Company Valuation: ChipMOS TECHNOLOGIES INC.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 35,344 24,363 30,726 22,799 32,789 73,848 - -
Change - -31.07% 26.12% -25.8% 43.82% 125.22% - -
Enterprise Value (EV) 1 39,194 28,207 31,078 18,034 32,789 78,713 81,866 81,909
Change - -28.03% 10.18% -41.97% 81.82% 140.06% 4.01% 0.05%
P/E 6.98x 7.22x 16.3x 16.1x 67.4x 22.7x 15.9x 13.3x
PBR 1.45x 0.98x 1.24x 0.92x 1.4x 2.72x 2.49x 2.26x
PEG - -0.2x -0.4x -0.6x -1.1x 0x 0.4x 0.7x
Capitalization / Revenue 1.29x 1.04x 1.44x 1x 1.37x 2.44x 2.09x 1.81x
EV / Revenue 1.43x 1.2x 1.46x 0.79x 1.37x 2.6x 2.32x 2.01x
EV / EBITDA 3.84x 3.54x 4.65x 2.94x - 9.06x 7.51x 6.7x
EV / EBIT 7.05x 8.77x 16.2x 14.2x 28.7x 22x 15.2x 12.7x
EV / FCF 25.1x 7.06x 8.59x 19.3x - -33.3x 24.8x -
FCF Yield 3.98% 14.2% 11.6% 5.18% - -3.01% 4.03% -
Dividend per Share 2 2.2 2.3 1.8 1.2 - 2.193 3.524 3.25
Rate of return 4.53% 6.87% 4.26% 3.83% - 2.08% 3.34% 3.08%
EPS 2 6.96 4.64 2.6 1.95 0.7 4.649 6.637 7.947
Distribution rate 31.6% 49.6% 69.2% 61.5% - 47.2% 53.1% 40.9%
Net sales 1 27,400 23,517 21,356 22,696 23,933 30,296 35,267 40,772
EBITDA 1 10,197 7,969 6,686 6,130 - 8,691 10,902 12,218
EBIT 1 5,562 3,217 1,915 1,274 1,143 3,582 5,395 6,451
Net income 1 5,059 3,372 1,893 1,420 495.1 3,280 4,697 5,563
Net Debt 1 3,850 3,844 352.5 -4,765 - 4,864 8,018 8,060
Reference price 2 48.60 33.50 42.25 31.35 47.15 105.50 105.50 105.50
Nbr of stocks (in thousands) 727,240 727,240 727,240 727,240 695,418 699,983 - -
Announcement Date 2/24/22 A 2/23/23 A 2/22/24 A 2/25/25 A 2/24/26 A - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.16x2.54x8.86x - 2.27B
38.43x12.95x29.4x0.61% 653B
32.13x10.66x26.29x0.38% 378B
31.06x6.97x21.47x1.57% 153B
35.62x3.82x17.66x1.46% 91.82B
45.48x14.69x30.5x0.83% 22.25B
52.4x6.95x24.24x0.28% 21.87B
20.57x2.98x12.75x1.48% 15.38B
46.18x8.47x25.24x - 13.54B
Average 36.00x 7.78x 21.82x 0.94% 150.14B
Weighted average by Cap. 35.83x 10.76x 26.50x 0.72%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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-40%: Exceptional extension
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