Company Valuation: Federal Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 9,054 13,259 9,191 9,054 8,709 8,985
Change - 46.45% -30.68% -1.5% -3.81% 3.17%
Enterprise Value (EV) 1 12,213 17,080 13,049 12,333 12,414 6,124
Change - 39.86% -23.6% -5.49% 0.66% -50.67%
P/E 81.2x -5.64x -6.78x -5.24x -18.7x 3.11x
PBR 1.2x 2.5x 2.31x 1.26x 1.29x 0.93x
PEG - 0x 0.2x -0.2x 0.3x -0x
Capitalization / Revenue 1.59x 8.49x 5.69x 18.9x 32.6x 33.8x
EV / Revenue 2.14x 10.9x 8.08x 25.8x 46.4x 23x
EV / EBITDA 15.8x -12.7x -42x -17x -1,038x -41.5x
EV / EBIT 45.3x -9.24x -17.9x -11.5x -54.9x -26.8x
EV / FCF 29.6x -7.49x 119x 5.02x -147x -18.5x
FCF Yield 3.37% -13.4% 0.84% 19.9% -0.68% -5.41%
Dividend per Share 2 0.02 - - - - -
Rate of return 0.1% - - - - -
EPS 2 0.2426 -5.113 -2.951 -3.763 -1.012 6.277
Distribution rate 8.25% - - - - -
Net sales 1 5,705 1,561 1,616 478.4 267.4 265.9
EBITDA 1 772.3 -1,340 -310.7 -725.2 -11.96 -147.7
EBIT 1 269.3 -1,848 -728.8 -1,077 -226.2 -228.9
Net income 1 111.5 -2,350 -1,356 -1,729 -465.2 2,885
Net Debt 1 3,159 3,821 3,858 3,279 3,705 -2,861
Reference price 2 19.70 28.85 20.00 19.70 18.95 19.55
Nbr of stocks (in thousands) 459,574 459,574 459,573 459,573 459,573 459,573
Announcement Date 3/31/21 3/31/22 3/31/23 4/1/24 3/25/25 3/30/26
1TWD in Million2TWD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 271M
14.78x1.26x5.49x3.78% 8.5B
6.33x0.54x3.24x4.02% 6.06B
23.88x1.63x11.58x0.17% 5.78B
27.16x3.4x15.51x0.85% 4.31B
20.97x1.16x7.11x3.82% 3.37B
16.48x0.93x7.26x1.45% 2.85B
12.79x0.95x7x2.66% 2.39B
9.35x - - 5.14% 2.17B
22.54x1.19x9.27x0.96% 1.61B
Average 17.14x 1.38x 8.31x 2.54% 3.73B
Weighted average by Cap. 16.84x 1.40x 7.93x 2.62%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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