MERRY ELECTRONICS CO., LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 119.5 TWD | +3.02% |
|
+4.82% | +9.13% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 34,820 | 30,670 | 20,490 | 17,379 | 24,018 | 26,205 | - |
| Enterprise Value (EV) 1 | 30,862 | 31,428 | 22,346 | 16,086 | 22,881 | 26,205 | 26,205 |
| P/E ratio | 14.5 x | 24.4 x | 19.3 x | 13.1 x | 19.9 x | 15.9 x | 14.1 x |
| Yield | 4.6% | 3.52% | 4.24% | 5.65% | 4.29% | - | - |
| Capitalization / Revenue | 0.96 x | 0.89 x | 0.57 x | 0.49 x | 0.65 x | 0.64 x | 0.6 x |
| EV / Revenue | 0.96 x | 0.89 x | 0.57 x | 0.49 x | 0.65 x | 0.64 x | 0.6 x |
| EV / EBITDA | 13.2 x | 17.5 x | 11.2 x | 9.46 x | 12.2 x | 11.4 x | 11.8 x |
| EV / FCF | 9.62 x | -6.44 x | 14.4 x | 4.25 x | 14.2 x | 46.8 x | - |
| FCF Yield | 10.4% | -15.5% | 6.93% | 23.5% | 7.05% | 2.14% | - |
| Price to Book | 2.72 x | 2.61 x | 1.76 x | 1.41 x | 2.09 x | 2.09 x | - |
| Nbr of stocks (in thousands) | 207,879 | 209,352 | 217,053 | 218,052 | 219,343 | 219,290 | - |
| Reference price 2 | 167.5 | 146.5 | 94.40 | 79.70 | 109.5 | 119.5 | 119.5 |
| Announcement Date | 2/27/20 | 2/25/21 | 2/24/22 | 2/24/23 | 2/22/24 | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 36,398 | 34,445 | 36,183 | 35,399 | 36,690 | 41,222 | 43,736 |
| EBITDA 1 | 2,648 | 1,751 | 1,825 | 1,837 | 1,962 | 2,305 | 2,224 |
| EBIT 1 | 2,235 | 1,141 | 1,099 | 1,073 | 1,138 | 1,631 | 1,732 |
| Operating Margin | 6.14% | 3.31% | 3.04% | 3.03% | 3.1% | 3.96% | 3.96% |
| Earnings before Tax (EBT) 1 | 3,246 | 1,703 | 1,582 | 2,049 | 1,627 | 2,235 | 2,433 |
| Net income 1 | 2,549 | 1,322 | 1,128 | 1,455 | 1,320 | 1,635 | 1,858 |
| Net margin | 7% | 3.84% | 3.12% | 4.11% | 3.6% | 3.97% | 4.25% |
| EPS 2 | 11.54 | 6.010 | 4.880 | 6.070 | 5.490 | 7.517 | 8.470 |
| Free Cash Flow 1 | 3,618 | -4,760 | 1,420 | 4,087 | 1,693 | 560 | - |
| FCF margin | 9.94% | -13.82% | 3.92% | 11.55% | 4.61% | 1.36% | - |
| FCF Conversion (EBITDA) | 136.65% | - | 77.81% | 222.49% | 86.3% | 24.3% | - |
| FCF Conversion (Net income) | 141.95% | - | 125.81% | 280.81% | 128.22% | 34.24% | - |
| Dividend per Share | 7.700 | 5.160 | 4.000 | 4.500 | 4.700 | - | - |
| Announcement Date | 2/27/20 | 2/25/21 | 2/24/22 | 2/24/23 | 2/22/24 | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 11,815 | 6,018 | 8,004 | 11,050 | 10,325 | 7,131 | 8,356 | 9,455 | 11,748 | 8,353 | 9,447 | 11,446 | 11,771 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 732.3 | -26.54 | 276.6 | 406.2 | 416.9 | 66.72 | 186.9 | 401.8 | 482.4 | 180.3 | 348.3 | 574 | 463 |
| Operating Margin | 6.2% | -0.44% | 3.46% | 3.68% | 4.04% | 0.94% | 2.24% | 4.25% | 4.11% | 2.16% | 3.69% | 5.01% | 3.93% |
| Earnings before Tax (EBT) 1 | 741.9 | 151.7 | 559.6 | 851.4 | 486.3 | 66.74 | 500.8 | 617 | 442.6 | 530.9 | 396.5 | 718 | 696.5 |
| Net income 1 | 538.7 | 110.3 | 392.6 | 586.3 | 366.2 | 56.01 | 362.6 | 421.7 | 480 | 365.1 | 322.3 | 558.3 | 519.3 |
| Net margin | 4.56% | 1.83% | 4.91% | 5.31% | 3.55% | 0.79% | 4.34% | 4.46% | 4.09% | 4.37% | 3.41% | 4.88% | 4.41% |
| EPS 2 | 2.240 | 0.4800 | 1.840 | 2.440 | 1.520 | 0.2500 | 1.520 | 1.970 | 1.970 | 1.500 | 1.480 | 2.567 | 2.387 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 2/24/22 | 4/28/22 | 7/28/22 | 10/28/22 | 2/24/23 | 4/27/23 | 7/28/23 | 10/26/23 | 2/22/24 | 4/26/24 | - | - | - |
1TWD in Million2TWD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Debt | - | 758 | 1,857 | - | - | - | - |
| Net Cash position | 3,957 | - | - | 1,292 | 1,137 | - | - |
| Leverage (Debt/EBITDA) | - | 0.4329 x | 1.018 x | - | - | - | - |
| Free Cash Flow 1 | 3,618 | -4,760 | 1,420 | 4,087 | 1,693 | 560 | - |
| ROE (net income / shareholders' equity) | 22.4% | 10.7% | 9.65% | 12.2% | 10.6% | 11.6% | 12.3% |
| ROA (Net income/ Total Assets) | 9.08% | 4.41% | 3.32% | 4.33% | 4% | 4.53% | 4.39% |
| Assets 1 | 28,063 | 29,975 | 34,009 | 33,645 | 33,020 | 36,140 | 42,323 |
| Book Value Per Share 2 | 61.50 | 56.20 | 53.60 | 56.40 | 52.50 | 57.20 | - |
| Cash Flow per Share | 18.90 | -14.20 | 11.20 | 19.20 | - | - | - |
| Capex 1 | 513 | 1,565 | 1,240 | 596 | 530 | 1,000 | 1,200 |
| Capex / Sales | 1.41% | 4.54% | 3.43% | 1.68% | 1.45% | 2.43% | 2.74% |
| Announcement Date | 2/27/20 | 2/25/21 | 2/24/22 | 2/24/23 | 2/22/24 | - | - |
1TWD in Million2TWD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
119.5
TWD
Average target price
141
TWD
Spread / Average Target
+17.99%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +9.13% | 803M | |
| -2.29% | 371B | |
| +22.71% | 1.95B | |
| -18.03% | 1.07B | |
| +66.81% | 831M | |
| -11.48% | 763M | |
| +44.37% | 670M | |
| -29.73% | 358M | |
| -10.21% | 287M | |
| -5.54% | 78.06M |
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- Financials Merry Electronics Co., Ltd.
