Company Valuation: All Ring Tech Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,898 11,499 38,242 35,021 124,140 - -
Change - 134.79% 232.56% -8.42% 254.48% - -
Enterprise Value (EV) 1 4,898 11,499 34,996 31,178 119,707 118,996 118,057
Change - 134.79% 204.33% -10.91% 283.95% -0.59% -0.79%
P/E 10.4x 84.9x 27.9x 23.7x 46.1x 31x 22.7x
PBR - - 5.98x 4.8x 12.6x 10.4x 8.27x
PEG - -1.2x 0x 3.56x 0.6x 0.6x 0.6x
Capitalization / Revenue - 9.54x 6.91x 6.53x 13.6x 8.93x 7.07x
EV / Revenue - 9.54x 6.32x 5.81x 13.1x 8.56x 6.72x
EV / EBITDA - 89.4x 23.6x 18.6x 39.4x 23.8x 17.8x
EV / EBIT - 135x 24.5x 19.4x 40.9x 24.5x 18.5x
EV / FCF - - 49.7x 20.9x 48.7x 35.8x -
FCF Yield - - 2.01% 4.78% 2.05% 2.8% -
Dividend per Share 2 - - 10.2 11.79 19.9 27.38 37.96
Rate of return - - 2.54% 3.24% 1.56% 2.15% 2.98%
EPS 2 5.86 1.66 14.42 15.38 27.65 41.14 56.25
Distribution rate - - 70.7% 76.6% 72% 66.6% 67.5%
Net sales 1 - 1,205 5,535 5,366 9,141 13,905 17,560
EBITDA 1 - 128.7 1,483 1,679 3,042 4,999 6,616
EBIT 1 - 85.42 1,427 1,611 2,926 4,854 6,367
Net income 1 499 138.2 1,311 1,485 2,782 4,260 5,508
Net Debt 1 - - -3,247 -3,843 -4,433 -5,144 -6,083
Reference price 2 60.80 141.00 402.00 364.00 1,275.00 1,275.00 1,275.00
Nbr of stocks (in thousands) 80,556 81,556 95,130 96,211 97,365 - -
Announcement Date 3/13/23 3/26/24 2/27/25 2/10/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
47.37x13.47x40.47x1.52% 4B
41.39x13.98x31.73x0.57% 696B
34.94x11.63x28.61x0.35% 411B
38.8x11.77x34.04x0.38% 406B
36.23x14.19x29.43x0.49% 254B
34.3x7.75x23.62x1.42% 171B
36.71x13.74x26.72x0.26% 158B
37.42x4.03x18.58x1.38% 97B
59.72x8.86x47.16x0.15% 66.64B
45.16x12.03x33.92x0.13% 62.68B
Average 41.21x 11.15x 31.43x 0.66% 232.68B
Weighted average by Cap. 38.87x 12.11x 30.36x 0.54%

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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