00	33.10	32.30	32.30	32.60
Cash Flow per Share	4.010	-	-	-	-	-	-
Capex ¹	2,795	-	-	-	687	1,543	1,557
Capex / Sales	7.6%	-	-	-	2.41%	5.27%	5.27%
Announcement Date	25/03/20	11/03/21	09/03/22	06/03/23	11/03/24	-	-

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 Formosa Taffeta Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

22.5 TWD

Average target price

25.5 TWD

Spread / Average Target

+13.33%

Consensus

Quarterly revenue - Rate of surprise

Company calendar

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