ADO OPTRONICS CORPORATION

Financials ADO Optronics Corporation

Equities

3516

TW0003516001

Electrical Components & Equipment

End-of-day quote Taipei Exchange Other stock markets 03:30:00 10/05/2024 am IST			5-day change	1st Jan Change
22.5 ^TWD	+0.45%		+0.45%	+23.29%

22/03	ADO Optronics Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	ADO Optronics Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	599.6	612.1	776.1	924.1	851.4	960.2
Enterprise Value (EV) ¹	398.1	462.8	570.9	776.7	1,003	1,119
P/E ratio	-11 x	302 x	42.7 x	20.7 x	15 x	65.2 x
Yield	-	-	1.34%	1.12%	1.22%	0.11%
Capitalization / Revenue	0.9 x	0.95 x	1.11 x	0.86 x	0.89 x	0.92 x
EV / Revenue	0.6 x	0.72 x	0.81 x	0.72 x	1.04 x	1.08 x
EV / EBITDA	-5.5 x	-23.2 x	30.3 x	18.4 x	14.5 x	24.1 x
EV / FCF	-10.6 x	-33 x	-36.1 x	-23.4 x	27.6 x	-19.3 x
FCF Yield	-9.42%	-3.03%	-2.77%	-4.28%	3.63%	-5.19%
Price to Book	0.47 x	0.51 x	0.59 x	0.7 x	0.62 x	0.72 x
Nbr of stocks (in thousands)	53,990	52,614	53,990	53,990	53,990	52,614
Reference price ²	11.11	11.63	14.38	17.12	15.77	18.25
Announcement Date	29/03/19	31/03/20	31/03/21	30/03/22	30/03/23	22/03/24

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	668.6	644.8	701.5	1,076	961.4	1,040
EBITDA ¹	-72.36	-19.94	18.86	42.32	69.26	46.41
EBIT ¹	-98.22	-48.35	-13.2	3.82	3.698	-46.32
Operating Margin	-14.69%	-7.5%	-1.88%	0.35%	0.38%	-4.45%
Earnings before Tax (EBT) ¹	-54.68	6.5	18.25	49.13	82.37	19.02
Net income ¹	-54.66	2.247	17.8	43.66	55.57	14.75
Net margin	-8.18%	0.35%	2.54%	4.06%	5.78%	1.42%
EPS ²	-1.013	0.0385	0.3365	0.8269	1.048	0.2800
Free Cash Flow ¹	-37.5	-14.01	-15.82	-33.22	36.38	-58
FCF margin	-5.61%	-2.17%	-2.26%	-3.09%	3.78%	-5.58%
FCF Conversion (EBITDA)	-	-	-	-	52.52%	-
FCF Conversion (Net income)	-	-	-	-	65.47%	-
Dividend per Share	-	-	0.1923	0.1923	0.1923	0.0200
Announcement Date	29/03/19	31/03/20	31/03/21	30/03/22	30/03/23	22/03/24

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	-	-	151	158
Net Cash position ¹	201	149	205	147	-	-
Leverage (Debt/EBITDA)	-	-	-	-	2.186 x	3.413 x
Free Cash Flow ¹	-37.5	-14	-15.8	-33.2	36.4	-58
ROE (net income / shareholders' equity)	-4.19%	0.19%	1.44%	3.39%	4.4%	0.89%
ROA (Net income/ Total Assets)	-3.66%	-1.86%	-0.49%	0.13%	0.11%	-1.21%
Assets ¹	1,495	-120.6	-3,615	33,688	51,980	-1,220
Book Value Per Share ²	23.40	23.00	24.40	24.50	25.50	25.30
Cash Flow per Share ²	4.030	4.720	5.110	5.880	6.020	4.320
Capex ¹	15.2	76	51.7	57.6	44.2	95.5
Capex / Sales	2.27%	11.79%	7.38%	5.35%	4.6%	9.18%
Announcement Date	29/03/19	31/03/20	31/03/21	30/03/22	30/03/23	22/03/24

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Lighting Equipment

	1st Jan change	Capi.
ADO OPTRONICS CORPORATION	+23.29%	36.47M
OSRAM LICHT AG	+1.96%	5.29B
LEEDARSON IOT TECHNOLOGY INC.	-1.56%	1.28B
SHANGHAI FEILO ACOUSTICS CO.,LTD	-10.00%	1.12B
FOSHAN ELECTRICAL AND LIGHTING CO.,LTD	-13.83%	1.07B
GUANGZHOU HAOYANG ELECTRONIC CO.,LTD.	+0.33%	1.06B
HENGDIAN GROUP TOSPO LIGHTING CO., LTD.	+7.39%	911M
ZHEJIANG YANKON GROUP CO., LTD.	+0.31%	609M
OCEAN'S KING LIGHTING SCIENCE & TECHNOLOGY CO., LTD	-33.21%	576M
GUANGDONG PAK CORPORATION CO., LTD.	-13.90%	493M

Lighting Equipment

Stock Market
Equities
3516 Stock
Financials ADO Optronics Corporation

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