Company Valuation: Forward Graphic Enterprise Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 572.4 588.5 611 533.9 1,522 1,682
Change - 2.81% 3.83% -12.63% 185.09% 10.53%
Enterprise Value (EV) 1 1,200 1,269 1,368 1,308 2,847 3,923
Change - 5.74% 7.83% -4.4% 117.64% 37.79%
P/E 230x 183x -119x -18.7x -163x -51.2x
PBR 1.57x 1.61x 1.7x 1.48x 3.23x 3.57x
PEG - 6.2x 0x -0x 2.2x -0x
Capitalization / Revenue 3.07x 2.69x 2.67x 2.45x 6.54x 8.34x
EV / Revenue 6.43x 5.8x 5.98x 6x 12.2x 19.5x
EV / EBITDA -1,628x 201x -223x -98.1x 340x -355x
EV / EBIT -241x 617x -106x -52.4x -977x -171x
EV / FCF -3.02x -41.4x -16.6x -13.8x -5.78x -4.33x
FCF Yield -33.1% -2.42% -6.01% -7.25% -17.3% -23.1%
Dividend per Share 2 0.1 0.1 - - 0.1 -
Rate of return 0.56% 0.55% - - 0.28% -
EPS 2 0.0772 0.0999 -0.16 -0.89 -0.2209 -0.78
Distribution rate 129% 100% - - -45.3% -
Net sales 1 186.6 218.9 228.8 217.9 232.7 201.6
EBITDA 1 -0.737 6.319 -6.149 -13.34 8.365 -11.05
EBIT 1 -4.975 2.057 -12.86 -24.98 -2.914 -22.9
Net income 1 2.484 3.214 -5.003 -29.66 -9.312 -32.76
Net Debt 1 627.5 680.3 757.2 774.2 1,325 2,240
Reference price 2 17.80 18.30 19.00 16.60 36.10 39.90
Nbr of stocks (in thousands) 32,160 32,160 32,160 32,160 42,160 42,160
Announcement Date 3/29/21 3/24/22 3/16/23 3/12/24 3/13/25 3/15/26
1TWD in Million2TWD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 39.83M
17.71x0.74x7.81x1.27% 8.23B
13.36x0.79x7.04x1.38% 8.06B
15.95x - - - 1.94B
9.69x - - - 1.08B
Average 14.18x 0.77x 7.42x 1.32% 3.87B
Weighted average by Cap. 15.27x 0.76x 7.43x 1.32%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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  4. Valuation Forward Graphic Enterprise Co., Ltd.
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