Stock 2618 EVA AIRWAYS CORP.
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Financials EVA Airways Corp.

Equities

2618

TW0002618006

Airlines

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-05-09 pm EDT 		5-day change 1st Jan Change
37.6 TWD +4.74% Intraday chart for EVA Airways Corp. -0.27% +19.55%
Mar. 15 EVA Airways Corp. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Feb. 21 Taiwan's Starlux Airlines orders 5 Airbus A350 freighters, 3 A330neos RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 66,737 63,824 143,622 150,831 169,844 203,057 -
Enterprise Value (EV) 1 120,326 139,635 204,048 150,831 169,844 201,893 202,819
P/E ratio 18.1 x -19.1 x 21.7 x 21.3 x 7.88 x 13.7 x 34.2 x
Yield 3.25% - 2.15% 2.84% - 3.84% 2.14%
Capitalization / Revenue 0.37 x 0.72 x 1.38 x 1.09 x 0.9 x 0.97 x 1.01 x
EV / Revenue 0.66 x 1.57 x 1.96 x 1.09 x 0.9 x 0.96 x 1.01 x
EV / EBITDA 3.29 x 5.18 x 5.26 x 3.84 x 3.17 x 4.82 x 5.15 x
EV / FCF 9.12 x -21.2 x 9.21 x 2.53 x - 10 x 14.8 x
FCF Yield 11% -4.71% 10.9% 39.5% - 10% 6.75%
Price to Book 1.01 x 0.9 x 1.68 x 1.72 x - 1.73 x 1.7 x
Nbr of stocks (in thousands) 4,853,569 4,853,569 5,138,539 5,358,125 5,400,444 5,400,444 -
Reference price 2 13.75 13.15 27.95 28.15 31.45 37.60 37.60
Announcement Date 3/18/20 3/21/21 3/14/22 3/16/23 3/15/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 181,275 89,049 103,872 138,069 187,813 209,486 201,786
EBITDA 1 36,557 26,961 38,783 39,296 53,632 41,884 39,399
EBIT 1 9,443 -827.1 10,358 9,798 25,649 20,592 13,052
Operating Margin 5.21% -0.93% 9.97% 7.1% 13.66% 9.83% 6.47%
Earnings before Tax (EBT) 1 6,058 -4,319 7,802 9,469 26,487 19,960 14,048
Net income 1 3,982 -3,362 6,608 7,091 21,594 14,848 5,941
Net margin 2.2% -3.78% 6.36% 5.14% 11.5% 7.09% 2.94%
EPS 2 0.7600 -0.6900 1.290 1.320 3.990 2.738 1.098
Free Cash Flow 1 13,195 -6,581 22,148 59,547 - 20,199 13,682
FCF margin 7.28% -7.39% 21.32% 43.13% - 9.64% 6.78%
FCF Conversion (EBITDA) 36.09% - 57.11% 151.53% - 48.23% 34.73%
FCF Conversion (Net income) 331.33% - 335.15% 839.72% - 136.04% 230.29%
Dividend per Share 2 0.4473 - 0.6000 0.8000 - 1.443 0.8045
Announcement Date 3/18/20 3/21/21 3/14/22 3/16/23 3/15/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 - 34,217 30,090 33,331 35,205 39,442 44,426 48,609 53,263 41,514 51,181 51,381 53,304 55,894 47,449
EBITDA 1 - 16,155 11,456 9,712 8,787 9,342 13,724 15,201 15,363 9,344 9,320 7,171 9,611 9,208 -
EBIT 1 - 9,009 4,205 2,466 1,258 1,869 6,273 7,763 7,870 3,744 5,781 4,143 5,639 5,354 4,868
Operating Margin - 26.33% 13.97% 7.4% 3.57% 4.74% 14.12% 15.97% 14.78% 9.02% 11.3% 8.06% 10.58% 9.58% 10.26%
Earnings before Tax (EBT) 1 - 8,521 4,236 2,496 1,890 846.2 5,911 7,997 8,051 4,528 5,542 3,939 5,401 5,078 4,508
Net income 1 1,484 7,178 3,350 1,803 1,237 702.3 4,498 5,941 5,958 5,198 4,199 2,813 3,995 3,815 3,418
Net margin - 20.98% 11.13% 5.41% 3.51% 1.78% 10.12% 12.22% 11.19% 12.52% 8.2% 5.47% 7.49% 6.82% 7.2%
EPS 2 0.2800 1.400 0.6400 0.3400 0.2200 0.1200 0.8400 1.100 1.100 0.9500 0.7800 0.5433 0.7400 0.7067 0.6300
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 11/3/21 3/14/22 5/6/22 8/3/22 11/2/22 3/16/23 5/12/23 8/10/23 11/7/23 3/15/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 53,589 75,811 60,425 - - - -
Net Cash position 1 - - - - - 1,164 238
Leverage (Debt/EBITDA) 1.466 x 2.812 x 1.558 x - - - -
Free Cash Flow 1 13,195 -6,581 22,148 59,547 - 20,199 13,682
ROE (net income / shareholders' equity) 5.91% -4.73% 8.45% 8.17% - 13.2% 8.18%
ROA (Net income/ Total Assets) 1.33% -0.98% 2.02% 2.2% - 4.9% 2.74%
Assets 1 298,715 342,919 327,445 322,332 - 303,011 216,837
Book Value Per Share 2 13.60 14.60 16.70 16.40 - 21.70 22.20
Cash Flow per Share 2 7.090 1.100 6.810 11.80 - 4.730 3.500
Capex 1 23,959 11,951 12,827 3,605 - 15,244 11,417
Capex / Sales 13.22% 13.42% 12.35% 2.61% - 7.28% 5.66%
Announcement Date 3/18/20 3/21/21 3/14/22 3/16/23 3/15/24 - -
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for EVA Airways Corp.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
37.6 TWD
Average target price
33.5 TWD
Spread / Average Target
-10.90%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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