Stock 2211 EVERGREEN STEEL CORP.
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Financials Evergreen Steel Corp.

Equities

2211

TW0002211000

Iron & Steel

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-05-07 pm EDT 		5-day change 1st Jan Change
145 TWD -2.68% Intraday chart for Evergreen Steel Corp. -2.36% +39.42%
Mar. 15 Evergreen Steel Corp. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Evergreen Steel Corp. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2020 2021 2022 2023
Capitalization 1 18,224 22,940 21,522 43,378
Enterprise Value (EV) 1 18,506 22,396 20,023 39,936
P/E ratio 17.5 x 17.7 x 8.3 x 11.8 x
Yield 4.52% 5.45% 9.69% 6.25%
Capitalization / Revenue 1.95 x 1.69 x 1.88 x 3.91 x
EV / Revenue 1.98 x 1.65 x 1.75 x 3.6 x
EV / EBITDA 9.61 x 10.5 x 7.3 x 10.8 x
EV / FCF -7.16 x -67.1 x 19.7 x 16.6 x
FCF Yield -14% -1.49% 5.08% 6.01%
Price to Book 1.3 x 0.99 x 1 x 1.78 x
Nbr of stocks (in thousands) 394,036 417,091 417,091 417,091
Reference price 2 46.25 55.00 51.60 104.0
Announcement Date 3/17/21 3/31/22 3/16/23 3/15/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 10,685 8,268 9,350 13,609 11,439 11,091
EBITDA 1 1,783 1,699 1,926 2,141 2,743 3,708
EBIT 1 1,450 1,336 1,534 1,754 2,390 3,335
Operating Margin 13.57% 16.16% 16.41% 12.89% 20.89% 30.07%
Earnings before Tax (EBT) 1 1,658 1,614 1,735 1,955 3,449 4,858
Net income 1 980.4 947.4 1,044 1,278 2,595 3,670
Net margin 9.17% 11.46% 11.16% 9.39% 22.68% 33.09%
EPS 2 2.528 2.439 2.649 3.110 6.220 8.790
Free Cash Flow 1 1,706 -666.8 -2,586 -333.8 1,018 2,399
FCF margin 15.96% -8.06% -27.66% -2.45% 8.9% 21.63%
FCF Conversion (EBITDA) 95.7% - - - 37.12% 64.7%
FCF Conversion (Net income) 174% - - - 39.24% 65.37%
Dividend per Share 2 2.000 2.000 2.092 3.000 5.000 6.500
Announcement Date 9/16/19 4/24/20 3/17/21 3/31/22 3/16/23 3/15/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3
Net sales 1 3,433 4,526 3,326 2,411 2,311 2,592 3,437 3,091
EBITDA 1 635.5 521.7 727.5 704.8 718.7 819 1,051 1,128
EBIT 1 534.9 420.5 623.9 598 654.8 759.5 970.8 999.5
Operating Margin 15.58% 9.29% 18.76% 24.8% 28.33% 29.31% 28.24% 32.34%
Earnings before Tax (EBT) 1 687 439 1,468 776.9 681 772.7 2,290 1,181
Net income 1 484.8 285.6 1,211 535.9 504.9 487.3 1,865 916
Net margin 14.12% 6.31% 36.4% 22.23% 21.85% 18.8% 54.25% 29.64%
EPS 2 1.160 0.6800 2.900 1.280 1.210 1.170 4.470 2.190
Dividend per Share - - - - - - - -
Announcement Date 11/12/21 3/31/22 8/12/22 11/11/22 3/16/23 5/12/23 8/14/23 11/14/23
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - 282 - - -
Net Cash position 1 3,434 2,381 - 544 1,499 3,442
Leverage (Debt/EBITDA) - - 0.1464 x - - -
Free Cash Flow 1 1,706 -667 -2,586 -334 1,018 2,399
ROE (net income / shareholders' equity) 9.34% 9.07% 8.88% 7.45% 12.1% 16.4%
ROA (Net income/ Total Assets) 5.26% 4.68% 4.54% 3.75% 4.51% 6.16%
Assets 1 18,643 20,240 22,977 34,132 57,566 59,623
Book Value Per Share 2 31.90 32.30 35.50 55.60 51.80 58.30
Cash Flow per Share 2 8.860 8.560 10.70 10.30 3.730 7.240
Capex 1 286 442 150 194 507 915
Capex / Sales 2.68% 5.35% 1.6% 1.43% 4.43% 8.25%
Announcement Date 9/16/19 4/24/20 3/17/21 3/31/22 3/16/23 3/15/24
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 Iron, Steel Mills & Foundries

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Iron, Steel Mills & Foundries
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