VANGUARD INTERNATIONAL SEMICONDUCTOR CORPORATION

Financials Vanguard International Semiconductor Corporation

Equities

5347

TW0005347009

Semiconductors

End-of-day quote Taipei Exchange Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
83 ^TWD	-0.36%		+2.22%	+1.84%

Apr. 05	TSMC retains 2024 revenue view in sign of limited impact of earthquake	RE
Apr. 03	Taiwan quake to hit some chip output, disrupt supply chain, analysts say	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	129,971	190,122	258,959	127,021	133,577	136,036	-	-
Enterprise Value (EV) ¹	122,293	181,353	248,691	103,321	115,654	116,212	109,263	113,133
P/E ratio	22.4 x	30.4 x	22.1 x	8.54 x	18.4 x	23.6 x	17.1 x	13.9 x
Yield	4.04%	3.02%	2.85%	5.81%	5.52%	5.42%	5.38%	5.54%
Capitalization / Revenue	4.59 x	5.74 x	5.89 x	2.46 x	3.49 x	3.24 x	2.69 x	2.41 x
EV / Revenue	4.32 x	5.47 x	5.66 x	2 x	3.02 x	2.77 x	2.16 x	2.01 x
EV / EBITDA	13.5 x	16.6 x	13.8 x	4.43 x	8.49 x	8 x	6 x	5.48 x
EV / FCF	668 x	25.9 x	31.3 x	6.8 x	62.4 x	10.7 x	8.58 x	-
FCF Yield	0.15%	3.86%	3.2%	14.7%	1.6%	9.35%	11.7%	-
Price to Book	4.4 x	6.43 x	7.36 x	2.8 x	2.92 x	3.08 x	2.88 x	2.47 x
Nbr of stocks (in thousands)	1,638,982	1,638,982	1,638,982	1,638,982	1,638,982	1,638,982	-	-
Reference price ²	79.30	116.0	158.0	77.50	81.50	83.00	83.00	83.00
Announcement Date	2/20/20	2/2/21	2/11/22	2/21/23	2/1/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	28,286	33,131	43,951	51,694	38,273	42,010	50,565	56,410
EBITDA ¹	9,050	10,916	18,086	23,349	13,626	14,526	18,203	20,647
EBIT ¹	6,909	7,416	14,102	17,807	5,774	5,903	9,132	12,963
Operating Margin	24.43%	22.38%	32.09%	34.45%	15.09%	14.05%	18.06%	22.98%
Earnings before Tax (EBT) ¹	7,358	7,567	14,290	18,851	8,834	7,196	9,852	12,186
Net income ¹	5,860	6,306	11,820	15,280	7,370	5,830	8,063	9,749
Net margin	20.72%	19.03%	26.89%	29.56%	19.26%	13.88%	15.95%	17.28%
EPS ²	3.540	3.810	7.140	9.070	4.430	3.523	4.854	5.951
Free Cash Flow ¹	183	7,002	7,958	15,204	1,853	10,868	12,741	-
FCF margin	0.65%	21.14%	18.11%	29.41%	4.84%	25.87%	25.2%	-
FCF Conversion (EBITDA)	2.02%	64.15%	44%	65.12%	13.6%	74.82%	69.99%	-
FCF Conversion (Net income)	3.12%	111.05%	67.33%	99.5%	25.14%	186.43%	158.02%	-
Dividend per Share ²	3.200	3.500	4.500	4.500	4.500	4.500	4.465	4.600
Announcement Date	2/20/20	2/2/21	2/11/22	2/21/23	2/1/24	-	-	-

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	11,878	12,738	13,492	15,301	13,328	9,573	8,187	9,854	10,557	9,674	9,335	9,856	11,052	11,712	11,625
EBITDA ¹	5,079	5,648	6,182	7,259	5,936	3,972	3,189	3,700	3,720	3,016	3,154	3,466	3,782	4,019	4,646
EBIT ¹	4,064	4,599	4,988	5,912	4,445	2,462	1,365	1,806	1,665	938.2	962.1	1,181	1,660	1,990	1,934
Operating Margin	34.21%	36.11%	36.97%	38.64%	33.35%	25.72%	16.68%	18.32%	15.77%	9.7%	10.31%	11.98%	15.02%	16.99%	16.64%
Earnings before Tax (EBT) ¹	4,117	4,634	5,071	6,109	4,764	2,907	1,700	2,208	2,041	2,885	1,284	1,580	2,037	2,288	2,236
Net income ¹	3,288	3,716	4,092	4,887	3,823	2,479	1,364	1,995	1,623	2,388	1,078	1,289	1,652	1,870	1,798
Net margin	27.68%	29.17%	30.33%	31.94%	28.68%	25.9%	16.66%	20.25%	15.38%	24.68%	11.55%	13.08%	14.95%	15.97%	15.47%
EPS ²	1.990	2.230	2.470	2.940	2.280	1.460	0.8300	1.220	0.9800	1.440	0.6551	0.7838	1.004	1.135	1.091
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	4.500	-	-
Announcement Date	11/2/21	2/11/22	5/6/22	8/2/22	11/1/22	2/21/23	5/8/23	8/1/23	11/7/23	2/1/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	7,678	8,769	10,268	23,700	17,923	19,824	26,773	22,902
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	183	7,002	7,958	15,204	1,853	10,868	12,741	-
ROE (net income / shareholders' equity)	19.9%	21.3%	36.5%	38%	16.2%	13.1%	18.4%	23.3%
ROA (Net income/ Total Assets)	14.6%	14.6%	21.6%	18.4%	7.25%	5.2%	7.1%	6.9%
Assets ¹	40,222	43,231	54,609	83,244	101,695	112,059	113,537	141,286
Book Value Per Share ²	18.00	18.00	21.50	27.70	27.90	26.90	28.90	33.50
Cash Flow per Share ²	5.100	6.500	12.80	20.10	5.180	7.890	10.30	15.00
Capex ¹	8,262	3,758	13,280	18,723	6,779	3,786	4,966	4,422
Capex / Sales	29.21%	11.34%	30.21%	36.22%	17.71%	9.01%	9.82%	7.84%
Announcement Date	2/20/20	2/2/21	2/11/22	2/21/23	2/1/24	-	-	-

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

Ratings for Vanguard International Semiconductor Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

83 TWD

Average target price

66.58 TWD

Spread / Average Target

-19.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Integrated Circuits