Company Valuation: IC Plus Corp.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,529 5,140 3,615 3,332 7,260 4,705
Change - 236.25% -29.67% -7.81% 117.86% -35.19%
Enterprise Value (EV) 1 1,165 4,692 3,116 3,025 5,123 2,626
Change - 302.9% -33.59% -2.92% 69.34% -48.74%
P/E -13x 83.8x 24.2x -27.3x -54.7x -80.8x
PBR 2.23x 6.76x 4.11x 4.88x 2.9x 1.93x
PEG - -1x 0x 0x 2.5x 1.4x
Capitalization / Revenue 1.84x 4.64x 2.77x 4.64x 11.3x 7.12x
EV / Revenue 1.4x 4.24x 2.39x 4.21x 7.95x 3.97x
EV / EBITDA -160x 40.4x 16.1x -108x -70.7x -47.9x
EV / EBIT -39.5x 47.4x 17.8x -53.4x -48.9x -29.9x
EV / FCF -58.7x 24.2x 83.8x -164x -148x -34x
FCF Yield -1.7% 4.13% 1.19% -0.61% -0.67% -2.94%
Dividend per Share 2 - 0.6 1.2 - - -
Rate of return - 0.8% 2.29% - - -
EPS 2 -1.712 0.89 2.17 -1.77 -1.377 -0.6039
Distribution rate - 67.4% 55.3% - - -
Net sales 1 832.3 1,107 1,303 718 644 661.1
EBITDA 1 -7.287 116.1 193.6 -28.08 -72.47 -54.82
EBIT 1 -29.48 98.94 175.4 -56.63 -104.7 -87.88
Net income 1 -115.1 61.12 150.1 -120.5 -113.8 -58.22
Net Debt 1 -364 -448 -498.7 -307.3 -2,137 -2,079
Reference price 2 22.30 74.60 52.50 48.40 75.30 48.80
Nbr of stocks (in thousands) 68,546 68,899 68,850 68,850 96,414 96,414
Announcement Date 3/29/21 3/21/22 3/17/23 5/29/24 3/25/25 3/13/26
1TWD in Million2TWD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 279M
59.1x9.37x47.56x1.35% 195B
77.09x11.43x21.93x-.--% 122B
64.77x - - 0.16% 65.14B
53.62x10.94x40.69x0.87% 59.12B
10103.89x95.88x1681.37x - 53.66B
56.63x9.37x38.35x0.77% 42.8B
56.52x7.54x30.15x0.72% 43.3B
28.39x7.8x21.46x1.17% 38.23B
39.06x8.94x29.04x0.52% 36.74B
Average 1,171.01x 20.16x 238.82x 0.69% 65.68B
Weighted average by Cap. 880.29x 17.54x 185.04x 0.75%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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