Financials Anpec Electronics Corporation

Equities

6138

TW0006138001

Semiconductors

End-of-day quote Taipei Exchange 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
198 TWD +0.25% Intraday chart for Anpec Electronics Corporation +5.32% -10.61%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 4,389 5,637 6,141 20,401 8,518 16,343
Enterprise Value (EV) 1 3,358 4,998 5,031 18,140 6,674 14,681
P/E ratio 14.1 x 16.4 x 13.6 x 22.1 x 9 x 32.3 x
Yield 7% 5.47% 6.09% 3.24% 7.83% 2.71%
Capitalization / Revenue 0.91 x 1.24 x 1.14 x 3.02 x 1.33 x 3.02 x
EV / Revenue 0.69 x 1.1 x 0.93 x 2.68 x 1.05 x 2.71 x
EV / EBITDA 4.65 x 8.75 x 6.48 x 12 x 4.42 x 17.8 x
EV / FCF 13.4 x -44.5 x 7.75 x 15.6 x 15.8 x 30.7 x
FCF Yield 7.44% -2.25% 12.9% 6.41% 6.33% 3.26%
Price to Book 2.23 x 2.68 x 2.68 x 6.98 x 2.55 x 5.1 x
Nbr of stocks (in thousands) 72,661 71,716 71,905 73,254 74,070 73,786
Reference price 2 60.40 78.60 85.40 278.5 115.0 221.5
Announcement Date 3/29/19 3/27/20 3/29/21 3/29/22 3/1/23 2/27/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 4,847 4,546 5,390 6,762 6,382 5,416
EBITDA 1 721.4 571 776.9 1,508 1,510 825.2
EBIT 1 617.4 465.3 662.1 1,389 1,380 670.5
Operating Margin 12.74% 10.24% 12.28% 20.53% 21.62% 12.38%
Earnings before Tax (EBT) 1 684 504.9 691.2 1,452 1,524 718.7
Net income 1 393.2 345.1 456.5 929.2 963.6 510.8
Net margin 8.11% 7.59% 8.47% 13.74% 15.1% 9.43%
EPS 2 4.279 4.785 6.269 12.62 12.78 6.854
Free Cash Flow 1 249.7 -112.2 649 1,163 422.4 478.8
FCF margin 5.15% -2.47% 12.04% 17.19% 6.62% 8.84%
FCF Conversion (EBITDA) 34.62% - 83.54% 77.1% 27.97% 58.02%
FCF Conversion (Net income) 63.51% - 142.16% 125.14% 43.84% 93.73%
Dividend per Share 2 4.230 4.300 5.200 9.020 9.000 6.000
Announcement Date 3/29/19 3/27/20 3/29/21 3/29/22 3/1/23 2/27/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2022 Q1 2022 Q2
Net sales 1 1,834 1,940 2,051
EBITDA - - -
EBIT 1 426.4 458.7 535.5
Operating Margin 23.26% 23.65% 26.11%
Earnings before Tax (EBT) 1 448.5 512.1 585
Net income 1 280.7 308.4 364.4
Net margin 15.31% 15.9% 17.77%
EPS 2 3.810 4.150 4.970
Dividend per Share - - -
Announcement Date 11/9/21 5/11/22 8/10/22
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 1,030 638 1,110 2,261 1,844 1,663
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 250 -112 649 1,163 422 479
ROE (net income / shareholders' equity) 23.2% 18.4% 21.8% 36.6% 31.6% 14.5%
ROA (Net income/ Total Assets) 11% 7.92% 10.5% 17.9% 14.7% 6.95%
Assets 1 3,582 4,360 4,332 5,199 6,564 7,351
Book Value Per Share 2 27.10 29.30 31.90 39.90 45.20 43.50
Cash Flow per Share 2 12.50 10.60 15.10 25.40 26.40 16.30
Capex 1 104 152 269 130 155 230
Capex / Sales 2.15% 3.34% 4.98% 1.92% 2.43% 4.24%
Announcement Date 3/29/19 3/27/20 3/29/21 3/29/22 3/1/23 2/27/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

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