ADVANTECH CO., LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 368 TWD | +0.82% |
|
+0.82% | -1.08% |
| Apr. 22 | Aures: takeover bid by Advantech, shares suspended | CF |
| Apr. 18 | Advantech Establishes Collaboration with Qualcomm to Shape the Future of the Edge | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 211,377 | 270,181 | 306,821 | 257,466 | 319,094 | 315,909 | - | - |
| Enterprise Value (EV) 1 | 202,043 | 257,160 | 294,086 | 246,108 | 298,250 | 299,664 | 297,133 | 296,509 |
| P/E ratio | 29.1 x | 37.8 x | 37.7 x | 24.2 x | 29.7 x | 28.2 x | 24.7 x | 21.8 x |
| Yield | 2.58% | 2.03% | 1.99% | - | 2.55% | 2.67% | 2.94% | 3.44% |
| Capitalization / Revenue | 3.9 x | 5.29 x | 5.23 x | 3.75 x | 4.94 x | 4.56 x | 4.1 x | 3.66 x |
| EV / Revenue | 3.73 x | 5.03 x | 5.02 x | 3.58 x | 4.62 x | 4.33 x | 3.85 x | 3.43 x |
| EV / EBITDA | 19.7 x | 25.7 x | 27 x | 18.1 x | 22.6 x | 20.9 x | 17.9 x | 16.1 x |
| EV / FCF | 38.6 x | 34.4 x | 36.3 x | 29.3 x | 35.2 x | 32.6 x | 26.7 x | 20.4 x |
| FCF Yield | 2.59% | 2.91% | 2.76% | 3.42% | 2.84% | 3.07% | 3.74% | 4.9% |
| Price to Book | 6.56 x | 7.85 x | 8.11 x | 8.13 x | 6.58 x | 6.09 x | 5.7 x | 5.15 x |
| Nbr of stocks (in thousands) | 846,707 | 849,045 | 851,110 | 855,532 | 857,779 | 858,449 | - | - |
| Reference price 2 | 249.6 | 318.2 | 360.5 | 300.9 | 372.0 | 368.0 | 368.0 | 368.0 |
| Announcement Date | 3/5/20 | 3/4/21 | 2/25/22 | 3/1/23 | 2/29/24 | - | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 54,145 | 51,119 | 58,622 | 68,745 | 64,568 | 69,262 | 77,105 | 86,424 |
| EBITDA 1 | 10,251 | 10,005 | 10,897 | 13,589 | 13,214 | 14,325 | 16,572 | 18,417 |
| EBIT 1 | 9,234 | 9,037 | 9,800 | 12,532 | 12,128 | 13,079 | 15,148 | 17,040 |
| Operating Margin | 17.05% | 17.68% | 16.72% | 18.23% | 18.78% | 18.88% | 19.65% | 19.72% |
| Earnings before Tax (EBT) 1 | 9,308 | 9,128 | 10,255 | 13,443 | 13,267 | 13,968 | 15,975 | 18,340 |
| Net income 1 | 7,351 | 7,248 | 8,250 | 10,757 | 10,838 | 11,270 | 12,886 | 14,538 |
| Net margin | 13.58% | 14.18% | 14.07% | 15.65% | 16.78% | 16.27% | 16.71% | 16.82% |
| EPS 2 | 8.572 | 8.428 | 9.556 | 12.46 | 12.52 | 13.03 | 14.88 | 16.86 |
| Free Cash Flow 1 | 5,234 | 7,483 | 8,109 | 8,411 | 8,467 | 9,188 | 11,112 | 14,529 |
| FCF margin | 9.67% | 14.64% | 13.83% | 12.23% | 13.11% | 13.27% | 14.41% | 16.81% |
| FCF Conversion (EBITDA) | 51.05% | 74.79% | 74.41% | 61.89% | 64.07% | 64.14% | 67.06% | 78.89% |
| FCF Conversion (Net income) | 71.2% | 103.24% | 98.29% | 78.19% | 78.13% | 81.52% | 86.24% | 99.94% |
| Dividend per Share 2 | 6.448 | 6.455 | 7.183 | - | 9.500 | 9.823 | 10.83 | 12.65 |
| Announcement Date | 3/5/20 | 3/4/21 | 2/25/22 | 3/1/23 | 2/29/24 | - | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S2 | 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 | 25,829 | 15,507 | 15,744 | 16,120 | 16,824 | 18,614 | 17,187 | 17,396 | 17,028 | 15,006 | 15,138 | 14,243 | 16,069 | 18,467 | 19,774 | 16,714 |
