Financials President Chain Store Corporation

Equities

2912

TW0002912003

Food Retail & Distribution

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
275 ^TWD	0.00%		+0.36%	+2.04%

Apr. 30	President Chain Store Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 29	Connection Labs Ltd. announced that it expects to receive TWD 600 million in funding from President Chain Store Corporation	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	316,045	277,059	284,337	282,777	280,178	285,896	-	-
Enterprise Value (EV) ¹	277,123	239,664	244,747	244,299	250,159	244,899	248,581	244,248
P/E ratio	30 x	27.1 x	32.1 x	30.5 x	26.4 x	24.5 x	22.9 x	20.8 x
Yield	2.96%	3.38%	3.29%	3.31%	3.34%	3.57%	3.77%	4.17%
Capitalization / Revenue	1.23 x	1.07 x	1.08 x	0.97 x	0.88 x	0.85 x	0.81 x	0.76 x
EV / Revenue	1.08 x	0.93 x	0.93 x	0.84 x	0.79 x	0.73 x	0.71 x	0.65 x
EV / EBITDA	8.71 x	7.44 x	7.69 x	7.08 x	6.7 x	6.6 x	6.39 x	6.58 x
EV / FCF	12.8 x	11.2 x	8.95 x	10.8 x	8.39 x	13.5 x	9.61 x	-
FCF Yield	7.79%	8.89%	11.2%	9.3%	11.9%	7.38%	10.4%	-
Price to Book	8.73 x	7.69 x	8.32 x	7.76 x	7.4 x	6.92 x	6.51 x	6.15 x
Nbr of stocks (in thousands)	1,039,622	1,039,622	1,039,622	1,039,622	1,039,622	1,039,622	-	-
Reference price ²	304.0	266.5	273.5	272.0	269.5	275.0	275.0	275.0
Announcement Date	2/27/20	2/25/21	2/24/22	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	256,059	258,495	262,735	290,434	317,042	337,368	352,516	374,380
EBITDA ¹	31,819	32,234	31,808	34,525	37,349	37,085	38,892	37,134
EBIT ¹	13,050	12,145	10,670	12,340	13,750	15,352	16,245	18,243
Operating Margin	5.1%	4.7%	4.06%	4.25%	4.34%	4.55%	4.61%	4.87%
Earnings before Tax (EBT) ¹	15,164	13,810	12,072	14,070	16,357	17,291	18,320	19,716
Net income ¹	10,543	10,238	8,862	9,282	10,614	11,517	12,277	13,016
Net margin	4.12%	3.96%	3.37%	3.2%	3.35%	3.41%	3.48%	3.48%
EPS ²	10.12	9.830	8.510	8.910	10.19	11.24	12.03	13.22
Free Cash Flow ¹	21,587	21,310	27,349	22,721	29,823	18,079	25,866	-
FCF margin	8.43%	8.24%	10.41%	7.82%	9.41%	5.36%	7.34%	-
FCF Conversion (EBITDA)	67.84%	66.11%	85.98%	65.81%	79.85%	48.75%	66.51%	-
FCF Conversion (Net income)	204.75%	208.14%	308.62%	244.79%	280.98%	156.98%	210.69%	-
Dividend per Share ²	9.000	9.000	9.000	9.000	9.000	9.822	10.36	11.46
Announcement Date	2/27/20	2/25/21	2/24/22	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	2025 Q1	2025 Q2
Net sales ¹	68,645	67,667	71,131	75,847	75,789	75,474	77,586	82,531	81,450	81,071	82,272	86,438	86,137	84,223	87,083
EBITDA ¹	8,403	8,491	8,459	8,887	8,727	9,217	9,362	9,847	8,923	9,761	12,620	13,019	12,380	-	-
EBIT ¹	3,006	3,106	2,991	3,278	2,966	3,442	3,503	3,903	2,903	3,652	3,724	4,032	3,541	3,936	4,235
Operating Margin	4.38%	4.59%	4.2%	4.32%	3.91%	4.56%	4.51%	4.73%	3.56%	4.5%	4.53%	4.66%	4.11%	4.67%	4.86%
Earnings before Tax (EBT) ¹	3,470	3,251	3,622	3,948	3,249	4,087	4,047	4,549	3,674	4,388	4,674	4,885	4,699	4,421	4,720
Net income ¹	2,322	2,170	2,452	2,691	1,968	2,821	2,554	3,036	2,203	2,944	2,949	3,241	2,582	3,021	3,256
Net margin	3.38%	3.21%	3.45%	3.55%	2.6%	3.74%	3.29%	3.68%	2.7%	3.63%	3.59%	3.75%	3%	3.59%	3.74%
EPS ²	2.230	2.080	2.360	2.580	1.890	2.710	2.450	2.910	2.120	2.830	2.960	3.210	2.960	2.906	3.132
Dividend per Share ²	9.000	-	-	-	-	-	-	-	-	-	-	9.465	-	-	-
Announcement Date	2/24/22	5/6/22	8/4/22	11/4/22	2/24/23	5/4/23	8/2/23	11/1/23	2/29/24	4/30/24	-	-	-	-	-

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	38,923	37,396	39,589	38,478	30,019	40,997	37,315	41,648
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	21,587	21,310	27,349	22,721	29,823	18,079	25,866	-
ROE (net income / shareholders' equity)	29.5%	28.3%	25.3%	26.3%	28.6%	30.4%	28.7%	30.6%
ROA (Net income/ Total Assets)	6.53%	5.06%	4.18%	4.15%	4.33%	4.39%	4.81%	4.65%
Assets ¹	161,403	202,311	212,000	223,859	245,295	262,203	255,462	279,914
Book Value Per Share ²	34.80	34.60	32.90	35.10	36.40	39.70	42.20	44.70
Cash Flow per Share ²	27.70	29.10	34.50	32.90	40.70	25.10	33.00	26.90
Capex ¹	7,249	9,022	8,635	11,517	12,566	12,729	11,456	11,782
Capex / Sales	2.83%	3.49%	3.29%	3.97%	3.96%	3.77%	3.25%	3.15%
Announcement Date	2/27/20	2/25/21	2/24/22	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 President Chain Store Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

275 TWD

Average target price

300.1 TWD

Spread / Average Target

+9.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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