Financials Wan Hwa Enterprise Company Ltd.

Equities

2701

TW0002701000

Real Estate Development & Operations

End-of-day quote Taiwan S.E. 23:00:00 15/05/2024 BST 5-day change 1st Jan Change
13.45 TWD +1.13% Intraday chart for Wan Hwa Enterprise Company Ltd. +3.46% +3.46%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 5,670 6,007 5,580 5,490 5,490 5,850
Enterprise Value (EV) 1 5,370 5,706 5,301 5,217 5,191 5,443
P/E ratio 17.2 x 15 x 32 x 65.1 x 25.9 x 24.6 x
Yield 3.17% 3% 2.02% 1.35% 2.05% 2.15%
Capitalization / Revenue 9.1 x 10.5 x 23.3 x 34.9 x 18.9 x 17 x
EV / Revenue 8.62 x 10 x 22.1 x 33.1 x 17.9 x 15.8 x
EV / EBITDA 12.2 x 14.1 x 43.8 x 122 x 29.9 x 25 x
EV / FCF 22.2 x 28 x 168 x -203 x 135 x 36.9 x
FCF Yield 4.5% 3.57% 0.6% -0.49% 0.74% 2.71%
Price to Book 0.77 x 0.77 x 0.74 x 0.73 x 0.69 x 0.71 x
Nbr of stocks (in thousands) 449,968 449,968 449,968 449,968 449,968 449,968
Reference price 2 12.60 13.35 12.40 12.20 12.20 13.00
Announcement Date 28/03/19 27/03/20 30/03/21 31/03/22 16/03/23 14/03/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 623.2 570.5 239.3 157.4 290.2 344.8
EBITDA 1 440.1 406.1 121.1 42.93 173.5 217.8
EBIT 1 429.9 396.9 112.6 36.06 169.6 214.4
Operating Margin 68.99% 69.57% 47.03% 22.91% 58.43% 62.18%
Earnings before Tax (EBT) 1 501.7 489.1 209.6 97.37 249.4 290
Net income 1 329.2 399.6 174.1 84.36 211.7 237.3
Net margin 52.83% 70.03% 72.76% 53.6% 72.96% 68.83%
EPS 2 0.7317 0.8880 0.3870 0.1875 0.4706 0.5275
Free Cash Flow 1 241.6 203.6 31.58 -25.68 38.54 147.6
FCF margin 38.77% 35.69% 13.2% -16.32% 13.28% 42.79%
FCF Conversion (EBITDA) 54.9% 50.14% 26.08% - 22.21% 67.74%
FCF Conversion (Net income) 73.39% 50.96% 18.14% - 18.2% 62.17%
Dividend per Share 2 0.4000 0.4000 0.2500 0.1650 0.2500 0.2800
Announcement Date 28/03/19 27/03/20 30/03/21 31/03/22 16/03/23 14/03/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 300 301 279 273 298 406
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 242 204 31.6 -25.7 38.5 148
ROE (net income / shareholders' equity) 4.55% 5.26% 2.27% 1.12% 2.74% 2.93%
ROA (Net income/ Total Assets) 3.21% 2.81% 0.79% 0.26% 1.18% 1.43%
Assets 1 10,248 14,218 22,071 32,849 17,913 16,582
Book Value Per Share 2 16.40 17.30 16.70 16.80 17.60 18.40
Cash Flow per Share 2 0.4200 0.4200 0.3700 0.3600 0.4100 0.6500
Capex - - - - - -
Capex / Sales - - - - - -
Announcement Date 28/03/19 27/03/20 30/03/21 31/03/22 16/03/23 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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