Stock 3231 WISTRON CORPORATION
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Financials Wistron Corporation

Equities

3231

TW0003231007

Computer Hardware

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-06-05 pm EDT 		5-day change 1st Jan Change
112 TWD 0.00% Intraday chart for Wistron Corporation -1.75% +13.59%
May. 30 Wistron Corporation Approves Board Appointments CI
May. 14 Wistron Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 80,531 86,237 82,917 83,704 280,126 321,511 - -
Enterprise Value (EV) 1 110,225 150,195 177,741 157,562 331,857 378,804 386,459 386,073
P/E ratio 12 x 10.2 x 8.01 x 7.66 x 24.2 x 18.2 x 13.1 x 11.2 x
Yield 7.2% 6.59% 7.55% - 2.64% 3.27% 4.61% 5.21%
Capitalization / Revenue 0.09 x 0.1 x 0.1 x 0.09 x 0.32 x 0.32 x 0.27 x 0.24 x
EV / Revenue 0.13 x 0.18 x 0.21 x 0.16 x 0.38 x 0.38 x 0.32 x 0.29 x
EV / EBITDA 4.71 x 6.12 x 6.94 x 4.05 x 8.35 x 7.3 x 5.89 x 5.11 x
EV / FCF 9.2 x -7.32 x -5.55 x - 9.41 x 21.5 x -94.6 x 43 x
FCF Yield 10.9% -13.7% -18% - 10.6% 4.66% -1.06% 2.32%
Price to Book 1.1 x 1.21 x 1.06 x 0.89 x 2.77 x 2.6 x 2.31 x 2.02 x
Nbr of stocks (in thousands) 2,840,612 2,781,843 2,844,483 2,847,078 2,841,037 2,870,632 - -
Reference price 2 28.35 31.00 29.15 29.40 98.60 112.0 112.0 112.0
Announcement Date 3/23/20 3/23/21 1/18/22 3/15/23 3/12/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 878,255 845,012 862,082 984,619 867,057 1,009,192 1,200,059 1,350,815
EBITDA 1 23,384 24,531 25,594 38,947 39,735 51,884 65,589 75,534
EBIT 1 13,300 14,471 16,369 27,472 27,390 40,384 53,059 62,637
Operating Margin 1.51% 1.71% 1.9% 2.79% 3.16% 4% 4.42% 4.64%
Earnings before Tax (EBT) 1 12,776 16,845 19,234 24,711 24,321 37,481 49,708 56,941
Net income 1 6,801 8,682 10,468 11,162 11,472 17,433 24,186 28,242
Net margin 0.77% 1.03% 1.21% 1.13% 1.32% 1.73% 2.02% 2.09%
EPS 2 2.360 3.030 3.640 3.840 4.080 6.165 8.526 10.03
Free Cash Flow 1 11,985 -20,508 -32,032 - 35,258 17,645 -4,085 8,972
FCF margin 1.36% -2.43% -3.72% - 4.07% 1.75% -0.34% 0.66%
FCF Conversion (EBITDA) 51.25% - - - 88.73% 34.01% - 11.88%
FCF Conversion (Net income) 176.24% - - - 307.35% 101.21% - 31.77%
Dividend per Share 2 2.042 2.042 2.200 - 2.600 3.659 5.166 5.839
Announcement Date 3/23/20 3/23/21 1/18/22 3/15/23 3/12/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 1 263,452 226,446 244,216 250,103 263,854 212,000 207,477 217,040 230,540 239,325 231,265 261,886 278,363 268,434 305,737
EBITDA 1 7,954 6,449 8,903 9,795 13,801 7,745 8,416 9,946 13,628 9,832 10,858 14,182 15,618 - -
EBIT 1 5,503 3,846 6,095 6,837 10,694 4,723 5,335 6,796 10,535 7,059 8,583 11,334 12,452 10,840 12,099
Operating Margin 2.09% 1.7% 2.5% 2.73% 4.05% 2.23% 2.57% 3.13% 4.57% 2.95% 3.71% 4.33% 4.47% 4.04% 3.96%
Earnings before Tax (EBT) 1 8,721 467.2 8,106 7,937 8,201 2,627 6,177 8,394 7,122 8,007 8,105 10,336 11,010 8,774 11,184
Net income 1 5,376 -860.3 4,250 3,696 4,076 173.8 3,258 4,702 3,337 3,524 3,489 5,022 5,330 4,428 5,282
Net margin 2.04% -0.38% 1.74% 1.48% 1.54% 0.08% 1.57% 2.17% 1.45% 1.47% 1.51% 1.92% 1.91% 1.65% 1.73%
EPS 2 1.850 -0.3100 1.530 1.290 1.390 0.0600 1.140 1.670 1.180 1.240 1.231 1.774 1.883 1.543 1.850
Dividend per Share 2 2.200 - - - - - - - - - - 2.600 - - -
Announcement Date 1/18/22 5/6/22 8/5/22 11/4/22 3/15/23 5/12/23 8/9/23 11/9/23 3/12/24 5/10/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 29,694 63,958 94,824 73,858 51,731 57,293 64,948 64,562
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.27 x 2.607 x 3.705 x 1.896 x 1.302 x 1.104 x 0.9902 x 0.8548 x
Free Cash Flow 1 11,985 -20,508 -32,032 - 35,258 17,645 -4,085 8,972
ROE (net income / shareholders' equity) 9.52% 11.9% 14% - 11.4% 16% 18.7% 19.6%
ROA (Net income/ Total Assets) 1.99% 2.25% 2.26% - 2.59% 3.5% 4.38% -
Assets 1 341,644 385,856 463,064 - 442,646 497,711 552,148 -
Book Value Per Share 2 25.70 25.70 27.40 33.10 35.50 43.10 48.40 55.40
Cash Flow per Share 2 6.460 -3.720 -7.740 - 16.70 8.460 7.740 -
Capex 1 6,610 9,838 10,496 - 12,961 14,315 13,555 13,500
Capex / Sales 0.75% 1.16% 1.22% - 1.49% 1.42% 1.13% 1%
Announcement Date 3/23/20 3/23/21 1/18/22 3/15/23 3/12/24 - - -
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 Wistron Corporation

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
112 TWD
Average target price
151.2 TWD
Spread / Average Target
+34.98%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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