Company Valuation: Formosa Plastics Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 662,037 552,546 504,167 225,984 248,264 408,044 - -
Change - -16.54% -8.76% -55.18% 9.86% 64.36% - -
Enterprise Value (EV) 1 704,603 617,325 613,420 346,479 357,804 427,732 437,585 439,553
Change - -12.39% -0.63% -43.52% 3.27% 19.54% 2.3% 0.45%
P/E 9.28x 15.3x 68.9x -187x -24.7x 14.5x 25.3x 15.8x
PBR 1.64x 1.54x 1.45x 0.78x 0.68x 0.69x 0.86x 1.14x
PEG - -0.3x -0.9x 2x -0x -0x -0.6x 0.3x
Capitalization / Revenue 2.42x 2.2x 2.53x 1.13x 1.42x 2.38x 2.24x 2.15x
EV / Revenue 2.58x 2.45x 3.08x 1.73x 2.04x 2.5x 2.4x 2.32x
EV / EBITDA 10.3x 17.5x 152x 71.7x 117x 52.8x 38.6x 36.8x
EV / EBIT 11.7x 23x -152x -83.3x -47.7x 13.4x 220x 584x
EV / FCF 17.8x 16x -82.3x -74.3x -45.1x 20x 37.8x -
FCF Yield 5.63% 6.23% -1.21% -1.35% -2.22% 5% 2.65% -
Dividend per Share 2 8.2 4.2 - 0.5 0.5 1.257 1.233 2.841
Rate of return 7.88% 4.84% - 1.41% 1.28% 1.96% 1.92% 4.43%
EPS 2 11.21 5.68 1.15 -0.19 -1.58 4.41 2.532 4.059
Distribution rate 73.1% 73.9% - -263% -31.6% 28.5% 48.7% 70%
Net sales 1 273,500 251,647 199,139 200,040 175,411 171,174 182,118 189,813
EBITDA 1 68,508 35,255 4,039 4,834 3,070 8,095 11,324 11,933
EBIT 1 60,100 26,799 -4,029 -4,162 -7,505 31,910 1,985 753.1
Net income 1 71,300 36,143 7,338 -1,232 -10,049 28,079 16,115 25,840
Net Debt 1 42,566 64,779 109,253 120,495 109,540 19,688 29,541 31,509
Reference price 2 104.00 86.80 79.20 35.50 39.00 64.10 64.10 64.10
Nbr of stocks (in thousands) 6,365,741 6,365,741 6,365,741 6,365,741 6,365,741 6,365,741 - -
Announcement Date 10/01/22 13/03/23 07/03/24 13/03/25 06/03/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.54x2.5x52.84x1.96% 12.84B
13.78x0.77x5.58x4.97% 20.24B
18.56x3.83x11.89x6.61% 19.27B
-316.32x - - -.--% 14.22B
-76.57x0.83x6.17x0.89% 13.78B
19.83x3.03x10.42x1.36% 6.74B
21.95x2x13.48x1.69% 5.4B
21.43x0.75x11.1x2.98% 5.19B
27.03x2.76x17.63x1.97% 5.05B
Average -28.42x 2.06x 16.14x 2.49% 11.41B
Weighted average by Cap. -41.18x 2.06x 15.76x 3.01%

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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  4. Valuation Formosa Plastics Corporation