Financials Montage Technology Co., Ltd.

Equities

688008

CNE100003MN7

Semiconductors

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
50.77 ^CNY	+5.11%		+10.61%	-13.60%

Apr. 25	Montage Technology Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 03	Tranche Update on Montage Technology Co., Ltd.'s Equity Buyback Plan announced on February 5, 2024.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	80,906	93,639	94,883	70,993	66,912	57,355	-	-
Enterprise Value (EV) ¹	73,548	88,164	89,792	65,134	66,912	50,050	49,011	47,676
P/E ratio	81.4 x	85.4 x	115 x	54.4 x	147 x	42.3 x	26.2 x	21 x
Yield	0.42%	0.36%	0.36%	0.48%	-	0.63%	0.93%	1.06%
Capitalization / Revenue	46.6 x	51.3 x	37 x	19.3 x	29.3 x	13.9 x	9.1 x	7.29 x
EV / Revenue	42.3 x	48.3 x	35 x	17.7 x	29.3 x	12.1 x	7.78 x	6.06 x
EV / EBITDA	72.9 x	94 x	144 x	36.2 x	119 x	37.1 x	21.7 x	15.8 x
EV / FCF	-	157 x	170 x	141 x	-	53.2 x	26.9 x	23.8 x
FCF Yield	-	0.64%	0.59%	0.71%	-	1.88%	3.72%	4.2%
Price to Book	11 x	11.6 x	11.3 x	7.16 x	6.57 x	5.09 x	4.45 x	3.9 x
Nbr of stocks (in thousands)	1,129,814	1,129,814	1,131,307	1,134,068	1,138,740	1,129,701	-	-
Reference price ²	71.61	82.88	83.87	62.60	58.76	50.77	50.77	50.77
Announcement Date	2/27/20	2/25/21	2/9/22	2/21/23	2/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,738	1,824	2,562	3,672	2,286	4,121	6,299	7,871
EBITDA ¹	1,009	937.9	624.9	1,798	560.6	1,348	2,260	3,018
EBIT ¹	979.2	746.6	576.9	1,414	472	1,366	2,294	2,898
Operating Margin	56.35%	40.94%	22.52%	38.51%	20.65%	33.14%	36.42%	36.82%
Earnings before Tax (EBT) ¹	978.7	1,205	915	1,414	472.2	1,476	2,412	2,963
Net income ¹	932.9	1,104	829.1	1,299	450.9	1,363	2,212	2,757
Net margin	53.68%	60.52%	32.36%	35.38%	19.73%	33.08%	35.12%	35.03%
EPS ²	0.8800	0.9700	0.7300	1.150	0.4000	1.200	1.941	2.419
Free Cash Flow ¹	-	560.8	526.9	462	-	940	1,825	2,004
FCF margin	-	30.75%	20.57%	12.58%	-	22.81%	28.97%	25.47%
FCF Conversion (EBITDA)	-	59.79%	84.32%	25.69%	-	69.72%	80.74%	66.41%
FCF Conversion (Net income)	-	50.81%	63.55%	35.55%	-	68.96%	82.48%	72.71%
Dividend per Share ²	0.3000	0.3000	0.3000	0.3000	-	0.3213	0.4726	0.5392
Announcement Date	2/27/20	2/25/21	2/9/22	2/21/23	2/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	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	2025 Q1	2025 Q2
Net sales ¹	858.6	1,090	734.1	969.3	900.4	1,027	953.5	791.4	419.5	508.1	597.6	760.6	737.3	1,066	1,295	1,437	-	-
EBITDA ¹	-	-	-	597.7	260.6	262.3	305.1	969.6	-	-	-	-	-	320.4	-	-	-	-
EBIT ¹	-	-	-	253.6	356	255.5	252.1	415.1	24.03	72.05	226.2	214.3	240.6	323.8	429.9	451.9	-	-
Operating Margin	-	-	-	26.17%	39.53%	24.88%	26.44%	52.45%	5.73%	14.18%	37.86%	28.18%	32.63%	30.38%	33.2%	31.44%	-	-
Earnings before Tax (EBT) ¹	-	-	579.1	365	356	426.5	307	324.5	24.03	71.61	161.1	215.5	240.5	501	602	562	-	-
Net income ¹	-	601.5	502.2	316.7	306.1	374.9	318	300.4	19.72	62.14	174.9	217.2	223.4	348.9	465.5	516.5	-	-
Net margin	-	55.21%	68.41%	32.67%	33.99%	36.5%	33.35%	37.96%	4.7%	12.23%	29.27%	28.55%	30.3%	32.72%	35.95%	35.94%	-	-
EPS ²	-	-	0.4400	0.2800	0.2700	0.3300	0.2800	0.2700	0.0200	0.0500	0.1300	0.1900	0.2000	0.2400	0.3250	0.3400	0.3600	0.3800
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/27/20	8/14/20	2/25/21	2/9/22	4/28/22	8/9/22	10/30/22	2/21/23	4/28/23	8/23/23	10/30/23	2/26/24	4/25/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	7,358	5,475	5,091	5,859	-	7,305	8,344	9,679
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	561	527	462	-	940	1,825	2,005
ROE (net income / shareholders' equity)	17.7%	14.3%	9.93%	14.2%	4.44%	12%	16.6%	19.3%
ROA (Net income/ Total Assets)	15.6%	13.6%	9.54%	13.2%	-	11.4%	16.3%	18.9%
Assets ¹	5,981	8,100	8,689	9,826	-	12,001	13,561	14,561
Book Value Per Share ²	6.490	7.140	7.420	8.740	8.950	9.970	11.40	13.00
Cash Flow per Share ²	0.7700	0.8800	0.6000	0.6100	-	1.080	1.830	2.490
Capex ¹	21.6	439	153	227	-	355	424	471
Capex / Sales	1.24%	24.09%	5.99%	6.18%	-	8.62%	6.73%	5.98%
Announcement Date	2/27/20	2/25/21	2/9/22	2/21/23	2/26/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Montage Technology Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

50.77 CNY

Average target price

71.04 CNY

Spread / Average Target

+39.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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	1st Jan change	Capi.
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MOTORCOMM ELECTRONIC TECHNOLOGY CO., LTD.	-32.01%	742M
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Memory Chips (RAM)