Company Valuation: IC Plus Corp.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,529 5,140 3,615 3,332 7,260 4,705
Change - 236.25% -29.67% -7.81% 117.86% -35.19%
Enterprise Value (EV) 1 1,165 4,692 3,116 3,025 5,123 2,626
Change - 302.9% -33.59% -2.92% 69.34% -48.74%
P/E -13x 83.8x 24.2x -27.3x -54.7x -80.8x
PBR 2.23x 6.76x 4.11x 4.88x 2.9x 1.93x
PEG - -1x 0x 0x 2.5x 1.4x
Capitalization / Revenue 1.84x 4.64x 2.77x 4.64x 11.3x 7.12x
EV / Revenue 1.4x 4.24x 2.39x 4.21x 7.95x 3.97x
EV / EBITDA -160x 40.4x 16.1x -108x -70.7x -47.9x
EV / EBIT -39.5x 47.4x 17.8x -53.4x -48.9x -29.9x
EV / FCF -58.7x 24.2x 83.8x -164x -148x -34x
FCF Yield -1.7% 4.13% 1.19% -0.61% -0.67% -2.94%
Dividend per Share 2 - 0.6 1.2 - - -
Rate of return - 0.8% 2.29% - - -
EPS 2 -1.712 0.89 2.17 -1.77 -1.377 -0.6039
Distribution rate - 67.4% 55.3% - - -
Net sales 1 832.3 1,107 1,303 718 644 661.1
EBITDA 1 -7.287 116.1 193.6 -28.08 -72.47 -54.82
EBIT 1 -29.48 98.94 175.4 -56.63 -104.7 -87.88
Net income 1 -115.1 61.12 150.1 -120.5 -113.8 -58.22
Net Debt 1 -364 -448 -498.7 -307.3 -2,137 -2,079
Reference price 2 22.30 74.60 52.50 48.40 75.30 48.80
Nbr of stocks (in thousands) 68,546 68,899 68,850 68,850 96,414 96,414
Announcement Date 29/03/21 21/03/22 17/03/23 29/05/24 25/03/25 13/03/26
1TWD in Million2TWD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 287M
77.37x12.41x62.22x1.05% 265B
57.8x10.28x37.01x0.83% 61.17B
43.63x9.31x32.36x1.26% 56.94B
47.09x - - 0.2% 50.5B
48.24x8.29x33.3x0.82% 40.03B
161.5x18.71x129.97x0.26% 35.95B
34.32x8.27x26.38x0.55% 35.56B
26.7x7.04x21.19x1.42% 33.27B
925.35x58.9x1307.28x - 33.19B
Average 158.00x 16.65x 206.21x 0.8% 61.24B
Weighted average by Cap. 113.54x 14.14x 127.61x 0.9%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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