Company Valuation: ASE Technology Holding Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 346,792 455,338 402,951 581,480 702,938 1,507,673 1,507,673 -
Change - 31.3% -11.51% 44.31% 20.89% 114.48% 0% -
Enterprise Value (EV) 1 493,602 595,967 600,878 697,708 805,147 1,243,763 1,776,440 1,809,496
Change - 20.74% 0.82% 16.11% 15.4% 54.48% 4.35% 1.86%
P/E ratio 12.9x 7.4x 6.74x 18.8x 22.4x 28.2x 23.7x 17.7x
PBR 1.59x 1.79x 1.35x 1.97x 2.2x 3.22x 3.91x 3.45x
PEG - 0x -2.11x -0.4x 32.17x 1.2x 0.4x 0.5x
Capitalization / Revenue 0.73x 0.8x 0.6x 1x 1.18x 1.69x 1.99x 1.74x
EV / Revenue 1.03x 1.05x 0.9x 1.2x 1.35x 1.93x 2.35x 2.09x
EV / EBITDA 5.73x 5.11x 4.43x 7.09x 8.13x 10.5x 10.6x 8.57x
EV / EBIT 14.2x 9.59x 7.49x 17.3x 20.6x 24.5x 21.5x 16.7x
EV / FCF 28.3x 48.1x 15.7x 11.5x 66.1x -62.5x 126x 23.3x
FCF Yield 3.53% 2.08% 6.38% 8.71% 1.51% -1.6% 0.8% 4.29%
Dividend per Share 2 4.2 7 8.79 5.2 - 5.558 7.694 11.12
Rate of return 5.17% 6.57% 9.36% 3.85% - 1.61% 2.23% 3.22%
EPS 2 6.31 14.4 13.94 7.18 7.23 8.89 14.57 19.57
Distribution rate 66.6% 48.6% 63.1% 72.4% - 63.7% 52.8% 56.8%
Net sales 1 476,978 569,997 670,945 581,914 595,410 645,388 756,289 864,291
EBITDA 1 86,136 116,649 135,628 98,430 98,982 118,196 167,783 211,133
EBIT 1 34,877 62,125 80,176 40,328 39,167 50,756 82,588 108,299
Net income 1 27,593 63,908 62,090 31,725 32,483 40,658 63,832 82,832
Net Debt 1 146,810 140,629 197,927 116,228 102,209 150,646 268,767 301,824
Reference price 2 81.30 106.50 93.90 135.00 162.00 345.50 345.50 345.50
Nbr of stocks (in thousands) 4,265,590 4,275,474 4,291,278 4,307,258 4,339,123 4,363,741 4,363,741 -
Announcement Date 2/4/21 2/10/22 2/9/23 2/1/24 2/13/25 2/5/26 - -
1TWD in Million2TWD
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
38.46x2.59x14.27x1.66% 46.11B
40.42x12.03x30.91x0.7% 538B
41.07x11.91x32.94x0.48% 269B
33.67x7.34x25.99x1.51% 116B
41.14x13.27x27.46x0.92% 19.77B
51.27x6.07x21.82x0.34% 17.75B
21.07x2.64x12.49x1.43% 11.67B
198.44x35.05x131.4x - 11.62B
25.2x1.6x9.18x0.8% 10.87B
38.89x6.9x21.06x - 9.63B
Average 52.96x 9.94x 32.75x 0.98% 105.05B
Weighted average by Cap. 41.32x 10.98x 30.53x 0.78%

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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