Company Valuation: Formosa Plastics Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 662,037 552,546 504,167 225,984 248,264 420,139 - -
Change - -16.54% -8.76% -55.18% 9.86% 69.23% - -
Enterprise Value (EV) 1 704,603 617,325 613,420 346,479 357,804 439,827 449,680 451,648
Change - -12.39% -0.63% -43.52% 3.27% 22.92% 2.24% 0.44%
P/E 9.28x 15.3x 68.9x -187x -24.7x 18.4x 25.3x 16.3x
PBR 1.64x 1.54x 1.45x 0.78x 0.68x 1.14x 1.17x 1.17x
PEG - -0.3x -0.9x 2x -0x -0x -0.9x 0.3x
Capitalization / Revenue 2.42x 2.2x 2.53x 1.13x 1.42x 2.4x 2.32x 2.21x
EV / Revenue 2.58x 2.45x 3.08x 1.73x 2.04x 2.51x 2.48x 2.38x
EV / EBITDA 10.3x 17.5x 152x 71.7x 117x 54.3x 39.7x 37.8x
EV / EBIT 11.7x 23x -152x -83.3x -47.7x -192x 227x 600x
EV / FCF 17.8x 16x -82.3x -74.3x -45.1x 20.6x 38.8x -
FCF Yield 5.63% 6.23% -1.21% -1.35% -2.22% 4.86% 2.57% -
Dividend per Share 2 8.2 4.2 - 0.5 0.5 1.257 1.233 2.841
Rate of return 7.88% 4.84% - 1.41% 1.28% 1.9% 1.87% 4.31%
EPS 2 11.21 5.68 1.15 -0.19 -1.58 3.584 2.604 4.059
Distribution rate 73.1% 73.9% - -263% -31.6% 35.1% 47.3% 70%
Net sales 1 273,500 251,647 199,139 200,040 175,411 175,393 181,205 189,813
EBITDA 1 68,508 35,255 4,039 4,834 3,070 8,095 11,324 11,933
EBIT 1 60,100 26,799 -4,029 -4,162 -7,505 -2,290 1,985 753.1
Net income 1 71,300 36,143 7,338 -1,232 -10,049 20,070 13,214 25,840
Net Debt 1 42,566 64,779 109,253 120,495 109,540 19,688 29,541 31,509
Reference price 2 104.00 86.80 79.20 35.50 39.00 66.00 66.00 66.00
Nbr of stocks (in thousands) 6,365,741 6,365,741 6,365,741 6,365,741 6,365,741 6,365,741 - -
Announcement Date 10/1/22 13/3/23 7/3/24 13/3/25 6/3/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
18.41x2.51x54.34x1.9% 13.28B
16.95x0.8x5.67x4.73% 21.27B
25.01x3.89x12.56x6.66% 19.03B
-90.58x0.87x6.48x0.8% 15.52B
-315.26x - - -.--% 14.45B
21.05x3.18x11x2.22% 7.03B
22.68x2.24x14.64x1.74% 5.62B
22.44x0.77x11.43x2.85% 5.44B
38.14x3.37x23.41x1.12% 4.68B
Average -26.80x 2.20x 17.44x 2.45% 11.81B
Weighted average by Cap. -40.50x 2.10x 16.47x 2.93%

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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