Financials Innolux Corporation

Equities

3481

TW0003481008

Electronic Equipment & Parts

End-of-day quote Taiwan S.E. 06:00:00 2024-04-29 pm EDT 5-day change 1st Jan Change
14.25 TWD 0.00% Intraday chart for Innolux Corporation +9.62% -0.35%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 80,227 135,798 206,969 104,599 128,595 129,239 -
Enterprise Value (EV) 1 66,661 116,093 178,934 54,453 108,818 64,606 76,860
P/E ratio -4.71 x 82.9 x 3.54 x -4 x -7.11 x 1,990 x 38.9 x
Yield - - - - - 0.28% 1.63%
Capitalization / Revenue 0.32 x 0.5 x 0.59 x 0.47 x 0.61 x 0.56 x 0.53 x
EV / Revenue 0.26 x 0.43 x 0.51 x 0.24 x 0.51 x 0.28 x 0.31 x
EV / EBITDA 4.39 x 3.11 x 1.81 x 68.7 x 9.02 x 2.11 x 2.23 x
EV / FCF -6.08 x 67.1 x 2.43 x -2.36 x -9.23 x -78.2 x 6.93 x
FCF Yield -16.5% 1.49% 41.1% -42.3% -10.8% -1.28% 14.4%
Price to Book 0.35 x 0.59 x 0.68 x 0.42 x 0.58 x 0.57 x 0.56 x
Nbr of stocks (in thousands) 8,280,327 8,280,327 9,078,647 8,992,672 8,992,659 9,069,379 -
Reference price 2 9.689 16.40 22.80 11.63 14.30 14.25 14.25
Announcement Date 2/13/20 2/4/21 2/11/22 2/14/23 2/22/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 251,971 269,911 350,077 223,716 211,741 232,082 245,164
EBITDA 1 15,196 37,380 99,014 793 12,064 30,627 34,404
EBIT 1 -19,900 1,812 62,713 -31,665 -18,709 -1,949 2,368
Operating Margin -7.9% 0.67% 17.91% -14.15% -8.84% -0.84% 0.97%
Earnings before Tax (EBT) 1 -16,525 2,557 62,411 -26,222 -16,363 -2,330 13,306
Net income 1 -17,400 1,636 57,534 -27,990 -18,643 -1,354 8,343
Net margin -6.91% 0.61% 16.43% -12.51% -8.8% -0.58% 3.4%
EPS 2 -2.059 0.1977 6.432 -2.905 -2.010 0.007160 0.3667
Free Cash Flow 1 -10,969 1,731 73,613 -23,031 -11,796 -826 11,096
FCF margin -4.35% 0.64% 21.03% -10.29% -5.57% -0.36% 4.53%
FCF Conversion (EBITDA) - 4.63% 74.35% - - - 32.25%
FCF Conversion (Net income) - 105.79% 127.95% - - - 133%
Dividend per Share 2 - - - - - 0.0400 0.2324
Announcement Date 2/13/20 2/4/21 2/11/22 2/14/23 2/22/24 - -
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 93,100 79,917 69,886 57,900 48,000 47,913 45,595 55,087 57,654 53,404 50,492 56,972 63,254 64,349 56,982
EBITDA 1 28,203 13,969 10,768 2,600 -7,468 -5,075 -873 2,355 6,064 4,519 4,647 6,660 9,270 8,510 5,994
EBIT 1 19,000 5,043 2,243 -5,700 -15,383 -12,788 -8,610 -5,300 -1,585 -3,174 -3,171 -1,069 1,542 2,267 -23.19
Operating Margin 20.41% 6.31% 3.21% -9.84% -32.05% -26.69% -18.88% -9.62% -2.75% -5.94% -6.28% -1.88% 2.44% 3.52% -0.04%
Earnings before Tax (EBT) 1 19,978 6,510 2,329 -4,381 -12,221 -11,950 -6,939 -5,133 -1,347 -2,944 -3,714 -1,731 286 3,015 2,678
Net income 1 18,602 5,942 1,890 -4,700 -12,700 -12,393 -7,769 -5,700 -1,898 -3,237 -4,104 -447.5 1,947 2,647 583.8
Net margin 19.98% 7.44% 2.7% -8.12% -26.46% -25.87% -17.04% -10.35% -3.29% -6.06% -8.13% -0.79% 3.08% 4.11% 1.02%
EPS 2 2.001 0.8724 0.2094 -0.5234 -1.337 -1.368 -0.8632 -0.6316 -0.2100 -0.3600 -0.4500 -0.0482 0.2096 0.2923 0.0657
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 10/28/21 2/11/22 5/11/22 7/28/22 10/27/22 2/14/23 4/18/23 7/27/23 10/26/23 2/22/24 4/19/24 - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - - - -
Net Cash position 1 13,566 19,705 28,035 50,146 19,777 64,633 52,379
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 -10,969 1,731 73,613 -23,031 -11,796 -826 11,096
ROE (net income / shareholders' equity) -7.16% 0.7% 21.2% -10.1% -7.76% 0.03% 1.74%
ROA (Net income/ Total Assets) -4.46% 0.43% 13.6% -6.58% -5.03% -0.99% 2.03%
Assets 1 389,878 380,465 423,546 425,632 370,636 137,290 411,521
Book Value Per Share 2 28.00 27.80 33.50 27.90 24.70 25.20 25.50
Cash Flow per Share 2 1.630 2.690 11.00 -0.2100 1.030 2.970 -
Capex 1 24,805 20,673 28,139 21,100 21,352 20,608 20,436
Capex / Sales 9.84% 7.66% 8.04% 9.43% 10.08% 8.88% 8.34%
Announcement Date 2/13/20 2/4/21 2/11/22 2/14/23 2/22/24 - -
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

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
14.25 TWD
Average target price
16.49 TWD
Spread / Average Target
+15.69%
Consensus
  1. Stock Market
  2. Equities
  3. 3481 Stock
  4. Financials Innolux Corporation