M31 TECHNOLOGY CORPORATION |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,400 TWD | -1.75% |
|
+8.95% | +58.49% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 10,492 | 10,499 | 12,480 | 14,394 | 36,958 | 58,534 | - | - |
| Enterprise Value (EV) 1 | 10,492 | 9,303 | 11,845 | 14,394 | 36,004 | 57,604 | 57,343 | 56,537 |
| P/E ratio | 33.9 x | 32.6 x | 49 x | 37.8 x | 84.9 x | 110 x | 71.8 x | 50.8 x |
| Yield | - | 2.37% | 1.58% | - | - | 0.54% | 0.83% | 1.16% |
| Capitalization / Revenue | 12.1 x | 10.7 x | 12.3 x | 10.6 x | 22.9 x | 29.8 x | 22.8 x | 17.4 x |
| EV / Revenue | 12.1 x | 9.48 x | 11.7 x | 10.6 x | 22.3 x | 29.3 x | 22.4 x | 16.8 x |
| EV / EBITDA | - | 20.2 x | 33.5 x | 34.7 x | 72.7 x | 97.4 x | 57.4 x | 35.3 x |
| EV / FCF | 33 x | 27.2 x | -38.4 x | - | 175 x | 221 x | 99.3 x | 64.3 x |
| FCF Yield | 3.03% | 3.68% | -2.6% | - | 0.57% | 0.45% | 1.01% | 1.55% |
| Price to Book | 7.28 x | 7 x | 7.93 x | - | 17.9 x | 25.2 x | 21.4 x | 15.8 x |
| Nbr of stocks (in thousands) | 41,340 | 41,061 | 41,442 | 41,576 | 41,839 | 41,810 | - | - |
| Reference price 2 | 253.8 | 255.7 | 301.1 | 346.2 | 883.3 | 1,400 | 1,400 | 1,400 |
| Announcement Date | 2/25/20 | 2/22/21 | 2/24/22 | 2/23/23 | 3/4/24 | - | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 869.1 | 981 | 1,012 | 1,360 | 1,612 | 1,965 | 2,565 | 3,374 |
| EBITDA 1 | - | 460.4 | 353.3 | 415.3 | 495.5 | 591.5 | 999.5 | 1,600 |
| EBIT 1 | 369.9 | 418.2 | 312.9 | 368 | 446.5 | 552.5 | 939.4 | 1,544 |
| Operating Margin | 42.56% | 42.63% | 30.92% | 27.05% | 27.69% | 28.12% | 36.63% | 45.76% |
| Earnings before Tax (EBT) 1 | 362 | 376.5 | 293.6 | 443.1 | 513.3 | 633 | 972.2 | 1,354 |
| Net income 1 | 308.6 | 322.2 | 252.6 | 379.3 | 435.2 | 532 | 811.6 | 1,147 |
| Net margin | 35.5% | 32.85% | 24.97% | 27.88% | 26.99% | 27.08% | 31.65% | 34% |
| EPS 2 | 7.492 | 7.833 | 6.144 | 9.151 | 10.41 | 12.77 | 19.49 | 27.58 |
| Free Cash Flow 1 | 318.2 | 342.5 | -308.5 | - | 205.7 | 260.2 | 577.5 | 878.9 |
| FCF margin | 36.61% | 34.91% | -30.49% | - | 12.76% | 13.25% | 22.52% | 26.05% |
| FCF Conversion (EBITDA) | - | 74.38% | - | - | 41.51% | 44% | 57.78% | 54.94% |
| FCF Conversion (Net income) | 103.13% | 106.28% | - | - | 47.27% | 48.92% | 71.16% | 76.64% |
| Dividend per Share 2 | - | 6.061 | 4.773 | - | - | 7.546 | 11.60 | 16.29 |
| Announcement Date | 2/25/20 | 2/22/21 | 2/24/22 | 2/23/23 | 3/4/24 | - | - | - |
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 | 364.1 | 247.7 | 299.7 | 323.5 | 489.2 | 313 | 347.8 | 432.5 | 519.1 | 342.1 | 437.6 | 538.4 | 637.7 | 498.5 | 577.1 |
| EBITDA 1 | - | - | - | - | - | - | - | - | - | - | 102 | 183 | 290 | - | - |
| EBIT 1 | 143.6 | 23.86 | 73.1 | 64.94 | 206.1 | 44.64 | 87.34 | 146 | 168.6 | 2.708 | 103.4 | 182.4 | 251.9 | 140.5 | 182 |
| Operating Margin | 39.43% | 9.63% | 24.39% | 20.08% | 42.12% | 14.26% | 25.11% | 33.75% | 32.47% | 0.79% | 23.64% | 33.89% | 39.49% | 28.18% | 31.54% |
| Earnings before Tax (EBT) 1 | 141.8 | 47.78 | 95.59 | 120.5 | 179.3 | 88.1 | 114.3 | 181.2 | 129.7 | 53.75 | 119.8 | 195.2 | 264.3 | 154 | 201 |
| Net income 1 | 121.8 | 39.78 | 82.18 | 101.5 | 155.8 | 70.07 | 98.5 | 153.6 | 113 | 42.31 | 101.2 | 164.5 | 224.2 | 131.5 | 171.5 |
| Net margin | 33.44% | 16.06% | 27.42% | 31.37% | 31.85% | 22.39% | 28.32% | 35.51% | 21.77% | 12.37% | 23.12% | 30.55% | 35.15% | 26.38% | 29.72% |
| EPS 2 | 2.955 | 0.9697 | 1.992 | 2.470 | 3.750 | 1.682 | 2.358 | 3.675 | 2.700 | 1.017 | 2.427 | 3.946 | 5.385 | 3.159 | 4.118 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 2/24/22 | 5/6/22 | 8/2/22 | 11/3/22 | 2/23/23 | 5/11/23 | 8/3/23 | 11/2/23 | 3/4/24 | 5/10/24 | - | - | - | - | - |
1TWD in Million2TWD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | - | 1,196 | 635 | - | 954 | 930 | 1,191 | 1,997 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 318 | 342 | -308 | - | 206 | 260 | 578 | 879 |
| ROE (net income / shareholders' equity) | 28.2% | 21.8% | 16.3% | - | 22.2% | 23.9% | 33.2% | 40.7% |
| ROA (Net income/ Total Assets) | 24.1% | 19.2% | 13.7% | - | 18.3% | 20.1% | 27.6% | 32% |
| Assets 1 | 1,279 | 1,678 | 1,847 | - | 2,382 | 2,644 | 2,941 | 3,588 |
| Book Value Per Share 2 | 34.90 | 36.50 | 38.00 | - | 49.30 | 55.60 | 65.50 | 88.80 |
| Cash Flow per Share 2 | - | - | - | - | 5.770 | 4.350 | 15.20 | 23.50 |
| Capex 1 | 41.3 | 43.2 | 533 | - | 35.7 | 185 | 115 | 88 |
| Capex / Sales | 4.76% | 4.4% | 52.67% | - | 2.21% | 9.42% | 4.5% | 2.61% |
| Announcement Date | 2/25/20 | 2/22/21 | 2/24/22 | 2/23/23 | 3/4/24 | - | - | - |
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
Sell
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
1,400
TWD
Average target price
1,410
TWD
Spread / Average Target
+0.71%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +58.49% | 1.8B | |
| -43.62% | 309M | |
| -15.23% | 283M | |
| +12.26% | 292M | |
| -8.64% | 291M | |
| -53.13% | 131M | |
| -2.96% | 109M | |
| 0.00% | 112M | |
| +3.85% | 100M | |
| -19.92% | 87.09M |
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