Stock 6803 ECOVE ENVIRONMENT CORP.
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Financials ECOVE Environment Corp.

Equities

6803

TW0006803000

Environmental Services & Equipment

End-of-day quote Taipei Exchange
Other stock markets
 06:00:00 2024-04-29 pm EDT 		5-day change 1st Jan Change
308 TWD -0.32% Intraday chart for ECOVE Environment Corp. +0.49% -0.16%
Mar. 07 ECOVE Environment Corp. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Mar. 04 ECOVE Environment Corp. Announces Cash Dividend for the Period of 1 January 2023 to 31 December 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 11,576 14,025 14,742 16,267 17,403 22,058
Enterprise Value (EV) 1 11,050 13,900 14,630 16,252 16,946 21,251
P/E ratio 14.3 x 17.3 x 17.6 x 18 x 16.6 x 18.9 x
Yield 6.27% 5.18% 5.02% 5.1% 5.47% 4.73%
Capitalization / Revenue 2.39 x 2.64 x 2.62 x 2.73 x 2.48 x 2.89 x
EV / Revenue 2.28 x 2.61 x 2.6 x 2.73 x 2.41 x 2.79 x
EV / EBITDA 9.08 x 10.1 x 9.84 x 10.3 x 9.36 x 11.3 x
EV / FCF 16.5 x 18.7 x 13.4 x 17.1 x 9.98 x 21.7 x
FCF Yield 6.05% 5.34% 7.44% 5.83% 10% 4.62%
Price to Book 2.37 x 2.81 x 2.92 x 2.98 x 2.95 x 3.49 x
Nbr of stocks (in thousands) 67,105 67,105 67,317 69,517 70,458 71,500
Reference price 2 172.5 209.0 219.0 234.0 247.0 308.5
Announcement Date 3/25/19 3/23/20 3/22/21 3/10/22 3/7/23 3/7/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 4,847 5,322 5,638 5,955 7,030 7,629
EBITDA 1 1,217 1,372 1,487 1,578 1,811 1,874
EBIT 1 1,129 1,172 1,210 1,270 1,420 1,462
Operating Margin 23.29% 22.02% 21.47% 21.33% 20.2% 19.16%
Earnings before Tax (EBT) 1 1,235 1,275 1,282 1,353 1,518 1,623
Net income 1 806.9 811.3 842.3 910.8 1,045 1,164
Net margin 16.65% 15.25% 14.94% 15.29% 14.86% 15.26%
EPS 2 12.04 12.06 12.45 13.00 14.85 16.28
Free Cash Flow 1 668.1 742.5 1,088 948.1 1,698 981.3
FCF margin 13.78% 13.95% 19.3% 15.92% 24.15% 12.86%
FCF Conversion (EBITDA) 54.89% 54.14% 73.17% 60.1% 93.73% 52.37%
FCF Conversion (Net income) 82.8% 91.52% 129.18% 104.1% 162.46% 84.3%
Dividend per Share 2 10.82 10.83 11.00 11.94 13.51 14.59
Announcement Date 3/25/19 3/23/20 3/22/21 3/10/22 3/7/23 3/7/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2022 Q1 2022 Q2 2022 Q3 2022 Q4
Net sales 1 1,600 - 1,691 1,902 1,850
EBITDA - - - - -
EBIT 1 361.3 - 369.7 407.7 296.4
Operating Margin 22.58% - 21.86% 21.43% 16.03%
Earnings before Tax (EBT) 1 - - 386.4 436.3 339.9
Net income 1 - 227.7 263.9 305.2 248.2
Net margin - - 15.6% 16.05% 13.42%
EPS 2 - 3.230 3.770 4.340 3.510
Dividend per Share - - - - -
Announcement Date 11/2/21 5/3/22 7/29/22 11/4/22 3/7/23
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 526 125 113 15.3 457 807
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 668 743 1,088 948 1,698 981
ROE (net income / shareholders' equity) 18.4% 19.3% 18.6% 18.7% 20.7% 20.6%
ROA (Net income/ Total Assets) 8.75% 7.87% 7.79% 7.16% 6.94% 6.93%
Assets 1 9,225 10,309 10,815 12,720 15,056 16,802
Book Value Per Share 2 72.70 74.30 75.10 78.50 83.80 88.30
Cash Flow per Share 2 23.00 25.00 7.730 17.50 22.80 23.20
Capex 1 135 122 36.5 36.4 421 293
Capex / Sales 2.79% 2.29% 0.65% 0.61% 5.98% 3.84%
Announcement Date 3/25/19 3/23/20 3/22/21 3/10/22 3/7/23 3/7/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Quarterly earnings - Rate of surprise

Company calendar

Sector Waste Management, Disposal & Recycling Services

1st Jan change Capi.
ECOVE ENVIRONMENT CORP. Stock ECOVE Environment Corp.
-0.16% 680M
WASTE CONNECTIONS, INC. Stock Waste Connections, Inc.
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GFL ENVIRONMENTAL INC. Stock GFL Environmental Inc.
+0.11% 12.57B
CASELLA WASTE SYSTEMS, INC. Stock Casella Waste Systems, Inc.
+7.13% 5.32B
STERICYCLE, INC. Stock Stericycle, Inc.
-9.60% 4.16B
CLEANAWAY WASTE MANAGEMENT LIMITED Stock Cleanaway Waste Management Limited
+0.37% 3.95B
ZHEFU HOLDING GROUP CO., LTD. Stock Zhefu Holding Group Co., Ltd.
-1.76% 2.39B
GRANDBLUE ENVIRONMENT CO., LTD. Stock Grandblue Environment Co., Ltd.
+6.23% 2.07B
CHINA TIANYING INC. Stock China Tianying Inc.
-5.26% 1.54B
SHANGHAI ENVIRONMENT GROUP CO., LTD Stock Shanghai Environment Group Co., Ltd
+3.34% 1.44B
Waste Management, Disposal & Recycling Services
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