Company Valuation: Phison Electronics Corp.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 100,902 59,917 102,757 109,648 301,752 440,118 - -
Change - -40.62% 71.5% 6.71% 175.2% 45.85% - -
Enterprise Value (EV) 1 85,380 46,551 90,731 96,192 287,828 366,644 354,026 354,512
Change - -45.48% 94.91% 6.02% 199.22% 27.38% -3.44% 0.14%
P/E 12.4x 12.1x 29.6x 15x 36.5x 4.9x 7.14x 7.79x
PBR 2.7x 1.61x 2.44x 2.24x 5.02x 3.53x 2.9x 2.9x
PEG - -0.3x -0.9x 0x 3.2x 0x -0.2x -0.94x
Capitalization / Revenue 1.61x 0.99x 2.13x 1.86x 4.15x 1.58x 1.38x 1.47x
EV / Revenue 1.36x 0.77x 1.88x 1.63x 3.96x 1.31x 1.11x 1.19x
EV / EBITDA 8.69x 5.9x 18.8x 20.2x 29.9x 3.56x 5.17x 6.5x
EV / EBIT 9.4x 6.8x 25.1x 27.2x 34.8x 3.74x 5.1x 7.01x
EV / FCF 31.5x 22.8x -43.5x 85.2x 1,433x 10x 8.62x 4.73x
FCF Yield 3.17% 4.39% -2.3% 1.17% 0.07% 10% 11.6% 21.1%
Dividend per Share 2 23 14.72 13.26 - 23.23 124.9 99.41 131.7
Rate of return 4.49% 4.67% 2.55% - 1.6% 6.28% 5% 6.62%
EPS 2 41.34 26.06 17.57 35.68 39.74 406.1 278.6 255.5
Distribution rate 55.6% 56.5% 75.5% - 58.5% 30.8% 35.7% 51.5%
Net sales 1 62,557 60,256 48,222 58,936 72,664 279,011 319,980 299,055
EBITDA 1 9,827 7,890 4,827 4,766 9,628 103,053 68,541 54,558
EBIT 1 9,084 6,844 3,622 3,533 8,266 98,036 69,358 50,556
Net income 1 8,147 5,401 3,624 7,953 8,739 91,583 62,525 57,755
Net Debt 1 -15,522 -13,367 -12,025 -13,457 -13,924 -73,474 -86,093 -85,606
Reference price 2 512.00 315.00 520.00 534.00 1,450.00 1,990.00 1,990.00 1,990.00
Nbr of stocks (in thousands) 197,074 190,214 197,609 205,334 208,105 221,165 - -
Announcement Date 3/4/22 A 3/16/23 A 3/12/24 A 3/7/25 A 3/6/26 A - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
5.09x1.37x3.72x6.05% 14.43B
18.23x8.98x23.29x0.76% 39.93B
59.96x29.31x65.37x0.51% 35.61B
8.17x2.86x6.16x1.15% 23.03B
23.94x - - - 9.94B
34.12x - - - 9.26B
3.17x - - - 3.85B
27.31x1.61x11.38x - 2.49B
Average 22.50x 8.83x 21.98x 2.12% 17.32B
Weighted average by Cap. 27.13x 12.92x 30.15x 1.44%

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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