Financials Andes Technology Corporation

Equities

6533

TW0006533003

Semiconductors

End-of-day quote Taiwan S.E. 06:00:00 2024-04-28 pm EDT 5-day change 1st Jan Change
389 TWD +2.37% Intraday chart for Andes Technology Corporation +3.32% -18.96%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 5,630 14,245 27,149 25,199 24,312 19,703 - -
Enterprise Value (EV) 1 5,630 14,245 22,964 21,101 24,312 15,839 15,506 15,814
P/E ratio 347 x 407 x 149 x - -239 x 147 x 53.9 x 25.1 x
Yield - - 0.53% 0.3% - 0.02% 0.44% 1.8%
Capitalization / Revenue 11.4 x 24.5 x 33.1 x 27 x 23 x 14.3 x 11.1 x 8.47 x
EV / Revenue 11.4 x 24.5 x 28 x 22.6 x 23 x 11.5 x 8.77 x 6.8 x
EV / EBITDA - 102 x 75 x 167 x 6,224 x 44 x 21.7 x 18.5 x
EV / FCF - - 76 x - - 51.4 x 26.2 x 18.1 x
FCF Yield - - 1.32% - - 1.94% 3.82% 5.51%
Price to Book - - 5.69 x 5.05 x - 4.03 x 3.75 x 3.45 x
Nbr of stocks (in thousands) 42,651 42,651 50,651 50,651 50,651 50,651 - -
Reference price 2 132.0 334.0 536.0 497.5 480.0 389.0 389.0 389.0
Announcement Date 3/9/20 3/3/21 3/9/22 3/15/23 3/21/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 494.9 581 819.8 931.8 1,058 1,378 1,769 2,325
EBITDA 1 - 139.5 306.3 126 3.906 359.9 714.1 854
EBIT 1 - 37.62 158.7 -69.17 -268.5 18.73 374.9 707
Operating Margin - 6.48% 19.35% -7.42% -25.38% 1.36% 21.19% 30.41%
Earnings before Tax (EBT) 1 - 38.69 177.1 - -99.09 141 373.1 827
Net income 1 - 35.14 161.7 - -101.7 73.59 365.2 786
Net margin - 6.05% 19.72% - -9.62% 5.34% 20.65% 33.81%
EPS 2 0.3800 0.8200 3.590 - -2.010 2.650 7.214 15.51
Free Cash Flow 1 - - 302.2 - - 308 592.7 872
FCF margin - - 36.87% - - 22.36% 33.51% 37.51%
FCF Conversion (EBITDA) - - 98.66% - - 85.58% 83% 102.11%
FCF Conversion (Net income) - - 186.94% - - 418.51% 162.26% 110.94%
Dividend per Share 2 - - 2.849 1.500 - 0.0634 1.724 7.000
Announcement Date 3/9/20 3/3/21 3/9/22 3/15/23 3/21/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 - 269.1 211 140.1 271.1 225.1 179.2 247.6 406 227.5 307.5 371.5 470.5 347.1
EBITDA 1 - - - - - - - - 72.24 24.95 16.59 59.91 110.9 72.72
EBIT 1 - 52.91 3.67 -75.21 33.23 -50.85 -141.1 -67.22 -9.309 -90 -46.5 45 132 8.548
Operating Margin - 19.67% 1.74% -53.67% 12.26% -22.59% -78.77% -27.15% -2.29% -39.56% -15.12% 12.11% 28.06% 2.46%
Earnings before Tax (EBT) 1 - 31.39 130.2 72.68 305.1 -55.64 -38.08 113 -118.3 -62.5 -16.5 55.5 106 44.93
Net income 1 43.89 30 124.4 71.89 292.5 -54.51 -42.01 104.1 -109.3 -60 -30 52 43 40.88
Net margin - 11.15% 58.96% 51.3% 107.87% -24.22% -23.45% 42.03% -26.91% -26.37% -9.76% 14% 9.14% 11.78%
EPS 2 0.9900 0.5400 2.460 1.420 5.770 -1.080 -0.8300 2.050 -2.160 -1.185 -0.0600 1.025 1.940 0.8072
Dividend per Share 2 - - - - - - - - - - - 0.1735 - -
Announcement Date 11/11/21 3/9/22 5/5/22 8/11/22 11/10/22 5/9/23 8/11/23 11/2/23 3/21/24 - - - - -
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 - - 4,185 4,098 - 3,864 4,197 3,889
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - - 302 - - 308 593 872
ROE (net income / shareholders' equity) - 2.97% 5.42% 7.29% - 2.52% 8.44% 14.3%
ROA (Net income/ Total Assets) - 2.52% 5.03% - - 2.5% 6.88% 13.1%
Assets 1 - 1,396 3,216 - - 2,944 5,309 6,000
Book Value Per Share 2 - - 94.20 98.50 - 96.40 104.0 113.0
Cash Flow per Share - - - - - - - -
Capex 1 - 3.3 9.09 - - 60 66 10
Capex / Sales - 0.57% 1.11% - - 4.36% 3.73% 0.43%
Announcement Date 3/9/20 3/3/21 3/9/22 3/15/23 3/21/24 - - -
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
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
5
Last Close Price
389 TWD
Average target price
516.2 TWD
Spread / Average Target
+32.70%
Consensus
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