Company Valuation: Kerry TJ Logistics Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 20,922 20,992 17,653 17,933 18,073 15,481
Change - 0.33% -15.91% 1.59% 0.78% -14.34%
Enterprise Value (EV) 1 26,750 28,573 25,409 24,548 24,808 22,027
Change - 6.82% -11.07% -3.39% 1.06% -11.21%
P/E 14x 15.1x 14.3x 10.6x 17.3x 16.8x
PBR 2.04x 1.92x 1.53x 1.45x 1.47x 1.24x
PEG - -2.2x -1.3x 0.3x -0.5x -1.4x
Capitalization / Revenue 1.69x 1.61x 1.39x 1.49x 1.43x 1.21x
EV / Revenue 2.17x 2.19x 2x 2.04x 1.96x 1.72x
EV / EBITDA 10.1x 11.3x 10.3x 10.2x 9.79x 8.66x
EV / EBIT 13.6x 15.8x 15.1x 16x 15.6x 14.4x
EV / FCF 17.2x 60.3x 32.6x 18.9x 23.7x 16.2x
FCF Yield 5.81% 1.66% 3.07% 5.31% 4.21% 6.19%
Dividend per Share 2 1.68 1.65 1.65 2.6 1.65 -
Rate of return 3.75% 3.67% 4.37% 6.77% 4.26% -
EPS 2 3.2 2.98 2.65 3.63 2.24 1.97
Distribution rate 52.5% 55.4% 62.3% 71.6% 73.7% -
Net sales 1 12,344 13,036 12,730 12,033 12,661 12,837
EBITDA 1 2,657 2,531 2,461 2,397 2,534 2,542
EBIT 1 1,962 1,812 1,678 1,539 1,594 1,525
Net income 1 1,497 1,395 1,240 1,696 1,049 921.4
Net Debt 1 5,828 7,582 7,756 6,615 6,735 6,546
Reference price 2 44.80 44.95 37.80 38.40 38.70 33.15
Nbr of stocks (in thousands) 467,000 467,000 467,000 467,000 467,000 467,000
Announcement Date 3/31/21 3/30/22 3/29/23 3/27/24 3/28/25 3/17/26
1TWD in Million2TWD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 422M
15.62x1.26x9.18x5.93% 94.06B
16.79x1.01x7.49x3.51% 70.8B
24.61x1.79x17.05x0.93% 21.92B
25.57x2.44x9.12x-.--% 8.81B
28.04x0.56x8.14x-.--% 5.98B
15.09x0.69x7.84x3.48% 5.76B
8.02x0.26x4.91x8.81% 4.94B
Average 19.10x 1.14x 9.10x 3.24% 26.59B
Weighted average by Cap. 17.51x 1.22x 9.26x 4.2%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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