VANGUARD INTERNATIONAL SEMICONDUCTOR CORPORATION

Financials Vanguard International Semiconductor Corporation

Equities

5347

TW0005347009

Semiconductors

End-of-day quote Taipei Exchange Other stock markets 23:00:00 16/06/2024 BST			5-day change	1st Jan Change
111 ^TWD	+0.91%		0.00%	+36.20%

06-06	Vanguard International Semiconductor, NXP Semiconductors to Establish Wafer Fab in Singapore	MT
06-05	TSMC-Backed Vanguard Plans $7.8 Billion JV to Build Chip Plant -- Update	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	129,971	190,122	258,959	127,021	133,577	181,927	-	-
Enterprise Value (EV) ¹	122,293	181,353	248,691	103,321	115,654	161,445	151,192	145,285
P/E ratio	22.4 x	30.4 x	22.1 x	8.54 x	18.4 x	27.7 x	22.3 x	20.9 x
Yield	4.04%	3.02%	2.85%	5.81%	5.52%	4.05%	4.23%	3.89%
Capitalization / Revenue	4.59 x	5.74 x	5.89 x	2.46 x	3.49 x	4.1 x	3.56 x	3.39 x
EV / Revenue	4.32 x	5.47 x	5.66 x	2 x	3.02 x	3.64 x	2.96 x	2.7 x
EV / EBITDA	13.5 x	16.6 x	13.8 x	4.43 x	8.49 x	10.6 x	8.34 x	7.7 x
EV / FCF	668 x	25.9 x	31.3 x	6.8 x	62.4 x	13.3 x	11.2 x	11.1 x
FCF Yield	0.15%	3.86%	3.2%	14.7%	1.6%	7.53%	8.91%	9.01%
Price to Book	4.4 x	6.43 x	7.36 x	2.8 x	2.92 x	3.96 x	3.63 x	3.26 x
Nbr of stocks (in thousands)	1,638,982	1,638,982	1,638,982	1,638,982	1,638,982	1,638,982	-	-
Reference price ²	79.30	116.0	158.0	77.50	81.50	111.0	111.0	111.0
Announcement Date	20/02/20	02/02/21	11/02/22	21/02/23	01/02/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	28,286	33,131	43,951	51,694	38,273	44,387	51,071	53,728
EBITDA ¹	9,050	10,916	18,086	23,349	13,626	15,282	18,123	18,871
EBIT ¹	6,909	7,416	14,102	17,807	5,774	6,788	9,186	10,330
Operating Margin	24.43%	22.38%	32.09%	34.45%	15.09%	15.29%	17.99%	19.23%
Earnings before Tax (EBT) ¹	7,358	7,567	14,290	18,851	8,834	8,075	10,101	10,558
Net income ¹	5,860	6,306	11,820	15,280	7,370	6,609	8,296	8,766
Net margin	20.72%	19.03%	26.89%	29.56%	19.26%	14.89%	16.24%	16.32%
EPS ²	3.540	3.810	7.140	9.070	4.430	4.005	4.979	5.317
Free Cash Flow ¹	183	7,002	7,958	15,204	1,853	12,160	13,474	13,096
FCF margin	0.65%	21.14%	18.11%	29.41%	4.84%	27.39%	26.38%	24.37%
FCF Conversion (EBITDA)	2.02%	64.15%	44%	65.12%	13.6%	79.57%	74.35%	69.4%
FCF Conversion (Net income)	3.12%	111.05%	67.33%	99.5%	25.14%	183.97%	162.43%	149.38%
Dividend per Share ²	3.200	3.500	4.500	4.500	4.500	4.495	4.691	4.320
Announcement Date	20/02/20	02/02/21	11/02/22	21/02/23	01/02/24	-	-	-

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	12,738	13,492	15,301	13,328	9,573	8,187	9,854	10,557	9,674	9,633	10,896	11,771	12,187	11,642	12,634
EBITDA ¹	5,648	6,182	7,259	5,936	3,972	3,189	3,700	3,720	3,016	3,323	3,832	4,275	4,603	4,955	5,365
EBIT ¹	4,599	4,988	5,912	4,445	2,462	1,365	1,806	1,665	938.2	1,233	1,685	2,009	2,151	1,919	2,262
Operating Margin	36.11%	36.97%	38.64%	33.35%	25.72%	16.68%	18.32%	15.77%	9.7%	12.8%	15.46%	17.07%	17.65%	16.48%	17.91%
Earnings before Tax (EBT) ¹	4,634	5,071	6,109	4,764	2,907	1,700	2,208	2,041	2,885	1,595	1,983	2,364	2,425	2,251	2,605
Net income ¹	3,716	4,092	4,887	3,823	2,479	1,364	1,995	1,623	2,388	1,272	1,606	1,931	2,059	1,790	2,072
Net margin	29.17%	30.33%	31.94%	28.68%	25.9%	16.66%	20.25%	15.38%	24.68%	13.21%	14.74%	16.41%	16.9%	15.37%	16.4%
EPS ²	2.230	2.470	2.940	2.280	1.460	0.8300	1.220	0.9800	1.440	0.7700	0.9809	1.180	1.256	1.114	1.237
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	4.500	-	-	-
Announcement Date	11/02/22	06/05/22	02/08/22	01/11/22	21/02/23	08/05/23	01/08/23	07/11/23	01/02/24	02/05/24	-	-	-	-	-

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	7,678	8,769	10,268	23,700	17,923	20,482	30,735	36,642
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	183	7,002	7,958	15,204	1,853	12,160	13,474	13,096
ROE (net income / shareholders' equity)	19.9%	21.3%	36.5%	38%	16.2%	14.3%	17.3%	17.7%
ROA (Net income/ Total Assets)	14.6%	14.6%	21.6%	18.4%	7.25%	5.96%	6.97%	6.5%
Assets ¹	40,222	43,231	54,609	83,244	101,695	110,851	118,948	134,866
Book Value Per Share ²	18.00	18.00	21.50	27.70	27.90	28.00	30.60	34.00
Cash Flow per Share ²	5.100	6.500	12.80	20.10	5.180	10.70	9.370	10.50
Capex ¹	8,262	3,758	13,280	18,723	6,779	3,788	4,655	3,921
Capex / Sales	29.21%	11.34%	30.21%	36.22%	17.71%	8.53%	9.11%	7.3%
Announcement Date	20/02/20	02/02/21	11/02/22	21/02/23	01/02/24	-	-	-

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 Vanguard International Semiconductor Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

111 TWD

Average target price

87 TWD

Spread / Average Target

-21.62%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Integrated Circuits