EVERGREEN MARINE CORPORATION (TAIWAN) LTD.

Financials Evergreen Marine Corporation (Taiwan) Ltd.

Equities

2603

TW0002603008

Marine Freight & Logistics

End-of-day quote Taiwan S.E. Other stock markets 23:00:00 02/05/2024 BST			5-day change	1st Jan Change
180 ^TWD	-0.83%		-3.74%	+25.44%

03-15	Evergreen Marine Corporation Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
02-27	Global Shipping Lines Extend Vessel-Sharing Agreement -- Update	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	55,961	195,888	753,946	344,976	303,706	384,535	-	-
Enterprise Value (EV) ¹	109,930	305,810	781,036	-51,670	252,194	166,978	167,482	336,409
P/E ratio	620 x	8.21 x	3.15 x	1.89 x	8.74 x	9.03 x	14.8 x	7.48 x
Yield	-	6.14%	12.6%	42.9%	6.97%	5.41%	3.09%	3.99%
Capitalization / Revenue	0.29 x	0.95 x	1.54 x	0.55 x	1.1 x	1.17 x	1.32 x	1.23 x
EV / Revenue	0.58 x	1.48 x	1.6 x	-0.08 x	0.91 x	0.51 x	0.58 x	1.07 x
EV / EBITDA	4.32 x	5.49 x	2.54 x	-0.13 x	3.68 x	1.77 x	2.74 x	5.34 x
EV / FCF	8.42 x	13.7 x	3.19 x	-0.13 x	-9.61 x	2.64 x	2.75 x	12.8 x
FCF Yield	11.9%	7.28%	31.4%	-747%	-10.4%	37.8%	36.3%	7.83%
Price to Book	1.59 x	2.08 x	2.31 x	0.62 x	0.69 x	0.82 x	0.8 x	0.77 x
Nbr of stocks (in thousands)	1,805,190	1,925,190	2,116,339	2,116,420	2,116,420	2,136,305	-	-
Reference price ²	31.00	101.8	356.2	163.0	143.5	180.0	180.0	180.0
Announcement Date	23/03/20	22/03/21	15/03/22	15/03/23	15/03/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	190,589	207,078	489,407	627,284	276,715	328,743	290,564	313,750
EBITDA ¹	25,422	55,733	307,473	402,567	68,614	94,336	61,069	63,010
EBIT ¹	4,658	34,668	284,862	374,808	34,750	51,042	23,921	36,222
Operating Margin	2.44%	16.74%	58.21%	59.75%	12.56%	15.53%	8.23%	11.54%
Earnings before Tax (EBT) ¹	778.9	31,840	288,235	399,424	64,172	62,091	30,987	-
Net income ¹	112.5	24,365	239,015	334,201	35,337	44,276	34,009	50,923
Net margin	0.06%	11.77%	48.84%	53.28%	12.77%	13.47%	11.7%	16.23%
EPS ²	0.0500	12.40	113.0	86.22	16.42	19.94	12.13	24.06
Free Cash Flow ¹	13,062	22,273	245,059	386,091	-26,238	63,195	60,832	26,340
FCF margin	6.85%	10.76%	50.07%	61.55%	-9.48%	19.22%	20.94%	8.4%
FCF Conversion (EBITDA)	51.38%	39.96%	79.7%	95.91%	-	66.99%	99.61%	41.8%
FCF Conversion (Net income)	11,608.83%	91.41%	102.53%	115.53%	-	142.73%	178.87%	51.72%
Dividend per Share ²	-	6.250	45.00	70.00	10.00	9.731	5.555	7.187
Announcement Date	23/03/20	22/03/21	15/03/22	15/03/23	15/03/24	-	-	-

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	143,482	156,006	170,825	174,999	170,433	111,027	66,827	67,385	72,812	69,691	90,249	81,406	85,895	76,648	69,915
EBITDA ¹	-	-	-	124,767	116,350	-	18,675	-	-	13,919	33,710	17,640	11,260	10,210	-
EBIT ¹	96,117	92,757	114,802	117,930	109,250	32,826	11,137	10,132	8,760	4,721	20,857	12,390	10,625	5,235	2,936
Operating Margin	66.99%	59.46%	67.2%	67.39%	64.1%	29.57%	16.67%	15.04%	12.03%	6.77%	23.11%	15.22%	12.37%	6.83%	4.2%
Earnings before Tax (EBT) ¹	96,266	95,065	117,376	125,326	118,253	38,470	16,229	16,214	25,196	6,533	23,642	14,772	13,301	7,047	3,836
Net income ¹	80,138	80,736	101,360	102,293	100,698	29,850	5,043	5,092	21,909	3,293	17,950	10,224	9,421	4,984	2,189
Net margin	55.85%	51.75%	59.34%	58.45%	59.08%	26.89%	7.55%	7.56%	30.09%	4.73%	19.89%	12.56%	10.97%	6.5%	3.13%
EPS ²	37.48	37.85	47.38	47.72	36.85	17.34	2.360	2.360	10.35	1.610	8.410	4.784	4.412	2.340	1.020
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	05/11/21	15/03/22	06/05/22	05/08/22	04/11/22	15/03/23	13/05/23	11/08/23	13/11/23	15/03/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	53,970	109,922	27,090	-	-	-	-	-
Net Cash position ¹	-	-	-	396,646	51,513	217,557	217,053	48,126
Leverage (Debt/EBITDA)	2.123 x	1.972 x	0.0881 x	-	-	-	-	-
Free Cash Flow ¹	13,062	22,273	245,059	386,091	-26,238	63,195	60,832	26,340
ROE (net income / shareholders' equity)	0.16%	29.7%	114%	76%	7.1%	9.97%	4.83%	7.1%
ROA (Net income/ Total Assets)	0.04%	7.6%	50.6%	44.6%	4.4%	5.83%	3.79%	6.23%
Assets ¹	267,775	320,410	472,624	749,268	803,115	759,508	898,522	817,391
Book Value Per Share ²	19.50	49.00	154.0	261.0	208.0	220.0	224.0	235.0
Cash Flow per Share ²	8.800	26.40	144.0	109.0	-6.420	33.80	22.50	27.30
Capex ¹	6,731	29,585	55,999	54,174	-12,405	35,294	30,131	50,677
Capex / Sales	3.53%	14.29%	11.44%	8.64%	-4.48%	10.74%	10.37%	16.15%
Announcement Date	23/03/20	22/03/21	15/03/22	15/03/23	15/03/24	-	-	-

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 Evergreen Marine Corporation (Taiwan) Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

180 TWD

Average target price

186.1 TWD

Spread / Average Target

+3.40%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Deep Sea Freight

	1st Jan change	Capi.
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.	+25.44%	11.91B
WALLENIUS WILHELMSEN ASA	+29.89%	4.51B
COMPAÑÍA SUD AMERICANA DE VAPORES S.A.	+35.49%	4.01B
STAR BULK CARRIERS CORP.	+16.75%	2.81B
HÖEGH AUTOLINERS ASA	+21.95%	1.98B
COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD.	+17.91%	1.87B
SHANGHAI JINJIANG SHIPPING (GROUP) CO., LTD.	-18.90%	1.81B
GULF NAVIGATION HOLDING	-0.55%	1.63B
WISDOM MARINE LINES CO., LIMITED (CAYMAN)	+32.69%	1.6B
ZIM INTEGRATED SHIPPING SERVICES LTD.	+30.50%	1.55B

Deep Sea Freight