Stock 2852 THE FIRST INSURANCE CO., LTD.
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Financials The First Insurance Co., Ltd.

Equities

2852

TW0002852001

Property & Casualty Insurance

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-05-08 pm EDT 		5-day change 1st Jan Change
24.85 TWD +0.40% Intraday chart for The First Insurance Co., Ltd. +6.88% +33.96%
Apr. 30 The First Insurance Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Mar. 12 The First Insurance 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 4,427 4,382 4,005 4,412 4,758 5,587
Enterprise Value (EV) 1 2,800 2,526 2,235 2,751 3,428 4,203
P/E ratio 9.02 x 7.54 x 26.2 x 7.98 x 8.54 x 8.79 x
Yield 3.33% 6.6% 2.63% 8.26% 4.56% 6.09%
Capitalization / Revenue 0.73 x 0.72 x 0.68 x 0.67 x 0.7 x 0.76 x
EV / Revenue 0.46 x 0.42 x 0.38 x 0.42 x 0.5 x 0.57 x
EV / EBITDA 4.97 x 3.6 x 8.29 x 3.94 x 5.56 x 5.4 x
EV / FCF -11.2 x 1.23 x 11.6 x 1.71 x 2.82 x 6.68 x
FCF Yield -8.92% 81.6% 8.59% 58.5% 35.4% 15%
Price to Book 0.74 x 0.64 x 0.59 x 0.61 x 0.63 x 0.71 x
Nbr of stocks (in thousands) 301,164 301,164 301,164 301,164 301,164 301,164
Reference price 2 14.70 14.55 13.30 14.65 15.80 18.55
Announcement Date 3/27/19 3/26/20 3/26/21 3/25/22 3/13/23 3/12/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 6,102 6,064 5,894 6,562 6,843 7,389
EBITDA 1 563 701.6 269.6 698.2 617.1 778.9
EBIT 1 545.5 682.3 246.3 672 587.1 749.3
Operating Margin 8.94% 11.25% 4.18% 10.24% 8.58% 10.14%
Earnings before Tax (EBT) 1 563.2 663.6 205.9 645.5 674.9 754.5
Net income 1 491.3 581 152.9 553.1 558.8 636.2
Net margin 8.05% 9.58% 2.59% 8.43% 8.17% 8.61%
EPS 2 1.630 1.929 0.5076 1.837 1.850 2.110
Free Cash Flow 1 -249.9 2,061 191.9 1,611 1,215 628.8
FCF margin -4.1% 33.98% 3.26% 24.55% 17.76% 8.51%
FCF Conversion (EBITDA) - 293.71% 71.19% 230.71% 196.87% 80.73%
FCF Conversion (Net income) - 354.69% 125.53% 291.23% 217.4% 98.83%
Dividend per Share 2 0.4900 0.9600 0.3500 1.210 0.7200 1.130
Announcement Date 3/27/19 3/26/20 3/26/21 3/25/22 3/13/23 3/12/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 1,627 1,856 1,771 1,661 1,330 1,383
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 -250 2,061 192 1,611 1,215 629
ROE (net income / shareholders' equity) 8.42% 9.09% 2.25% 7.88% 7.53% 8.11%
ROA (Net income/ Total Assets) 2.22% 2.7% 0.97% 2.55% 2.13% 2.54%
Assets 1 22,134 21,515 15,833 21,655 26,285 25,067
Book Value Per Share 2 19.80 22.60 22.50 24.10 25.10 26.20
Cash Flow per Share 2 5.400 6.180 5.890 5.530 4.430 4.470
Capex 1 9.1 8.59 22.5 27.9 15.6 12.6
Capex / Sales 0.15% 0.14% 0.38% 0.43% 0.23% 0.17%
Announcement Date 3/27/19 3/26/20 3/26/21 3/25/22 3/13/23 3/12/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Insurance - Automobile

1st Jan change Capi.
THE FIRST INSURANCE CO., LTD. Stock The First Insurance Co., Ltd.
+33.96% 238M
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Insurance - Automobile
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