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Multiples Valuation: Evergreen Marine Corporation (Taiwan) Ltd.

Evergreen Marine Corporation (Taiwan) Ltd. (2603.TW)

Industry: Marine Shipping Model: Peers Multiples Valuation

Valuation Snapshot

Winsorized Fair Value
Range (Low - High) $320.35 — $602.70
Selected (Average) $502.77
Upside to Live 164.62%
Full Range Fair Value
Range (Low - High) $361.66 — $724.38
Selected (Average) $570.32
Upside to Live 200.17%
Live Price $190.00

Industry Peers Data

TickerRankNameRev TTM (M) Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
601919.SS 1 COSCO SHIPPING Hol 32,178 5.84 4.33 2.54 1.95 2.89 1.48
HLAG.DE 2 Hapag-Lloyd AG 23,476 9.45 6.94 5.31 4.57 42.36 8.72
NS8U.SI 3 Hutchison Port Hol 17,292 11.29 11.29 2.36 2.36 3.46 3.56
NYK.F 4 Nippon Yusen Kabus 15,335 11.33 11.33 9.85 6.06 26.94 10.81
2603.TW 5 Evergreen Marine C 12,990 4.27 2.79 2.33 1.77 4.23 2.63
9104.T 6 Mitsui O.S.K. Line 11,207 5.23 3.46 10.47 7.87 26.60 15.58
DP4B.DE 7 A.P. Møller - Mæ 8,930 4.20 2.89 3.27 3.27 - 1.39
011200.KS 8 HMM Co.,Ltd 7,681 8.49 8.49 6.36 4.73 20.45 8.01
9107.T 9 Kawasaki Kisen Kai 6,586 4.91 4.91 8.07 5.77 15.60 13.46
600018.SS 10 Shanghai Internati 5,541 8.77 7.86 11.12 10.65 12.67 7.81
DFDS.CO 11 DFDS A/S 4,848 - - 9.73 9.91 9.95 38.46
2615.TW 12 Wan Hai Lines Ltd. 4,714 6.09 4.10 2.47 1.69 4.86 2.89
601018.SS 13 Ningbo Zhoushan Po 4,226 15.22 14.34 9.72 9.33 13.28 11.99
601866.SS 14 COSCO SHIPPING Dev 3,878 19.93 20.85 20.00 20.23 27.22 44.94
ADANIPORTS.BO 15 Adani Ports and Sp 3,845 25.35 20.19 16.93 13.46 20.43 13.56
028670.KS 16 Pan Ocean Co., Ltd 3,820 6.80 5.93 10.05 8.35 11.41 10.13

Implied Valuation Analysis

Line Item Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
Winsorized Median Multiple7.646.438.075.7712.978.72
Full Range Median Multiple8.637.409.726.0614.4410.13
Industry Multiple10.219.068.557.3517.0112.85
Market Implied Multiple4.532.962.481.884.502.79
Company (2603.TW) Multiple4.272.792.331.774.232.63
(*) Net Income / EBITDA / Revenue2,8814,4185,0756,6792,7974,506
Winsorized Enterprise ValueN/AN/A40,96638,52936,29039,281
Full Range Median Enterprise ValueN/AN/A49,33240,47540,39945,634
(-) Net Debt-476-476-476-476-476-476
Winsorized Equity Value22,02728,42841,44239,00536,76639,757
Full Range Median Equity Value24,86832,68049,80940,95240,87546,111
(/) Shares Outstanding696969696969
Winsorized Fair Value$320.35$413.44$602.70$567.26$534.70$578.20
Full Range Median Fair Value$361.66$475.28$724.38$595.57$594.45$670.60
Current Price$190.00$190.00$190.00$190.00$190.00$190.00
Upside / Downside68.60%117.60%217.21%198.56%181.42%204.32%
Safety Margin30.0%30.0%30.0%30.0%30.0%30.0%
Buy Price$224.24$289.41$421.89$397.08$374.29$404.74
Buy / Don't BuyBUYBUYBUYBUYBUYBUY