Company Valuation: Federal Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 9,054 13,259 9,191 9,054 8,709 8,985
Change - 46.45% -30.68% -1.5% -3.81% 3.17%
Enterprise Value (EV) 1 12,213 17,080 13,049 12,333 12,414 6,124
Change - 39.86% -23.6% -5.49% 0.66% -50.67%
P/E 81.2x -5.64x -6.78x -5.24x -18.7x 3.11x
PBR 1.2x 2.5x 2.31x 1.26x 1.29x 0.93x
PEG - 0x 0.2x -0.2x 0.3x -0x
Capitalization / Revenue 1.59x 8.49x 5.69x 18.9x 32.6x 33.8x
EV / Revenue 2.14x 10.9x 8.08x 25.8x 46.4x 23x
EV / EBITDA 15.8x -12.7x -42x -17x -1,038x -41.5x
EV / EBIT 45.3x -9.24x -17.9x -11.5x -54.9x -26.8x
EV / FCF 29.6x -7.49x 119x 5.02x -147x -18.5x
FCF Yield 3.37% -13.4% 0.84% 19.9% -0.68% -5.41%
Dividend per Share 2 0.02 - - - - -
Rate of return 0.1% - - - - -
EPS 2 0.2426 -5.113 -2.951 -3.763 -1.012 6.277
Distribution rate 8.25% - - - - -
Net sales 1 5,705 1,561 1,616 478.4 267.4 265.9
EBITDA 1 772.3 -1,340 -310.7 -725.2 -11.96 -147.7
EBIT 1 269.3 -1,848 -728.8 -1,077 -226.2 -228.9
Net income 1 111.5 -2,350 -1,356 -1,729 -465.2 2,885
Net Debt 1 3,159 3,821 3,858 3,279 3,705 -2,861
Reference price 2 19.70 28.85 20.00 19.70 18.95 19.55
Nbr of stocks (in thousands) 459,574 459,574 459,573 459,573 459,573 459,573
Announcement Date 31/03/21 31/03/22 31/03/23 01/04/24 25/03/25 30/03/26
1TWD in Million2TWD
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 236M
14.08x1.21x5.26x4.08% 8.01B
23.83x1.56x11.83x0.19% 5.49B
5.32x0.47x2.93x5.48% 5.15B
26.7x3.35x15.93x0.85% 4.4B
21.5x1.19x7.73x3.72% 3.07B
15.16x0.89x7.1x1.59% 2.65B
28.53x0.97x8.62x0.96% 2.27B
11.97x - - 2.24% 2B
10.5x - - - 1.46B
Average 17.51x 1.38x 8.49x 2.39% 3.47B
Weighted average by Cap. 17.36x 1.41x 8.20x 2.66%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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