Company Valuation: Forest Water Environmental Engineering Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 5,527 4,796 3,967 4,469 6,497 6,764
Change - -13.23% -17.29% 12.66% 45.38% 4.11%
Enterprise Value (EV) 1 8,761 7,919 7,514 7,103 8,660 7,584
Change - -9.61% -5.12% -5.47% 21.92% -12.42%
P/E 36x 25.6x -14.5x 129x 40.1x 15.2x
PBR 0.98x 0.84x 0.75x 0.83x 0.99x 0.99x
PEG - 1.2x 0x -1x 0x 0x
Capitalization / Revenue 1.23x 1.21x 1.01x 1.21x 1.92x 1.32x
EV / Revenue 1.95x 2x 1.92x 1.93x 2.56x 1.48x
EV / EBITDA 11.9x 9.01x 32.3x 11.9x 12.6x 6.83x
EV / EBIT 15.6x 11.5x 192x 17.5x 17x 8.38x
EV / FCF 9.23x 19.1x -28.6x 13.5x -27x 5.61x
FCF Yield 10.8% 5.22% -3.5% 7.39% -3.7% 17.8%
Dividend per Share 2 0.8189 0.7447 - - 0.6601 0.7234
Rate of return 2.44% 2.56% - - 2.03% 2.14%
EPS 2 0.9326 1.136 -1.658 0.2062 0.8113 2.232
Distribution rate 87.8% 65.5% - - 81.4% 32.4%
Net sales 1 4,487 3,962 3,923 3,680 3,387 5,125
EBITDA 1 733.2 879.4 232.7 594.4 687.1 1,110
EBIT 1 561.9 686.8 39.2 407 508.2 905.2
Net income 1 155 195.9 -273 39.75 167.2 461.9
Net Debt 1 3,234 3,123 3,547 2,634 2,163 820.2
Reference price 2 33.57 29.13 24.09 26.64 32.55 33.82
Nbr of stocks (in thousands) 164,636 164,636 164,636 167,780 199,586 200,010
Announcement Date 31/03/21 31/03/22 30/03/23 29/03/24 25/03/25 20/03/26
1TWD in Million2TWD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 250M
13.1x0.63x7.66x2.55% 870M
11.83x2.12x9.93x6.37% 407M
Average 12.47x 1.37x 8.80x 4.46% 508.83M
Weighted average by Cap. 12.70x 1.10x 8.39x 3.77%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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