Financials Voltronic Power Technology Corp.

Equities

6409

TW0006409006

Electrical Components & Equipment

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-07-04 pm EDT			5-day change	1st Jan Change
1,810 ^TWD	-1.09%		-5.97%	+5.85%

Jul. 04	Voltronic Power Technology Corp. Announces the Appointment of Members of the 5th Term of Remuneration Committee	CI
Jul. 04	Voltronic Power Technology Corp. Announces the Appointment of Members of the 3rd Term of Corporate Governance and Sustainability Committee	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	59,561	97,931	135,063	135,593	150,026	158,792	-	-
Enterprise Value (EV) ¹	56,649	93,224	132,546	131,404	145,813	153,407	152,209	150,840
P/E ratio	27.8 x	44.6 x	57.3 x	30.4 x	41.4 x	42.2 x	35.8 x	32.6 x
Yield	3.24%	2.1%	1.52%	1.46%	2.08%	1.87%	2.03%	2.34%
Capitalization / Revenue	4.6 x	7.17 x	7.97 x	5.97 x	7.92 x	7.39 x	6.6 x	5.72 x
EV / Revenue	4.38 x	6.83 x	7.82 x	5.78 x	7.69 x	7.14 x	6.33 x	5.44 x
EV / EBITDA	20.7 x	31.4 x	41.1 x	23.4 x	32.4 x	29.9 x	26.2 x	23.6 x
EV / FCF	22.1 x	41.6 x	74.5 x	30.4 x	37.9 x	37.8 x	34.1 x	30.1 x
FCF Yield	4.53%	2.4%	1.34%	3.29%	2.64%	2.65%	2.93%	3.32%
Price to Book	12.2 x	18.2 x	23.7 x	16.3 x	17.9 x	18.4 x	16.1 x	14.4 x
Nbr of stocks (in thousands)	87,468	87,439	87,419	87,763	87,735	87,731	-	-
Reference price ²	680.9	1,120	1,545	1,545	1,710	1,810	1,810	1,810
Announcement Date	2/26/20	2/24/21	2/24/22	2/24/23	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	12,936	13,653	16,957	22,725	18,951	21,474	24,056	27,748
EBITDA ¹	2,735	2,969	3,224	5,615	4,500	5,135	5,814	6,387
EBIT ¹	2,557	2,730	2,925	5,288	4,138	4,535	5,317	5,933
Operating Margin	19.77%	20%	17.25%	23.27%	21.83%	21.12%	22.1%	21.38%
Earnings before Tax (EBT) ¹	2,616	2,650	2,890	5,403	4,382	4,321	5,251	6,088
Net income ¹	2,131	2,197	2,359	4,433	3,623	3,538	4,316	4,992
Net margin	16.47%	16.09%	13.91%	19.51%	19.12%	16.48%	17.94%	17.99%
EPS ²	24.50	25.14	26.97	50.90	41.31	42.88	50.58	55.51
Free Cash Flow ¹	2,567	2,239	1,778	4,330	3,851	4,061	4,461	5,012
FCF margin	19.84%	16.4%	10.49%	19.05%	20.32%	18.91%	18.54%	18.06%
FCF Conversion (EBITDA)	93.86%	75.42%	55.17%	77.11%	85.6%	79.07%	76.73%	78.47%
FCF Conversion (Net income)	120.45%	101.9%	75.38%	97.67%	106.32%	114.76%	103.36%	100.39%
Dividend per Share ²	22.09	23.50	23.50	22.50	35.50	33.89	36.71	42.39
Announcement Date	2/26/20	2/24/21	2/24/22	2/24/23	2/29/24	-	-	-

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	4,914	4,274	6,347	6,405	5,698	4,696	5,198	4,463	4,594	4,599	5,286	5,632	5,958	5,422	6,083
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	837.6	721.4	1,397	1,702	1,467	1,040	1,156	1,003	938.6	990.8	1,105	1,190	1,258	1,151	1,334
Operating Margin	17.05%	16.88%	22.01%	26.58%	25.75%	22.15%	22.24%	22.47%	20.43%	21.55%	20.91%	21.12%	21.12%	21.23%	21.94%
Earnings before Tax (EBT)	789.9	633.3	1,540	1,880	1,350	950.5	1,585	821.8	1,025	876.7	-	-	-	1,141	1,363
Net income	632	500.4	1,280	1,506	1,147	745.9	1,322	629.6	925	713.9	-	-	-	924	1,138
Net margin	12.86%	11.71%	20.17%	23.51%	20.12%	15.89%	25.43%	14.11%	20.14%	15.52%	-	-	-	17.04%	18.7%
EPS ²	7.220	5.720	14.66	17.23	13.15	8.510	15.11	7.190	10.53	8.140	10.72	11.32	12.13	10.79	12.77
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	35.56	-	-	-
Announcement Date	2/24/22	5/5/22	8/11/22	11/10/22	2/24/23	5/12/23	8/10/23	11/9/23	2/29/24	5/13/24	-	-	-	-	-

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	2,911	4,707	2,517	4,189	4,213	5,385	6,584	7,953
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,567	2,239	1,778	4,330	3,851	4,061	4,461	5,012
ROE (net income / shareholders' equity)	45.7%	43%	42.7%	63.1%	43.4%	45.7%	43.1%	47.7%
ROA (Net income/ Total Assets)	22.9%	19.7%	18.6%	30.1%	23.5%	23.2%	25.3%	25.9%
Assets ¹	9,313	11,131	12,653	14,712	15,421	15,275	17,064	19,268
Book Value Per Share ²	55.80	61.50	65.30	95.10	95.30	98.10	112.0	125.0
Cash Flow per Share ²	34.50	30.30	26.30	66.10	46.60	49.80	54.00	59.80
Capex ¹	431	387	520	1,451	232	410	329	375
Capex / Sales	3.33%	2.84%	3.07%	6.38%	1.22%	1.91%	1.37%	1.35%
Announcement Date	2/26/20	2/24/21	2/24/22	2/24/23	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 Voltronic Power Technology Corp.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,810 TWD

Average target price

1,772 TWD

Spread / Average Target

-2.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Batteries & Uninterruptable Power Supplies

	1st Jan change	Capi.
VOLTRONIC POWER TECHNOLOGY CORP.	+5.85%	4.89B
CATL (CONTEMPORARY AMPEREX TECHNOLOGY)	+8.80%	107B
LG ENERGY SOLUTION, LTD.	-16.37%	60.63B
TDK CORPORATION	+59.89%	25.36B
SAMSUNG SDI CO., LTD.	-19.07%	18.36B
ECOPRO BM. CO., LTD.	-33.99%	13.46B
EVE ENERGY CO., LTD.	-11.26%	10.51B
GOTION HIGH-TECH CO.,LTD.	-14.70%	4.51B
ENERSYS	-0.42%	4.04B
AMARA RAJA ENERGY & MOBILITY LIMITED	+107.47%	3.71B

Batteries & Uninterruptable Power Supplies