Financials M31 Technology Corporation

Equities

6643

TW0006643000

Business Support Services

End-of-day quote Taipei Exchange 23:00:00 26/06/2024 BST 5-day change 1st Jan Change
1,100 TWD -2.22% Intraday chart for M31 Technology Corporation -0.75% +24.53%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 10,492 10,499 12,480 14,394 36,958 45,991 - -
Enterprise Value (EV) 1 10,492 9,303 11,845 14,394 36,004 45,061 44,800 43,994
P/E ratio 33.9 x 32.6 x 49 x 37.8 x 84.9 x 86.8 x 56.8 x 39.9 x
Yield - 2.37% 1.58% - - 0.71% 1.01% 1.94%
Capitalization / Revenue 12.1 x 10.7 x 12.3 x 10.6 x 22.9 x 23.3 x 17.9 x 13.6 x
EV / Revenue 12.1 x 9.48 x 11.7 x 10.6 x 22.3 x 22.8 x 17.4 x 13 x
EV / EBITDA - 20.2 x 33.5 x 34.7 x 72.7 x 74.2 x 43.9 x 27.5 x
EV / FCF 33 x 27.2 x -38.4 x - 175 x 173 x 77.6 x 50.1 x
FCF Yield 3.03% 3.68% -2.6% - 0.57% 0.58% 1.29% 2%
Price to Book 7.28 x 7 x 7.93 x - 17.9 x 19.8 x 16.8 x 12.4 x
Nbr of stocks (in thousands) 41,340 41,061 41,442 41,576 41,839 41,810 - -
Reference price 2 253.8 255.7 301.1 346.2 883.3 1,100 1,100 1,100
Announcement Date 25/02/20 22/02/21 24/02/22 23/02/23 04/03/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 869.1 981 1,012 1,360 1,612 1,973 2,572 3,374
EBITDA 1 - 460.4 353.3 415.3 495.5 607.6 1,020 1,600
EBIT 1 369.9 418.2 312.9 368 446.5 556.4 962.1 1,544
Operating Margin 42.56% 42.63% 30.92% 27.05% 27.69% 28.2% 37.41% 45.76%
Earnings before Tax (EBT) 1 362 376.5 293.6 443.1 513.3 629.8 962.5 1,354
Net income 1 308.6 322.2 252.6 379.3 435.2 527.6 806.4 1,147
Net margin 35.5% 32.85% 24.97% 27.88% 26.99% 26.74% 31.35% 34%
EPS 2 7.492 7.833 6.144 9.151 10.41 12.67 19.37 27.58
Free Cash Flow 1 318.2 342.5 -308.5 - 205.7 260.2 577.5 879
FCF margin 36.61% 34.91% -30.49% - 12.76% 13.19% 22.45% 26.06%
FCF Conversion (EBITDA) - 74.38% - - 41.51% 42.83% 56.64% 54.95%
FCF Conversion (Net income) 103.13% 106.28% - - 47.27% 49.33% 71.61% 76.63%
Dividend per Share 2 - 6.061 4.773 - - 7.855 11.12 21.32
Announcement Date 25/02/20 22/02/21 24/02/22 23/02/23 04/03/24 - - -
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 1 364.1 247.7 299.7 323.5 489.2 313 347.8 432.5 519.1 342.1 439.4 534.4 633.8 489 562
EBITDA 1 - - - - - - - - - - 102 183 290 - -
EBIT 1 143.6 23.86 73.1 64.94 206.1 44.64 87.34 146 168.6 2.708 102.8 179.2 258.2 113 163
Operating Margin 39.43% 9.63% 24.39% 20.08% 42.12% 14.26% 25.11% 33.75% 32.47% 0.79% 23.4% 33.53% 40.74% 23.11% 29%
Earnings before Tax (EBT) 1 141.8 47.78 95.59 120.5 179.3 88.1 114.3 181.2 129.7 53.75 117.6 189.8 268.6 120 178
Net income 1 121.8 39.78 82.18 101.5 155.8 70.07 98.5 153.6 113 42.31 99 159.2 227.2 101 150
Net margin 33.44% 16.06% 27.42% 31.37% 31.85% 22.39% 28.32% 35.51% 21.77% 12.37% 22.53% 29.79% 35.85% 20.65% 26.69%
EPS 2 2.955 0.9697 1.992 2.470 3.750 1.682 2.358 3.675 2.700 1.017 2.375 3.823 5.462 2.450 3.625
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 24/02/22 06/05/22 02/08/22 03/11/22 23/02/23 11/05/23 03/08/23 02/11/23 04/03/24 10/05/24 - - - - -
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 - 1,196 635 - 954 930 1,191 1,997
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 318 342 -308 - 206 260 578 879
ROE (net income / shareholders' equity) 28.2% 21.8% 16.3% - 22.2% 24.7% 33.4% 40.7%
ROA (Net income/ Total Assets) 24.1% 19.2% 13.7% - 18.3% 20.2% 27.8% 32%
Assets 1 1,279 1,678 1,847 - 2,382 2,615 2,901 3,590
Book Value Per Share 2 34.90 36.50 38.00 - 49.30 55.60 65.50 88.80
Cash Flow per Share 2 - - - - 5.770 4.350 15.20 23.50
Capex 1 41.3 43.2 533 - 35.7 106 136 88
Capex / Sales 4.76% 4.4% 52.67% - 2.21% 5.38% 5.29% 2.61%
Announcement Date 25/02/20 22/02/21 24/02/22 23/02/23 04/03/24 - - -
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
6
Last Close Price
1,100 TWD
Average target price
1,293 TWD
Spread / Average Target
+17.58%
Consensus
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