Stock 3231 WISTRON CORPORATION
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Financials Wistron Corporation

Equities

3231

TW0003231007

Computer Hardware

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
113 TWD +0.89% Intraday chart for Wistron Corporation -1.74% +14.60%
Apr. 08 Pegatron in talks with Tata to sell its only India iPhone plant, sources say RE
Mar. 12 Wistron Corporation Declares Cash Distribution for the Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 80,531 86,237 82,917 83,704 280,126 324,398 - -
Enterprise Value (EV) 1 110,225 150,195 177,741 157,562 331,857 370,769 375,011 383,581
P/E ratio 12 x 10.2 x 8.01 x 7.66 x 24.2 x 17.7 x 13.1 x 9.8 x
Yield 7.2% 6.59% 7.55% - - 3.16% 4.63% 6.54%
Capitalization / Revenue 0.09 x 0.1 x 0.1 x 0.09 x 0.32 x 0.32 x 0.27 x 0.24 x
EV / Revenue 0.13 x 0.18 x 0.21 x 0.16 x 0.38 x 0.37 x 0.31 x 0.28 x
EV / EBITDA 4.71 x 6.12 x 6.94 x 4.05 x 8.35 x 7.09 x 5.63 x 4.73 x
EV / FCF 9.2 x -7.32 x -5.55 x - 9.41 x 35.5 x 23.5 x -
FCF Yield 10.9% -13.7% -18% - 10.6% 2.82% 4.25% -
Price to Book 1.1 x 1.21 x 1.06 x 0.89 x 2.77 x 2.65 x 2.3 x 2.15 x
Nbr of stocks (in thousands) 2,840,612 2,781,843 2,844,483 2,847,078 2,841,037 2,870,775 - -
Reference price 2 28.35 31.00 29.15 29.40 98.60 113.0 113.0 113.0
Announcement Date 3/23/20 3/23/21 1/18/22 3/15/23 3/12/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 878,255 845,012 862,082 984,619 867,057 1,012,455 1,195,508 1,364,570
EBITDA 1 23,384 24,531 25,594 38,947 39,735 52,281 66,600 81,032
EBIT 1 13,300 14,471 16,369 27,472 27,390 40,099 52,882 67,609
Operating Margin 1.51% 1.71% 1.9% 2.79% 3.16% 3.96% 4.42% 4.95%
Earnings before Tax (EBT) 1 12,776 16,845 19,234 24,711 24,321 36,693 48,947 62,153
Net income 1 6,801 8,682 10,468 11,162 11,472 17,997 24,549 32,403
Net margin 0.77% 1.03% 1.21% 1.13% 1.32% 1.78% 2.05% 2.37%
EPS 2 2.360 3.030 3.640 3.840 4.080 6.370 8.658 11.53
Free Cash Flow 1 11,985 -20,508 -32,032 - 35,258 10,444 15,932 -
FCF margin 1.36% -2.43% -3.72% - 4.07% 1.03% 1.33% -
FCF Conversion (EBITDA) 51.25% - - - 88.73% 19.98% 23.92% -
FCF Conversion (Net income) 176.24% - - - 307.35% 58.03% 64.9% -
Dividend per Share 2 2.042 2.042 2.200 - - 3.570 5.231 7.388
Announcement Date 3/23/20 3/23/21 1/18/22 3/15/23 3/12/24 - - -
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 1 220,392 263,452 226,446 244,216 250,103 263,854 212,000 207,477 217,040 230,540 231,733 233,931 265,627 286,083 258,957
EBITDA 1 6,741 7,954 6,449 8,903 9,795 13,801 7,745 8,416 9,946 13,628 9,840 11,713 14,222 15,651 -
EBIT 1 4,448 5,503 3,846 6,095 6,837 10,694 4,723 5,335 6,796 10,535 7,759 8,813 11,136 12,616 7,953
Operating Margin 2.02% 2.09% 1.7% 2.5% 2.73% 4.05% 2.23% 2.57% 3.13% 4.57% 3.35% 3.77% 4.19% 4.41% 3.07%
Earnings before Tax (EBT) 1 2,395 8,721 467.2 8,106 7,937 8,201 2,627 6,177 8,394 7,122 6,760 8,198 10,134 11,601 7,303
Net income 1 827.3 5,376 -860.3 4,250 3,696 4,076 173.8 3,258 4,702 3,337 3,176 3,781 5,310 5,905 3,400
Net margin 0.38% 2.04% -0.38% 1.74% 1.48% 1.54% 0.08% 1.57% 2.17% 1.45% 1.37% 1.62% 2% 2.06% 1.31%
EPS 2 0.2900 1.850 -0.3100 1.530 1.290 1.390 0.0600 1.140 1.670 1.180 1.121 1.337 1.879 2.088 1.415
Dividend per Share 2 - 2.200 - - - - - - - - - - 2.600 - -
Announcement Date 11/5/21 1/18/22 5/6/22 8/5/22 11/4/22 3/15/23 5/12/23 8/9/23 11/9/23 3/12/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 29,694 63,958 94,824 73,858 51,731 46,372 50,613 59,183
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.27 x 2.607 x 3.705 x 1.896 x 1.302 x 0.887 x 0.76 x 0.7304 x
Free Cash Flow 1 11,985 -20,508 -32,032 - 35,258 10,444 15,932 -
ROE (net income / shareholders' equity) 9.52% 11.9% 14% - 11.4% 15.9% 18.5% 21.4%
ROA (Net income/ Total Assets) 1.99% 2.25% 2.26% - 2.59% 3.67% 4.33% -
Assets 1 341,644 385,856 463,064 - 442,646 489,977 567,156 -
Book Value Per Share 2 25.70 25.70 27.40 33.10 35.50 42.70 49.00 52.60
Cash Flow per Share 2 6.460 -3.720 -7.740 - 16.70 1.670 8.130 -
Capex 1 6,610 9,838 10,496 - 12,961 14,250 13,300 -
Capex / Sales 0.75% 1.16% 1.22% - 1.49% 1.41% 1.11% -
Announcement Date 3/23/20 3/23/21 1/18/22 3/15/23 3/12/24 - - -
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 Wistron Corporation

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
113 TWD
Average target price
150.6 TWD
Spread / Average Target
+33.25%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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