Stock 2615 WAN HAI LINES LTD.
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Financials Wan Hai Lines Ltd.

Equities

2615

TW0002615002

Marine Freight & Logistics

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
48.35 TWD +6.26% Intraday chart for Wan Hai Lines Ltd. +11.79% -12.09%
Mar. 15 Wan Hai Lines Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Wan Hai Lines Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 41,039 117,348 484,365 224,772 154,338 135,677 -
Enterprise Value (EV) 1 41,039 117,348 484,365 224,772 105,168 56,413 57,144
P/E ratio - 10.4 x 4.7 x 2.42 x -26.6 x 27.6 x 1,209 x
Yield - - - - - 2.07% -
Capitalization / Revenue 0.56 x 1.43 x 2.12 x 0.87 x 1.54 x 1.28 x 1.27 x
EV / Revenue 0.56 x 1.43 x 2.12 x 0.87 x 1.05 x 0.53 x 0.54 x
EV / EBITDA 5.01 x 6.3 x 3.42 x 1.61 x 8.87 x 2.5 x 3.53 x
EV / FCF 17.2 x - - - -2.94 x 6.97 x 36.5 x
FCF Yield 5.83% - - - -34% 14.3% 2.74%
Price to Book 1.14 x - 3.36 x - 0.75 x 0.64 x 0.66 x
Nbr of stocks (in thousands) 2,806,146 2,806,146 2,806,146 2,806,146 2,806,146 2,806,146 -
Reference price 2 14.62 41.82 172.6 80.10 55.00 48.35 48.35
Announcement Date 3/30/20 3/22/21 3/15/22 3/15/23 3/15/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 72,951 81,880 228,005 258,953 100,220 105,594 106,640
EBITDA 1 8,190 18,618 141,515 139,275 11,862 22,539 16,192
EBIT 1 2,851 - 127,673 117,923 -6,303 4,488 -1,860
Operating Margin 3.91% - 56% 45.54% -6.29% 4.25% -1.74%
Earnings before Tax (EBT) 1 - - 129,195 123,979 -2,495 8,808 160
Net income 1 - - 103,343 93,072 -5,796 4,918 113
Net margin - - 45.32% 35.94% -5.78% 4.66% 0.11%
EPS 2 - 4.032 36.76 33.05 -2.070 1.750 0.0400
Free Cash Flow 1 2,392 - - - -35,735 8,089 1,566
FCF margin 3.28% - - - -35.66% 7.66% 1.47%
FCF Conversion (EBITDA) 29.21% - - - - 35.89% 9.67%
FCF Conversion (Net income) - - - - - 164.49% 1,385.84%
Dividend per Share 2 - - - - - 1.000 -
Announcement Date 3/30/20 3/22/21 3/15/22 3/15/23 3/15/24 - -
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
Net sales 1 70,727 70,645 80,503 75,126 63,806 39,519 25,558 24,470 25,048 25,144 29,620 28,820 26,548 26,581
EBITDA 1 - - - 44,501 30,774 10,462 1,971 2,940 4,206 2,746 7,677 6,458 4,186 4,218
EBIT 1 43,430 43,811 - 39,308 25,118 4,641 -3,199 -1,716 -114.2 -1,273 3,164 1,945 -327 -294
Operating Margin 61.4% 62.02% - 52.32% 39.37% 11.74% -12.52% -7.01% -0.46% -5.06% 10.68% 6.75% -1.23% -1.11%
Earnings before Tax (EBT) 1 43,461 44,261 - 40,579 28,189 4,758 -2,452 1,984 3,272 -5,299 4,364 2,995 993 456
Net income 1 35,547 34,108 40,612 30,142 22,358 -39.96 -2,118 -2,340 2,539 -3,877 3,206 2,153 801 459
Net margin 50.26% 48.28% 50.45% 40.12% 35.04% -0.1% -8.29% -9.56% 10.14% -15.42% 10.82% 7.47% 3.02% 1.73%
EPS 2 12.65 12.12 14.44 10.72 7.970 - -0.7500 -0.8300 0.9000 -1.390 1.140 0.7700 0.2900 0.1600
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 11/12/21 3/15/22 5/13/22 8/11/22 11/11/22 3/15/23 5/15/23 8/14/23 11/14/23 3/15/24 - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - - - -
Net Cash position 1 - - - - 49,170 79,264 78,533
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 2,392 - - - -35,735 8,089 1,566
ROE (net income / shareholders' equity) 10.1% - 110% - -2.69% 3.4% 0.1%
ROA (Net income/ Total Assets) 4.34% - 56.4% - -1.66% 2.1% -
Assets 1 - - 183,139 - 348,839 234,167 -
Book Value Per Share 2 12.90 - 51.40 - 73.40 75.20 73.30
Cash Flow per Share 2 - - - - -51.00 9.010 6.570
Capex 1 5,629 - 34,005 - 31,292 15,000 15,000
Capex / Sales 7.72% - 14.91% - 31.22% 14.21% 14.07%
Announcement Date 3/30/20 3/22/21 3/15/22 3/15/23 3/15/24 - -
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

Ratings for Wan Hai Lines Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
2
Last Close Price
48.35 TWD
Average target price
44 TWD
Spread / Average Target
-9.00%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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