Company Valuation: Phison Electronics Corp.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 100,902 59,917 102,757 109,648 301,752 442,330 - -
Change - -40.62% 71.5% 6.71% 175.2% 46.59% - -
Enterprise Value (EV) 1 85,380 46,551 90,731 96,192 287,828 368,856 356,237 356,724
Change - -45.48% 94.91% 6.02% 199.22% 28.15% -3.42% 0.14%
P/E 12.4x 12.1x 29.6x 15x 36.5x 4.93x 7.18x 7.83x
PBR 2.7x 1.61x 2.44x 2.24x 5.02x 3.54x 2.91x 2.92x
PEG - -0.3x -0.9x 0x 3.2x 0x -0.2x -0.94x
Capitalization / Revenue 1.61x 0.99x 2.13x 1.86x 4.15x 1.59x 1.38x 1.48x
EV / Revenue 1.36x 0.77x 1.88x 1.63x 3.96x 1.32x 1.11x 1.19x
EV / EBITDA 8.69x 5.9x 18.8x 20.2x 29.9x 3.58x 5.2x 6.54x
EV / EBIT 9.4x 6.8x 25.1x 27.2x 34.8x 3.76x 5.14x 7.06x
EV / FCF 31.5x 22.8x -43.5x 85.2x 1,433x 10.1x 8.68x 4.76x
FCF Yield 3.17% 4.39% -2.3% 1.17% 0.07% 9.94% 11.5% 21%
Dividend per Share 2 23 14.72 13.26 - 23.23 124.9 99.41 131.7
Rate of return 4.49% 4.67% 2.55% - 1.6% 6.25% 4.97% 6.58%
EPS 2 41.34 26.06 17.57 35.68 39.74 406.1 278.6 255.5
Distribution rate 55.6% 56.5% 75.5% - 58.5% 30.8% 35.7% 51.5%
Net sales 1 62,557 60,256 48,222 58,936 72,664 279,011 319,980 299,055
EBITDA 1 9,827 7,890 4,827 4,766 9,628 103,053 68,541 54,558
EBIT 1 9,084 6,844 3,622 3,533 8,266 98,036 69,358 50,556
Net income 1 8,147 5,401 3,624 7,953 8,739 91,583 62,525 57,755
Net Debt 1 -15,522 -13,367 -12,025 -13,457 -13,924 -73,474 -86,093 -85,606
Reference price 2 512.00 315.00 520.00 534.00 1,450.00 2,000.00 2,000.00 2,000.00
Nbr of stocks (in thousands) 197,074 190,214 197,609 205,334 208,105 221,165 - -
Announcement Date 4/3/22 16/3/23 12/3/24 7/3/25 6/3/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
4.93x1.32x3.58x6.25% 13.94B
18.35x9.03x23.43x0.86% 40.1B
58.33x28.42x63.38x0.53% 34.56B
8.46x3.05x6.57x1.11% 24.39B
23.85x - - - 9.9B
33.71x - - - 9.15B
3.21x - - - 3.89B
27.32x1.61x11.39x - 2.49B
Average 22.27x 8.69x 21.67x 2.19% 17.3B
Weighted average by Cap. 26.38x 12.48x 29.17x 1.48%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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