Stock 9908 THE GREAT TAIPEI GAS CORPORATION
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Financials The Great Taipei Gas Corporation

Equities

9908

TW0009908004

Natural Gas Utilities

End-of-day quote Taiwan S.E.
Other stock markets
 23:00:00 09/05/2024 BST 		5-day change 1st Jan Change
32.4 TWD -0.15% Intraday chart for The Great Taipei Gas Corporation 0.00% -0.92%
04-16 The Great Taipei Gas Corporation Announces Change of Representative of Legal Person CI
04-16 The Great Taipei Gas Corporation Announces Change of Chairperson CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 14,475 15,677 17,180 16,629 15,602 16,378
Enterprise Value (EV) 1 9,240 10,160 11,706 10,709 9,505 10,055
P/E ratio 21.9 x 18.6 x 20.9 x 19 x 20.1 x 14.2 x
Yield 3.81% 3.51% 3.21% 3.31% 3.53% 3.67%
Capitalization / Revenue 3.57 x 3.7 x 4.85 x 5.25 x 4.7 x 4.72 x
EV / Revenue 2.28 x 2.4 x 3.3 x 3.38 x 2.86 x 2.9 x
EV / EBITDA 10.6 x 11.1 x 12.4 x 11.7 x 9.71 x 9.68 x
EV / FCF 22.7 x 36.4 x 47.4 x 47.1 x 42.4 x 24.6 x
FCF Yield 4.4% 2.75% 2.11% 2.12% 2.36% 4.06%
Price to Book 1.35 x 1.44 x 1.51 x 1.38 x 1.27 x 1.23 x
Nbr of stocks (in thousands) 500,865 500,865 500,865 500,865 500,865 500,865
Reference price 2 28.90 31.30 34.30 33.20 31.15 32.70
Announcement Date 27/03/19 30/03/20 31/03/21 31/03/22 16/03/23 15/03/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 4,060 4,237 3,543 3,166 3,319 3,469
EBITDA 1 867.7 913.2 944.6 917.3 978.5 1,038
EBIT 1 579.5 606.1 616.8 569.7 608.5 643.7
Operating Margin 14.27% 14.31% 17.41% 17.99% 18.33% 18.56%
Earnings before Tax (EBT) 1 851.9 1,015 1,007 1,059 961.4 1,367
Net income 1 661.3 841.7 823.6 875.3 775.2 1,160
Net margin 16.29% 19.87% 23.25% 27.65% 23.36% 33.44%
EPS 2 1.320 1.680 1.640 1.748 1.548 2.310
Free Cash Flow 1 406.6 279.3 246.7 227.2 224.2 408.5
FCF margin 10.02% 6.59% 6.96% 7.18% 6.76% 11.78%
FCF Conversion (EBITDA) 46.86% 30.59% 26.12% 24.76% 22.91% 39.34%
FCF Conversion (Net income) 61.48% 33.19% 29.96% 25.95% 28.92% 35.22%
Dividend per Share 2 1.100 1.100 1.100 1.100 1.100 1.200
Announcement Date 27/03/19 30/03/20 31/03/21 31/03/22 16/03/23 15/03/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 5,235 5,517 5,474 5,920 6,097 6,324
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 407 279 247 227 224 409
ROE (net income / shareholders' equity) 6% 7.37% 7.03% 7.14% 6.17% 8.6%
ROA (Net income/ Total Assets) 2.21% 2.24% 2.22% 1.97% 2.03% 2.06%
Assets 1 29,897 37,500 37,046 44,440 38,170 56,300
Book Value Per Share 2 21.30 21.80 22.70 24.10 24.50 26.60
Cash Flow per Share 2 4.430 5.580 6.200 7.580 7.660 7.410
Capex 1 424 464 461 510 558 480
Capex / Sales 10.44% 10.94% 13% 16.1% 16.8% 13.84%
Announcement Date 27/03/19 30/03/20 31/03/21 31/03/22 16/03/23 15/03/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Natural Gas Distribution

1st Jan change Capi.
THE GREAT TAIPEI GAS CORPORATION Stock The Great Taipei Gas Corporation
-0.92% 500M
THE HONG KONG AND CHINA GAS CO LTD Stock The Hong Kong and China Gas Co Ltd
+5.02% 15B
ENN ENERGY HOLDINGS LIMITED Stock ENN Energy Holdings Limited
+33.30% 11.03B
KUNLUN ENERGY COMPANY LIMITED Stock Kunlun Energy Company Limited
+14.06% 8.9B
CHINA RESOURCES GAS GROUP LIMITED Stock China Resources Gas Group Limited
+6.25% 8.06B
ENN NATURAL GAS CO.,LTD. Stock ENN Natural Gas Co.,Ltd.
+11.00% 7.96B
GRUPO ENERGÍA BOGOTÁ S.A. E.S.P. Stock Grupo Energía Bogotá S.A. E.S.P.
+32.63% 5.98B
NEW FORTRESS ENERGY INC. Stock New Fortress Energy Inc.
-28.62% 5.52B
SOUTHWEST GAS HOLDINGS, INC. Stock Southwest Gas Holdings, Inc.
+20.57% 5.47B
UGI CORPORATION Stock UGI Corporation
+1.26% 5.22B
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