Financials Formosa International Hotels Corporation

Equities

2707

TW0002707007

Hotels, Motels & Cruise Lines

End-of-day quote Taiwan S.E. 18:00:00 2024-05-16 EDT 5-day change 1st Jan Change
252 TWD -1.18% Intraday chart for Formosa International Hotels Corporation +3.70% +13.77%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 21,404 17,199 19,238 32,806 28,220 32,106 -
Enterprise Value (EV) 1 21,404 17,199 19,238 32,806 28,220 30,993 30,223
P/E ratio 16.8 x 27.2 x 9.13 x 36.4 x 19.9 x 20.4 x 19.3 x
Yield - - - - - 4.4% 4.46%
Capitalization / Revenue 3.27 x 3.17 x 3.9 x 5.86 x 4.17 x 4.47 x 4.31 x
EV / Revenue 3.27 x 3.17 x 3.9 x 5.86 x 4.17 x 4.32 x 4.06 x
EV / EBITDA - - - - 11.6 x 11.6 x 10.7 x
EV / FCF 10.2 x - -2,773 x - - 12.4 x 11.9 x
FCF Yield 9.78% - -0.04% - - 8.08% 8.38%
Price to Book 6.55 x - - - - 6.06 x 5.52 x
Nbr of stocks (in thousands) 127,402 127,402 127,403 127,403 127,403 127,403 -
Reference price 2 168.0 135.0 151.0 257.5 221.5 252.0 252.0
Announcement Date 20-03-22 21-03-21 22-03-23 23-03-21 24-03-12 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 6,536 5,423 4,931 5,597 6,765 7,178 7,451
EBITDA 1 - - - - 2,437 2,676 2,830
EBIT 1 1,263 - 538.2 - 1,843 2,068 2,202
Operating Margin 19.33% - 10.92% - 27.25% 28.82% 29.56%
Earnings before Tax (EBT) 1 1,631 - 2,402 - 1,909 2,117 2,224
Net income 1 1,344 - 2,177 902.9 1,416 1,576 1,664
Net margin 20.57% - 44.16% 16.13% 20.92% 21.95% 22.33%
EPS 2 9.980 4.960 16.53 7.070 11.11 12.37 13.06
Free Cash Flow 1 2,094 - -6.938 - - 2,505 2,532
FCF margin 32.04% - -0.14% - - 34.9% 33.98%
FCF Conversion (EBITDA) - - - - - 93.63% 89.45%
FCF Conversion (Net income) 155.81% - - - - 159% 152.16%
Dividend per Share 2 - - - - - 11.10 11.25
Announcement Date 20-03-22 21-03-21 22-03-23 23-03-21 24-03-12 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 - 1,421 1,042 - 1,599 1,630 1,798 1,747 1,664 1,776 1,891
EBITDA 1 - - - - 574.3 528.9 - 644.2 612 621 740
EBIT 1 - 330.6 109.6 - 426 380.2 544.9 501.9 461 483.5 586.5
Operating Margin - 23.27% 10.51% - 26.65% 23.32% 30.31% 28.73% 27.7% 27.22% 31.02%
Earnings before Tax (EBT) 1 - 344.7 162.2 - 473.6 402.1 547 555 479 500 589
Net income 1 - 251.4 88.16 361.7 343.8 294 416.1 424.8 356 368.5 441
Net margin - 17.7% 8.46% - 21.5% 18.03% 23.15% 24.32% 21.39% 20.75% 23.32%
EPS 2 2.360 1.960 0.6900 2.830 2.690 2.310 3.270 3.320 2.790 2.890 3.465
Dividend per Share - - - - - - - - - - -
Announcement Date 22-03-23 22-05-09 22-08-08 23-05-10 23-08-11 23-11-13 24-03-12 24-05-03 - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - - - -
Net Cash position 1 - - - - - 1,113 1,883
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 2,094 - -6.94 - - 2,505 2,532
ROE (net income / shareholders' equity) 36.7% - 53.2% - - 29.7% 29.1%
ROA (Net income/ Total Assets) 14% - 19.8% - - 13.3% 13.2%
Assets 1 9,616 - 10,983 - - 11,846 12,606
Book Value Per Share 2 25.70 - - - - 41.60 45.70
Cash Flow per Share - - - - - - -
Capex 1 258 - 162 - - 185 193
Capex / Sales 3.94% - 3.29% - - 2.58% 2.59%
Announcement Date 20-03-22 21-03-21 22-03-23 23-03-21 24-03-12 - -
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
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
252 TWD
Average target price
240.7 TWD
Spread / Average Target
-4.50%
Consensus
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