Financials Formosa Petrochemical Corporation

Equities

6505

TW0006505001

Oil & Gas Refining and Marketing

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
71 ^TWD	-0.70%		-1.66%	-12.02%

May. 03	Formosa Petrochemical Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 10	Formosa Petrochemical Corp. Announces Consolidated Operating Revenue for the Month Ended March 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	928,781	950,691	913,540	764,935	768,745	676,343	-	-
Enterprise Value (EV) ¹	859,270	877,746	820,239	736,435	768,745	591,761	588,311	676,343
P/E ratio	25.3 x	128 x	18.5 x	53.2 x	35.1 x	26.1 x	21 x	-
Yield	2.97%	0.59%	3.96%	1.37%	-	3.05%	3.83%	5.35%
Capitalization / Revenue	1.44 x	2.29 x	1.47 x	0.9 x	1.08 x	0.97 x	0.93 x	1.04 x
EV / Revenue	1.33 x	2.11 x	1.32 x	0.87 x	1.08 x	0.85 x	0.81 x	1.04 x
EV / EBITDA	17 x	52.1 x	11.8 x	34 x	24.4 x	12.8 x	11.5 x	10.8 x
EV / FCF	23.7 x	33 x	32.8 x	-43.8 x	-	24.8 x	19.2 x	-
FCF Yield	4.21%	3.03%	3.04%	-2.29%	-	4.03%	5.21%	-
Price to Book	2.81 x	3.09 x	2.56 x	2.45 x	-	1.99 x	1.93 x	-
Nbr of stocks (in thousands)	9,525,960	9,525,960	9,525,960	9,525,960	9,525,960	9,525,960	-	-
Reference price ²	97.50	99.80	95.90	80.30	80.70	71.00	71.00	71.00
Announcement Date	3/8/20	3/10/21	3/8/22	2/24/23	2/29/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	646,023	415,282	620,062	848,048	712,576	698,595	724,664	649,363
EBITDA ¹	50,483	16,853	69,677	21,666	31,567	46,196	51,093	62,377
EBIT ¹	36,786	2,769	55,177	5,420	15,405	25,168	34,455	45,428
Operating Margin	5.69%	0.67%	8.9%	0.64%	2.16%	3.6%	4.75%	7%
Earnings before Tax (EBT) ¹	44,898	8,665	60,485	16,968	24,694	31,869	39,604	-
Net income ¹	36,798	7,430	49,401	14,422	21,889	25,931	32,679	-
Net margin	5.7%	1.79%	7.97%	1.7%	3.07%	3.71%	4.51%	-
EPS ²	3.860	0.7800	5.190	1.510	2.300	2.725	3.386	-
Free Cash Flow ¹	36,205	26,576	24,976	-16,830	-	23,861	30,662	-
FCF margin	5.6%	6.4%	4.03%	-1.98%	-	3.42%	4.23%	-
FCF Conversion (EBITDA)	71.72%	157.69%	35.85%	-	-	51.65%	60.01%	-
FCF Conversion (Net income)	98.39%	357.7%	50.56%	-	-	92.02%	93.83%	-
Dividend per Share ²	2.900	0.5900	3.800	1.100	-	2.166	2.722	3.800
Announcement Date	3/8/20	3/10/21	3/8/22	2/24/23	2/29/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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
Net sales ¹	180,785	185,600	239,286	229,065	194,147	184,642	159,397	192,658	175,878	171,197	177,189	172,759	178,374
EBITDA ¹	12,417	19,642	21,944	-11,415	-8,506	8,651	-	22,047	3,077	6,496	10,083	13,998	11,008
EBIT ¹	8,748	15,916	18,067	-15,712	-12,851	4,284	-6,467	18,055	-467.3	3,208	5,504	5,805	5,398
Operating Margin	4.84%	8.58%	7.55%	-6.86%	-6.62%	2.32%	-4.06%	9.37%	-0.27%	1.87%	3.11%	3.36%	3.03%
Earnings before Tax (EBT) ¹	9,328	17,100	21,043	-8,733	-12,434	5,360	-1,920	21,103	150.3	6,107	7,487	7,226	6,815
Net income ¹	7,606	13,700	16,930	-6,281	-9,884	4,435	-1,158	17,156	1,455	5,026	5,990	5,781	5,452
Net margin	4.21%	7.38%	7.08%	-2.74%	-5.09%	2.4%	-0.73%	8.91%	0.83%	2.94%	3.38%	3.35%	3.06%
EPS ²	0.8000	1.430	2.210	-0.9200	-1.040	0.5600	-0.2000	2.210	0.1500	0.5300	0.6550	0.6100	0.5700
Dividend per Share	-	-	-	-	1.100	-	-	-	-	-	-	-	-
Announcement Date	3/8/22	4/11/22	8/4/22	11/3/22	2/24/23	5/4/23	8/4/23	11/2/23	2/29/24	5/3/24	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	69,511	72,945	93,301	28,499	-	89,503	78,329	49,973
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	36,205	26,576	24,976	-16,830	-	23,861	30,662	-
ROE (net income / shareholders' equity)	11%	2.33%	14.8%	4.31%	-	7.42%	9.73%	11.7%
ROA (Net income/ Total Assets)	9.16%	1.91%	11.8%	3.28%	-	5.3%	7.55%	-
Assets ¹	401,901	389,478	419,841	440,270	-	453,909	440,563	-
Book Value Per Share ²	34.70	32.30	37.50	32.80	-	35.70	36.90	-
Cash Flow per Share ²	4.610	3.730	3.730	-0.9600	4.760	4.110	5.740	-
Capex ¹	7,719	8,959	10,550	7,647	-	14,992	11,682	-
Capex / Sales	1.19%	2.16%	1.7%	0.9%	-	2.15%	1.61%	-
Announcement Date	3/8/20	3/10/21	3/8/22	2/24/23	2/29/24	-	-	-

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 Formosa Petrochemical Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

71 TWD

Average target price

80.88 TWD

Spread / Average Target

+13.91%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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