Financials LARGAN Precision Co.,Ltd

Equities

3008

TW0003008009

Household Electronics

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
2,185 ^TWD	-0.46%		+3.07%	-23.87%

Feb. 29	LARGAN Precision Co.,Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Feb. 26	LARGAN Precision Co.,Ltd Announces Cash Dividends on Common Stock for Second Half of 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	670,701	428,578	328,999	272,275	383,054	291,628	-	-
Enterprise Value (EV) ¹	579,023	326,124	223,126	157,684	266,257	164,905	152,507	139,724
P/E ratio	23.7 x	17.7 x	17.9 x	12.2 x	21.4 x	13.3 x	13.1 x	12.2 x
Yield	1.58%	2.86%	3.71%	4.19%	-	3.61%	3.95%	4.45%
Capitalization / Revenue	11 x	7.66 x	7.01 x	5.71 x	7.84 x	5.14 x	4.72 x	4.39 x
EV / Revenue	9.53 x	5.83 x	4.75 x	3.31 x	5.45 x	2.91 x	2.47 x	2.1 x
EV / EBITDA	14.4 x	8.97 x	8 x	6.18 x	11.5 x	5.93 x	4.96 x	4.25 x
EV / FCF	33.8 x	14 x	14.9 x	4.56 x	26.7 x	7.96 x	6.9 x	6.56 x
FCF Yield	2.96%	7.14%	6.71%	21.9%	3.74%	12.6%	14.5%	15.2%
Price to Book	5.31 x	3.04 x	2.33 x	1.76 x	2.31 x	1.63 x	1.5 x	1.4 x
Nbr of stocks (in thousands)	134,140	134,140	133,468	133,468	133,468	133,468	-	-
Reference price ²	5,000	3,195	2,465	2,040	2,870	2,185	2,185	2,185
Announcement Date	1/10/20	2/22/21	2/21/22	2/24/23	2/29/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	60,745	55,944	46,962	47,675	48,842	56,760	61,766	66,470
EBITDA ¹	40,317	36,376	27,893	25,502	23,229	27,790	30,737	32,882
EBIT ¹	36,506	32,032	23,148	20,384	17,807	21,903	24,052	26,540
Operating Margin	60.1%	57.26%	49.29%	42.76%	36.46%	38.59%	38.94%	39.93%
Earnings before Tax (EBT) ¹	36,580	31,694	23,027	27,827	22,102	27,674	27,792	29,807
Net income ¹	28,262	24,534	18,671	22,625	17,902	22,005	22,287	23,912
Net margin	46.53%	43.85%	39.76%	47.46%	36.65%	38.77%	36.08%	35.97%
EPS ²	210.7	180.9	137.5	166.9	134.1	164.6	166.7	178.5
Free Cash Flow ¹	17,134	23,280	14,969	34,558	9,962	20,705	22,100	21,285
FCF margin	28.21%	41.61%	31.87%	72.49%	20.4%	36.48%	35.78%	32.02%
FCF Conversion (EBITDA)	42.5%	64%	53.66%	135.51%	42.89%	74.51%	71.9%	64.73%
FCF Conversion (Net income)	60.62%	94.89%	80.17%	152.74%	55.65%	94.09%	99.16%	89.01%
Dividend per Share ²	79.00	91.50	91.50	85.50	-	78.98	86.34	97.21
Announcement Date	1/10/20	2/22/21	2/21/22	2/24/23	2/29/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	11,978	13,052	10,133	9,675	13,477	14,390	9,136	8,194	13,629	17,883	11,428	10,836	16,003	18,615	12,481
EBITDA ¹	6,956	7,199	5,272	5,302	6,840	8,089	4,595	4,094	5,252	9,287	5,788	5,506	7,687	9,582	-
EBIT ¹	5,771	5,978	4,010	4,035	5,554	6,785	3,269	2,752	3,884	7,902	4,043	3,806	6,156	8,006	4,474
Operating Margin	48.18%	45.8%	39.57%	41.71%	41.21%	47.15%	35.78%	33.59%	28.5%	44.19%	35.37%	35.13%	38.47%	43.01%	35.85%
Earnings before Tax (EBT) ¹	6,102	6,266	6,761	6,202	9,696	5,168	3,909	5,024	7,045	6,124	7,430	4,549	7,054	8,947	5,479
Net income ¹	5,261	5,136	5,510	4,946	8,142	4,024	3,289	3,696	5,953	4,965	6,111	3,516	5,713	7,296	4,478
Net margin	43.92%	39.35%	54.38%	51.12%	60.42%	27.96%	36%	45.1%	43.68%	27.76%	53.47%	32.45%	35.7%	39.19%	35.88%
EPS ²	39.22	37.60	40.87	36.76	60.11	29.87	24.64	27.69	44.60	37.20	45.79	26.45	42.82	54.09	34.69
Dividend per Share ²	91.50	-	-	-	-	-	-	-	-	-	-	-	67.07	-	-
Announcement Date	10/7/21	2/21/22	4/15/22	7/14/22	10/31/22	2/24/23	4/13/23	7/13/23	11/8/23	2/29/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	91,678	102,454	105,874	114,591	116,797	126,723	139,121	151,904
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	17,134	23,280	14,969	34,558	9,962	20,705	22,101	21,285
ROE (net income / shareholders' equity)	24.2%	18.4%	13.2%	15.2%	11.2%	12.6%	12.1%	12.5%
ROA (Net income/ Total Assets)	19.7%	15.1%	10.8%	12.6%	9.42%	10.6%	10.3%	10.3%
Assets ¹	143,312	162,549	172,994	179,841	190,046	207,489	217,191	232,157
Book Value Per Share ²	942.0	1,050	1,057	1,162	1,240	1,337	1,456	1,563
Cash Flow per Share ²	189.0	214.0	154.0	320.0	135.0	205.0	214.0	216.0
Capex ¹	8,496	5,771	5,909	8,210	8,237	6,717	6,572	6,852
Capex / Sales	13.99%	10.31%	12.58%	17.22%	16.86%	11.83%	10.64%	10.31%
Announcement Date	1/10/20	2/22/21	2/21/22	2/24/23	2/29/24	-	-	-

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for LARGAN Precision Co.,Ltd

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,185 TWD

Average target price

2,998 TWD

Spread / Average Target

+37.19%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Photographic Equipment

	1st Jan change	Capi.
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OPT MACHINE VISION TECH CO., LTD.	-34.88%	1.23B
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XIAMEN LEADING OPTICS CO., LTD.	-27.37%	987M
ABILITY OPTO-ELECTRONICS TECHNOLOGY CO.,LTD.	+16.47%	880M
TAMRON CO.,LTD.	+19.55%	833M
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Photographic Equipment