Financials ELAN Microelectronics Corporation

Equities

2458

TW0002458007

Semiconductors

End-of-day quote Taiwan S.E. Other stock markets 03:30:00 13/05/2024 am IST			5-day change	1st Jan Change
153.5 ^TWD	-0.97%		-1.92%	-5.54%

09/03	ELAN Microelectronics Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI
22/02	ELAN Microelectronics Corporation Provides Earnings Guidance for the First Quarter of 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	21,917	26,580	38,908	47,286	24,474	43,684	43,684	-
Enterprise Value (EV) ¹	21,917	26,580	34,384	41,257	24,474	42,687	40,773	40,849
P/E ratio	18.3 x	10.8 x	12.2 x	9.64 x	11.6 x	21.8 x	16.2 x	14.1 x
Yield	6.65%	7.13%	6.74%	7.94%	-	3.1%	5.13%	6.08%
Capitalization / Revenue	2.53 x	2.8 x	2.58 x	2.58 x	1.88 x	3.84 x	3.28 x	2.88 x
EV / Revenue	2.53 x	2.8 x	2.28 x	2.25 x	1.88 x	3.54 x	3.06 x	2.69 x
EV / EBITDA	12 x	12.1 x	7.8 x	6.97 x	7.87 x	15.3 x	12.5 x	10.1 x
EV / FCF	13.9 x	16.3 x	10.9 x	8.08 x	-	12.2 x	25.1 x	23.7 x
FCF Yield	7.18%	6.13%	9.18%	12.4%	-	8.22%	3.98%	4.22%
Price to Book	3.45 x	3.47 x	4.3 x	4.58 x	2.75 x	5.24 x	4.55 x	4.15 x
Nbr of stocks (in thousands)	2,91,453	2,91,442	2,91,442	2,78,152	2,84,585	2,84,585	2,84,585	-
Reference price ²	75.20	91.20	133.5	170.0	86.00	153.5	153.5	153.5
Announcement Date	27/03/19	25/03/20	17/02/21	25/02/22	23/02/23	29/02/24	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	8,651	9,488	15,100	18,328	13,030	12,059	13,307	15,192
EBITDA ¹	1,826	2,205	4,408	5,923	3,111	2,797	3,266	4,027
EBIT ¹	1,730	2,081	4,217	5,665	2,784	2,434	3,160	3,856
Operating Margin	20%	21.94%	27.93%	30.91%	21.37%	20.19%	23.74%	25.38%
Earnings before Tax (EBT) ¹	1,870	2,810	3,894	6,061	2,703	2,473	3,405	3,696
Net income ¹	-	2,497	3,246	5,102	2,152	2,144	2,790	3,053
Net margin	-	26.31%	21.5%	27.84%	16.51%	17.78%	20.97%	20.09%
EPS ²	4.120	8.440	10.97	17.64	7.440	7.460	9.500	10.92
Free Cash Flow ¹	1,575	1,628	3,155	5,109	-	3,508	1,624	1,723
FCF margin	18.2%	17.16%	20.9%	27.88%	-	29.09%	12.21%	11.34%
FCF Conversion (EBITDA)	86.21%	73.84%	71.57%	86.26%	-	125.4%	49.75%	42.78%
FCF Conversion (Net income)	-	65.21%	97.21%	100.13%	-	163.65%	58.22%	56.44%
Dividend per Share ²	5.000	6.500	9.000	13.50	-	5.040	7.877	9.333
Announcement Date	27/03/19	25/03/20	17/02/21	25/02/22	23/02/23	29/02/24	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q2	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
Net sales ¹	5,036	4,975	4,162	4,099	4,149	2,819	1,964	2,405	3,041	3,502	3,110	3,106	3,225	3,541	3,467
EBITDA	1,730	1,736	1,207	1,188	1,201	616	106.4	308.8	663.6	-	-	727.1	802.1	964.4	957.2
EBIT ¹	1,669	1,672	1,133	1,113	1,120	532.6	19.18	211.9	561.4	934.9	726.3	649	773.6	900.6	841.6
Operating Margin	33.14%	33.61%	27.23%	27.15%	26.99%	18.89%	0.98%	8.81%	18.46%	26.7%	23.35%	20.9%	23.99%	25.43%	24.27%
Earnings before Tax (EBT) ¹	1,669	1,680	1,390	1,013	1,068	623.4	-1.463	276	577.6	959.6	659.7	826	805.5	925	848.5
Net income ¹	1,320	1,362	1,320	798.3	784	521.8	47.62	306.5	494.8	765.7	576.5	683	653.2	752	702
Net margin	26.21%	27.39%	31.72%	19.48%	18.9%	18.51%	2.42%	12.74%	16.27%	21.86%	18.54%	21.99%	20.26%	21.24%	20.25%
EPS ²	4.530	4.700	4.850	2.760	2.740	1.810	0.1700	1.080	1.730	2.690	2.010	2.325	2.193	2.552	2.416
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	3.701	-	4.309
Announcement Date	02/08/21	04/11/21	25/02/22	05/05/22	12/08/22	03/11/22	23/02/23	11/05/23	08/08/23	09/11/23	29/02/24	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	4,524	6,029	-	3,558	2,910	2,835
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,575	1,628	3,155	5,109	-	3,508	1,625	1,723
ROE (net income / shareholders' equity)	22.3%	34.9%	38.8%	51.6%	-	24.2%	29.8%	31.2%
ROA (Net income/ Total Assets)	15.6%	23.7%	25.3%	32.5%	-	15.7%	20.7%	19.2%
Assets ¹	-	10,525	12,850	15,693	-	13,672	13,459	15,937
Book Value Per Share ²	21.80	26.30	31.10	37.10	31.20	31.00	33.80	37.00
Cash Flow per Share	4.800	5.680	11.30	17.90	-	-	-	-
Capex ¹	241	50.9	150	153	-	700	451	388
Capex / Sales	2.78%	0.54%	0.99%	0.84%	-	5.8%	3.39%	2.55%
Announcement Date	27/03/19	25/03/20	17/02/21	25/02/22	23/02/23	29/02/24	-	-

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 ELAN Microelectronics Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

153.5 TWD

Average target price

191 TWD

Spread / Average Target

+24.43%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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