Financials Pegatron Corporation LUXEMBOURG S.E.

Equities

PGRGS

US7055802075

Computer Hardware

End-of-day quote LUXEMBOURG S.E. Other stock markets 03:30:00 28/06/2024 am IST			5-day change	1st Jan Change
16.1 ^USD	+2.55%		-12.50%	+13.38%

29/05	Taiwan & TSMC: Linked fate
13/05	Pegatron Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,78,599	1,75,684	1,84,437	1,69,395	2,32,597	2,78,386	-	-
Enterprise Value (EV) ¹	1,29,209	1,97,423	1,78,626	1,69,395	1,88,017	2,51,573	2,33,489	2,49,747
P/E ratio	9.34 x	8.81 x	9.07 x	11.3 x	14.8 x	16 x	14.5 x	12.8 x
Yield	6.58%	6.69%	6.51%	-	4.58%	4.33%	4.58%	4.67%
Capitalization / Revenue	0.13 x	0.13 x	0.15 x	0.13 x	0.19 x	0.22 x	0.2 x	0.2 x
EV / Revenue	0.09 x	0.14 x	0.14 x	0.13 x	0.15 x	0.2 x	0.17 x	0.18 x
EV / EBITDA	3.64 x	5.28 x	5.86 x	4.21 x	6.25 x	7.09 x	5.64 x	5.18 x
EV / FCF	1.91 x	-4.11 x	5.46 x	-	2.67 x	22.3 x	12.8 x	-
FCF Yield	52.3%	-24.3%	18.3%	-	37.4%	4.49%	7.82%	-
Price to Book	1.13 x	1.08 x	1.11 x	-	1.23 x	1.36 x	1.34 x	1.27 x
Nbr of stocks (in thousands)	26,11,092	26,10,463	26,69,132	26,67,634	26,64,346	26,63,979	-	-
Reference price ²	68.40	67.30	69.10	63.50	87.30	104.5	104.5	104.5
Announcement Date	26/03/20	24/03/21	10/03/22	16/03/23	15/03/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,66,287	13,99,333	12,63,720	13,17,599	12,56,783	12,51,234	13,66,154	13,92,437
EBITDA ¹	35,474	37,383	30,505	40,194	30,083	35,500	41,403	48,221
EBIT ¹	16,906	19,063	16,854	25,385	14,753	19,546	24,334	27,496
Operating Margin	1.24%	1.36%	1.33%	1.93%	1.17%	1.56%	1.78%	1.97%
Earnings before Tax (EBT) ¹	25,468	29,443	28,126	28,199	24,307	25,439	28,069	33,468
Net income ¹	19,318	20,208	20,546	15,096	15,713	17,419	19,586	23,348
Net margin	1.41%	1.44%	1.63%	1.15%	1.25%	1.39%	1.43%	1.68%
EPS ²	7.320	7.640	7.620	5.600	5.900	6.536	7.217	8.180
Free Cash Flow ¹	67,609	-48,014	32,719	-	70,312	11,298	18,249	-
FCF margin	4.95%	-3.43%	2.59%	-	5.59%	0.9%	1.34%	-
FCF Conversion (EBITDA)	190.59%	-	107.26%	-	233.72%	31.83%	44.08%	-
FCF Conversion (Net income)	349.98%	-	159.25%	-	447.48%	64.86%	93.18%	-
Dividend per Share ²	4.500	4.500	4.500	-	4.000	4.525	4.788	4.883
Announcement Date	26/03/20	24/03/21	10/03/22	16/03/23	15/03/24	-	-	-

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	4,52,022	3,23,825	2,83,658	3,52,867	3,57,250	3,18,137	2,80,708	3,15,770	3,42,169	2,50,400	2,61,205	3,28,991	4,01,040	3,07,280	2,92,539
EBITDA ¹	11,158	7,699	10,168	11,452	10,875	6,528	6,834	8,416	8,393	6,982	7,573	9,927	11,067	9,439	8,955
EBIT ¹	7,768	4,225	6,549	7,632	6,978	2,824	3,074	4,485	4,458	3,023	3,905	5,748	6,856	4,837	4,585
Operating Margin	1.72%	1.3%	2.31%	2.16%	1.95%	0.89%	1.1%	1.42%	1.3%	1.21%	1.5%	1.75%	1.71%	1.57%	1.57%
Earnings before Tax (EBT) ¹	11,362	3,776	6,787	8,871	8,764	4,117	5,207	7,182	7,902	5,190	6,072	7,079	7,433	5,441	6,218
Net income ¹	7,861	1,667	3,116	5,265	5,047	3,008	3,127	4,583	4,995	3,257	4,283	4,841	5,037	3,852	4,101
Net margin	1.74%	0.51%	1.1%	1.49%	1.41%	0.95%	1.11%	1.45%	1.46%	1.3%	1.64%	1.47%	1.26%	1.25%	1.4%
EPS ²	2.900	0.6200	1.160	1.960	1.860	1.120	1.170	1.720	1.880	1.210	1.622	1.834	1.912	1.444	1.539
Dividend per Share ²	-	-	-	5.000	-	-	-	-	-	-	-	4.000	-	-	-
Announcement Date	10/03/22	12/05/22	11/08/22	10/11/22	16/03/23	15/04/23	09/08/23	14/11/23	15/03/24	13/05/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	21,739	-	-	-	-	-	-
Net Cash position ¹	49,390	-	5,811	-	44,581	26,813	44,896	28,638
Leverage (Debt/EBITDA)	-	0.5815 x	-	-	-	-	-	-
Free Cash Flow ¹	67,609	-48,014	32,719	-	70,312	11,299	18,249	-
ROE (net income / shareholders' equity)	12.6%	12.6%	12.5%	-	8.46%	8.6%	9.5%	10.3%
ROA (Net income/ Total Assets)	3.35%	3.22%	3.02%	-	2.63%	3.6%	3.78%	-
Assets ¹	5,77,442	6,27,433	6,80,567	-	5,96,646	4,83,859	5,18,136	-
Book Value Per Share ²	60.40	62.20	62.40	-	71.10	76.60	77.80	82.40
Cash Flow per Share ²	29.40	-11.10	23.60	-	32.90	32.20	9.620	4.890
Capex ¹	9,869	18,604	30,824	-	17,067	15,146	16,333	18,500
Capex / Sales	0.72%	1.33%	2.44%	-	1.36%	1.21%	1.2%	1.33%
Announcement Date	26/03/20	24/03/21	10/03/22	16/03/23	15/03/24	-	-	-

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 Pegatron Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

104.5 TWD

Average target price

100.5 TWD

Spread / Average Target

-3.81%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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