GOURMET MASTER CO. LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 91.8 TWD | +0.66% |
|
+0.11% | -9.56% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 22,230 | 25,380 | 20,250 | 27,270 | 18,270 | 16,524 | - | - |
| Enterprise Value (EV) 1 | 24,107 | 19,963 | 15,444 | 25,485 | 18,270 | 9,574 | 10,028 | 6,811 |
| P/E ratio | 23.8 x | 25 x | 18.5 x | 56.5 x | 24.2 x | 16.4 x | 13.8 x | 13.2 x |
| Yield | 4.05% | 2.84% | 4.44% | 1.65% | - | 5.71% | 5.84% | 3.27% |
| Capitalization / Revenue | 0.96 x | 1.29 x | 1.02 x | 1.4 x | 0.89 x | 0.84 x | 0.78 x | 0.75 x |
| EV / Revenue | 1.04 x | 1.01 x | 0.78 x | 1.31 x | 0.89 x | 0.49 x | 0.48 x | 0.31 x |
| EV / EBITDA | 4.64 x | 4.09 x | 3.7 x | 7.75 x | 5.08 x | 2.66 x | 2.79 x | 1.88 x |
| EV / FCF | 7.13 x | 7.87 x | 5.86 x | 9.98 x | - | 5.06 x | 3.87 x | - |
| FCF Yield | 14% | 12.7% | 17.1% | 10% | - | 19.8% | 25.8% | - |
| Price to Book | 2.18 x | 2.37 x | 1.84 x | 2.5 x | - | 1.42 x | 1.26 x | 1.28 x |
| Nbr of stocks (in thousands) | 180,000 | 180,000 | 180,000 | 180,000 | 180,000 | 180,000 | - | - |
| Reference price 2 | 123.5 | 141.0 | 112.5 | 151.5 | 101.5 | 91.80 | 91.80 | 91.80 |
| Announcement Date | 3/12/20 | 3/31/21 | 3/22/22 | 3/28/23 | 3/27/24 | - | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 23,157 | 19,679 | 19,861 | 19,514 | 20,424 | 19,674 | 21,111 | 21,949 |
| EBITDA 1 | 5,199 | 4,877 | 4,176 | 3,290 | 3,594 | 3,601 | 3,590 | 3,624 |
| EBIT 1 | 1,708 | 1,590 | 1,415 | 731.3 | 1,101 | 1,302 | 1,525 | 1,621 |
| Operating Margin | 7.37% | 8.08% | 7.13% | 3.75% | 5.39% | 6.62% | 7.22% | 7.38% |
| Earnings before Tax (EBT) 1 | 1,485 | 1,407 | 1,500 | 724.6 | 1,054 | 1,370 | 1,646 | 1,706 |
| Net income 1 | 932.9 | 1,015 | 1,093 | 483.1 | 756.6 | 1,007 | 1,202 | 1,250 |
| Net margin | 4.03% | 5.16% | 5.5% | 2.48% | 3.7% | 5.12% | 5.69% | 5.69% |
| EPS 2 | 5.180 | 5.640 | 6.070 | 2.680 | 4.200 | 5.595 | 6.675 | 6.945 |
| Free Cash Flow 1 | 3,382 | 2,535 | 2,636 | 2,555 | - | 1,892 | 2,590 | - |
| FCF margin | 14.61% | 12.88% | 13.27% | 13.09% | - | 9.61% | 12.27% | - |
| FCF Conversion (EBITDA) | 65.06% | 51.99% | 63.12% | 77.64% | - | 52.53% | 72.14% | - |
| FCF Conversion (Net income) | 362.58% | 249.69% | 241.12% | 528.82% | - | 187.86% | 215.52% | - |
| Dividend per Share 2 | 5.000 | 4.000 | 5.000 | 2.500 | - | 5.240 | 5.359 | 3.000 |
| Announcement Date | 3/12/20 | 3/31/21 | 3/22/22 | 3/28/23 | 3/27/24 | - | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 5,084 | 5,025 | 4,852 | 4,379 | 5,145 | 5,138 | 5,198 | 5,059 | 5,147 | 5,020 | 4,902 | 4,940 | 5,160 | 5,181 | - |
