Stock 2539 SAKURA DEVELOPMENT CO.,LTD
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Financials Sakura Development Co.,Ltd

Equities

2539

TW0002539004

Real Estate Development & Operations

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-05-27 pm EDT 		5-day change 1st Jan Change
69.8 TWD +2.05% Intraday chart for Sakura Development Co.,Ltd +1.45% +44.21%
Apr. 02 Ying Hsiung Construction Co., Ltd Signs the New Construction Contracts CI
Mar. 15 Sakura Development Co.,Ltd Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 11,023 13,666 17,006 19,900 23,448 41,484
Enterprise Value (EV) 1 16,555 17,726 24,939 29,439 31,878 49,583
P/E ratio 24.7 x 9.48 x 21 x 26.7 x 15.7 x 21.7 x
Yield 0.74% 3.39% 0.66% 0.64% 0.62% 0.83%
Capitalization / Revenue 2.91 x 1.84 x 3.68 x 4.66 x 3.74 x 5.87 x
EV / Revenue 4.37 x 2.39 x 5.4 x 6.89 x 5.09 x 7.02 x
EV / EBITDA 31.1 x 10.7 x 23.7 x 29.8 x 16.5 x 20.1 x
EV / FCF -18.9 x 17.3 x -6.62 x -17 x 38.7 x 915 x
FCF Yield -5.29% 5.79% -15.1% -5.87% 2.58% 0.11%
Price to Book 1.91 x 1.89 x 2.19 x 2.34 x 2.35 x 3.52 x
Nbr of stocks (in thousands) 824,694 828,143 840,360 844,925 852,049 857,114
Reference price 2 13.37 16.50 20.24 23.55 27.52 48.40
Announcement Date 3/22/19 3/20/20 3/25/21 3/29/22 3/13/23 3/15/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 3,792 7,431 4,616 4,274 6,264 7,063
EBITDA 1 532 1,655 1,054 988.7 1,932 2,471
EBIT 1 529 1,652 1,051 984.5 1,927 2,467
Operating Margin 13.95% 22.23% 22.77% 23.03% 30.76% 34.93%
Earnings before Tax (EBT) 1 516.7 1,634 1,033 957 1,915 2,472
Net income 1 450.3 1,489 822.1 754 1,505 1,915
Net margin 11.87% 20.03% 17.81% 17.64% 24.03% 27.11%
EPS 2 0.5403 1.740 0.9646 0.8819 1.757 2.234
Free Cash Flow 1 -876.2 1,027 -3,765 -1,729 822.7 54.18
FCF margin -23.11% 13.82% -81.56% -40.45% 13.13% 0.77%
FCF Conversion (EBITDA) - 62.06% - - 42.59% 2.19%
FCF Conversion (Net income) - 68.99% - - 54.65% 2.83%
Dividend per Share 2 0.0990 0.5594 0.1329 0.1505 0.1717 0.4000
Announcement Date 3/22/19 3/20/20 3/25/21 3/29/22 3/13/23 3/15/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 5,533 4,060 7,933 9,539 8,431 8,098
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 10.4 x 2.454 x 7.525 x 9.648 x 4.365 x 3.277 x
Free Cash Flow 1 -876 1,027 -3,765 -1,729 823 54.2
ROE (net income / shareholders' equity) 7.75% 22.9% 11% 9.28% 16.3% 17.6%
ROA (Net income/ Total Assets) 2.79% 7.88% 4.13% 3.14% 5.74% 6.67%
Assets 1 16,115 18,896 19,896 23,987 26,230 28,712
Book Value Per Share 2 6.990 8.730 9.240 10.00 11.70 13.80
Cash Flow per Share 2 0.1000 0.7800 0.1900 0.2000 0.1200 1.010
Capex - 0.08 0.75 6.85 0.48 0.09
Capex / Sales - 0% 0.02% 0.16% 0.01% 0%
Announcement Date 3/22/19 3/20/20 3/25/21 3/29/22 3/13/23 3/15/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

1st Jan change Capi.
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