Financials Mayer Steel Pipe Corporation

Equities

2020

TW0002020005

Iron & Steel

End-of-day quote Taiwan S.E. 23:00:00 14/05/2024 BST 5-day change 1st Jan Change
41.7 TWD +2.46% Intraday chart for Mayer Steel Pipe Corporation +3.09% +30.11%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 3,250 3,471 4,306 7,043 5,107 7,132
Enterprise Value (EV) 1 4,415 5,304 6,626 9,654 7,513 8,110
P/E ratio 10.5 x 7.95 x 11 x 9 x 19.2 x 6.68 x
Yield 9.93% 11.9% 8.79% 9.48% 4.36% 6.24%
Capitalization / Revenue 0.69 x 0.77 x 0.85 x 1.07 x 0.77 x 1.02 x
EV / Revenue 0.93 x 1.18 x 1.31 x 1.47 x 1.13 x 1.16 x
EV / EBITDA 16.8 x 16.3 x 18.9 x 15.8 x 23.2 x 13.5 x
EV / FCF 63.8 x 127 x -14.3 x -39.1 x 8.59 x 15.7 x
FCF Yield 1.57% 0.79% -7.01% -2.56% 11.6% 6.38%
Price to Book 1.05 x 1.11 x 1.37 x 1.95 x 1.59 x 1.75 x
Nbr of stocks (in thousands) 230,526 222,526 222,526 222,526 222,526 222,526
Reference price 2 14.10 15.60 19.35 31.65 22.95 32.05
Announcement Date 28/03/19 27/03/20 29/03/21 23/03/22 14/03/23 14/03/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 4,736 4,483 5,074 6,559 6,624 7,009
EBITDA 1 263.5 326.1 349.9 612.4 323.6 602.9
EBIT 1 186.2 253.9 267.5 522.6 230.6 519
Operating Margin 3.93% 5.66% 5.27% 7.97% 3.48% 7.4%
Earnings before Tax (EBT) 1 356.5 495.2 445.9 906.2 339 1,322
Net income 1 300.6 436.7 392.6 782.9 266.6 1,068
Net margin 6.35% 9.74% 7.74% 11.94% 4.03% 15.23%
EPS 2 1.339 1.962 1.764 3.518 1.198 4.798
Free Cash Flow 1 69.18 41.67 -464.4 -247.1 875.1 517.2
FCF margin 1.46% 0.93% -9.15% -3.77% 13.21% 7.38%
FCF Conversion (EBITDA) 26.26% 12.78% - - 270.4% 85.79%
FCF Conversion (Net income) 23.01% 9.54% - - 328.21% 48.44%
Dividend per Share 2 1.400 1.850 1.700 3.000 1.000 2.000
Announcement Date 28/03/19 27/03/20 29/03/21 23/03/22 14/03/23 14/03/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 1,164 1,833 2,320 2,611 2,406 978
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 4.418 x 5.621 x 6.632 x 4.264 x 7.434 x 1.622 x
Free Cash Flow 1 69.2 41.7 -464 -247 875 517
ROE (net income / shareholders' equity) 9.81% 14.2% 12.5% 23% 7.81% 29.4%
ROA (Net income/ Total Assets) 1.99% 2.64% 2.56% 4.38% 1.86% 4.36%
Assets 1 15,142 16,554 15,361 17,867 14,357 24,471
Book Value Per Share 2 13.40 14.10 14.10 16.30 14.40 18.30
Cash Flow per Share 2 1.740 1.630 1.100 2.430 2.830 2.960
Capex 1 50.7 227 41.3 94.7 88.5 124
Capex / Sales 1.07% 5.06% 0.81% 1.44% 1.34% 1.77%
Announcement Date 28/03/19 27/03/20 29/03/21 23/03/22 14/03/23 14/03/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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