Financials Qisda Corporation

Equities

2352

TW0002352002

Computer Hardware

End-of-day quote Taiwan S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
41.6 TWD +0.60% Intraday chart for Qisda Corporation +2.72% -13.33%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 41,892 56,938 59,889 55,365 94,406 81,818 -
Enterprise Value (EV) 1 41,892 77,785 92,123 82,737 94,406 125,363 127,436
P/E ratio 11.7 x 11.5 x 7.3 x 6.8 x 31.8 x 19.8 x 14.5 x
Yield - 5.18% 8.21% 7.1% - 4.18% 4.09%
Capitalization / Revenue 0.25 x 0.3 x 0.27 x 0.23 x 0.46 x 0.38 x 0.34 x
EV / Revenue 0.25 x 0.41 x 0.41 x 0.34 x 0.46 x 0.58 x 0.53 x
EV / EBITDA - 7.42 x 7.58 x 7.41 x 8.81 x 10.2 x 8.32 x
EV / FCF - 7.9 x -23.1 x -10.7 x - 369 x 94.1 x
FCF Yield - 12.7% -4.33% -9.34% - 0.27% 1.06%
Price to Book - - 1.44 x 1.36 x - 2.36 x 2.45 x
Nbr of stocks (in thousands) 1,966,782 1,966,782 1,966,782 1,966,782 1,966,782 1,966,782 -
Reference price 2 21.30 28.95 30.45 28.15 48.00 41.60 41.60
Announcement Date 3/27/20 3/24/21 3/8/22 3/7/23 3/5/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 169,754 191,702 225,961 239,837 203,595 214,956 240,570
EBITDA 1 - 10,488 12,157 11,167 10,711 12,294 15,322
EBIT 1 6,228 6,613 7,361 5,852 5,011 6,654 9,412
Operating Margin 3.67% 3.45% 3.26% 2.44% 2.46% 3.1% 3.91%
Earnings before Tax (EBT) 1 - 8,213 12,992 16,623 6,320 7,670 10,325
Net income 1 - 4,988 8,308 8,252 2,976 4,142 5,619
Net margin - 2.6% 3.68% 3.44% 1.46% 1.93% 2.34%
EPS 2 1.820 2.510 4.170 4.140 1.510 2.103 2.860
Free Cash Flow 1 - 9,846 -3,985 -7,729 - 340 1,354
FCF margin - 5.14% -1.76% -3.22% - 0.16% 0.56%
FCF Conversion (EBITDA) - 93.87% - - - 2.77% 8.84%
FCF Conversion (Net income) - 197.37% - - - 8.21% 24.1%
Dividend per Share 2 - 1.500 2.500 2.000 - 1.740 1.700
Announcement Date 3/27/20 3/24/21 3/8/22 3/7/23 3/5/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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
Net sales 1 57,201 61,872 60,866 62,794 60,060 56,117 50,446 52,112 50,370 50,667 46,904 52,812 56,863 58,375 52,329
EBITDA - - - - - - - - - - - - - - -
EBIT 1 1,982 1,754 1,324 2,264 788.2 1,477 1,350 1,443 1,350 867.6 763.7 1,430 2,172 2,288 1,825
Operating Margin 3.46% 2.84% 2.17% 3.61% 1.31% 2.63% 2.68% 2.77% 2.68% 1.71% 1.63% 2.71% 3.82% 3.92% 3.49%
Earnings before Tax (EBT) 1 2,548 2,018 1,565 2,509 11,408 1,141 1,229 2,104 2,125 862.3 944.7 1,723 2,525 2,478 1,885
Net income 1 1,395 995.3 534.4 981.7 6,364 371.6 324 1,024 1,202 425.7 401.3 945 1,438 1,358 852
Net margin 2.44% 1.61% 0.88% 1.56% 10.6% 0.66% 0.64% 1.96% 2.39% 0.84% 0.86% 1.79% 2.53% 2.33% 1.63%
EPS 2 0.7000 0.5200 0.2700 0.5000 3.180 0.2100 0.1600 0.5200 0.6100 0.2100 0.2067 0.4800 0.7333 0.6900 0.4300
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 11/12/21 3/8/22 5/9/22 8/5/22 11/7/22 3/7/23 5/8/23 8/4/23 11/10/23 3/5/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - 20,847 32,235 27,372 - 43,545 45,618
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) - 1.988 x 2.651 x 2.451 x - 3.542 x 2.977 x
Free Cash Flow 1 - 9,846 -3,985 -7,729 - 340 1,354
ROE (net income / shareholders' equity) 10.8% 14.3% 21.4% 16.5% - 11.2% 12.5%
ROA (Net income/ Total Assets) - 3.25% 4.64% 5.82% - 2.69% 3.5%
Assets 1 - 153,421 179,011 141,737 - 153,990 160,543
Book Value Per Share 2 - - 21.10 20.70 - 17.60 17.00
Cash Flow per Share - - - - - - -
Capex 1 2,534 4,723 6,099 6,538 - 6,725 6,725
Capex / Sales 1.49% 2.46% 2.7% 2.73% - 3.13% 2.8%
Announcement Date 3/27/20 3/24/21 3/8/22 3/7/23 3/5/24 - -
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
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
3
Last Close Price
41.6 TWD
Average target price
44.25 TWD
Spread / Average Target
+6.37%
Consensus
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