MERIDA INDUSTRY CO., LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 235.5 TWD | -1.67% |
|
+1.73% | +29.04% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 52,771 | 70,560 | 97,917 | 49,930 | 54,565 | 71,607 | - | - |
| Enterprise Value (EV) 1 | 50,816 | 67,728 | 97,488 | 50,420 | 58,310 | 66,634 | 63,812 | 62,525 |
| P/E ratio | 21.2 x | 17.8 x | 21.1 x | 14.7 x | 32.2 x | 25.5 x | 20.2 x | 17.8 x |
| Yield | 2.38% | 2.97% | 2.44% | 4.19% | 3.29% | 2.22% | 2.79% | 3.07% |
| Capitalization / Revenue | 1.87 x | 2.61 x | 3.33 x | 1.35 x | 2 x | 2.31 x | 2.12 x | 1.94 x |
| EV / Revenue | 1.8 x | 2.5 x | 3.32 x | 1.36 x | 2.14 x | 2.15 x | 1.89 x | 1.7 x |
| EV / EBITDA | 25.6 x | 31.3 x | 52 x | 13.4 x | 15.7 x | 17.1 x | 15.7 x | 13.8 x |
| EV / FCF | 55.2 x | 40.9 x | 153 x | 31.7 x | -153 x | 25.3 x | 24 x | 20.4 x |
| FCF Yield | 1.81% | 2.45% | 0.65% | 3.16% | -0.65% | 3.95% | 4.17% | 4.91% |
| Price to Book | 3.85 x | 4.43 x | 5.51 x | 2.43 x | 2.66 x | 3.23 x | 2.93 x | 2.67 x |
| Nbr of stocks (in thousands) | 298,984 | 298,984 | 298,984 | 298,984 | 298,984 | 298,984 | - | - |
| Reference price 2 | 176.5 | 236.0 | 327.5 | 167.0 | 182.5 | 239.5 | 239.5 | 239.5 |
| Announcement Date | 3/29/20 | 3/29/21 | 3/23/22 | 3/31/23 | 3/15/24 | - | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 28,243 | 27,072 | 29,391 | 37,003 | 27,261 | 30,934 | 33,785 | 36,857 |
| EBITDA 1 | 1,982 | 2,160 | 1,874 | 3,767 | 3,721 | 3,896 | 4,067 | 4,532 |
| EBIT 1 | 1,711 | 1,884 | 1,589 | 3,437 | 3,386 | 3,344 | 3,785 | 4,137 |
| Operating Margin | 6.06% | 6.96% | 5.41% | 9.29% | 12.42% | 10.81% | 11.2% | 11.22% |
| Earnings before Tax (EBT) 1 | 3,204 | 5,241 | 6,205 | 4,498 | 2,750 | 3,464 | 4,854 | 5,374 |
| Net income 1 | 2,502 | 3,993 | 4,650 | 3,389 | 1,692 | 2,463 | 3,515 | 3,982 |
| Net margin | 8.86% | 14.75% | 15.82% | 9.16% | 6.21% | 7.96% | 10.4% | 10.8% |
| EPS 2 | 8.330 | 13.27 | 15.55 | 11.34 | 5.660 | 9.405 | 11.87 | 13.44 |
| Free Cash Flow 1 | 921.1 | 1,657 | 636.7 | 1,591 | -381.7 | 2,631 | 2,658 | 3,071 |
| FCF margin | 3.26% | 6.12% | 2.17% | 4.3% | -1.4% | 8.51% | 7.87% | 8.33% |
| FCF Conversion (EBITDA) | 46.48% | 76.72% | 33.97% | 42.23% | - | 67.53% | 65.35% | 67.77% |
| FCF Conversion (Net income) | 36.81% | 41.51% | 13.69% | 46.94% | - | 106.82% | 75.63% | 77.12% |
| Dividend per Share 2 | 4.200 | 7.000 | 8.000 | 7.000 | 6.000 | 5.328 | 6.683 | 7.343 |
| Announcement Date | 3/29/20 | 3/29/21 | 3/23/22 | 3/31/23 | 3/15/24 | - | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 6,572 | 8,156 | 8,809 | 16,964 | 9,428 | 10,611 | 8,387 | 7,459 | 6,688 | 4,727 | 5,845 | 7,601 | 9,116 | 8,506 | 7,018 | 8,614 |
| EBITDA 1 | 345.4 | 641.6 | 857.3 | - | 1,035 | 1,233 | 1,050 | 1,064 | 951.5 | 655.8 | 606 | 870 | 1,243 | 1,178 | 1,010 | 1,110 |
