Stock 2344 WINBOND ELECTRONICS CORPORATION
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Financials Winbond Electronics Corporation

Equities

2344

TW0002344009

Semiconductors

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
25.15 TWD -0.20% Intraday chart for Winbond Electronics Corporation -0.98% -17.41%
Apr. 26 Fih Co Enters into Joint Venture Agreement CI
Apr. 01 Winbond Extends Its Secure Flash Family with New Memory Densities, PQC Support and Secure Supply Chain Management CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 77,809 115,619 135,320 78,008 127,281 105,127 -
Enterprise Value (EV) 1 90,127 129,408 129,926 78,008 153,199 146,742 123,978
P/E ratio 61.1 x 88 x 9.97 x 6.03 x -105 x 30.1 x 12.1 x
Yield 0.51% 0.69% 2.94% - - 3.98% 2.69%
Capitalization / Revenue 1.6 x 1.91 x 1.36 x 0.83 x 1.7 x 1.21 x 1.04 x
EV / Revenue 1.85 x 2.13 x 1.3 x 0.83 x 2.04 x 1.68 x 1.23 x
EV / EBITDA 8.98 x 11.7 x 4.32 x 2.99 x 15 x 9.01 x 5.51 x
EV / FCF - - 6.32 x - -15 x -27.4 x -199 x
FCF Yield - - 15.8% - -6.65% -3.65% -0.5%
Price to Book 1.28 x 1.77 x 1.64 x 0.83 x 1.38 x 1.09 x 0.99 x
Nbr of stocks (in thousands) 3,980,000 3,980,000 3,980,000 3,980,000 4,180,000 4,180,000 -
Reference price 2 19.55 29.05 34.00 19.60 30.45 25.15 25.15
Announcement Date 2/6/20 2/19/21 2/11/22 2/17/23 2/7/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 48,771 60,683 99,570 94,530 75,006 87,112 100,760
EBITDA 1 10,033 11,090 30,084 26,084 10,226 16,293 22,484
EBIT 1 1,255 1,627 18,428 16,535 -1,630 5,070 11,121
Operating Margin 2.57% 2.68% 18.51% 17.49% -2.17% 5.82% 11.04%
Earnings before Tax (EBT) 1 1,753 1,812 18,223 18,046 -697.7 5,797 11,550
Net income 1 1,256 1,304 13,595 12,927 -1,147 3,451 8,564
Net margin 2.58% 2.15% 13.65% 13.68% -1.53% 3.96% 8.5%
EPS 2 0.3200 0.3300 3.410 3.250 -0.2900 0.8355 2.078
Free Cash Flow 1 - - 20,556 - -10,186 -5,354 -621.5
FCF margin - - 20.64% - -13.58% -6.15% -0.62%
FCF Conversion (EBITDA) - - 68.33% - - - -
FCF Conversion (Net income) - - 151.2% - - - -
Dividend per Share 2 0.1000 0.2000 1.000 - - 1.000 0.6754
Announcement Date 2/6/20 2/19/21 2/11/22 2/17/23 2/7/24 - -
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 27,015 25,996 26,514 26,647 22,145 19,224 17,516 18,811 19,506 19,174 20,460 21,470 22,360 22,906 20,014
EBITDA 1 9,099 8,598 8,947 8,417 5,616 3,104 1,807 2,662 3,188 2,570 4,185 4,530 5,422 6,200 -
EBIT 1 5,948 5,561 6,305 5,799 3,473 957.4 -1,101 -309.9 206.8 -425.9 389.3 852.7 1,639 2,064 214
Operating Margin 22.02% 21.39% 23.78% 21.76% 15.68% 4.98% -6.29% -1.65% 1.06% -2.22% 1.9% 3.97% 7.33% 9.01% 1.07%
Earnings before Tax (EBT) 1 5,764 5,554 6,370 7,096 3,693 - -907.7 209.7 206.1 - 342.7 1,120 1,684 2,026 228
Net income 1 4,478 4,194 4,559 5,153 2,669 546.3 -1,011 353.6 -114.1 -374.9 111.7 739.3 1,126 1,372 182
Net margin 16.58% 16.13% 17.19% 19.34% 12.05% 2.84% -5.77% 1.88% -0.59% -1.96% 0.55% 3.44% 5.04% 5.99% 0.91%
EPS 2 1.120 1.050 1.140 1.290 0.6700 0.1400 -0.2500 0.0900 -0.0300 -0.1000 0.0301 0.2084 0.3277 0.3779 0.0400
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 11/4/21 2/11/22 5/5/22 8/4/22 11/3/22 2/17/23 5/5/23 8/4/23 11/2/23 2/7/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 12,318 13,789 - - 25,918 41,615 18,851
Net Cash position 1 - - 5,394 - - - -
Leverage (Debt/EBITDA) 1.228 x 1.243 x - - 2.535 x 2.554 x 0.8384 x
Free Cash Flow 1 - - 20,556 - -10,186 -5,355 -622
ROE (net income / shareholders' equity) 2.04% 2.06% 18.4% 14.6% -1.23% 3.4% 8.48%
ROA (Net income/ Total Assets) 1.25% 1.13% 9.75% 7.67% -0.61% 1.74% 4.46%
Assets 1 100,423 115,400 139,392 168,452 187,463 197,946 192,040
Book Value Per Share 2 15.30 16.40 20.70 23.70 22.10 23.10 25.50
Cash Flow per Share 2 - - - - - 2.980 4.450
Capex 1 13,429 8,286 9,820 - 13,787 16,601 17,644
Capex / Sales 27.53% 13.65% 9.86% - 18.38% 19.06% 17.51%
Announcement Date 2/6/20 2/19/21 2/11/22 2/17/23 2/7/24 - -
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 Winbond Electronics Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
25.15 TWD
Average target price
31.85 TWD
Spread / Average Target
+26.64%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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