Financials Hon Hai Precision Industry Co., Ltd. Berne S.E.

Equities

HHP1

US4380908057

Electronic Equipment & Parts

Delayed Berne S.E. Other stock markets			5-day change	1st Jan Change
- ^CHF	-.--%		-.--%	-.--%

11/06	Vietnam eyes greener power but banks on coal to avert blackouts	RE
10/06	Chipmakers' plans for factories in Europe, US and Asia	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,58,625	12,75,259	14,41,597	13,84,765	14,48,528	27,44,578	-	-
Enterprise Value (EV) ¹	10,00,455	7,22,490	12,05,592	12,37,557	10,24,262	23,47,651	22,96,613	22,58,653
P/E ratio	11 x	12.6 x	10.5 x	9.93 x	10.4 x	17.8 x	14.2 x	13.1 x
Yield	4.63%	4.35%	5%	5.31%	5.17%	2.97%	3.7%	4.27%
Capitalization / Revenue	0.24 x	0.24 x	0.24 x	0.21 x	0.24 x	0.41 x	0.35 x	0.33 x
EV / Revenue	0.19 x	0.13 x	0.2 x	0.19 x	0.17 x	0.35 x	0.3 x	0.27 x
EV / EBITDA	5.5 x	4.11 x	5.37 x	4.95 x	4.08 x	8.42 x	6.83 x	6.08 x
EV / FCF	5.87 x	2.31 x	-6.33 x	105 x	3.07 x	39 x	10.8 x	20.2 x
FCF Yield	17%	43.2%	-15.8%	0.95%	32.6%	2.56%	9.27%	4.95%
Price to Book	1.02 x	0.98 x	1.04 x	0.95 x	0.97 x	1.67 x	1.55 x	1.37 x
Nbr of stocks (in thousands)	1,38,61,508	1,38,61,508	1,38,61,508	1,38,61,508	1,38,61,508	1,38,61,508	-	-
Reference price ²	90.80	92.00	104.0	99.90	104.5	198.0	198.0	198.0
Announcement Date	30/03/20	30/03/21	16/03/22	16/03/23	14/03/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	53,42,811	53,58,023	59,94,174	66,26,997	61,62,221	66,73,137	77,73,118	84,33,729
EBITDA ¹	1,81,906	1,75,941	2,24,441	2,50,248	2,50,934	2,78,806	3,36,302	3,71,505
EBIT ¹	1,14,897	1,10,827	1,48,959	1,73,788	1,66,528	1,93,583	2,39,027	2,74,387
Operating Margin	2.15%	2.07%	2.49%	2.62%	2.7%	2.9%	3.08%	3.25%
Earnings before Tax (EBT) ¹	1,63,878	1,45,472	1,93,572	1,87,511	1,92,224	2,11,218	2,62,504	2,69,646
Net income ¹	1,15,309	1,01,795	1,39,320	1,41,483	1,42,098	1,54,013	1,93,570	2,05,103
Net margin	2.16%	1.9%	2.32%	2.13%	2.31%	2.31%	2.49%	2.43%
EPS ²	8.240	7.280	9.910	10.06	10.07	11.13	13.96	15.16
Free Cash Flow ¹	1,70,496	3,12,124	-1,90,508	11,773	3,33,808	60,157	2,12,989	1,11,711
FCF margin	3.19%	5.83%	-3.18%	0.18%	5.42%	0.9%	2.74%	1.32%
FCF Conversion (EBITDA)	93.73%	177.4%	-	4.7%	133.03%	21.58%	63.33%	30.07%
FCF Conversion (Net income)	147.86%	306.62%	-	8.32%	234.91%	39.06%	110.03%	54.47%
Dividend per Share ²	4.200	4.000	5.200	5.300	5.400	5.883	7.330	8.447
Announcement Date	30/03/20	30/03/21	16/03/22	16/03/23	14/03/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q2
Net sales ¹	18,89,826	14,07,553	15,09,811	17,46,605	19,63,028	14,62,000	13,04,548	15,43,164	18,52,072	13,23,992	14,63,923	17,44,906	20,90,307	16,33,748	17,17,970
EBITDA ¹	76,374	54,051	67,363	63,162	65,672	60,064	52,101	68,552	70,218	57,016	65,461	82,391	99,523	-	-
EBIT ¹	52,720	36,669	44,337	48,549	44,233	40,523	30,925	46,150	48,930	36,751	38,465	54,388	62,851	43,761	50,801
Operating Margin	2.79%	2.61%	2.94%	2.78%	2.25%	2.77%	2.37%	2.99%	2.64%	2.78%	2.63%	3.12%	3.01%	2.68%	2.96%
Earnings before Tax (EBT) ¹	62,208	36,927	46,937	51,196	52,451	20,403	47,705	57,217	66,898	32,509	47,799	61,374	69,536	51,288	58,180
Net income ¹	44,395	29,450	33,294	38,759	39,979	12,820	33,001	43,128	53,145	22,009	33,770	45,850	53,190	36,817	41,302
Net margin	2.35%	2.09%	2.21%	2.22%	2.04%	0.88%	2.53%	2.79%	2.87%	1.66%	2.31%	2.63%	2.54%	2.25%	2.4%
EPS ²	3.130	2.080	2.360	2.750	2.880	0.9100	2.350	3.110	3.700	1.590	2.344	3.236	3.871	2.705	2.892
Dividend per Share ²	-	-	-	-	-	-	-	5.300	-	-	-	5.323	-	-	-
Announcement Date	16/03/22	13/05/22	12/08/22	11/11/22	16/03/23	11/05/23	14/08/23	14/11/23	14/03/24	14/05/24	-	-	-	-	-

