Financials Delta Electronics, Inc.

Equities

2308

TW0002308004

Electrical Components & Equipment

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
319 ^TWD	-1.24%		+3.07%	+1.75%

May. 02	Transcript : Delta Electronics, Inc., Q1 2024 Earnings Call, May 02, 2024
Apr. 30	Delta Electronics, Inc. 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	393,528	683,154	714,324	744,196	814,330	839,006	-	-
Enterprise Value (EV) ¹	384,872	664,696	711,695	729,063	784,169	785,602	777,962	755,796
P/E ratio	17.1 x	26.9 x	26.8 x	22.9 x	24.4 x	24.7 x	20.6 x	18.7 x
Yield	3.3%	2.09%	2%	3.43%	2.05%	2.08%	2.45%	2.53%
Capitalization / Revenue	1.47 x	2.42 x	2.27 x	1.94 x	2.03 x	1.97 x	1.73 x	1.53 x
EV / Revenue	1.44 x	2.35 x	2.26 x	1.9 x	1.95 x	1.84 x	1.61 x	1.38 x
EV / EBITDA	11.5 x	14.1 x	14.7 x	12.1 x	12.5 x	11.8 x	9.78 x	8.11 x
EV / FCF	15.4 x	22.9 x	134 x	29.5 x	18.1 x	29.3 x	25.6 x	24 x
FCF Yield	6.51%	4.36%	0.74%	3.39%	5.52%	3.41%	3.91%	4.17%
Price to Book	2.82 x	4.68 x	4.61 x	3.98 x	4.09 x	3.65 x	3.39 x	3.01 x
Nbr of stocks (in thousands)	2,597,543	2,597,543	2,597,543	2,597,543	2,597,543	2,597,543	-	-
Reference price ²	151.5	263.0	275.0	286.5	313.5	319.0	319.0	319.0
Announcement Date	3/10/20	2/23/21	2/25/22	2/23/23	3/1/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	268,131	282,605	314,671	384,443	401,227	425,981	483,833	546,667
EBITDA ¹	33,394	47,296	48,516	60,375	62,540	66,376	79,583	93,210
EBIT ¹	19,409	31,426	31,365	41,439	40,950	44,259	55,058	67,120
Operating Margin	7.24%	11.12%	9.97%	10.78%	10.21%	10.39%	11.38%	12.28%
Earnings before Tax (EBT) ¹	29,154	34,275	35,628	46,065	48,642	48,387	58,025	63,738
Net income ¹	23,118	25,485	26,796	32,666	33,393	34,220	42,382	52,216
Net margin	8.62%	9.02%	8.52%	8.5%	8.32%	8.03%	8.76%	9.55%
EPS ²	8.850	9.770	10.27	12.52	12.86	12.93	15.51	17.05
Free Cash Flow ¹	25,045	29,012	5,292	24,705	43,257	26,801	30,397	31,530
FCF margin	9.34%	10.27%	1.68%	6.43%	10.78%	6.29%	6.28%	5.77%
FCF Conversion (EBITDA)	75%	61.34%	10.91%	40.92%	69.17%	40.38%	38.2%	33.83%
FCF Conversion (Net income)	108.33%	113.84%	19.75%	75.63%	129.54%	78.32%	71.72%	60.38%
Dividend per Share ²	5.000	5.500	5.500	9.840	6.430	6.624	7.807	8.059
Announcement Date	3/10/20	2/23/21	2/25/22	2/23/23	3/1/24	-	-	-

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	83,769	82,538	89,997	106,248	105,660	92,859	100,551	107,795	100,020	91,298	102,147	115,743	118,298	106,682	115,350
EBITDA ¹	11,755	11,965	14,313	18,336	15,761	13,472	15,546	17,440	16,081	13,233	15,114	18,777	19,394	15,735	19,098
EBIT ¹	7,305	7,469	9,655	13,538	10,777	8,407	10,283	11,897	10,364	7,395	10,112	13,079	13,243	10,520	13,031
Operating Margin	8.72%	9.05%	10.73%	12.74%	10.2%	9.05%	10.23%	11.04%	10.36%	8.1%	9.9%	11.3%	11.19%	9.86%	11.3%
Earnings before Tax (EBT) ¹	8,445	8,539	10,831	15,171	11,524	9,959	11,948	13,771	12,964	8,765	11,328	14,228	14,266	10,850	14,182
Net income ¹	6,258	6,059	7,628	11,069	7,910	6,908	8,149	9,363	8,973	5,764	7,791	9,823	10,015	7,807	9,829
Net margin	7.47%	7.34%	8.48%	10.42%	7.49%	7.44%	8.1%	8.69%	8.97%	6.31%	7.63%	8.49%	8.47%	7.32%	8.52%
EPS ²	2.390	2.330	2.930	4.250	3.030	2.650	3.140	3.590	3.460	2.210	3.001	3.780	3.860	3.009	3.817
Dividend per Share ²	-	-	-	5.500	-	-	-	9.840	-	-	-	6.430	-	-	-
Announcement Date	2/25/22	4/28/22	7/28/22	10/27/22	2/23/23	4/27/23	7/31/23	10/31/23	3/1/24	4/30/24	-	-	-	-	-

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	8,656	18,458	2,630	15,133	30,161	53,405	61,044	83,211
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	25,045	29,012	5,292	24,705	43,257	26,801	30,397	31,530
ROE (net income / shareholders' equity)	17.1%	17.8%	17.8%	19.1%	17.3%	15.9%	17.6%	17.8%
ROA (Net income/ Total Assets)	8.07%	7.87%	7.64%	8.26%	7.56%	8.69%	9.73%	10.8%
Assets ¹	286,486	323,727	350,764	395,493	441,813	393,758	435,731	483,478
Book Value Per Share ²	53.70	56.20	59.60	71.90	76.70	87.40	94.00	106.0
Cash Flow per Share ²	16.00	18.00	10.90	17.80	27.20	25.00	24.30	27.80
Capex ¹	16,866	17,838	23,027	21,824	27,830	29,760	27,523	28,668
Capex / Sales	6.29%	6.31%	7.32%	5.68%	6.94%	6.99%	5.69%	5.24%
Announcement Date	3/10/20	2/23/21	2/25/22	2/23/23	3/1/24	-	-	-

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 Delta Electronics, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

319 TWD

Average target price

364.8 TWD

Spread / Average Target

+14.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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