MERRY ELECTRONICS CO., LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 127.5 TWD | +0.79% |
|
+5.37% | +16.44% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 34,820 | 30,670 | 20,490 | 17,379 | 24,018 | 27,959 | - |
| Enterprise Value (EV) 1 | 30,862 | 31,428 | 22,346 | 16,086 | 22,881 | 27,959 | 27,959 |
| P/E ratio | 14.5 x | 24.4 x | 19.3 x | 13.1 x | 19.9 x | 17.3 x | 15.8 x |
| Yield | 4.6% | 3.52% | 4.24% | 5.65% | 4.29% | - | - |
| Capitalization / Revenue | 0.96 x | 0.89 x | 0.57 x | 0.49 x | 0.65 x | 0.7 x | 0.63 x |
| EV / Revenue | 0.96 x | 0.89 x | 0.57 x | 0.49 x | 0.65 x | 0.7 x | 0.63 x |
| EV / EBITDA | 13.2 x | 17.5 x | 11.2 x | 9.46 x | 12.2 x | 13.2 x | 11.7 x |
| EV / FCF | 9.62 x | -6.44 x | 14.4 x | 4.25 x | 14.2 x | 49.9 x | - |
| FCF Yield | 10.4% | -15.5% | 6.93% | 23.5% | 7.05% | 2% | - |
| Price to Book | 2.72 x | 2.61 x | 1.76 x | 1.41 x | 2.09 x | 2.05 x | - |
| Nbr of stocks (in thousands) | 207,879 | 209,352 | 217,053 | 218,052 | 219,343 | 219,290 | - |
| Reference price 2 | 167.5 | 146.5 | 94.40 | 79.70 | 109.5 | 127.5 | 127.5 |
| Announcement Date | 2/27/20 | 2/25/21 | 2/24/22 | 2/24/23 | 2/22/24 | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 36,398 | 34,445 | 36,183 | 35,399 | 36,690 | 39,941 | 44,350 |
| EBITDA 1 | 2,648 | 1,751 | 1,825 | 1,837 | 1,962 | 2,125 | 2,383 |
| EBIT 1 | 2,235 | 1,141 | 1,099 | 1,073 | 1,138 | 1,434 | 1,891 |
| Operating Margin | 6.14% | 3.31% | 3.04% | 3.03% | 3.1% | 3.59% | 4.26% |
| Earnings before Tax (EBT) 1 | 3,246 | 1,703 | 1,582 | 2,049 | 1,627 | 2,438 | 2,617 |
| Net income 1 | 2,549 | 1,322 | 1,128 | 1,455 | 1,320 | 1,751 | 2,001 |
| Net margin | 7% | 3.84% | 3.12% | 4.11% | 3.6% | 4.38% | 4.51% |
| EPS 2 | 11.54 | 6.010 | 4.880 | 6.070 | 5.490 | 7.373 | 8.070 |
| Free Cash Flow 1 | 3,618 | -4,760 | 1,420 | 4,087 | 1,693 | 560 | - |
| FCF margin | 9.94% | -13.82% | 3.92% | 11.55% | 4.61% | 1.4% | - |
| FCF Conversion (EBITDA) | 136.65% | - | 77.81% | 222.49% | 86.3% | 26.35% | - |
| FCF Conversion (Net income) | 141.95% | - | 125.81% | 280.81% | 128.22% | 31.98% | - |
| Dividend per Share | 7.700 | 5.160 | 4.000 | 4.500 | 4.700 | - | - |
| Announcement Date | 2/27/20 | 2/25/21 | 2/24/22 | 2/24/23 | 2/22/24 | - | - |
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 | 11,815 | 6,018 | 8,004 | 11,050 | 10,325 | 7,131 | 8,356 | 9,455 | 11,748 | 8,353 | 9,298 | 10,502 | 11,741 | 8,321 | 9,659 |
| EBITDA | - | - | - | - | - | - | - | - | - | 380.2 | - | - | - | - | - |
| EBIT 1 | 732.3 | -26.54 | 276.6 | 406.2 | 416.9 | 66.72 | 186.9 | 401.8 | 482.4 | 180.3 | 287.3 | 479.3 | 541.3 | 135 | 352 |
| Operating Margin | 6.2% | -0.44% | 3.46% | 3.68% | 4.04% | 0.94% | 2.24% | 4.25% | 4.11% | 2.16% | 3.09% | 4.56% | 4.61% | 1.62% | 3.64% |
| Earnings before Tax (EBT) 1 | 741.9 | 151.7 | 559.6 | 851.4 | 486.3 | 66.74 | 500.8 | 617 | 442.6 | 530.9 | 483.5 | 661.5 | 762.5 | 273 | 515 |
| Net income 1 | 538.7 | 110.3 | 392.6 | 586.3 | 366.2 | 56.01 | 362.6 | 421.7 | 480 | 365.1 | 351.5 | 470.5 | 564 | 203 | 392 |
| Net margin | 4.56% | 1.83% | 4.91% | 5.31% | 3.55% | 0.79% | 4.34% | 4.46% | 4.09% | 4.37% | 3.78% | 4.48% | 4.8% | 2.44% | 4.06% |
| EPS 2 | 2.240 | 0.4800 | 1.840 | 2.440 | 1.520 | 0.2500 | 1.520 | 1.970 | 1.970 | 1.500 | 1.600 | 1.800 | 2.920 | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 2/24/22 | 4/28/22 | 7/28/22 | 10/28/22 | 2/24/23 | 4/27/23 | 7/28/23 | 10/26/23 | 2/22/24 | 4/26/24 | - | - | - | - | - |
1TWD in Million2TWD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Debt | - | 758 | 1,857 | - | - | - | - |
| Net Cash position | 3,957 | - | - | 1,292 | 1,137 | - | - |
| Leverage (Debt/EBITDA) | - | 0.4329 x | 1.018 x | - | - | - | - |
| Free Cash Flow 1 | 3,618 | -4,760 | 1,420 | 4,087 | 1,693 | 560 | - |
| ROE (net income / shareholders' equity) | 22.4% | 10.7% | 9.65% | 12.2% | 10.6% | 12% | 13% |
| ROA (Net income/ Total Assets) | 9.08% | 4.41% | 3.32% | 4.33% | 4% | 4.3% | 4.67% |
| Assets 1 | 28,063 | 29,975 | 34,009 | 33,645 | 33,020 | 40,721 | 42,848 |
| Book Value Per Share 2 | 61.50 | 56.20 | 53.60 | 56.40 | 52.50 | 62.30 | - |
| Cash Flow per Share | 18.90 | -14.20 | 11.20 | 19.20 | - | - | - |
| Capex 1 | 513 | 1,565 | 1,240 | 596 | 530 | 1,200 | 1,200 |
| Capex / Sales | 1.41% | 4.54% | 3.43% | 1.68% | 1.45% | 3% | 2.71% |
| Announcement Date | 2/27/20 | 2/25/21 | 2/24/22 | 2/24/23 | 2/22/24 | - | - |
1TWD in Million2TWD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
127.5
TWD
Average target price
141
TWD
Spread / Average Target
+10.59%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +16.44% | 857M | |
| +24.97% | 2.04B | |
| -17.25% | 1.08B | |
| +51.58% | 828M | |
| -10.78% | 776M | |
| +46.50% | 690M | |
| -23.28% | 369M | |
| -14.80% | 272M | |
| +103.59% | 256M | |
| -3.51% | 80.6M |
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