Financials Wistron Corporation

Equities

3231

TW0003231007

Computer Hardware

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
115 ^TWD	+0.44%		+1.32%	+16.63%

Apr. 08	Pegatron in talks with Tata to sell its only India iPhone plant, sources say	RE
Mar. 12	Wistron Corporation Declares Cash Distribution for the Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	80,531	86,237	82,917	83,704	280,126	330,139	-	-
Enterprise Value (EV) ¹	110,225	150,195	177,741	157,562	331,857	379,454	391,031	389,322
P/E ratio	12 x	10.2 x	8.01 x	7.66 x	24.2 x	18.1 x	13.2 x	9.97 x
Yield	7.2%	6.59%	7.55%	-	2.64%	3.12%	4.58%	6.42%
Capitalization / Revenue	0.09 x	0.1 x	0.1 x	0.09 x	0.32 x	0.33 x	0.28 x	0.24 x
EV / Revenue	0.13 x	0.18 x	0.21 x	0.16 x	0.38 x	0.37 x	0.33 x	0.29 x
EV / EBITDA	4.71 x	6.12 x	6.94 x	4.05 x	8.35 x	7.2 x	5.85 x	4.8 x
EV / FCF	9.2 x	-7.32 x	-5.55 x	-	9.41 x	36.3 x	24.5 x	-
FCF Yield	10.9%	-13.7%	-18%	-	10.6%	2.75%	4.07%	-
Price to Book	1.1 x	1.21 x	1.06 x	0.89 x	2.77 x	2.7 x	2.37 x	2.19 x
Nbr of stocks (in thousands)	2,840,612	2,781,843	2,844,483	2,847,078	2,841,037	2,870,775	-	-
Reference price ²	28.35	31.00	29.15	29.40	98.60	115.0	115.0	115.0
Announcement Date	3/23/20	3/23/21	1/18/22	3/15/23	3/12/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	878,255	845,012	862,082	984,619	867,057	1,011,943	1,200,275	1,364,570
EBITDA ¹	23,384	24,531	25,594	38,947	39,735	52,682	66,851	81,032
EBIT ¹	13,300	14,471	16,369	27,472	27,390	40,471	53,283	67,609
Operating Margin	1.51%	1.71%	1.9%	2.79%	3.16%	4%	4.44%	4.95%
Earnings before Tax (EBT) ¹	12,776	16,845	19,234	24,711	24,321	36,934	49,349	62,153
Net income ¹	6,801	8,682	10,468	11,162	11,472	17,912	24,600	32,403
Net margin	0.77%	1.03%	1.21%	1.13%	1.32%	1.77%	2.05%	2.37%
EPS ²	2.360	3.030	3.640	3.840	4.080	6.344	8.684	11.53
Free Cash Flow ¹	11,985	-20,508	-32,032	-	35,258	10,444	15,932	-
FCF margin	1.36%	-2.43%	-3.72%	-	4.07%	1.03%	1.33%	-
FCF Conversion (EBITDA)	51.25%	-	-	-	88.73%	19.82%	23.83%	-
FCF Conversion (Net income)	176.24%	-	-	-	307.35%	58.3%	64.76%	-
Dividend per Share ²	2.042	2.042	2.200	-	2.600	3.593	5.265	7.388
Announcement Date	3/23/20	3/23/21	1/18/22	3/15/23	3/12/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	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
Net sales ¹	220,392	263,452	226,446	244,216	250,103	263,854	212,000	207,477	217,040	230,540	233,116	234,305	265,114	283,520	269,372
EBITDA ¹	6,741	7,954	6,449	8,903	9,795	13,801	7,745	8,416	9,946	13,628	10,022	11,577	14,333	15,654	-
EBIT ¹	4,448	5,503	3,846	6,095	6,837	10,694	4,723	5,335	6,796	10,535	7,954	8,887	11,208	12,711	9,512
Operating Margin	2.02%	2.09%	1.7%	2.5%	2.73%	4.05%	2.23%	2.57%	3.13%	4.57%	3.41%	3.79%	4.23%	4.48%	3.53%
Earnings before Tax (EBT) ¹	2,395	8,721	467.2	8,106	7,937	8,201	2,627	6,177	8,394	7,122	7,116	8,208	10,141	11,468	8,514
Net income ¹	827.3	5,376	-860.3	4,250	3,696	4,076	173.8	3,258	4,702	3,337	3,267	3,786	5,219	5,779	3,954
Net margin	0.38%	2.04%	-0.38%	1.74%	1.48%	1.54%	0.08%	1.57%	2.17%	1.45%	1.4%	1.62%	1.97%	2.04%	1.47%
EPS ²	0.2900	1.850	-0.3100	1.530	1.290	1.390	0.0600	1.140	1.670	1.180	1.154	1.339	1.849	2.045	1.477
Dividend per Share ²	-	2.200	-	-	-	-	-	-	-	-	-	-	2.600	-	-
Announcement Date	11/5/21	1/18/22	5/6/22	8/5/22	11/4/22	3/15/23	5/12/23	8/9/23	11/9/23	3/12/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	29,694	63,958	94,824	73,858	51,731	49,315	60,892	59,183
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.27 x	2.607 x	3.705 x	1.896 x	1.302 x	0.9361 x	0.9109 x	0.7304 x
Free Cash Flow ¹	11,985	-20,508	-32,032	-	35,258	10,444	15,932	-
ROE (net income / shareholders' equity)	9.52%	11.9%	14%	-	11.4%	15.9%	18.7%	21.4%
ROA (Net income/ Total Assets)	1.99%	2.25%	2.26%	-	2.59%	3.62%	4.35%	-
Assets ¹	341,644	385,856	463,064	-	442,646	495,451	565,218	-
Book Value Per Share ²	25.70	25.70	27.40	33.10	35.50	42.60	48.60	52.60
Cash Flow per Share ²	6.460	-3.720	-7.740	-	16.70	1.670	8.130	-
Capex ¹	6,610	9,838	10,496	-	12,961	14,185	13,555	-
Capex / Sales	0.75%	1.16%	1.22%	-	1.49%	1.4%	1.13%	-
Announcement Date	3/23/20	3/23/21	1/18/22	3/15/23	3/12/24	-	-	-

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 Wistron Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

115 TWD

Average target price

152.3 TWD

Spread / Average Target

+32.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Computer Hardware

	1st Jan change	Capi.
WISTRON CORPORATION	+16.63%	10.19B
DELL TECHNOLOGIES INC.	+72.04%	93.94B
HP INC.	-2.16%	28.81B
HEWLETT PACKARD ENTERPRISE COMPANY	+1.18%	22.33B
SEAGATE TECHNOLOGY HOLDINGS PLC	+5.48%	18.91B
LENOVO GROUP LIMITED	-6.41%	14.92B
LOGITECH INTERNATIONAL S.A.	-3.86%	12.99B
ASUSTEK COMPUTER INC.	-6.33%	10.51B
TD SYNNEX CORPORATION	+12.42%	10.33B
DAWNING INFORMATION INDUSTRY CO., LTD.	+16.71%	9.33B

Other Computer Hardware