Financials Formosa Laboratories, Inc.

Equities

4746

TW0004746003

Pharmaceuticals

End-of-day quote Taiwan S.E. Other stock markets 18:00:00 2024-05-16 EDT			5-day change	1st Jan Change
96.2 ^TWD	+2.34%		+4.57%	-5.69%

03-12	Formosa Laboratories, Inc. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
03-12	Formosa Laboratories, Inc. Approves Dividend Distribution for Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2022	2023	2024	2025
Capitalization ¹	4,144	5,085	8,839	12,266	11,569	-
Enterprise Value (EV) ¹	7,188	5,085	8,839	12,266	13,141	12,810
P/E ratio	349 x	13.6 x	21.7 x	97.1 x	16.4 x	-
Yield	-	-	-	-	2.05%	5.47%
Capitalization / Revenue	1.5 x	1.65 x	-	2.82 x	2.34 x	2.03 x
EV / Revenue	2.6 x	1.65 x	-	2.82 x	2.66 x	2.25 x
EV / EBITDA	17.6 x	-	-	8.52 x	9.14 x	6.78 x
EV / FCF	-6,388,125 x	-	-	-	-	22,591,929 x
FCF Yield	-0%	-	-	-	-	0%
Price to Book	0.95 x	-	-	-	1.5 x	1.36 x
Nbr of stocks (in thousands)	99,013	108,313	120,256	120,256	120,256	-
Reference price ²	41.85	46.95	73.50	102.0	96.20	96.20
Announcement Date	3/29/20	3/4/21	3/15/23	3/12/24	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2022	2023	2024	2025
Net sales ¹	2,760	3,075	-	4,346	4,934	5,689
EBITDA ¹	408.8	-	-	1,439	1,438	1,889
EBIT ¹	24.44	-	-	971.7	915	1,325
Operating Margin	0.89%	-	-	22.36%	18.54%	23.29%
Earnings before Tax (EBT) ¹	-40.21	-	-	299	1,085	-
Net income ¹	11.63	-	409.4	126.2	706	-
Net margin	0.42%	-	-	2.9%	14.31%	-
EPS ²	0.1200	3.460	3.390	1.050	5.870	-
Free Cash Flow	-1,125	-	-	-	-	567
FCF margin	-40.78%	-	-	-	-	9.97%
FCF Conversion (EBITDA)	-	-	-	-	-	30.02%
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	1.970	5.260
Announcement Date	3/29/20	3/4/21	3/15/23	3/12/24	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1	2022 Q2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	834.9	838.2	932	1,087	-	1,129	1,198	1,144	1,348	1,308
EBITDA	-	-	253.4	274.4	-	272.2	-	-	-	-
EBIT ¹	-50.56	6.319	134.2	157.6	-	147.9	532	183	292	251
Operating Margin	-6.06%	0.75%	14.4%	14.5%	-	13.1%	44.4%	16%	21.66%	19.19%
Earnings before Tax (EBT)	-	-	-25.62	99.83	-	-99.77	-	-	-	-
Net income	-	-	-25.16	83.38	-	-114.6	-	-	-	-
Net margin	-	-	-2.7%	7.67%	-	-10.14%	-	-	-	-
EPS	-	-	-0.2100	0.6900	0.4800	-0.9500	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	5/13/22	8/12/22	5/12/23	8/10/23	8/10/23	11/10/23	3/12/24	-	-	-

¹TWD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2022	2023	2024	2025
Net Debt ¹	3,045	-	-	-	1,572	1,241
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.447 x	-	-	-	1.093 x	0.657 x
Free Cash Flow	-1,125	-	-	-	-	567
ROE (net income / shareholders' equity)	0.27%	-	-	-	5.1%	12.4%
ROA (Net income/ Total Assets)	0.13%	-	-	-	2.5%	7.5%
Assets ¹	9,158	-	-	-	28,240	-
Book Value Per Share ²	44.10	-	-	-	64.20	71.00
Cash Flow per Share ²	2.930	-	-	-	8.820	-
Capex ¹	1,415	-	-	-	777	777
Capex / Sales	51.28%	-	-	-	15.75%	13.66%
Announcement Date	3/29/20	3/4/21	3/15/23	3/12/24	-	-

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 Formosa Laboratories, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

96.2 TWD

Average target price

135 TWD

Spread / Average Target

+40.33%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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