Stock 2377 MICRO-STAR INTERNATIONAL CO., LTD.
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Financials Micro-Star International Co., Ltd.

Equities

2377

TW0002377009

Computer Hardware

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-06-06 pm EDT 		5-day change 1st Jan Change
185.5 TWD -0.54% Intraday chart for Micro-Star International Co., Ltd. -3.13% -9.07%
May. 13 Micro-Star International Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Mar. 14 Micro-Star International Co., Ltd. Announces Cash Dividends for 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 73,249 111,943 135,599 100,960 172,351 156,721 -
Enterprise Value (EV) 1 63,136 96,154 114,282 73,484 146,578 126,006 121,374
P/E ratio 13.2 x 14.2 x 8.11 x 10.3 x 22.9 x 14.4 x 12.4 x
Yield 4.84% 3.17% 6.54% 5.52% 2.65% 3.7% 4.33%
Capitalization / Revenue 0.61 x 0.76 x 0.67 x 0.56 x 0.94 x 0.78 x 0.71 x
EV / Revenue 0.52 x 0.66 x 0.57 x 0.41 x 0.8 x 0.63 x 0.55 x
EV / EBITDA 9.23 x 9.35 x 5.39 x 6.07 x 14.4 x 10.2 x 7.8 x
EV / FCF 7.62 x 9.76 x 10.3 x 4.96 x 33.9 x 12.7 x 10.9 x
FCF Yield 13.1% 10.2% 9.67% 20.2% 2.95% 7.88% 9.19%
Price to Book 2.36 x 3.15 x 2.88 x 2.09 x 3.43 x 2.76 x 2.5 x
Nbr of stocks (in thousands) 844,856 844,856 844,856 844,856 844,856 844,856 -
Reference price 2 86.70 132.5 160.5 119.5 204.0 185.5 185.5
Announcement Date 3/25/20 3/22/21 3/22/22 3/14/23 3/14/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 120,491 146,503 201,810 180,411 182,966 201,579 221,600
EBITDA 1 6,843 10,284 21,215 12,099 10,185 12,329 15,559
EBIT 1 5,952 9,188 19,975 10,696 8,810 11,867 14,682
Operating Margin 4.94% 6.27% 9.9% 5.93% 4.82% 5.89% 6.63%
Earnings before Tax (EBT) 1 6,518 9,597 20,631 12,284 9,177 13,789 15,198
Net income 1 5,587 7,960 16,921 9,963 7,533 10,833 12,421
Net margin 4.64% 5.43% 8.38% 5.52% 4.12% 5.37% 5.61%
EPS 2 6.560 9.340 19.78 11.65 8.920 12.89 14.92
Free Cash Flow 1 8,291 9,854 11,052 14,818 4,318 9,926 11,152
FCF margin 6.88% 6.73% 5.48% 8.21% 2.36% 4.92% 5.03%
FCF Conversion (EBITDA) 121.16% 95.82% 52.1% 122.47% 42.4% 80.51% 71.68%
FCF Conversion (Net income) 148.39% 123.8% 65.32% 148.74% 57.32% 91.63% 89.78%
Dividend per Share 2 4.200 4.200 10.50 6.600 5.400 6.863 8.036
Announcement Date 3/25/20 3/22/21 3/22/22 3/14/23 3/14/24 - -
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 55,276 53,039 48,016 38,566 40,790 43,601 41,292 48,918 49,155 47,627 47,327 52,363 54,263 52,011 55,018
EBITDA 1 4,902 5,117 4,382 1,887 712.8 3,129 2,791 2,565 1,701 2,556 2,709 3,545 3,696 - -
EBIT 1 4,572 4,762 4,022 1,541 370.6 2,780 2,438 2,221 1,371 2,229 2,503 3,476 3,660 3,311 3,542
Operating Margin 8.27% 8.98% 8.38% 4% 0.91% 6.38% 5.9% 4.54% 2.79% 4.68% 5.29% 6.64% 6.74% 6.37% 6.44%
Earnings before Tax (EBT) 1 4,651 5,680 4,010 2,077 516.8 2,957 2,552 2,867 800.9 2,991 2,456 3,751 3,901 - -
Net income 1 3,881 4,767 3,042 1,609 545.1 2,464 1,979 2,350 739.6 2,492 1,983 3,092 3,266 - -
Net margin 7.02% 8.99% 6.34% 4.17% 1.34% 5.65% 4.79% 4.8% 1.5% 5.23% 4.19% 5.91% 6.02% - -
EPS 2 4.540 5.550 3.590 1.900 0.6600 2.920 2.340 2.780 0.8800 2.950 2.577 3.581 3.776 3.500 3.387
Dividend per Share 2 - - - - - - - - - - - 4.460 - - -
Announcement Date 3/22/22 5/6/22 8/11/22 11/11/22 3/14/23 5/12/23 8/10/23 11/10/23 3/14/24 5/13/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - - - -
Net Cash position 1 10,113 15,790 21,317 27,476 25,773 30,715 35,346
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 8,291 9,854 11,052 14,818 4,318 9,927 11,152
ROE (net income / shareholders' equity) 18.3% 23.9% 41% 20.9% 15.3% 20% 21%
ROA (Net income/ Total Assets) 9.67% 11.5% 18.8% - 8.5% 11% 11.7%
Assets 1 57,761 69,376 89,928 - 88,622 98,190 106,534
Book Value Per Share 2 36.70 42.10 55.70 57.30 59.40 67.20 74.20
Cash Flow per Share 2 10.90 12.70 14.70 18.30 5.840 13.60 22.50
Capex 1 983 971 1,561 821 644 828 862
Capex / Sales 0.82% 0.66% 0.77% 0.46% 0.35% 0.41% 0.39%
Announcement Date 3/25/20 3/22/21 3/22/22 3/14/23 3/14/24 - -
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 Micro-Star International Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
185.5 TWD
Average target price
185.8 TWD
Spread / Average Target
+0.18%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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