Company Valuation: Formosa Petrochemical Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 950,691 913,540 764,935 768,745 329,122 473,917 473,917 -
Change - -3.91% -16.27% 0.5% -57.19% 43.99% 0% -
Enterprise Value (EV) 1 877,746 820,239 736,435 757,594 316,451 438,660 430,249 432,445
Change - -6.55% -10.22% 2.87% -58.23% 38.62% -1.92% 0.51%
P/E ratio 128x 18.5x 53.2x 35.1x 54.8x 42.8x 22.2x 22.3x
PBR 3.09x 2.56x 2.45x 2.29x 1.11x 1.56x 1.52x 1.51x
PEG - 0x -0.8x 0.7x -0.8x 0.5x 0.2x -61.8x
Capitalization / Revenue 2.29x 1.47x 0.9x 1.08x 0.5x 0.78x 0.81x 0.76x
EV / Revenue 2.11x 1.32x 0.87x 1.06x 0.48x 0.72x 0.73x 0.69x
EV / EBITDA 52.1x 11.8x 34x 24x 25.7x 17.7x 12.8x 12.2x
EV / EBIT 317x 14.9x 136x 49.2x -486x 33.2x 21.5x 21.1x
EV / FCF 33x 32.8x -43.8x 20.5x -1,125x 36.7x 28x 25.6x
FCF Yield 3.03% 3.04% -2.29% 4.89% -0.09% 2.72% 3.57% 3.9%
Dividend per Share 2 0.59 3.8 1.1 2 0.8 0.8558 1.447 1.842
Rate of return 0.59% 3.96% 1.37% 2.48% 2.32% 1.72% 2.91% 3.7%
EPS 2 0.78 5.19 1.51 2.3 0.63 1.161 2.239 2.231
Distribution rate 75.6% 73.2% 72.8% 87% 127% 73.7% 64.6% 82.6%
Net sales 1 415,282 620,062 848,048 712,576 663,823 607,009 587,501 626,200
EBITDA 1 16,853 69,677 21,666 31,567 12,316 24,734 33,612 35,485
EBIT 1 2,769 55,177 5,420 15,405 -651.4 13,228 20,018 20,518
Net income 1 7,430 49,401 14,422 21,889 5,971 11,393 19,546 21,494
Net Debt 1 -72,945 -93,301 -28,499 -11,151 -12,671 -35,257 -43,668 -41,472
Reference price 2 99.80 95.90 80.30 80.70 34.55 49.75 49.75 49.75
Nbr of stocks (in thousands) 9,525,960 9,525,960 9,525,960 9,525,960 9,525,960 9,525,960 9,525,960 -
Announcement Date 10/03/21 08/03/22 24/02/23 29/02/24 27/02/25 - - -
1TWD in Million2TWD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
42.83x0.72x17.74x1.72% 15.09B
22.6x2.06x9.7x2.57% 650B
23.78x2.19x11.98x0.41% 219B
15.29x0.38x6.23x4.64% 109B
14.14x0.71x3.62x5.09% 99.14B
16.44x1.97x6.22x3.05% 66.45B
27.28x0.64x10.52x2.94% 65.07B
29.21x0.56x9.33x2.21% 62.2B
19.02x0.69x8.06x1.78% 61.55B
20.89x1.65x10.81x1.74% 57.73B
Average 23.15x 1.16x 9.42x 2.62% 140.5B
Weighted average by Cap. 21.83x 1.63x 9.28x 2.52%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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