Financials M31 Technology Corporation

Equities

6643

TW0006643000

Business Support Services

End-of-day quote Taipei Exchange 06:00:00 2024-04-29 pm EDT 5-day change 1st Jan Change
1,200 TWD -0.83% Intraday chart for M31 Technology Corporation +5.73% +13.21%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 10,492 10,499 12,480 14,394 36,958 41,992 -
Enterprise Value (EV) 1 10,492 9,303 11,845 14,394 36,004 40,850 40,415
P/E ratio 33.9 x 32.6 x 49 x 37.8 x 84.9 x 64.8 x 42.2 x
Yield - 2.37% 1.58% - - 0.78% 1.17%
Capitalization / Revenue 12.1 x 10.7 x 12.3 x 10.6 x 22.9 x 20.2 x 15.6 x
EV / Revenue 12.1 x 9.48 x 11.7 x 10.6 x 22.3 x 19.7 x 15 x
EV / EBITDA - 20.2 x 33.5 x 34.7 x 72.7 x 51.6 x 32.9 x
EV / FCF 33 x 27.2 x -38.4 x - 175 x 82.7 x 49.4 x
FCF Yield 3.03% 3.68% -2.6% - 0.57% 1.21% 2.02%
Price to Book 7.28 x 7 x 7.93 x - 17.9 x 16.8 x 13.6 x
Nbr of stocks (in thousands) 34,450 34,218 34,535 34,647 34,866 34,848 -
Reference price 2 304.5 306.8 361.4 415.5 1,060 1,205 1,205
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
Net sales 1 869.1 981 1,012 1,360 1,612 2,078 2,691
EBITDA 1 - 460.4 353.3 415.3 495.5 790.9 1,230
EBIT 1 369.9 418.2 312.9 368 446.5 715.8 1,150
Operating Margin 42.56% 42.63% 30.92% 27.05% 27.69% 34.45% 42.72%
Earnings before Tax (EBT) 1 362 376.5 293.6 443.1 513.3 757.2 1,160
Net income 1 308.6 322.2 252.6 379.3 435.2 645.7 990.7
Net margin 35.5% 32.85% 24.97% 27.88% 26.99% 31.08% 36.81%
EPS 2 8.991 9.400 7.373 10.98 12.49 18.60 28.54
Free Cash Flow 1 318.2 342.5 -308.5 - 205.7 493.9 817.3
FCF margin 36.61% 34.91% -30.49% - 12.76% 23.77% 30.37%
FCF Conversion (EBITDA) - 74.38% - - 41.51% 62.45% 66.44%
FCF Conversion (Net income) 103.13% 106.28% - - 47.27% 76.49% 82.5%
Dividend per Share 2 - 7.273 5.727 - - 9.438 14.09
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 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 1 220.3 364.1 247.7 299.7 323.5 489.2 313 347.8 432.5 519.1 408 469.1 560 639.5 515.3
EBITDA - - - - - - - - - - - - - - -
EBIT 1 38.76 143.6 23.86 73.1 64.94 206.1 44.64 87.34 146 168.6 110.7 139.6 205.9 258.7 193.8
Operating Margin 17.59% 39.43% 9.63% 24.39% 20.08% 42.12% 14.26% 25.11% 33.75% 32.47% 27.13% 29.75% 36.76% 40.45% 37.6%
Earnings before Tax (EBT) 1 38.69 141.8 47.78 95.59 120.5 179.3 88.1 114.3 181.2 129.7 121 150.2 216.2 269.2 199
Net income 1 32.92 121.8 39.78 82.18 101.5 155.8 70.07 98.5 153.6 113 102.2 127.8 184.2 231.2 168
Net margin 14.94% 33.44% 16.06% 27.42% 31.37% 31.85% 22.39% 28.32% 35.51% 21.77% 25.06% 27.24% 32.9% 36.16% 32.6%
EPS 2 0.9636 3.545 1.164 2.391 2.964 4.500 2.018 2.830 4.410 3.240 2.943 3.682 5.307 6.662 4.865
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 11/2/21 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 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - - - -
Net Cash position 1 - 1,196 635 - 954 1,142 1,577
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 318 342 -308 - 206 494 817
ROE (net income / shareholders' equity) 28.2% 21.8% 16.3% - 22.2% 28.8% 36.9%
ROA (Net income/ Total Assets) 24.1% 19.2% 13.7% - 18.3% 24.7% 31.2%
Assets 1 1,279 1,678 1,847 - 2,382 2,618 3,174
Book Value Per Share 2 41.80 43.80 45.50 - 59.20 71.90 88.60
Cash Flow per Share 2 - - - - 6.930 10.80 22.20
Capex 1 41.3 43.2 533 - 35.7 65.3 68.3
Capex / Sales 4.76% 4.4% 52.67% - 2.21% 3.14% 2.54%
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
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
5
Last Close Price
1,205 TWD
Average target price
1,918 TWD
Spread / Average Target
+59.17%
Consensus
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