Company Valuation: Formosa Plastics Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 662,037 552,546 504,167 225,984 248,264 434,780 - -
Change - -16.54% -8.76% -55.18% 9.86% 75.13% - -
Enterprise Value (EV) 1 704,603 617,325 613,420 346,479 357,804 454,468 464,321 466,289
Change - -12.39% -0.63% -43.52% 3.27% 27.02% 2.17% 0.42%
P/E 9.28x 15.3x 68.9x -187x -24.7x 15.5x 25.2x 17.9x
PBR 1.64x 1.54x 1.45x 0.78x 0.68x 0.74x 0.91x 1.21x
PEG - -0.3x -0.9x 2x -0x -0x -0.7x 0.4x
Capitalization / Revenue 2.42x 2.2x 2.53x 1.13x 1.42x 2.42x 2.41x 2.38x
EV / Revenue 2.58x 2.45x 3.08x 1.73x 2.04x 2.53x 2.57x 2.55x
EV / EBITDA 10.3x 17.5x 152x 71.7x 117x 20.3x 32.1x 28.7x
EV / EBIT 11.7x 23x -152x -83.3x -47.7x 28.2x 234x -1,483x
EV / FCF 17.8x 16x -82.3x -74.3x -45.1x 21.2x 40.1x -
FCF Yield 5.63% 6.23% -1.21% -1.35% -2.22% 4.71% 2.49% -
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% 1.84% 1.81% 4.16%
EPS 2 11.21 5.68 1.15 -0.19 -1.58 4.405 2.708 3.81
Distribution rate 73.1% 73.9% - -263% -31.6% 28.5% 45.5% 74.6%
Net sales 1 273,500 251,647 199,139 200,040 175,411 179,292 180,724 182,918
EBITDA 1 68,508 35,255 4,039 4,834 3,070 22,337 14,483 16,275
EBIT 1 60,100 26,799 -4,029 -4,162 -7,505 16,124 1,985 -314.5
Net income 1 71,300 36,143 7,338 -1,232 -10,049 28,056 17,239 24,243
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 68.30 68.30 68.30
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.($)
15.51x2.53x20.35x1.84% 13.65B
29.27x6.72x17.18x1.34% 221B
27.52x4.27x13.75x2.12% 122B
28.61x3.5x17.92x1.01% 77.11B
19.06x6.13x30.46x3.6% 64.73B
81.92x6.17x14.34x2.6% 61.81B
62.67x1.29x8.55x6.34% 37.17B
10.99x1.17x6.34x3.02% 32.17B
9.04x3.03x7.11x4.67% 24.36B
43.77x5.61x29.84x1.3% 24.02B
Average 32.84x 4.04x 16.58x 2.78% 67.79B
Weighted average by Cap. 33.18x 4.99x 16.82x 2.26%

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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