Financials Sunny Friend Environmental Technology Co., Ltd.

Equities

8341

TW0008341009

Environmental Services & Equipment

End-of-day quote Taiwan S.E. 06:00:00 2024-04-28 pm EDT 5-day change 1st Jan Change
103.5 TWD +3.50% Intraday chart for Sunny Friend Environmental Technology Co., Ltd. +7.25% -10.00%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 26,091 25,980 22,244 19,290 14,950 13,455 -
Enterprise Value (EV) 1 26,091 25,980 22,244 19,290 14,950 13,455 13,455
P/E ratio 26.4 x 26.2 x 23.7 x 22.5 x 33.9 x 31.3 x 23 x
Yield 3.42% 3.52% - - - - -
Capitalization / Revenue 9.96 x 8.94 x 6.63 x 5.02 x 4.59 x 4.17 x 3.89 x
EV / Revenue 9.96 x 8.94 x 6.63 x 5.02 x 4.59 x 4.17 x 3.89 x
EV / EBITDA 17.2 x 15.7 x 13.2 x 11.2 x 12.4 x 9.47 x 9.25 x
EV / FCF 36,203,961 x - - 26,268,163 x - - -
FCF Yield 0% - - 0% - - -
Price to Book 8.58 x 8.19 x 6.98 x 6.02 x 2.99 x 2.72 x -
Nbr of stocks (in thousands) 111,500 111,500 111,500 111,500 130,000 130,000 -
Reference price 2 234.0 233.0 199.5 173.0 115.0 103.5 103.5
Announcement Date 2/26/20 2/27/21 2/25/22 2/24/23 2/27/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 2,620 2,907 3,354 3,843 3,257 3,226 3,461
EBITDA 1 1,514 1,651 1,685 1,720 1,207 1,421 1,455
EBIT 1 1,199 1,244 1,206 1,155 602.7 541 742
Operating Margin 45.77% 42.8% 35.94% 30.06% 18.51% 16.77% 21.44%
Earnings before Tax (EBT) 1 1,237 1,268 1,178 1,118 546.6 554 764
Net income 1 - 993.9 944.9 861.3 408.6 431 585
Net margin - 34.19% 28.17% 22.41% 12.54% 13.36% 16.9%
EPS 2 8.870 8.880 8.430 7.690 3.390 3.310 4.500
Free Cash Flow 720.7 - - 734.3 - - -
FCF margin 27.5% - - 19.11% - - -
FCF Conversion (EBITDA) 47.61% - - 42.69% - - -
FCF Conversion (Net income) - - - 85.26% - - -
Dividend per Share 8.000 8.200 - - - - -
Announcement Date 2/26/20 2/27/21 2/25/22 2/24/23 2/27/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 820.4 913.9 1,018 943.3 910.4 972 829 801.2 792.5 834.2 764 785 821 856 828
EBITDA - - - - - - - - - - - - - - -
EBIT 1 285.2 328.9 342.5 296.8 247.4 268.6 189.1 127.4 126.4 159.7 105 134 153 149 173
Operating Margin 34.77% 35.98% 33.65% 31.47% 27.17% 27.64% 22.82% 15.9% 15.95% 19.15% 13.74% 17.07% 18.64% 17.41% 20.89%
Earnings before Tax (EBT) 1 274.7 338.9 386.7 264.1 240 227 178.6 55.43 164.4 148.1 101 131 172 149 183
Net income 1 219.8 274.9 302 196 188.7 174.6 133.9 42.06 127.6 105.1 79 102 134 116 144
Net margin 26.79% 30.07% 29.67% 20.78% 20.73% 17.96% 16.15% 5.25% 16.1% 12.59% 10.34% 12.99% 16.32% 13.55% 17.39%
EPS 2 1.970 2.440 2.700 1.750 1.690 1.550 1.200 0.3800 1.000 0.8000 0.6100 0.7800 1.030 0.8900 1.110
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 11/5/21 2/25/22 5/6/22 8/5/22 11/4/22 2/24/23 5/5/23 8/11/23 11/10/23 2/27/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt - - - - - - -
Net Cash position - - - - - - -
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 721 - - 734 - - -
ROE (net income / shareholders' equity) 33.8% 32% 29.7% 26.9% 9.95% 13.4% 13.4%
ROA (Net income/ Total Assets) 19.3% 13.4% 10.1% 8.51% 3.91% 4.79% 4.66%
Assets 1 - 7,403 9,347 10,123 10,446 8,998 12,554
Book Value Per Share 2 27.30 28.40 28.60 28.80 38.50 38.00 -
Cash Flow per Share - - - - - - -
Capex 1 750 1,154 1,235 907 860 988 988
Capex / Sales 28.64% 39.71% 36.81% 23.61% 26.41% 30.63% 28.55%
Announcement Date 2/26/20 2/27/21 2/25/22 2/24/23 2/27/24 - -
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
2
Last Close Price
103.5 TWD
Average target price
126 TWD
Spread / Average Target
+21.74%
Consensus
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