Company Valuation: Fortune Oriental Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 820.1 1,710 930.8 1,148 1,111 1,632
Change - 108.5% -45.56% 23.35% -3.21% 46.86%
Enterprise Value (EV) 1 -873.1 -52.2 123.4 405.7 408.1 576.7
Change - 94.02% 336.39% 228.77% 0.58% 41.32%
P/E 6.67x 33.1x -2.41x 31.1x -33.9x 14x
PBR 0.72x 1.47x 1.17x 1.39x 1.38x 1.76x
PEG - -0.6x 0x -0x 0x -0x
Capitalization / Revenue 2.05x 4.63x -3.86x 5.96x 5.53x 9.07x
EV / Revenue -2.18x -0.14x -0.51x 2.11x 2.03x 3.21x
EV / EBITDA -5.84x -0.4x -0.23x -3.17x -4.11x -4.75x
EV / EBIT -5.89x -0.41x -0.23x -2.99x -3.61x -4.14x
EV / FCF -13.2x -0.66x -0.29x -2.86x -7.98x 7.43x
FCF Yield -7.55% -151% -342% -35% -12.5% 13.5%
Dividend per Share 2 0.4 0.1 - - - -
Rate of return 4% 0.48% - - - -
EPS 2 1.5 0.63 -4.7 0.45 -0.4 1.426
Distribution rate 26.7% 15.9% - - - -
Net sales 1 400.3 369.6 -241.4 192.5 200.8 179.9
EBITDA 1 149.4 129 -528.7 -128.2 -99.39 -121.4
EBIT 1 148.2 127.4 -533.9 -135.7 -112.9 -139.4
Net income 1 123 51.78 -385.4 37.25 -32.78 116.9
Net Debt 1 -1,693 -1,762 -807.4 -742.4 -703.1 -1,055
Reference price 2 10.00 20.85 11.35 14.00 13.55 19.90
Nbr of stocks (in thousands) 82,008 82,008 82,008 82,008 82,008 82,008
Announcement Date 31/03/21 30/03/22 31/03/23 14/03/24 17/03/25 13/03/26
1TWD in Million2TWD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 7.79Cr
20.34x2.14x11.28x0.21% 985.88Cr
77.27x - - 1.04% 246.23Cr
10.86x0.51x4.63x6.41% 220.49Cr
13.04x - - 5.46% 184.23Cr
20.04x - - 2.49% 95Cr
30.94x - - - 85Cr
Average 28.75x 1.32x 7.95x 3.12% 260.67Cr
Weighted average by Cap. 26.64x 1.84x 10.06x 1.8%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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