| EBITDA 1 | - | 979.6 | - | - | 846.2 | 839.4 | 987.8 | 951.7 | 938 | 732.7 | 752 | 789 | 861 | 847 | - |
| EBIT 1 | 366.1 | 320.9 | 330.1 | -26.56 | 221.4 | 206.3 | 330.8 | 313.1 | 307.9 | 149.2 | 275.2 | 303.1 | 350.6 | 355.6 | - |
| Operating Margin | 7.2% | 6.39% | 6.8% | -0.61% | 4.3% | 4.02% | 6.36% | 6.19% | 5.98% | 2.97% | 5.61% | 6.14% | 6.79% | 6.86% | - |
| Earnings before Tax (EBT) 1 | 375.2 | 246.3 | 350.1 | -28.64 | 232.6 | 170.6 | 349.1 | 348.1 | 291.4 | 65.47 | 288.8 | 320.2 | 364.6 | 371.8 | - |
| Net income 1 | 267.3 | 178.3 | 239 | -49.26 | 164.9 | 128.3 | 247.7 | 264.9 | 228.7 | 15.33 | 201 | 232.2 | 263 | 266.2 | - |
| Net margin | 5.26% | 3.55% | 4.93% | -1.12% | 3.21% | 2.5% | 4.77% | 5.24% | 4.44% | 0.31% | 4.1% | 4.7% | 5.1% | 5.14% | - |
| EPS 2 | 1.490 | 0.9900 | 1.330 | -0.2700 | 0.9200 | 0.7100 | 1.380 | 1.470 | 1.270 | 0.0800 | 1.095 | 1.250 | 1.505 | 1.740 | 1.630 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 11/12/21 | 3/22/22 | 5/12/22 | 8/25/22 | 11/14/22 | 3/28/23 | 5/15/23 | 8/29/23 | 11/12/23 | 3/27/24 | - | - | - | - | - |
1TWD in Million2TWD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,877 | - | - | - | - | - | - | - |
| Net Cash position 1 | - | 5,417 | 4,806 | 1,785 | - | 6,950 | 6,496 | 9,713 |
| Leverage (Debt/EBITDA) | 0.3611 x | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 3,382 | 2,535 | 2,636 | 2,555 | - | 1,892 | 2,590 | - |
| ROE (net income / shareholders' equity) | 9.02% | 9.7% | 10.1% | 4.41% | - | 8.76% | 9.6% | 9.19% |
| ROA (Net income/ Total Assets) | 4.81% | 4.53% | 5.08% | 2.34% | - | 4.95% | 5.67% | - |
| Assets 1 | 19,388 | 22,394 | 21,500 | 20,658 | - | 20,333 | 21,207 | - |
| Book Value Per Share 2 | 56.70 | 59.50 | 61.10 | 60.50 | - | 64.50 | 72.80 | 72.00 |
| Cash Flow per Share 2 | 25.20 | 21.70 | 19.90 | 6.100 | - | 16.40 | 18.40 | - |
| Capex 1 | 1,164 | 1,370 | 947 | 1,446 | - | 1,269 | 1,307 | - |
| Capex / Sales | 5.03% | 6.96% | 4.77% | 7.41% | - | 6.45% | 6.19% | - |
| Announcement Date | 3/12/20 | 3/31/21 | 3/22/22 | 3/28/23 | 3/27/24 | - | - | - |
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
C
Sell
Buy
Mean consensus
HOLD
Number of Analysts
7
Last Close Price
91.8
TWD
Average target price
97.71
TWD
Spread / Average Target
+6.44%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -9.56% | 508M | |
| -24.07% | 82.81B | |
| +4.57% | 47.93B | |
| -10.24% | 17.81B | |
| +32.74% | 13.63B | |
| -18.54% | 12.75B | |
| +72.89% | 8.23B | |
| -18.68% | 6.16B | |
| -12.89% | 4.3B | |
| -16.35% | 3.66B |
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