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2601.TW$6.33+9.92%
Fair $6.33+0.0%

2601.TW

First Steamship Co., Ltd.

Consumer Cyclical / Department StoresTaiwan

$6.33

+0.52 (+9.92%)

Fairly Valued+0.0%Fair Value $6.33Fund rank 29/100 · Data gapFallback financials|
SA 36/D
F-Score: 4/9
Declining RevenueLow Profitability

FCF base 3Y

n/d

n/d CAGR · yield n/d

FCF base 5Y

n/d

n/d base · n/d expected

Precio de entrada

n/d

MOS 26% · confianza 25%

FCF escenarios

weak_data · normalized FCF $1.0B · quality 54.7/100

Data gap 29/100
Bear 5Yn/dn/d
Base 5Yn/dn/d
Bull 5Yn/dn/d
Return 0/100Downside 20/100Model quality 45/100Data QA 20/100

Ranking barato/determinista: CAGR esperado 5Y + downside bear + calidad del modelo + balance + capital allocation + data gate. No entra en buy-candidate si la data es débil o el CAGR 5Y no compensa.

Quality + valuation scorecard

SA Score

36/100

D

Piotroski

4/9

balance/quality

Valuation

50/100

+0.0% upside

5Y CAGR

+0.0%

50/100

Data QA

16/100

SEC 0%

Latest source: unknownPeriods: 4Warnings: 2unknown: 4
No SEC-backed annual rows; valuation uses fallback financial data. Insufficient audited annual history (<3 SEC-backed years); composite fair value and forward targets are disabled until manually verified. Revenue has declined for 3 consecutive years ROE is -18.2%, below the 5% threshold
Thesis & Journal · 2601.TWLocal privado en este navegador · First Steamship Co., Ltd.
Plantilla tipo buy-side: tesis, bull/base/bear, catalizadores, riesgos, kill criteria y fecha de revisión. Esto no gasta GPT-5.5; luego lo usamos como contexto del memo.

Sin guardar todavía.

Market Cap

$5.2B

P/E

12.4x

↓

EV/EBITDA

4.4x

↓

ROE

-18.2%

↓

Gross Margin

14.5%

↓

Debt/Equity

0.53

↑
52-Week Range$6
$5$7

TradingView lightweight chart

2601.TW price, volumen y niveles de valoración

Último $5.760Periodo -53.8%
Fair value: $6.330

Price & Ratios

Absolute Values (Left Axis)

Ratios / Percentages (Right Axis)

Financial statement dashboard

Crecimiento, márgenes y provenance

2022–2025 · 3 años de histórico normalizado

Revenue CAGR

-38.3%

FCF CAGR

+38.9%

FCF margin

55.4%

FCF / Net income

-0.61x

Latest source

Provider fallback

Margin decomposition

Último año: revenue $1.49B · net income $-1.34B · FCF $825.7M

2022-FY → 2025-FY

Gross margin

14.5%-53.7% pts

Operating margin

3.0%-9.3% pts

Net margin

-90.2%-90.3% pts

FCF margin

55.4%+50.6% pts
MetricTTM
2025
2024
2023
2022
Income Statement
Revenue$1.49B$1.49B$1.62B$5.50B$6.33B
Net Income$-1.34B$-1.34B$-288.8M$-1.67B$6.0M
EBITDA$2.00B$2.00B$2.24B$674.8M$2.85B
EPS——-0.35-2.020.01
Gross Margin14.5%14.5%21.1%65.6%68.3%
Operating Margin3.0%3.0%9.2%-0.9%12.3%
Net Margin-90.2%-90.2%-17.9%-30.3%0.1%
Balance Sheet
Debt/Equity0.530.532.072.171.84
Current Ratio0.980.98———
Cash Flow
Free Cash Flow$825.7M$825.7M$1.00B$1.52B$307.9M
Returns
ROE-18.2%-18.2%-3.2%-19.1%0.1%
Valuation
P/E12.4112.41——861.00
EV/EBITDA4.434.4310.4536.398.24
P/B0.710.710.650.850.67
Growth & Yield
Revenue Growth-7.8%-7.8%-70.6%-13.0%—
EPS Growth——82.7%-20300.0%—

Revenue, Net Income & Free Cash Flow ($B)

Margins (%)

Returns (%)

Leverage & Liquidity

Reverse DCF · market-implied EPS growthterminal P/E 15.0x · COE 10.0%
Reverse DCF requires positive EPS; loss-making or zero-EPS companies cannot produce a clean EPS hurdle.

Qué te dice: cuánto EPS CAGR está descontando el precio si sales al múltiplo terminal indicado. Si el growth observado queda por debajo, el mercado está pidiendo una ejecución muy fina.

Return attribution · 1Y approxreconcilia total -15.9%

Total return

-15.9%

Start / end P/E

n/dx → n/dx

EPS bridge

-0.35 → n/d

Residual

-15.9%

EPS growthn/d
Multiple reratingn/d
Dividend+0.0%
Residual / FX / buybacks / cross-term-15.9%

EPS/multiple decomposition requires positive EPS at both endpoints; residual absorbs price move not explained by dividends.

Simple additive decomposition: total return = EPS growth contribution + P/E multiple contribution + dividend contribution + explicit residual. The residual captures cross-terms, buybacks/share-count effects, FX, special dividends, data noise and methodology mismatch so the bridge always reconciles.