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Key Info

Far Eastern New Century Corp Web - www.fenc.com

Tel - 886-2-2733-8000

Next Reporting Date - 15.05.2019

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    Far Eastern New Century Corp

    Capital Goods

    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

    0.55

    Current Market Cap mln$

    4,335.83

    Net Debt mln$

    7,953.03

    WACC Estimate

    4.12%

    Ordinary Current Price $

    8.10

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue6865.346699.147161.637589.217895.278187.908480.478762.969051.509359.169677.2810006.2110346.3210697.9911061.61
    EBITDA Costs5836.525650.545981.806399.496627.936864.807101.617330.267563.827812.308068.958334.038607.818890.599182.66
    EBITDA1028.811048.601179.831189.711267.341323.111378.861432.701487.691546.861608.331672.181738.511807.401878.95
    EBITDA Margin14.9915.6516.4715.6816.0516.1616.2616.3516.4416.5316.6216.7116.8016.8916.99
    Operating Costs6411.876250.716656.147099.937377.347654.307931.188198.538471.618763.019064.439376.229698.7310032.3410377.42
    Operating Profit453.47448.43505.49489.28517.92533.61549.29564.43579.89596.15612.85629.99647.59665.65684.19
    Operating Margin6.616.697.066.456.566.526.486.446.416.376.336.306.266.226.19
    Pretax Costs6244.776203.826606.306890.397156.147396.227636.257868.018104.738355.688614.408881.139156.119439.629731.90
    PTP620.57495.33555.33698.81739.13791.68844.22894.95946.771003.481062.881125.081190.201258.371329.72
    Pretax Margin9.047.397.759.219.369.679.9510.2110.4610.7210.9811.2411.5011.7612.02
    Net Income Costs6612.256503.386896.467189.997443.087673.397903.658125.988353.078592.768839.329092.969353.889622.299898.39
    Net Income253.09195.76265.17399.21452.19514.51576.82636.98698.43766.40837.96913.25992.441075.701163.22
    Net Margin3.692.923.705.265.736.286.807.277.728.198.669.139.5910.0610.52
    Revenue Less Capex7638.437320.087936.898427.918810.599161.779512.869851.8710198.1310569.0210953.4011351.7611764.6012192.4612635.88
    Capex-773.09-620.93-775.26-838.70-915.32-973.87-1032.39-1088.91-1146.63-1209.86-1276.12-1345.55-1418.28-1494.47-1574.27
    Capex to Revenues-11.26-9.27-10.83-11.05-11.59-11.89-12.17-12.43-12.67-12.93-13.19-13.45-13.71-13.97-14.23
    Revenue less FCF6566.246247.126957.597803.928296.348799.089301.709787.0210282.7310830.9611408.4112016.6612657.3313332.1714042.98
    FCF299.10452.03204.05-214.71-401.07-611.18-821.23-1024.06-1231.23-1471.79-1731.14-2010.45-2311.02-2634.18-2981.37
    FCF to Revenue4.366.752.85-2.83-5.08-7.46-9.68-11.69-13.60-15.73-17.89-20.09-22.34-24.62-26.95

    TAIWAN Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    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
    1402 TTFar Eastern New Century CorpTAIWAN 5755.3113.7213.1610.6310.110.715.3815.850.866.1111.05
    FETD LIFar Eastern New Century CorpTAIWAN 4335.83------#????!--0.00
    2049 TTHiwin Technologies CorpTAIWAN 2857.1322.1518.5915.0912.353.291.5824.673.4316.1761.88
    1605 TTWalsin Lihwa CorpTAIWAN 1898.27------#????!--20.73
    1504 TTTeco Electric and Machinery Co LtdTAIWAN 1453.8514.0712.928.247.720.894.0810.560.835.7529.67
    9933 TTCTCI CorpTAIWAN 1179.7715.3512.439.237.770.516.125.782.0212.4511.25
    1802 TTTaiwan Glass Industry CorpTAIWAN 1147.24------#????!---6.33

