Financials Gold Circuit Electronics Ltd.

Equities

2368

TW0002368008

Semiconductors

End-of-day quote Taiwan S.E. 23:00:00 01/07/2024 BST 5-day change 1st Jan Change
213.5 TWD +4.91% Intraday chart for Gold Circuit Electronics Ltd. +6.75% -2.06%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 9,004 27,309 41,098 37,975 106,098 104,638 - -
Enterprise Value (EV) 1 9,004 28,650 41,749 37,530 103,432 103,164 97,045 90,448
P/E ratio 69.4 x 13.3 x 14.1 x 9.89 x 30.1 x 18 x 14.7 x 13.3 x
Yield - 2.97% 2.89% - 1.61% 2.42% 2.59% 2.86%
Capitalization / Revenue 0.47 x 1.17 x 1.54 x 1.16 x 3.53 x 2.64 x 2.28 x 2.04 x
EV / Revenue 0.47 x 1.22 x 1.57 x 1.14 x 3.44 x 2.6 x 2.11 x 1.76 x
EV / EBITDA - 7.53 x 8.52 x 5.43 x 16.9 x 10.2 x 7.98 x 6.7 x
EV / FCF - 12.5 x 26.7 x 12.2 x 28 x 161 x 26.1 x 37.1 x
FCF Yield - 8.03% 3.75% 8.22% 3.57% 0.62% 3.83% 2.69%
Price to Book - 2.95 x 3.6 x 2.95 x 6.44 x 5.37 x 4.15 x 3.21 x
Nbr of stocks (in thousands) 486,688 486,688 486,688 437,504 486,688 486,689 - -
Reference price 2 18.50 56.11 84.44 86.80 218.0 213.5 213.5 213.5
Announcement Date 26/03/20 25/03/21 21/03/22 15/03/23 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 18,991 23,398 26,607 32,785 30,044 39,694 45,962 51,399
EBITDA 1 - 3,804 4,898 6,911 6,103 10,093 12,156 13,506
EBIT 1 - 3,074 4,123 6,037 5,136 8,924 11,155 12,295
Operating Margin - 13.14% 15.49% 18.41% 17.1% 22.48% 24.27% 23.92%
Earnings before Tax (EBT) 1 - 2,698 4,049 6,388 5,218 8,221 10,248 10,882
Net income 1 - 2,067 2,927 4,568 3,529 5,736 7,165 8,012
Net margin - 8.83% 11% 13.93% 11.74% 14.45% 15.59% 15.59%
EPS 2 0.2667 4.222 5.978 8.780 7.250 11.87 14.50 16.03
Free Cash Flow 1 - 2,300 1,564 3,084 3,694 642.7 3,718 2,437
FCF margin - 9.83% 5.88% 9.41% 12.3% 1.62% 8.09% 4.74%
FCF Conversion (EBITDA) - 60.46% 31.92% 44.62% 60.53% 6.37% 30.59% 18.04%
FCF Conversion (Net income) - 111.3% 53.42% 67.5% 104.7% 11.21% 51.9% 30.42%
Dividend per Share 2 - 1.667 2.444 - 3.500 5.164 5.537 6.096
Announcement Date 26/03/20 25/03/21 21/03/22 15/03/23 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 7,387 7,240 8,457 8,607 8,480 6,332 6,929 8,246 8,538 9,066 9,467 10,380 10,482 10,468 10,751
EBITDA 1 1,402 1,270 - - 1,753 977.7 - 1,900 1,948 1,985 2,246 2,692 2,724 - -
EBIT 1 1,206 1,067 1,803 1,647 1,520 741.5 1,041 1,656 1,697 1,727 2,068 2,440 2,541 2,453 2,591
Operating Margin 16.32% 14.74% 21.32% 19.13% 17.92% 11.71% 15.02% 20.09% 19.88% 19.04% 21.84% 23.51% 24.24% 23.44% 24.1%
Earnings before Tax (EBT) 1 1,183 1,114 2,018 1,894 1,362 651.4 1,211 1,710 1,645 1,843 1,998 2,402 2,533 2,108 2,359
Net income 1 818.2 810.8 1,461 1,351 945.4 430.3 817.4 1,164 1,117 1,217 1,365 1,626 1,711 1,477 1,652
Net margin 11.08% 11.2% 17.28% 15.69% 11.15% 6.8% 11.8% 14.12% 13.08% 13.43% 14.42% 15.67% 16.33% 14.11% 15.37%
EPS 2 1.667 1.656 3.000 2.720 1.920 0.8800 1.680 2.390 2.290 2.450 2.730 3.171 3.304 2.980 3.330
Dividend per Share 2 - - - - - - - - 3.500 - - - 3.500 - -
Announcement Date 21/03/22 10/05/22 11/08/22 14/11/22 15/03/23 12/05/23 11/08/23 10/11/23 15/03/24 14/05/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 1,341 651 - - - - -
Net Cash position 1 - - - 446 2,666 1,474 7,593 14,190
Leverage (Debt/EBITDA) - 0.3525 x 0.133 x - - - - -
Free Cash Flow 1 - 2,300 1,564 3,084 3,694 643 3,718 2,437
ROE (net income / shareholders' equity) - 25.2% 28.3% 35.5% 22.7% 29.1% 30.6% 26.4%
ROA (Net income/ Total Assets) - 9.71% 12.6% 16.6% 11.2% 14.7% 17.5% 17%
Assets 1 - 21,279 23,315 27,510 31,571 39,008 40,980 47,010
Book Value Per Share 2 - 19.00 23.40 29.40 33.90 39.70 51.50 66.60
Cash Flow per Share 2 - - 4.880 8.540 10.90 8.050 13.20 3.980
Capex 1 - 688 826 1,360 1,623 3,022 3,131 2,313
Capex / Sales - 2.94% 3.1% 4.15% 5.4% 7.61% 6.81% 4.5%
Announcement Date 26/03/20 25/03/21 21/03/22 15/03/23 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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
9
Last Close Price
213.5 TWD
Average target price
265.7 TWD
Spread / Average Target
+24.43%
Consensus
  1. Stock Market
  2. Equities
  3. 2368 Stock
  4. Financials Gold Circuit Electronics Ltd.