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	2,58,170	5,52,769	2,36,004	1,47,207	4,24,265	3,96,928	4,47,966	4,85,925
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,70,496	3,12,124	-1,90,508	11,773	3,33,808	60,157	2,12,989	1,11,711
ROE (net income / shareholders' equity)	9.41%	8.02%	10.4%	10%	9.65%	9.62%	11%	11%
ROA (Net income/ Total Assets)	3.44%	2.91%	3.67%	3.52%	3.52%	3.85%	4.49%	4.82%
Assets ¹	33,51,151	34,97,623	37,91,545	40,21,429	40,36,881	40,02,662	43,10,835	42,57,616
Book Value Per Share ²	88.60	93.60	99.60	105.0	108.0	119.0	128.0	144.0
Cash Flow per Share ²	17.70	27.00	-6.990	7.790	31.60	15.20	10.30	9.830
Capex ¹	77,521	65,500	92,296	97,935	1,11,745	1,12,066	1,07,086	1,03,185
Capex / Sales	1.45%	1.22%	1.54%	1.48%	1.81%	1.68%	1.38%	1.22%
Announcement Date	30/03/20	30/03/21	16/03/22	16/03/23	14/03/24	-	-	-

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 Hon Hai Precision Industry Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

198 TWD

Average target price

198.2 TWD

Spread / Average Target

+0.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electronic Component

	1st Jan change	Capi.
AMPHENOL CORPORATION	+37.74%	82.01B
MURATA MANUFACTURING CO., LTD	+8.15%	38.59B
LUXSHARE PRECISION INDUSTRY CO., LTD.	-0.29%	33.98B
JABIL INC.	-6.22%	14.41B
AVIC JONHON OPTRONIC TECHNOLOGY CO.,LTD.	+0.38%	11.43B
LENS TECHNOLOGY CO., LTD.	+22.35%	11B
COHERENT CORP.	+64.83%	10.94B
BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED	+8.61%	10.73B
EOPTOLINK TECHNOLOGY INC., LTD.	+119.99%	10.62B

Electronic Component