Financials MediaTek Inc.

Equities

2454

TW0002454006

Semiconductors

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
1,005 ^TWD	+2.45%		+1.21%	-0.99%

01:37am	U.S. chip bans not meant to hobble China's growth, Blinken says	RE
Apr. 26	Transcript : MediaTek Inc., Q1 2024 Earnings Call, Apr 26, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	701,475	1,180,889	1,893,347	994,680	1,615,731	1,599,788	-	-
Enterprise Value (EV) ¹	580,926	1,003,597	1,713,961	843,478	1,452,535	1,435,957	1,403,009	1,343,871
P/E ratio	30.2 x	28.7 x	16.9 x	8.38 x	20.9 x	16.4 x	14 x	12.4 x
Yield	2.37%	2.81%	6.13%	12.2%	5.42%	5.6%	5.98%	6.84%
Capitalization / Revenue	2.85 x	3.67 x	3.84 x	1.81 x	3.73 x	3.09 x	2.64 x	2.34 x
EV / Revenue	2.36 x	3.12 x	3.47 x	1.54 x	3.35 x	2.77 x	2.32 x	1.97 x
EV / EBITDA	18.8 x	18.9 x	14.4 x	5.95 x	16.1 x	12 x	10 x	8.36 x
EV / FCF	15.7 x	13.5 x	56.9 x	6.44 x	9.27 x	15.5 x	12.9 x	9.73 x
FCF Yield	6.37%	7.43%	1.76%	15.5%	10.8%	6.45%	7.76%	10.3%
Price to Book	2.24 x	3.18 x	4.37 x	2.24 x	4.15 x	4.31 x	3.66 x	3.91 x
Nbr of stocks (in thousands)	1,581,679	1,580,843	1,591,048	1,591,488	1,591,853	1,591,829	-	-
Reference price ²	443.5	747.0	1,190	625.0	1,015	1,005	1,005	1,005
Announcement Date	2/7/20	1/27/21	1/27/22	2/4/23	1/31/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	246,222	322,146	493,415	548,796	433,446	518,203	605,593	683,888
EBITDA ¹	30,953	53,120	118,661	141,767	90,000	119,408	140,060	160,775
EBIT ¹	22,567	43,219	108,040	126,788	71,800	99,801	121,874	140,066
Operating Margin	9.17%	13.42%	21.9%	23.1%	16.56%	19.26%	20.12%	20.48%
Earnings before Tax (EBT) ¹	27,028	47,583	126,852	135,561	86,782	114,571	124,615	145,146
Net income ¹	23,131	40,917	111,421	118,141	76,979	97,592	111,142	127,905
Net margin	9.39%	12.7%	22.58%	21.53%	17.76%	18.83%	18.35%	18.7%
EPS ²	14.69	26.01	70.56	74.59	48.51	61.30	71.85	81.11
Free Cash Flow ¹	37,007	74,563	30,109	130,961	156,767	92,657	108,875	138,092
FCF margin	15.03%	23.15%	6.1%	23.86%	36.17%	17.88%	17.98%	20.19%
FCF Conversion (EBITDA)	119.56%	140.37%	25.37%	92.38%	174.19%	77.6%	77.73%	85.89%
FCF Conversion (Net income)	159.99%	182.23%	27.02%	110.85%	203.65%	94.94%	97.96%	107.96%
Dividend per Share ²	10.50	21.00	73.00	76.00	55.00	56.24	60.13	68.74
Announcement Date	2/7/20	1/27/21	1/27/22	2/4/23	1/31/24	-	-	-

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	131,074	128,654	142,711	155,730	142,161	108,194	95,652	98,135	110,098	129,562	133,458	127,000	128,746	131,984	130,905
EBITDA ¹	32,022	32,673	39,677	42,761	36,997	22,333	18,685	18,970	22,757	29,588	29,226	28,580	30,299	30,358	27,328
EBIT ¹	29,287	29,721	36,467	39,181	33,054	18,086	14,369	14,751	17,944	24,736	32,180	22,764	23,179	24,120	24,136
Operating Margin	22.34%	23.1%	25.55%	25.16%	23.25%	16.72%	15.02%	15.03%	16.3%	19.09%	24.11%	17.92%	18%	18.28%	18.44%
Earnings before Tax (EBT) ¹	32,190	33,999	37,970	40,937	35,596	21,057	19,104	18,370	20,993	28,316	35,670	25,702	26,559	27,405	27,355
Net income ¹	28,287	30,051	33,261	35,437	30,955	18,488	16,874	15,965	18,478	25,663	31,536	22,665	24,106	24,550	24,574
Net margin	21.58%	23.36%	23.31%	22.76%	21.77%	17.09%	17.64%	16.27%	16.78%	19.81%	23.63%	17.85%	18.72%	18.6%	18.77%
EPS ²	17.92	18.99	21.02	22.39	19.54	11.66	10.64	10.07	11.64	16.15	19.85	13.74	14.45	14.92	15.03
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	12.46	-	24.77	27.25	-
Announcement Date	10/26/21	1/27/22	4/27/22	7/29/22	10/28/22	2/4/23	4/29/23	7/28/23	10/27/23	1/31/24	4/26/24	-	-	-	-

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	120,549	177,292	179,386	151,202	163,196	163,831	196,780	255,917
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	37,007	74,563	30,109	130,961	156,767	92,657	108,875	138,092
ROE (net income / shareholders' equity)	7.9%	12%	27.7%	27.1%	19%	26.4%	28%	31.5%
ROA (Net income/ Total Assets)	5.37%	8.24%	18.7%	18.6%	12.4%	15.2%	16.7%	20.1%
Assets ¹	430,769	496,307	597,393	634,638	621,721	641,778	663,732	636,852
Book Value Per Share ²	198.0	235.0	272.0	278.0	244.0	233.0	275.0	257.0
Cash Flow per Share ²	27.10	50.20	46.70	91.30	105.0	63.60	72.10	84.30
Capex ¹	5,616	5,000	16,985	13,622	9,325	11,810	12,097	14,250
Capex / Sales	2.28%	1.55%	3.44%	2.48%	2.15%	2.28%	2%	2.08%
Announcement Date	2/7/20	1/27/21	1/27/22	2/4/23	1/31/24	-	-	-

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 MediaTek Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,005 TWD

Average target price

1,192 TWD

Spread / Average Target

+18.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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