Financials Yageo Corporation

Equities

2327

TW0002327004

Electronic Equipment & Parts

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
615 ^TWD	0.00%		+4.59%	+3.02%

Apr. 18	Yageo Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 08	Yageo Corporation Reports Consolidated Sales Results for the Month and First Quarter Ended March 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	186,198	255,881	235,875	188,191	250,238	258,026	-	-
Enterprise Value (EV) ¹	202,999	295,891	276,677	231,851	250,238	273,902	282,814	265,524
P/E ratio	27.3 x	18.8 x	10.6 x	10.4 x	14.3 x	13.1 x	10.9 x	9.24 x
Yield	3.43%	1.93%	2.09%	2.22%	-	3.26%	3.05%	3.76%
Capitalization / Revenue	4.51 x	3.78 x	2.21 x	1.55 x	2.33 x	2.12 x	1.94 x	1.76 x
EV / Revenue	4.91 x	4.37 x	2.6 x	1.91 x	2.33 x	2.25 x	2.12 x	1.81 x
EV / EBITDA	18.5 x	13.6 x	7.92 x	6.32 x	8.7 x	7.86 x	6.99 x	5.73 x
EV / FCF	33.9 x	29 x	19.6 x	11.3 x	-	18.7 x	14 x	11.7 x
FCF Yield	2.95%	3.45%	5.11%	8.87%	-	5.35%	7.13%	8.56%
Price to Book	4.03 x	3.51 x	2.97 x	1.55 x	1.83 x	1.78 x	1.61 x	1.45 x
Nbr of stocks (in thousands)	339,130	393,170	391,531	417,275	419,160	419,555	-	-
Reference price ²	549.0	650.8	602.4	451.0	597.0	615.0	615.0	615.0
Announcement Date	2/25/20	3/11/21	3/17/22	3/29/23	2/29/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	41,307	67,672	106,539	121,087	107,609	121,710	133,130	146,388
EBITDA ¹	10,993	21,787	34,950	36,676	28,760	34,840	40,448	46,319
EBIT ¹	8,031	17,482	29,074	28,988	20,472	24,792	30,085	34,771
Operating Margin	19.44%	25.83%	27.29%	23.94%	19.02%	20.37%	22.6%	23.75%
Earnings before Tax (EBT) ¹	9,023	16,025	30,031	31,128	24,399	27,210	31,332	36,189
Net income ¹	6,945	12,980	22,903	22,730	17,469	20,180	23,548	27,487
Net margin	16.81%	19.18%	21.5%	18.77%	16.23%	16.58%	17.69%	18.78%
EPS ²	20.13	34.65	56.93	43.21	41.80	46.98	56.23	66.53
Free Cash Flow ¹	5,985	10,214	14,144	20,566	-	14,665	20,175	22,738
FCF margin	14.49%	15.09%	13.28%	16.98%	-	12.05%	15.15%	15.53%
FCF Conversion (EBITDA)	54.44%	46.88%	40.47%	56.08%	-	42.09%	49.88%	49.09%
FCF Conversion (Net income)	86.17%	78.69%	61.76%	90.48%	-	72.67%	85.68%	82.72%
Dividend per Share ²	18.85	12.56	12.56	10.00	-	20.02	18.76	23.14
Announcement Date	2/25/20	3/11/21	3/17/22	3/29/23	2/29/24	-	-	-

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	29,389	25,690	30,134	31,322	30,795	28,835	26,096	26,757	27,396	27,361	28,505	29,613	32,237	31,784	29,977
EBITDA	9,842	8,179	9,400	9,749	9,618	7,907	6,989	-	7,436	7,223	-	7,197	8,099	9,731	-
EBIT ¹	8,498	6,612	7,487	7,887	7,677	5,937	4,920	5,085	5,391	5,075	4,964	5,965	7,075	7,017	6,046
Operating Margin	28.92%	25.74%	24.84%	25.18%	24.93%	20.59%	18.85%	19%	19.68%	18.55%	17.41%	20.14%	21.95%	22.08%	20.17%
Earnings before Tax (EBT) ¹	8,900	6,301	8,056	8,367	8,263	6,443	5,435	6,445	6,284	6,235	6,079	6,319	7,466	7,216	6,304
Net income ¹	6,814	4,736	6,242	5,929	6,397	4,163	4,132	3,730	4,851	4,757	4,609	4,740	5,501	5,465	4,705
Net margin	23.19%	18.44%	20.71%	18.93%	20.77%	14.44%	15.83%	13.94%	17.71%	17.39%	16.17%	16.01%	17.07%	17.19%	15.69%
EPS ²	17.40	11.80	14.18	13.71	12.10	9.160	9.900	8.920	11.60	11.38	11.02	11.20	13.00	12.91	11.68
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	20.07	-	-
Announcement Date	10/27/21	3/17/22	4/26/22	8/11/22	11/11/22	3/29/23	4/20/23	7/25/23	10/27/23	2/29/24	4/18/24	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	16,801	40,011	40,802	43,660	-	15,876	24,788	7,497
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.528 x	1.836 x	1.167 x	1.19 x	-	0.4557 x	0.6128 x	0.1619 x
Free Cash Flow ¹	5,985	10,214	14,144	20,566	-	14,665	20,175	22,738
ROE (net income / shareholders' equity)	13.2%	22.4%	30.8%	22.6%	13.5%	14.1%	15.7%	16.1%
ROA (Net income/ Total Assets)	6.31%	9.29%	11.7%	8.74%	5.74%	6.27%	6.47%	7.2%
Assets ¹	110,060	139,706	196,288	260,044	304,270	321,709	364,020	381,769
Book Value Per Share ²	136.0	185.0	203.0	291.0	327.0	346.0	383.0	424.0
Cash Flow per Share ²	34.00	47.10	58.60	62.50	-	59.70	76.40	82.30
Capex ¹	5,677	7,549	9,466	12,444	-	11,875	10,600	13,500
Capex / Sales	13.74%	11.15%	8.88%	10.28%	-	9.76%	7.96%	9.22%
Announcement Date	2/25/20	3/11/21	3/17/22	3/29/23	2/29/24	-	-	-

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 Yageo Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

615 TWD

Average target price

680.5 TWD

Spread / Average Target

+10.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electronic Component

	1st Jan change	Capi.
YAGEO CORPORATION	+3.02%	7.91B
AMPHENOL CORPORATION	+21.55%	72.37B
MURATA MANUFACTURING CO., LTD	-4.21%	34.41B
LUXSHARE PRECISION INDUSTRY CO., LTD.	-16.43%	28.52B
JABIL INC.	-7.17%	14.26B
AVIC JONHON OPTRONIC TECHNOLOGY CO.,LTD.	-13.03%	9.92B
LENS TECHNOLOGY CO., LTD.	+5.83%	9.52B
SUZHOU TFC OPTICAL COMMUNICATION CO., LTD.	+71.16%	8.54B
COHERENT CORP.	+26.49%	8.36B
EOPTOLINK TECHNOLOGY INC., LTD.	+69.91%	8.21B

Electronic Component