Company Valuation: Gold Circuit Electronics Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 41,098 37,975 1,06,098 1,17,535 3,34,355 5,65,645 - -
Change - -7.6% 179.39% 10.78% 184.47% 69.18% - -
Enterprise Value (EV) 1 41,749 37,530 1,03,432 1,15,604 3,33,875 5,76,286 5,86,748 5,74,392
Change - -10.11% 175.6% 11.77% 188.81% 72.61% 1.82% -2.11%
P/E 14.1x 9.89x 30.1x 20.9x 35.3x 28.5x 18.4x 12.3x
PBR 3.6x 2.95x 6.44x 5.51x 10.1x 11.9x 8.29x 5.3x
PEG - 0.2x -1.7x 0.4x 0.5x 0.3x 0.3x 0.2x
Capitalization / Revenue 1.54x 1.16x 3.53x 3.02x 5.57x 5.32x 3.59x 2.68x
EV / Revenue 1.57x 1.14x 3.44x 2.97x 5.56x 5.42x 3.72x 2.72x
EV / EBITDA 8.52x 5.43x 16.9x 12.6x 21.7x 18.3x 11.3x 7.74x
EV / EBIT 10.1x 6.22x 20.1x 14.3x 23.8x 19.4x 11.9x 8.04x
EV / FCF 26.7x 12.2x 28x 234x -74.6x -73.4x 507x 26.4x
FCF Yield 3.75% 8.22% 3.57% 0.43% -1.34% -1.36% 0.2% 3.79%
Dividend per Share 2 2.444 - 3.5 6 10 14.44 21.51 31.46
Rate of return 2.89% - 1.61% 2.48% 1.46% 1.31% 1.95% 2.85%
EPS 2 5.978 8.78 7.25 11.54 19.47 38.72 60.08 89.92
Distribution rate 40.9% - 48.3% 52% 51.4% 37.3% 35.8% 35%
Net sales 1 26,607 32,785 30,044 38,952 60,004 1,06,240 1,57,775 2,11,432
EBITDA 1 4,898 6,911 6,103 9,156 15,359 31,525 51,919 74,203
EBIT 1 4,123 6,037 5,136 8,067 14,043 29,778 49,462 71,429
Net income 1 2,927 4,568 3,529 5,616 9,607 20,987 33,052 45,908
Net Debt 1 651.3 -445.5 -2,666 -1,931 -479.7 10,642 21,103 8,747
Reference price 2 84.44 86.80 218.00 241.50 687.00 1,105.00 1,105.00 1,105.00
Nbr of stocks (in thousands) 4,86,688 4,37,504 4,86,688 4,86,689 4,86,688 5,11,896 - -
Announcement Date 21/03/22 15/03/23 15/03/24 13/03/25 12/03/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
28.54x5.42x18.28x1.31% 1.78TCr
77.37x12.41x62.22x1.05% 27TCr
57.8x10.28x37.01x0.83% 6.12TCr
43.63x9.31x32.36x1.26% 5.69TCr
47.09x - - 0.2% 5.05TCr
48.24x8.29x33.3x0.82% 4TCr
161.5x18.71x129.97x0.26% 3.6TCr
34.32x8.27x26.38x0.55% 3.56TCr
26.7x7.04x21.19x1.42% 3.33TCr
925.35x58.9x1307.28x - 3.32TCr
Average 145.05x 15.40x 185.33x 0.86% 6.3TCr
Weighted average by Cap. 111.14x 13.87x 124.25x 0.91%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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