    International Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    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
    BA USBoeing Co/TheUNITED STATES 215374.9324.0816.8315.2111.922.102.1114.33182.111078.587.58
    HON USHoneywell International IncUNITED STATES 124128.7921.0819.2714.7213.753.351.9523.756.4834.6321.84
    UTX USUnited Technologies CorpUNITED STATES 120493.6917.6016.0011.9911.101.562.1317.682.8916.7114.71
    MMM US3M CoUNITED STATES 109835.0118.9217.4113.3412.543.352.9728.0811.1358.454.56
    AIR FPAirbus SEFRANCE 104886.0220.5817.018.787.551.351.7113.056.8537.5325.07
    SIE GRSiemens AGGERMANY 99599.1115.1713.1810.029.201.043.6312.521.8111.566.87
    LMT USLockheed Martin CorpUNITED STATES 92918.5416.3413.5211.3110.031.612.7216.2825.25236.619.37
    GE USGeneral Electric CoUNITED STATES 79431.9016.6113.8211.8810.950.680.4410.722.3612.15-15.84
    CAT USCaterpillar IncUNITED STATES 78348.6310.9910.446.566.441.392.7221.483.8943.7419.78
    SAF FPSafran SAFRANCE 62480.4822.5419.4313.8412.422.431.7318.814.3019.8114.60
    DG FPVinci SAFRANCE 59315.0315.2914.029.238.671.163.2616.482.4916.1715.90
    DE USDeere & CoUNITED STATES 51535.4314.4712.7810.609.731.451.9214.613.9528.9822.89
    GD USGeneral Dynamics CorpUNITED STATES 51095.6815.0913.6012.1311.321.322.2513.943.8527.555.34
    RTN USRaytheon CoUNITED STATES 49640.7215.2913.5110.229.481.722.0918.203.9227.161.37
    ITW USIllinois Tool Works IncUNITED STATES 49433.3519.0817.9613.4213.013.362.6528.0716.1879.7323.68
    SU FPSchneider Electric SEFRANCE 48925.5915.6814.6710.8310.271.633.2617.271.9412.7320.62
    NOC USNorthrop Grumman CorpUNITED STATES 47406.3714.5812.5912.7011.551.391.8714.384.7535.934.37
    EMR USEmerson Electric CoUNITED STATES 43810.1019.3017.4111.9111.042.312.7621.514.9725.739.16
    8058 JPMitsubishi CorpJAPAN 43452.347.596.8711.7911.360.304.114.980.8311.63-1.15
    267 HKCITIC LtdHONG KONG 42645.646.345.9614.2713.790.653.6326.220.569.370.28
    6594 JPNidec CorpJAPAN 42083.3037.3230.3821.6316.913.260.7513.024.1411.4815.65
    6954 JPFANUC CorpJAPAN 37908.6723.7437.1615.0021.147.195.3131.942.5510.6320.10
    PHIA NAKoninklijke Philips NVNETHERLANDS 37318.5219.7817.0210.919.881.762.3617.292.6713.0210.56
    ATCOA SSAtlas Copco ABSWEDEN 37033.8122.5621.5214.2413.753.592.3325.567.0333.4236.41
    ATCOB SSAtlas Copco ABSWEDEN 37033.8120.6919.7414.2413.753.595.5725.566.4533.4234.87
    6367 JPDaikin Industries LtdJAPAN 36957.0522.1420.0512.0811.201.671.0414.272.8913.7812.36
    ROP USRoper Technologies IncUNITED STATES 35967.4427.5426.2921.7220.276.660.5434.404.1414.2222.02
    ETN USEaton Corp PLCUNITED STATES 35549.9114.2913.4610.3710.011.593.4218.422.1014.8018.46
    1766 HKCRRC Corp LtdCHINA 35132.6112.0510.398.777.860.953.3010.831.2310.911.85
    VOLVB SSVolvo ABSWEDEN 34166.4410.0811.607.328.080.804.4814.552.2824.2219.06