Company Valuation: Megaforce Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 2,865 4,007 2,204 2,509 4,456 5,036
Change - 39.86% -45% 13.86% 77.56% 13.04%
Enterprise Value (EV) 1 2,912 4,088 2,131 1,548 3,270 4,223
Change - 40.35% -47.87% -27.37% 111.29% 29.14%
P/E 33.4x 167x -14.1x -19.4x 58.8x -78.2x
PBR 1.17x 1.69x 0.99x 1.2x 1.92x 2.23x
PEG - -2.3x 0x 1.1x -0x 0x
Capitalization / Revenue 0.56x 0.75x 0.46x 0.61x 1.03x 1.41x
EV / Revenue 0.57x 0.77x 0.44x 0.37x 0.76x 1.18x
EV / EBITDA 7.04x 17.9x 24.6x 13.6x 21x 77x
EV / EBIT 13.4x 90.8x -25.1x -33.3x 450x -66.9x
EV / FCF -20.7x 28.3x 7.51x 4.28x 21.4x -121x
FCF Yield -4.82% 3.53% 13.3% 23.4% 4.68% -0.83%
Dividend per Share 2 0.5 0.25 - - 0.38 -
Rate of return 2.3% 0.82% - - 1.13% -
EPS 2 0.6492 0.1818 -1.2 -0.9952 0.574 -0.488
Distribution rate 77% 138% - - 66.2% -
Net sales 1 5,093 5,320 4,835 4,138 4,313 3,569
EBITDA 1 413.5 228.2 86.75 113.8 155.7 54.81
EBIT 1 217.4 45.02 -84.88 -46.45 7.266 -63.14
Net income 1 85.71 23.99 -156.6 -129.4 75.62 -64.38
Net Debt 1 47.71 80.9 -72.85 -961.6 -1,185 -813.2
Reference price 2 21.70 30.35 16.95 19.30 33.75 38.15
Nbr of stocks (in thousands) 132,016 132,016 130,016 130,016 132,016 132,016
Announcement Date 3/22/21 3/29/22 3/24/23 3/15/24 3/14/25 3/13/26
1TWD in Million2TWD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 140M
33x6.15x18.75x0.68% 207B
13.44x0.3x6.73x3.74% 111B
39.64x6.51x21.27x0.88% 92.79B
28.32x10.19x20.7x0.45% 90.35B
72.32x7.72x35.86x0.19% 81.79B
18.56x1.1x12.36x0.69% 62.63B
39.96x5.61x21.14x0.01% 57.93B
63.78x29.24x66.32x0.4% 43.54B
31.49x1.99x21.5x-.--% 42.02B
Average 37.83x 7.65x 24.96x 0.78% 78.91B
Weighted average by Cap. 35.56x 6.61x 21.80x 0.95%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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