Company Valuation: Polaris Group

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 11,197 52,973 65,793 56,206 34,064 23,962
Change - 373.09% 24.2% -14.57% -39.39% -29.66%
Enterprise Value (EV) 1 9,669 47,418 58,795 53,501 34,073 24,479
Change - 390.39% 23.99% -9% -36.31% -28.16%
P/E -8.81x -35.2x -29.3x -18.5x -7.08x -3.17x
PBR 2.02x 3.82x 3.94x 3.97x 2.73x 2.62x
PEG - -4.59x -0.7x -0.5x -0.1x -0.1x
Capitalization / Revenue 1,190x 3,522x 10,218x 7,513x 318x 590x
EV / Revenue 1,028x 3,153x 9,131x 7,152x 318x 603x
EV / EBITDA -17.1x -79.3x -56.2x -30.5x -13.8x -9.24x
EV / EBIT -14.3x -64.8x -50.8x -29x -12.9x -8.5x
EV / FCF -25x -60.4x -137x -24.8x -11.6x -13.5x
FCF Yield -4.01% -1.65% -0.73% -4.03% -8.61% -7.39%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -1.947 -2.096 -3.023 -4.084 -6.449 -9.809
Distribution rate - - - - - -
Net sales 1 9.41 15.04 6.439 7.481 107 40.6
EBITDA 1 -564.7 -598 -1,046 -1,752 -2,473 -2,648
EBIT 1 -678.1 -731.9 -1,158 -1,847 -2,635 -2,879
Net income 1 -660.2 -740.5 -1,150 -1,577 -2,503 -3,927
Net Debt 1 -1,528 -5,555 -6,998 -2,705 9.192 516.9
Reference price 2 17.150 73.700 88.700 75.600 45.650 31.100
Nbr of stocks (in thousands) 652,901 718,761 741,746 743,463 746,195 770,473
Announcement Date 4/19/21 3/3/22 5/26/23 5/9/24 3/19/25 3/16/26
1TWD in Million2TWD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 279M
33.26x5.97x17.88x0.98% 47.97B
34.82x3.35x14.46x-.--% 44.5B
-21.07x227.64x-22.77x-.--% 43.93B
47.27x5.47x29.96x-.--% 41.03B
26.85x7.74x19.93x0.42% 29.85B
35.19x5.78x26.24x-.--% 17.27B
-61.04x9.99x243.78x-.--% 15.34B
25.79x2.21x9.6x1.04% 15.3B
Average 15.13x 33.52x 42.38x 0.3% 28.39B
Weighted average by Cap. 19.70x 43.80x 26.11x 0.3%

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 Polaris Group