Company Valuation: Gold Circuit Electronics Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 41,098 37,975 106,098 117,535 334,355 565,645 - -
Change - -7.6% 179.39% 10.78% 184.47% 69.18% - -
Enterprise Value (EV) 1 41,749 37,530 103,432 115,604 333,875 574,953 583,551 574,392
Change - -10.11% 175.6% 11.77% 188.81% 72.21% 1.5% -1.57%
P/E 14.1x 9.89x 30.1x 20.9x 35.3x 26.8x 17.6x 11.6x
PBR 3.6x 2.95x 6.44x 5.51x 10.1x 10.8x 7.92x 5.2x
PEG - 0.2x -1.7x 0.4x 0.5x 0x 0.3x 0.2x
Capitalization / Revenue 1.54x 1.16x 3.53x 3.02x 5.57x 5.32x 3.54x 2.64x
EV / Revenue 1.57x 1.14x 3.44x 2.97x 5.56x 5.41x 3.65x 2.68x
EV / EBITDA 8.52x 5.43x 16.9x 12.6x 21.7x 18.4x 10.9x 7.64x
EV / EBIT 10.1x 6.22x 20.1x 14.3x 23.8x 19.5x 11.4x 7.92x
EV / FCF 26.7x 12.2x 28x 234x -74.6x -73.2x 504x 26.4x
FCF Yield 3.75% 8.22% 3.57% 0.43% -1.34% -1.37% 0.2% 3.79%
Dividend per Share 2 2.444 - 3.5 6 10 14.65 23.01 36.85
Rate of return 2.89% - 1.61% 2.48% 1.46% 1.33% 2.08% 3.34%
EPS 2 5.978 8.78 7.25 11.54 19.47 41.22 62.8 95.35
Distribution rate 40.9% - 48.3% 52% 51.4% 35.5% 36.6% 38.7%
Net sales 1 26,607 32,785 30,044 38,952 60,004 106,371 159,967 214,339
EBITDA 1 4,898 6,911 6,103 9,156 15,359 31,233 53,443 75,222
EBIT 1 4,123 6,037 5,136 8,067 14,043 29,500 50,986 72,492
Net income 1 2,927 4,568 3,529 5,616 9,607 21,115 34,741 48,909
Net Debt 1 651.3 -445.5 -2,666 -1,931 -479.7 9,308 17,907 8,747
Reference price 2 84.44 86.80 218.00 241.50 687.00 1,105.00 1,105.00 1,105.00
Nbr of stocks (in thousands) 486,688 437,504 486,688 486,689 486,688 511,896 - -
Announcement Date 3/21/22 3/15/23 3/15/24 3/13/25 3/12/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.81x5.41x18.41x1.33% 17.76B
23.43x13.34x20.12x0.32% 5,649B
23.23x11.42x15.48x1.08% 2,035B
38.4x16.23x23.84x0.73% 1,695B
14.63x8.98x10.8x0.05% 1,214B
110.59x20.07x76.37x-.--% 1,035B
5.22x3.39x4.09x0.19% 996B
-51.7x10.3x28.67x-.--% 627B
243.9x53.58x109.14x-.--% 328B
Average 48.28x 15.86x 34.10x 0.41% 1,511B
Weighted average by Cap. 31.65x 13.63x 24.70x 0.41%

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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  4. Valuation Gold Circuit Electronics Ltd.