Company Valuation: Polaris Group

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 11,197 52,973 65,793 56,206 34,064 23,962
Change - 373.09% 24.2% -14.57% -39.39% -29.66%
Enterprise Value (EV) 1 9,669 47,418 58,795 53,501 34,073 24,479
Change - 390.39% 23.99% -9% -36.31% -28.16%
P/E -17x -67.7x -56.5x -35.6x -13.6x -6.1x
PBR 3.89x 7.34x 7.59x 7.63x 5.25x 5.05x
PEG - -8.82x -1.3x -1x -0.2x -0.1x
Capitalization / Revenue 1,190x 3,522x 10,218x 7,513x 318x 590x
EV / Revenue 1,028x 3,153x 9,131x 7,152x 318x 603x
EV / EBITDA -17.1x -79.3x -56.2x -30.5x -13.8x -9.24x
EV / EBIT -14.3x -64.8x -50.8x -29x -12.9x -8.5x
EV / FCF -25x -60.4x -137x -24.8x -11.6x -13.5x
FCF Yield -4.01% -1.65% -0.73% -4.03% -8.61% -7.39%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -1.011 -1.089 -1.57 -2.122 -3.35 -5.096
Distribution rate - - - - - -
Net sales 1 9.41 15.04 6.439 7.481 107 40.6
EBITDA 1 -564.7 -598 -1,046 -1,752 -2,473 -2,648
EBIT 1 -678.1 -731.9 -1,158 -1,847 -2,635 -2,879
Net income 1 -660.2 -740.5 -1,150 -1,577 -2,503 -3,927
Net Debt 1 -1,528 -5,555 -6,998 -2,705 9.192 516.9
Reference price 2 17.15 73.70 88.70 75.60 45.65 31.10
Nbr of stocks (in thousands) 652,901 718,761 741,746 743,463 746,195 770,473
Announcement Date 19/04/21 03/03/22 26/05/23 09/05/24 19/03/25 16/03/26
1TWD in Million2TWD
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 281M
33.15x5.95x17.82x0.98% 48.93B
-21.5x245.64x-23.19x-.--% 45.01B
34.48x3.33x14.35x-.--% 44.07B
46.93x5.41x29.72x-.--% 40.73B
28.42x8.6x21.8x0.4% 33.52B
33.62x5.51x25.02x-.--% 16.5B
24.24x2.11x9.11x1.11% 14.67B
77.18x4.06x15.75x-.--% 13.77B
Average 32.07x 35.07x 13.80x 0.31% 28.61B
Weighted average by Cap. 27.26x 47.36x 12.31x 0.3%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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