TAIWAN FRUCTOSE CO., LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 19.25 TWD | +0.52% |
|
+1.85% | +12.90% |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 1,987 | 1,728 | 1,937 | 2,237 | 2,286 | 3,193 |
| Enterprise Value (EV) 1 | 3,270 | 3,000 | 3,190 | 2,971 | 3,482 | 4,082 |
| P/E ratio | 16.1 x | 25.9 x | 13.1 x | 6.16 x | 16.5 x | 13.6 x |
| Yield | 2.51% | 3.7% | 5.44% | 2.9% | 2.69% | 2.35% |
| Capitalization / Revenue | 0.53 x | 0.42 x | 0.5 x | 0.51 x | 0.45 x | 0.6 x |
| EV / Revenue | 0.87 x | 0.73 x | 0.82 x | 0.68 x | 0.69 x | 0.76 x |
| EV / EBITDA | 10.3 x | 8.52 x | 6.63 x | 6.14 x | 7.12 x | 6.81 x |
| EV / FCF | -9.65 x | 143 x | 12.3 x | 40.2 x | -16.5 x | 13.3 x |
| FCF Yield | -10.4% | 0.7% | 8.13% | 2.49% | -6.07% | 7.5% |
| Price to Book | 0.99 x | 0.84 x | 0.97 x | 1.06 x | 1.01 x | 1.32 x |
| Nbr of stocks (in thousands) | 199,824 | 199,824 | 187,300 | 187,300 | 187,300 | 187,300 |
| Reference price 2 | 9.944 | 8.645 | 10.34 | 11.94 | 12.21 | 17.05 |
| Announcement Date | 4/1/19 | 3/31/20 | 3/31/21 | 3/31/22 | 3/31/23 | 3/14/24 |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 3,772 | 4,109 | 3,897 | 4,386 | 5,044 | 5,339 |
| EBITDA 1 | 317.7 | 352 | 480.8 | 483.6 | 488.8 | 599.4 |
| EBIT 1 | 169.7 | 171.3 | 298.4 | 299.8 | 318.4 | 422.4 |
| Operating Margin | 4.5% | 4.17% | 7.66% | 6.84% | 6.31% | 7.91% |
| Earnings before Tax (EBT) 1 | 199.1 | 130.5 | 312.4 | 704.4 | 280.9 | 408.3 |
| Net income 1 | 123.9 | 66.69 | 151.6 | 364.3 | 138.9 | 234 |
| Net margin | 3.29% | 1.62% | 3.89% | 8.31% | 2.75% | 4.38% |
| EPS 2 | 0.6158 | 0.3337 | 0.7875 | 1.938 | 0.7415 | 1.249 |
| Free Cash Flow 1 | -338.9 | 20.93 | 259.3 | 73.87 | -211.4 | 306.1 |
| FCF margin | -8.98% | 0.51% | 6.65% | 1.68% | -4.19% | 5.73% |
| FCF Conversion (EBITDA) | - | 5.94% | 53.93% | 15.28% | - | 51.06% |
| FCF Conversion (Net income) | - | 31.38% | 171.09% | 20.28% | - | 130.8% |
| Dividend per Share 2 | 0.2496 | 0.3202 | 0.5625 | 0.3462 | 0.3286 | 0.4000 |
| Announcement Date | 4/1/19 | 3/31/20 | 3/31/21 | 3/31/22 | 3/31/23 | 3/14/24 |
1TWD in Million2TWD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 1,283 | 1,273 | 1,253 | 734 | 1,196 | 889 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 4.038 x | 3.615 x | 2.606 x | 1.518 x | 2.446 x | 1.483 x |
| Free Cash Flow 1 | -339 | 20.9 | 259 | 73.9 | -211 | 306 |
| ROE (net income / shareholders' equity) | 5.74% | 4.52% | 8.02% | 20% | 6.29% | 9.29% |
| ROA (Net income/ Total Assets) | 2.25% | 2.15% | 3.64% | 3.57% | 3.64% | 4.65% |
| Assets 1 | 5,513 | 3,096 | 4,158 | 10,195 | 3,820 | 5,031 |
| Book Value Per Share 2 | 10.10 | 10.30 | 10.60 | 11.30 | 12.00 | 12.90 |
| Cash Flow per Share 2 | 1.850 | 1.950 | 2.800 | 4.850 | 3.030 | 3.510 |
| Capex 1 | 228 | 183 | 230 | 384 | 187 | 177 |
| Capex / Sales | 6.04% | 4.44% | 5.89% | 8.77% | 3.7% | 3.31% |
| Announcement Date | 4/1/19 | 3/31/20 | 3/31/21 | 3/31/22 | 3/31/23 | 3/14/24 |
1TWD in Million2TWD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
| 1st Jan change | Capi. | |
|---|---|---|
| +12.90% | 111M | |
| -5.57% | 2.92B | |
| -2.46% | 1.91B | |
| -2.25% | 1.15B | |
| -5.09% | 1.14B | |
| +5.12% | 950M | |
| -3.63% | 956M | |
| -1.62% | 959M | |
| +1.27% | 806M | |
| -1.94% | 792M |
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