Company Valuation: Taiwan FamilyMart Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 55,247 45,760 42,189 41,519 42,858 41,965 - -
Change - -17.17% -7.8% -1.59% 3.23% -2.08% - -
Enterprise Value (EV) 1 51,156 42,556 38,966 36,528 40,517 37,582 36,630 36,565
Change - -16.81% -8.44% -6.26% 10.92% -7.24% -2.53% -0.18%
P/E 41.2x - 26.2x 10.9x - - - -
PBR 8.72x 6.37x 5.62x 4.06x 4.56x 4.61x 4.36x 4.14x
PEG - - - 0x - - - -
Capitalization / Revenue 0.66x 0.5x 0.42x 0.4x 0.39x 0.36x 0.34x 0.31x
EV / Revenue 0.61x 0.47x 0.39x 0.35x 0.37x 0.32x 0.29x 0.27x
EV / EBITDA 5.53x 4.3x 3.62x 3.24x 3.49x 4.64x 5.08x 5.64x
EV / EBIT 30.7x 25.3x 19.4x 17.7x 21.8x 16.7x 14.1x 12.7x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 4.7 6.5 5.8 11.5 6.5 6.363 7.428 7.428
Rate of return 1.9% 3.17% 3.07% 6.18% 3.39% 3.38% 3.95% 3.95%
EPS 2 6.01 - 7.22 17.04 - - - -
Distribution rate 78.2% - 80.3% 67.5% - - - -
Net sales 1 83,660 90,743 99,610 105,104 110,042 116,993 125,167 134,004
EBITDA 1 9,254 9,906 10,756 11,289 11,623 8,096 7,204 6,480
EBIT 1 1,667 1,682 2,012 2,058 1,854 2,244 2,603 2,878
Net income 1,344 - 1,612 3,804 - - - -
Net Debt 1 -4,091 -3,204 -3,222 -4,990 -2,341 -4,384 -5,336 -5,401
Reference price 2 247.50 205.00 189.00 186.00 192.00 188.00 188.00 188.00
Nbr of stocks (in thousands) 223,220 223,220 223,220 223,220 223,220 223,220 - -
Announcement Date 23/03/22 14/03/23 14/03/24 17/03/25 04/03/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- 0.32x4.64x3.38% 1.3B
21.78x0.94x6.32x5.74% 39.82B
38.86x1.58x19.89x0.31% 30.6B
16.7x0.62x7.16x2.98% 28.56B
84.58x3.75x49.69x-.--% 26.74B
27.13x0.87x9.33x3.43% 21.14B
10.18x0.25x4.38x6.26% 13.36B
15.23x0.36x5.3x4.08% 11.86B
7.71x1.72x5.53x2.55% 11.62B
17.21x0.4x6.16x4.15% 10.6B
Average 26.60x 1.08x 11.84x 3.29% 19.56B
Weighted average by Cap. 30.66x 1.30x 14.56x 3.1%

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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