Stock 2851 CENTRAL REINSURANCE CORPORATION
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Financials Central Reinsurance Corporation

Equities

2851

TW0002851003

Reinsurance

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-05-13 pm EDT 		5-day change 1st Jan Change
28.05 TWD -1.23% Intraday chart for Central Reinsurance Corporation -2.77% +21.69%
Mar. 13 Central Reinsurance Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Mar. 08 Central Reinsurance Corporation Proposes Cash Dividend for the Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 10,066 11,719 13,401 17,505 13,607 18,449
Enterprise Value (EV) 1 -7,679 -883.9 -1,601 220.5 -8,245 3,959
P/E ratio 9.59 x 10.6 x 8.84 x 8.48 x 41.4 x 8.83 x
Yield 5.28% 4.53% 5.73% 6.07% - 6.07%
Capitalization / Revenue 0.69 x 0.72 x 0.74 x 0.84 x 0.69 x 0.84 x
EV / Revenue -0.53 x -0.05 x -0.09 x 0.01 x -0.42 x 0.18 x
EV / EBITDA -6.27 x -0.5 x -0.7 x 0.08 x 5.42 x 1.59 x
EV / FCF 4.1 x 0.18 x 1.37 x 0.16 x -8.01 x -0.47 x
FCF Yield 24.4% 567% 72.9% 618% -12.5% -213%
Price to Book 0.9 x 0.97 x 1 x 1.06 x 0.8 x 0.97 x
Nbr of stocks (in thousands) 590,389 590,389 590,339 590,389 800,389 800,389
Reference price 2 17.05 19.85 22.70 29.65 17.00 23.05
Announcement Date 3/28/19 3/30/20 3/19/21 3/21/22 3/14/23 3/13/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 14,499 16,327 18,139 20,793 19,772 21,947
EBITDA 1 1,225 1,757 2,291 2,838 -1,521 2,491
EBIT 1 1,214 1,746 2,279 2,825 -1,542 2,463
Operating Margin 8.37% 10.69% 12.56% 13.59% -7.8% 11.22%
Earnings before Tax (EBT) 1 1,377 1,508 1,789 2,471 23.38 2,495
Net income 1 1,050 1,104 1,516 2,065 253.3 2,090
Net margin 7.24% 6.76% 8.36% 9.93% 1.28% 9.52%
EPS 2 1.779 1.870 2.567 3.498 0.4106 2.611
Free Cash Flow 1 -1,872 -5,014 -1,168 1,364 1,029 -8,434
FCF margin -12.91% -30.71% -6.44% 6.56% 5.2% -38.43%
FCF Conversion (EBITDA) - - - 48.05% - -
FCF Conversion (Net income) - - - 66.03% 406.31% -
Dividend per Share 2 0.9000 0.9000 1.300 1.800 - 1.400
Announcement Date 3/28/19 3/30/20 3/19/21 3/21/22 3/14/23 3/13/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 17,745 12,603 15,001 17,284 21,852 14,490
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 -1,872 -5,014 -1,168 1,364 1,029 -8,434
ROE (net income / shareholders' equity) 9.35% 9.51% 11.9% 13.8% 1.51% 11.6%
ROA (Net income/ Total Assets) 2.06% 2.85% 3.48% 3.83% -1.93% 2.96%
Assets 1 51,064 38,683 43,568 53,904 -13,102 70,711
Book Value Per Share 2 19.00 20.40 22.70 28.00 21.20 23.80
Cash Flow per Share 2 30.10 21.30 25.40 29.30 27.30 18.10
Capex 1 5.24 6.2 7.91 8.98 14.6 23.3
Capex / Sales 0.04% 0.04% 0.04% 0.04% 0.07% 0.11%
Announcement Date 3/28/19 3/30/20 3/19/21 3/21/22 3/14/23 3/13/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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