Company Valuation: Victory New Materials Limited Company

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,942 1,782 1,502 1,743 1,392 1,144
Change - -8.27% -15.71% 16.09% -20.18% -17.8%
Enterprise Value (EV) 1 -1,299 -764.1 -304.4 963.8 917.2 863.7
Change - 41.16% 60.16% 416.63% -4.84% -5.83%
P/E -4.98x -3.48x -3.49x -2.02x -1.72x -2.87x
PBR 0.36x 0.36x 0.32x 0.47x 0.46x 0.44x
PEG - -0.1x 0.2x -0x 0.28x 0.1x
Capitalization / Revenue 2.96x 2.74x 3.01x 3.1x 3.7x 27x
EV / Revenue -1.98x -1.17x -0.61x 1.71x 2.44x 20.4x
EV / EBITDA 3.36x 1.49x 0.8x -2.88x -3.03x -16x
EV / EBIT 3.24x 1.46x 0.71x -2.39x -2.25x -6.1x
EV / FCF 3.18x 1.28x 0.48x -1.38x -6.66x -8.22x
FCF Yield 31.4% 77.9% 209% -72.4% -15% -12.2%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -2.549 -3.351 -2.811 -5.635 -5.284 -2.605
Distribution rate - - - - - -
Net sales 1 656.4 650.6 499.2 562.1 376.4 42.39
EBITDA 1 -386.7 -512.4 -382.1 -334.4 -303.2 -53.85
EBIT 1 -400.9 -523.7 -429.1 -403.8 -408.2 -141.6
Net income 1 -389.7 -512.5 -429.9 -861.7 -808 -398.4
Net Debt 1 -3,241 -2,546 -1,806 -779.5 -474.4 -280.1
Reference price 2 12.700 11.650 9.820 11.400 9.100 7.480
Nbr of stocks (in thousands) 152,923 152,923 152,923 152,923 152,923 152,923
Announcement Date 4/6/21 3/28/22 3/28/23 3/18/24 3/14/25 5/18/26
1TWD in Million2TWD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 25.01M
25.95x1.21x16.13x4.84% 50.25B
15.5x1.08x8.23x2.43% 28.21B
22.85x2.67x12.16x1.07% 17.96B
10.53x1.52x6.58x-.--% 10.77B
20.74x2.08x10.34x-.--% 10.31B
16.66x2.62x8.59x-.--% 5.93B
16.77x1.54x8.61x4.86% 5.82B
9.04x1.6x6.57x-.--% 5.66B
17.35x1.19x13.14x1.85% 3.36B
Average 17.27x 1.72x 10.04x 1.67% 13.83B
Weighted average by Cap. 20.14x 1.55x 11.72x 2.64%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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