Financials Far EasTone Telecommunications Co., Ltd.

Equities

4904

TW0004904008

Wireless Telecommunications Services

End-of-day quote Taiwan S.E. 06:00:00 2024-06-03 pm EDT 5-day change 1st Jan Change
84.2 TWD -1.29% Intraday chart for Far EasTone Telecommunications Co., Ltd. +2.06% +5.51%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 234,938 199,420 210,499 214,735 260,028 303,600 - -
Enterprise Value (EV) 1 268,268 274,519 275,035 268,427 317,600 354,109 349,288 336,414
P/E ratio 26.9 x 23.9 x 23.1 x 22.4 x 23.4 x 25.7 x 23.1 x 19.7 x
Yield 4.51% 5.31% 5.03% 4.93% 4.07% 3.9% 4.22% 5%
Capitalization / Revenue 2.8 x 3.25 x 2.47 x 2.41 x 3.71 x 2.84 x 2.75 x 2.69 x
EV / Revenue 3.2 x 4.47 x 3.22 x 3.01 x 4.53 x 3.32 x 3.16 x 2.98 x
EV / EBITDA 9.2 x 14.1 x 9.76 x 8.72 x 11.4 x 9.76 x 9.37 x 8.61 x
EV / FCF 16.7 x 17.2 x 11.5 x 14.5 x 17 x 20.7 x 18.2 x 13.8 x
FCF Yield 5.97% 5.8% 8.67% 6.91% 5.89% 4.83% 5.51% 7.22%
Price to Book 3.37 x 2.96 x 3.23 x 3.39 x 3.2 x 3.43 x 3.57 x 3.32 x
Nbr of stocks (in thousands) 3,258,501 3,258,501 3,258,501 3,258,501 3,258,501 3,605,705 - -
Reference price 2 72.10 61.20 64.60 65.90 79.80 84.20 84.20 84.20
Announcement Date 1/10/20 2/26/21 3/1/22 2/16/23 2/23/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 83,866 61,424 85,320 89,151 70,133 106,721 110,595 112,936
EBITDA 1 29,152 19,473 28,170 30,792 27,826 36,293 37,290 39,062
EBIT 1 11,925 9,073 10,361 12,634 11,730 14,739 16,524 19,221
Operating Margin 14.22% 14.77% 12.14% 14.17% 16.73% 13.81% 14.94% 17.02%
Earnings before Tax (EBT) 1 11,012 10,134 11,081 11,999 13,147 14,381 16,134 18,440
Net income 1 8,735 8,354 9,124 9,608 11,186 11,836 13,218 14,959
Net margin 10.42% 13.6% 10.69% 10.78% 15.95% 11.09% 11.95% 13.25%
EPS 2 2.680 2.560 2.800 2.940 3.410 3.277 3.651 4.283
Free Cash Flow 1 16,025 15,918 23,859 18,551 18,714 17,092 19,244 24,302
FCF margin 19.11% 25.92% 27.96% 20.81% 26.68% 16.02% 17.4% 21.52%
FCF Conversion (EBITDA) 54.97% 81.74% 84.7% 60.25% 67.25% 47.09% 51.6% 62.21%
FCF Conversion (Net income) 183.45% 190.55% 261.5% 193.08% 167.3% 144.41% 145.59% 162.46%
Dividend per Share 2 3.250 3.250 3.250 3.250 3.250 3.283 3.552 4.213
Announcement Date 1/10/20 2/26/21 3/1/22 2/16/23 2/23/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 2025 Q1 2025 Q2
Net sales 1 24,283 21,904 20,724 - 24,369 22,305 21,699 - - 25,746 24,971 26,651 30,072 - -
EBITDA 1 7,253 7,567 7,644 - 7,884 6,647 7,910 - - 7,368 8,340 8,588 8,578 - -
EBIT 1 2,736 - 3,100 - 3,337 3,398 3,433 - - 3,519 3,517 3,765 3,755 - -
Operating Margin 11.27% - 14.96% - 13.69% 15.24% 15.82% - - 13.67% 14.08% 14.13% 12.49% - -
Earnings before Tax (EBT) 1 2,528 - 2,876 - - 3,400 3,412 - - 3,524 3,290 3,543 3,508 - -
Net income 1 1,674 2,325 2,312 2,423 2,548 2,754 2,766 2,828 2,838 2,922 2,254 2,408 4,371 - -
Net margin 6.9% 10.62% 11.16% - 10.45% 12.35% 12.75% - - 11.35% 9.03% 9.03% 14.54% - -
EPS 2 0.6100 0.7100 0.7100 0.7400 0.7800 0.8400 0.8500 0.8700 0.8500 0.8100 0.6646 0.7085 1.213 - -
Dividend per Share 2 3.250 - - - 3.250 - - - 3.250 - 0.8125 0.8125 0.8125 0.9855 0.9855
Announcement Date 3/1/22 5/5/22 8/4/22 11/11/22 2/16/23 5/4/23 8/10/23 11/6/23 2/23/24 5/8/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 33,330 75,099 64,536 53,692 57,572 50,508 45,688 32,813
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.143 x 3.856 x 2.291 x 1.744 x 2.069 x 1.392 x 1.225 x 0.84 x
Free Cash Flow 1 16,025 15,918 23,859 18,551 18,714 17,092 19,244 24,302
ROE (net income / shareholders' equity) 12.2% 12.2% 13.8% 15% 14.6% 13.3% 15.8% 17%
ROA (Net income/ Total Assets) 6.69% 5.43% 5.23% 5.55% 6.12% 6.09% 6.38% 6.66%
Assets 1 130,490 153,796 174,488 173,090 182,863 194,472 207,147 224,469
Book Value Per Share 2 21.40 20.70 20.00 19.40 25.00 24.50 23.60 25.40
Cash Flow per Share 2 6.590 7.980 10.80 8.300 7.970 8.160 9.480 9.410
Capex 1 5,449 10,128 11,457 8,529 7,412 9,281 9,900 9,275
Capex / Sales 6.5% 16.49% 13.43% 9.57% 10.57% 8.7% 8.95% 8.21%
Announcement Date 1/10/20 2/26/21 3/1/22 2/16/23 2/23/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
5
Last Close Price
84.2 TWD
Average target price
89.2 TWD
Spread / Average Target
+5.94%
Consensus
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