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Key Info

Far Eastern Department Stores Ltd Web - www.feds.com.tw

Tel - 886-2-2381-6155

Next Reporting Date - 15.05.2019

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    Far Eastern Department Stores Ltd

    Retailing

    TAIWAN


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    3.48%

    Cost of Debt

    3.48%

    Long Term Growth

    2.00%

    Beta Assumption

    0.47

    Current Market Cap mln$

    756.01

    Net Debt mln$

    729.96

    WACC Estimate

    4.16%

    Ordinary Current Price $

    0.53

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue1417.441349.921353.351302.451259.711225.271190.841157.591123.631091.661060.611030.431001.11972.63944.96
    EBITDA Costs1227.631149.511152.551072.371022.29976.33930.38886.01840.70799.81760.92723.91688.70655.21623.35
    EBITDA189.81200.41200.80230.07237.42248.94260.45271.58282.94291.85299.69306.52312.41317.42321.61
    EBITDA Margin13.3914.8514.8417.6618.8520.3221.8723.4625.1826.7328.2629.7531.2132.6434.03
    Operating Costs1325.181251.821251.871163.471115.381067.811020.25974.34927.43884.87844.26805.52768.55733.28699.62
    Operating Profit92.2698.11101.47138.98144.33157.46170.58183.26196.20206.79216.34224.92232.57239.35245.33
    Operating Margin6.517.277.5010.6711.4612.8514.3215.8317.4618.9420.4021.8323.2324.6125.96
    Pretax Costs1309.881284.091264.621217.841194.801168.171141.541115.831089.561064.561040.121016.25992.93970.14947.87
    PTP107.5665.8388.7284.6064.9157.1049.3041.7634.0727.1120.4814.188.192.49-2.91
    Pretax Margin7.594.886.566.505.154.664.143.613.032.481.931.380.820.26-0.31
    Net Income Costs1363.431314.721302.851258.701223.421192.411161.411131.481100.911072.001043.841016.43989.74963.74938.43
    Net Income54.0235.2050.4943.7536.2932.8529.4226.1122.7219.6716.7614.0011.388.896.53
    Net Margin3.812.613.733.362.882.682.472.262.021.801.581.361.140.910.69
    Revenue Less Capex1479.521402.231413.371377.371330.991299.761268.541238.401207.601178.361149.821121.981094.811068.301042.43
    Capex-62.07-52.30-60.02-74.93-71.29-74.50-77.71-80.81-83.97-86.70-89.22-91.55-93.69-95.66-97.47
    Capex to Revenues-4.38-3.87-4.44-5.75-5.66-6.08-6.53-6.98-7.47-7.94-8.41-8.88-9.36-9.84-10.31
    Revenue less FCF1335.361231.491177.661228.451147.011112.521078.031044.731010.72978.91948.09918.25889.34861.35834.23
    FCF82.08118.44175.6973.99112.70112.75112.81112.86112.91112.76112.51112.18111.77111.28110.73
    FCF to Revenue5.798.7712.985.688.959.209.479.7510.0510.3310.6110.8911.1611.4411.72

    TAIWAN Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
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    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    2912 TTPresident Chain Store CorpTAIWAN 9547.3827.1825.2612.9712.161.153.157.977.7928.34-17.06
    2207 TTHotai Motor Co LtdTAIWAN 7415.6421.2918.3118.7334.271.183.339.564.1217.23108.87
    2903 TTFar Eastern Department Stores LtdTAIWAN 756.01------#????!--8.41

    International Comparables

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    EV/EBITDA
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    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
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