| EBIT 1 | 270 | 562 | 774.1 | - | 952.2 | 1,149 | 966.8 | 979.1 | 866.7 | 573.4 | 531.7 | 858.5 | 1,040 | 907 | 704.4 | 965 |
| Operating Margin | 4.11% | 6.89% | 8.79% | - | 10.1% | 10.83% | 11.53% | 13.13% | 12.96% | 12.13% | 9.1% | 11.29% | 11.41% | 10.66% | 10.04% | 11.2% |
| Earnings before Tax (EBT) 1 | 1,794 | 1,571 | 1,293 | - | 1,228 | 406.5 | 844.1 | 1,123 | 1,079 | -296.5 | 609.5 | 619 | 1,149 | 1,087 | 920 | 1,310 |
| Net income 1 | 1,390 | 1,207 | 952.9 | - | 924.5 | 304.5 | 565.2 | 671.8 | 758.3 | -303.4 | 415.8 | 422 | 840 | 785 | 672 | 956.3 |
| Net margin | 21.15% | 14.8% | 10.82% | - | 9.81% | 2.87% | 6.74% | 9.01% | 11.34% | -6.42% | 7.11% | 5.55% | 9.21% | 9.23% | 9.58% | 11.1% |
| EPS 2 | 4.690 | 4.010 | 3.180 | - | 3.080 | 1.020 | 1.890 | 2.240 | 2.540 | -1.010 | 1.390 | 1.987 | 2.799 | 2.834 | 2.377 | 3.003 |
| Dividend per Share 2 | 8.000 | - | - | - | - | - | - | - | - | - | - | - | 3.404 | - | - | - |
| Announcement Date | 3/23/22 | 5/12/22 | 8/12/22 | 8/12/22 | 11/14/22 | 3/31/23 | 5/13/23 | 8/11/23 | 11/13/23 | 3/15/24 | 5/14/24 | - | - | - | - | - |
1TWD in Million2TWD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | 490 | 3,746 | - | - | - |
| Net Cash position 1 | 1,954 | 2,833 | 429 | - | - | 4,972 | 7,795 | 9,081 |
| Leverage (Debt/EBITDA) | - | - | - | 0.1299 x | 1.007 x | - | - | - |
| Free Cash Flow 1 | 921 | 1,657 | 637 | 1,591 | -382 | 2,631 | 2,658 | 3,071 |
| ROE (net income / shareholders' equity) | 18.9% | 26.8% | 27.5% | 17.7% | 8.23% | 12.9% | 15.2% | 15.7% |
| ROA (Net income/ Total Assets) | 10.3% | 14.4% | 14.3% | 8.68% | 4.19% | 6.55% | 7.85% | 8.15% |
| Assets 1 | 24,229 | 27,682 | 32,596 | 39,031 | 40,355 | 37,593 | 44,795 | 48,833 |
| Book Value Per Share 2 | 45.90 | 53.30 | 59.40 | 68.80 | 68.60 | 74.10 | 81.60 | 89.80 |
| Cash Flow per Share 2 | 4.030 | 7.020 | 2.620 | 5.750 | -0.8800 | 9.020 | 16.80 | 11.50 |
| Capex 1 | 289 | 455 | 151 | 139 | 120 | 193 | 146 | 138 |
| Capex / Sales | 1.02% | 1.68% | 0.51% | 0.38% | 0.44% | 0.62% | 0.43% | 0.37% |
| Announcement Date | 3/29/20 | 3/29/21 | 3/23/22 | 3/31/23 | 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
Trading Rating
Investor Rating
ESG Refinitiv
D+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
239.5
TWD
Average target price
233.7
TWD
Spread / Average Target
-2.41%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +31.23% | 2.22B | |
| +18.50% | 14.86B | |
| +80.73% | 759M | |
| +9.51% | 562M | |
| -7.74% | 503M | |
| -12.38% | 415M | |
| -24.07% | 250M | |
| -13.58% | 138M | |
| +537.44% | 129M | |
| +8.68% | 117M |
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- Financials Merida Industry Co., Ltd.