| EBITDA 1 | - | 2,906 | 2,982 | 3,273 | 3,370 | 3,645 | 3,301 | 3,765 | 3,693 | 2,780 | 2,975 | 2,483 | 3,008 | 4,059 | 4,726 | - |
| EBIT 1 | - | 2,608 | 2,709 | 3,015 | 3,108 | 3,378 | 3,031 | 3,502 | 3,430 | 2,506 | 2,691 | 2,259 | 2,922 | 3,711 | 4,065 | 3,258 |
| Operating Margin | - | 16.82% | 17.2% | 18.7% | 18.47% | 18.15% | 17.64% | 20.13% | 20.14% | 16.7% | 17.78% | 15.86% | 18.18% | 20.1% | 20.56% | 19.49% |
| Earnings before Tax (EBT) 1 | - | 2,883 | 2,678 | 3,170 | 3,138 | 3,967 | 3,169 | 3,680 | 3,769 | 3,088 | 2,730 | 2,475 | 3,197 | 3,961 | 4,247 | 3,397 |
| Net income 1 | - | 2,274 | 2,273 | 2,572 | 2,458 | 3,184 | 2,543 | 2,959 | 3,004 | 2,583 | 2,291 | 1,988 | 2,541 | 3,237 | 3,485 | 2,734 |
| Net margin | - | 14.67% | 14.44% | 15.96% | 14.61% | 17.11% | 14.8% | 17.01% | 17.64% | 17.21% | 15.13% | 13.96% | 15.81% | 17.53% | 17.62% | 16.36% |
| EPS 2 | - | 2.628 | 2.628 | 2.982 | 2.846 | 3.700 | 2.928 | 3.428 | 3.480 | 2.980 | 2.640 | 2.305 | 2.956 | 3.732 | 3.986 | 3.205 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 3/4/21 | 10/29/21 | 2/25/22 | 4/29/22 | 7/29/22 | 10/31/22 | 3/1/23 | 4/28/23 | 8/1/23 | 10/30/23 | 2/29/24 | - | - | - | - | - |
1TWD in Million2TWD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 9,334 | 13,021 | 12,735 | 11,359 | 20,844 | 16,245 | 18,777 | 19,400 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 5,234 | 7,483 | 8,109 | 8,411 | 8,467 | 9,188 | 11,113 | 14,529 |
| ROE (net income / shareholders' equity) | 23.9% | 21.8% | 22.8% | 26.3% | 23.5% | 22.5% | 24.1% | 24.8% |
| ROA (Net income/ Total Assets) | 16.1% | 14.9% | 15.3% | 17.3% | 16% | 15.3% | 16.5% | 18% |
| Assets 1 | 45,578 | 48,708 | 54,014 | 62,107 | 67,735 | 73,683 | 78,274 | 80,769 |
| Book Value Per Share 2 | 38.10 | 40.50 | 44.40 | 37.00 | 56.60 | 60.40 | 64.50 | 71.50 |
| Cash Flow per Share 2 | 7.230 | 9.400 | 10.60 | 8.220 | 11.20 | 11.70 | 15.40 | 17.70 |
| Capex 1 | 962 | 596 | 1,022 | 1,320 | 1,198 | 1,069 | 979 | 900 |
| Capex / Sales | 1.78% | 1.17% | 1.74% | 1.92% | 1.85% | 1.54% | 1.27% | 1.04% |
| Announcement Date | 3/5/20 | 3/4/21 | 2/25/22 | 3/1/23 | 2/29/24 | - | - | - |
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
Sell
Buy
Mean consensus
HOLD
Number of Analysts
14
Last Close Price
368
TWD
Average target price
387.2
TWD
Spread / Average Target
+5.20%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -1.08% | 9.68B | |
| +14.70% | 30.43B | |
| +0.95% | 5.86B | |
| -9.66% | 4.81B | |
| -17.19% | 4.11B | |
| -4.05% | 1.99B | |
| +2.46% | 748M | |
| -2.70% | 524M | |
| -1.38% | 188M | |
| +12.20% | 175M |
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- Financials Advantech Co., Ltd.
