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Size Far Eastern Department Stores (2903.TW) is a Taiwan Consumer Discretionary company (Department Stores) with a market value of $910M, the 287th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$21.35 on 6 Nov 2026.
Performance Over six months the shares fell 4.9%, against -12.5% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 0.9% over the last twelve months (peer median -2.9%); the operating margin is 12.8% (peer median 5.2%).
Valuation It trades at 2.4× enterprise value to sales against a peer median of 1.8× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.9 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$34.0B | NT$34.1B | NT$35.0B | NT$36.7B | NT$35.9B |
| Revenue growth | — | -3% | -5% | +2% | — |
| Gross profit | NT$14.1B | NT$13.9B | NT$14.1B | NT$15.6B | NT$14.0B |
| EBITDA | NT$10.2B | NT$10.3B | NT$10.1B | NT$10.7B | NT$9.90B |
| Net income | NT$2.10B | NT$2.20B | NT$2.33B | NT$2.75B | NT$1.93B |
| Free cash flow | NT$5.86B | NT$5.67B | NT$6.40B | NT$8.64B | NT$8.67B |
| Capital expenditure | NT$3.78B | NT$3.01B | NT$1.36B | NT$1.91B | NT$2.05B |
| Total debt | NT$63.6B | NT$69.1B | NT$68.9B | NT$59.5B | NT$49.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2903.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.8% | -0.9% | 10th lowest of 21 |
| 6-month return | -4.9% | -12.5% | 7th highest of 21 |
| Distance from 52-week high | -12.9% | -39.0% | 2nd highest of 21 |
| Revenue growth (TTM) | -0.9% | -2.9% | 9th highest of 21 |
| Operating margin | 12.8% | 5.2% | 5th highest of 21 |
| EV / Sales | 2.4× | 1.8× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 0.5% | 3.7% | 9th least demanding of 19 |
| Growth delivered (Del g) | -1.8% | -1.0% | 9th lowest of 19 |
| Hurdle (Req g minus delivered) | +2.3 pp | +2.6 pp | 10th least demanding of 19 |
| ROIC minus cost of capital | -0.9 pp | -1.5 pp | 10th highest of 21 |
| EV / EBITDA | 7.9× | 10.0× | 3rd cheapest of 7 |
| Net debt / EBITDA | 4.4× | 3.0× | 3rd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Far Eastern Department Stores 2903.TW | Taiwan | $910M | -5% | -1% | 13% | 2.4× | 0.5% | -1.8% |
| Matsuya 8237.T | Japan | $869M | +54% | -1% | 6% | 3.4× | 35.3% | -2.8% |
| Dashang 600694.SS | China | $827M | -10% | -4% | 12% | 0.8× | -18.9% | -5.1% |
| Rainbow Digital Commercial 002419.SZ | China | $793M | -15% | -4% | 0% | 1.3× | -5.8% | -0.4% |
| Hangzhou Jiebai 600814.SS | China | $776M | -9% | -3% | 25% | 1.3× | -21.8% | -1.6% |
| Wushang 000501.SZ | China | $775M | -18% | -3% | 7% | 2.1× | 11.5% | -4.7% |
| Nanjing Xinjiekou Department Store 600682.SS | China | $1.07B | -22% | -11% | -16% | 0.7× | 5.7% | +2.4% |
| Fujian Dongbai (Group) 600693.SS | China | $1.11B | -23% | -1% | 32% | 8.0× | 4.1% | +0.9% |
| Maoye Commercial 600828.SS | China | $1.13B | -13% | -22% | -3% | 7.1× | 12.9% | -8.4% |
| Baida 600865.SS | China | $682M | +5% | +9% | 41% | 16.7× | 13.3% | -2.5% |
| Hefei Department Store 000417.SZ | China | $678M | -13% | -9% | 1% | 0.9× | 3.4% | +1.3% |
| Hunan Friendship & Apollo Commercial 002277.SZ | China | $1.23B | -5% | -20% | -60% | 16.1× | 21.6% | -15.5% |
| Izumi 8273.T | Japan | $1.28B | -1% | +1% | 5% | 0.6× | n/a | n/a |
| Hyundaideptst 069960.KS | South Korea | $1.29B | -23% | -3% | 9% | 0.4× | -17.1% | +13.2% |
| Shanghai Join Buy 600838.SS | China | $628M | +9% | +6% | -28% | 38.8× | 22.2% | +0.4% |
| Guangzhou Grandbuy 002187.SZ | China | $600M | -8% | -49% | -2% | 1.6× | -5.3% | -2.0% |
| AEON Kyushu 2653.T | Japan | $597M | -3% | +3% | 2% | 0.3× | n/a | n/a |
| Anhui Anfu Battery Technology 603031.SS | China | $1.43B | -39% | +4% | 23% | 2.5× | -0.2% | +21.9% |
| Shanghai Yimin Commercial 600824.SS | China | $572M | -12% | -12% | -2% | 4.7× | 11.8% | -7.6% |
| Shinsegae 004170.KS | South Korea | $1.59B | -38% | +7% | 9% | 1.1× | -2.2% | +7.8% |
| Xinjiang Winka Times Department Store 603101.SS | China | $502M | -36% | +5% | 9% | 1.9× | -4.2% | +2.6% |