Company Valuation: Formosa Plastics Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 662,037 552,546 504,167 225,984 248,264 394,676 - -
Change - -16.54% -8.76% -55.18% 9.86% 58.97% - -
Enterprise Value (EV) 1 704,603 617,325 613,420 346,479 357,804 414,364 424,217 426,185
Change - -12.39% -0.63% -43.52% 3.27% 15.81% 2.38% 0.46%
P/E 9.28x 15.3x 68.9x -187x -24.7x 14.1x 24.5x 15.3x
PBR 1.64x 1.54x 1.45x 0.78x 0.68x 0.67x 1.1x 1.1x
PEG - -0.3x -0.9x 2x -0x -0x -0.6x 0.3x
Capitalization / Revenue 2.42x 2.2x 2.53x 1.13x 1.42x 2.25x 2.18x 2.08x
EV / Revenue 2.58x 2.45x 3.08x 1.73x 2.04x 2.36x 2.34x 2.25x
EV / EBITDA 10.3x 17.5x 152x 71.7x 117x 51.2x 37.5x 35.7x
EV / EBIT 11.7x 23x -152x -83.3x -47.7x -181x 214x 566x
EV / FCF 17.8x 16x -82.3x -74.3x -45.1x 19.4x 36.6x -
FCF Yield 5.63% 6.23% -1.21% -1.35% -2.22% 5.16% 2.73% -
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% 2.03% 1.99% 4.58%
EPS 2 11.21 5.68 1.15 -0.19 -1.58 4.41 2.532 4.059
Distribution rate 73.1% 73.9% - -263% -31.6% 28.5% 48.7% 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 62.00 62.00 62.00
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.06x2.36x51.19x2.03% 12.37B
17.19x0.8x5.72x4.67% 21.56B
26.43x3.91x12.45x6.62% 19.19B
-82.34x0.85x6.36x0.83% 14.75B
-316.32x - - -.--% 14.41B
20.51x3.11x10.7x1.32% 6.97B
22.61x2.19x14.76x1.64% 5.56B
21.25x0.74x11.04x3.01% 5.15B
26.7x2.73x17.43x1.99% 4.99B
Average -27.77x 2.09x 16.21x 2.46% 11.66B
Weighted average by Cap. -40.10x 2.05x 15.35x 2.94%

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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