Company Valuation: Winbond Electronics Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 1,35,320 78,008 1,27,281 66,600 3,71,700 5,28,750 - -
Change - -42.35% 63.16% -47.67% 458.11% 42.25% - -
Enterprise Value (EV) 1 1,29,926 78,008 1,53,199 1,05,708 3,85,105 5,26,163 4,20,801 4,11,406
Change - -39.96% 96.39% -31% 264.31% 36.63% -20.02% -2.23%
P/E ratio 9.97x 6.03x -105x 106x 93.9x 7.28x 5.15x 6.8x
PBR 1.64x 0.83x 1.38x 0.73x - 2.69x 1.65x 1.93x
PEG - -1.29x 1x -1x 0x 0x 0.1x -0.3x
Capitalization / Revenue 1.36x 0.83x 1.7x 0.82x 4.16x 2.31x 1.89x -
EV / Revenue 1.3x 0.83x 2.04x 1.3x 4.31x 2.3x 1.5x -
EV / EBITDA 4.32x 2.99x 15x 8.01x 21.1x 4.28x 2.95x 3.54x
EV / EBIT 7.05x 4.72x -94x 208x 69.6x 4.95x 3.22x 4.28x
EV / FCF 6.32x - -15x -17.8x 82.2x 9.86x 2.99x -
FCF Yield 15.8% - -6.65% -5.61% 1.22% 10.1% 33.4% -
Dividend per Share 2 1 - - - - 1.8 4.542 3.45
Rate of return 2.94% - - - - 1.53% 3.87% 2.94%
EPS 2 3.41 3.25 -0.29 0.14 0.88 16.13 22.82 17.27
Distribution rate 29.3% - - - - 11.2% 19.9% 20%
Net sales 1 99,570 94,530 75,006 81,610 89,406 2,29,251 2,79,976 -
EBITDA 1 30,084 26,084 10,226 13,194 18,217 1,22,905 1,42,550 1,16,257
EBIT 1 18,428 16,535 -1,630 507.5 5,534 1,06,226 1,30,607 96,080
Net income 1 13,595 12,927 -1,147 601 3,962 71,927 1,06,021 -
Net Debt 1 -5,394 - 25,918 39,108 13,405 -2,587 -1,07,949 -1,17,344
Reference price 2 34.00 19.60 30.45 14.80 82.60 117.50 117.50 117.50
Nbr of stocks (in thousands) 39,80,000 39,80,000 41,80,000 45,00,000 45,00,000 45,00,000 - -
Announcement Date 11/02/22 17/02/23 07/02/24 15/04/25 12/02/26 - - -
1TWD in Million2TWD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.42x2.15x4.07x1.68% 1.54TCr
26.4x13.61x20.1x0.02% 5,22800Cr
48.5x19.74x28.87x0.6% 2,03600Cr
5.77x3.15x3.9x0.27% 81TCr
84.35x14.8x57.32x-.--% 74TCr
-420.17x10.88x32.55x-.--% 63TCr
37.5x12.84x24.66x2% 26TCr
17.35x5.57x15.72x1.65% 23TCr
231.6x45.54x96.16x-.--% 23TCr
49.11x14.78x24.33x1.03% 20TCr
Average 8.78x 14.31x 30.77x 0.73% 1,03800Cr
Weighted average by Cap. 11.24x 14.42x 25.71x 0.26%

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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