Financials Fubon Financial Holding Co., Ltd.

Equities

2881

TW0002881000

Life & Health Insurance

End-of-day quote Taiwan S.E. 23:00:00 25/06/2024 BST 5-day change 1st Jan Change
77.8 TWD -0.89% Intraday chart for Fubon Financial Holding Co., Ltd. +1.04% +20.06%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 474,839 478,420 1,020,946 697,850 843,370 1,012,565 - -
Enterprise Value (EV) 1 474,839 478,420 1,020,946 849,183 1,039,646 1,028,565 1,028,565 1,012,565
P/E ratio 8.5 x 5.47 x 6.11 x 15.9 x 13.5 x 11.2 x 11 x 9.56 x
Yield 4.31% 6.42% 4.59% 6.22% - 3.3% 3.34% 3.92%
Capitalization / Revenue 1.06 x 1 x 2.1 x 2.69 x 5.03 x 4.29 x 4.17 x 3.55 x
EV / Revenue 1.06 x 1 x 2.1 x 3.27 x 6.2 x 4.36 x 4.23 x 3.55 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.78 x 0.63 x 0.91 x 1.23 x 1.05 x 1.22 x 1.1 x 1.02 x
Nbr of stocks (in thousands) 12,410,803 12,410,803 14,752,220 13,014,973 13,014,973 13,014,973 - -
Reference price 2 38.26 38.55 69.21 53.62 64.80 77.80 77.80 77.80
Announcement Date 30/03/20 31/03/21 28/03/22 16/03/23 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 1 447,992 476,506 485,832 259,458 167,799 235,806 242,961 285,033
EBITDA - - - - - - - -
EBIT 1 65,468 103,128 165,589 60,946 74,444 104,867 107,538 110,568
Operating Margin 14.61% 21.64% 34.08% 23.49% 44.36% 44.47% 44.26% 38.79%
Earnings before Tax (EBT) 1 65,468 103,128 165,589 60,946 74,444 112,994 115,537 126,874
Net income 1 58,497 90,272 144,559 46,926 66,017 96,504 96,555 105,955
Net margin 13.06% 18.94% 29.75% 18.09% 39.34% 40.93% 39.74% 37.17%
EPS 2 4.502 7.042 11.33 3.371 4.800 6.972 7.098 8.141
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.649 2.474 3.175 3.333 - 2.565 2.599 3.050
Announcement Date 30/03/20 31/03/21 28/03/22 16/03/23 15/03/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 - - 106,596 134,095 92,045 64,456 -31,138 66,121 55,441 - 89,205 61,041 72,718 26,648 91,881
EBITDA - - - - - - - - - - - - - - -
EBIT 1 - - 16,479 57,557 29,674 17,578 - - - - 34,999 26,737 41,924 3,439 -
Operating Margin - - 15.46% 42.92% 32.24% 27.27% - - - - 39.23% 43.8% 57.65% 12.91% -
Earnings before Tax (EBT) 1 - - 16,479 57,557 29,674 17,578 - 32,366 32,351 -4,297 34,999 29,632 37,718 5,470 35,174
Net income 1 37,284 87,596 11,990 46,477 22,927 14,310 -36,788 28,922 24,908 -1,796 30,408 26,238 33,226 4,404 32,360
Net margin - - 11.25% 34.66% 24.91% 22.2% 118.15% 43.74% 44.93% - 34.09% 42.99% 45.69% 16.53% 35.22%
EPS 2 2.771 - 1.061 3.574 1.610 1.095 -2.829 1.952 - -0.1400 2.340 1.795 2.275 0.3000 2.210
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 21/08/20 20/08/21 28/03/22 27/05/22 20/08/22 28/11/22 16/03/23 30/08/23 17/11/23 15/03/24 26/06/24 - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - 151,333 196,276 16,000 16,000 -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 11% 13.2% 16.7% 6.15% 9.65% 12% 10.4% 11.2%
ROA (Net income/ Total Assets) 0.72% 1.02% 1.49% 0.45% 0.61% 0.84% 0.81% 0.89%
Assets 1 8,131,395 8,850,240 9,701,949 10,427,917 10,846,955 11,491,309 11,924,042 11,878,388
Book Value Per Share 2 49.00 61.50 75.90 43.50 61.70 63.80 70.60 76.10
Cash Flow per Share 2 10.40 3.970 2.590 11.20 - 5.800 5.800 -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 30/03/20 31/03/21 28/03/22 16/03/23 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

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
77.8 TWD
Average target price
78.71 TWD
Spread / Average Target
+1.17%
Consensus
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