Financials MPI Corporation

Equities

6223

TW0006223001

Electrical Components & Equipment

End-of-day quote Taipei Exchange Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
425 ^TWD	+3.16%		-4.06%	+95.40%

Mar. 29	MPI Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	MPI Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2022	2023	2024	2025
Capitalization ¹	10,601	20,495	40,048	-
Enterprise Value (EV) ¹	10,601	19,427	38,274	37,501
P/E ratio	8.83 x	15.6 x	28.8 x	23.7 x
Yield	-	-	2.16%	2.6%
Capitalization / Revenue	-	2.52 x	4.34 x	3.77 x
EV / Revenue	-	2.38 x	4.15 x	3.53 x
EV / EBITDA	-	9.68 x	16.2 x	14 x
EV / FCF	-	26.5 x	27.8 x	25.7 x
FCF Yield	-	3.78%	3.59%	3.9%
Price to Book	-	2.69 x	4.79 x	4.04 x
Nbr of stocks (in thousands)	94,231	94,231	94,231	-
Reference price ²	112.5	217.5	425.0	425.0
Announcement Date	3/10/23	3/29/24	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025
Net sales ¹	-	8,147	9,227	10,636
EBITDA ¹	-	2,008	2,361	2,670
EBIT ¹	-	1,471	1,616	2,048
Operating Margin	-	18.06%	17.51%	19.25%
Earnings before Tax (EBT) ¹	-	1,582	1,830	2,138
Net income ¹	1,214	1,312	1,390	1,689
Net margin	-	16.1%	15.06%	15.88%
EPS ²	12.74	13.92	14.75	17.94
Free Cash Flow ¹	-	733.9	1,374	1,461
FCF margin	-	9.01%	14.9%	13.74%
FCF Conversion (EBITDA)	-	36.55%	58.21%	54.72%
FCF Conversion (Net income)	-	55.94%	98.88%	86.5%
Dividend per Share ²	-	-	9.180	11.04
Announcement Date	3/10/23	3/29/24	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	-	2,018	2,154	2,196	2,047	2,311	2,422	2,446	2,169
EBITDA ¹	-	525	535.7	488	580	642	696	681	-
EBIT ¹	-	386.8	401.9	352.9	359	410	427	421	386
Operating Margin	-	19.17%	18.66%	16.07%	17.54%	17.74%	17.63%	17.21%	17.8%
Earnings before Tax (EBT) ¹	-	402.7	506.2	337	445.5	430	465.5	455	386
Net income ¹	280.4	343.4	412.7	275.3	341	343	355	350	323
Net margin	-	17.02%	19.16%	12.54%	16.66%	14.84%	14.66%	14.31%	14.89%
EPS ²	2.970	3.640	4.320	2.920	3.620	3.640	3.770	3.720	3.430
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	6/19/23	8/10/23	11/9/23	3/29/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025
Net Debt ¹	-	-	-	-
Net Cash position ¹	-	1,068	1,774	2,547
Leverage (Debt/EBITDA)	-	-	-	-
Free Cash Flow ¹	-	734	1,375	1,461
ROE (net income / shareholders' equity)	-	18.1%	18.4%	19%
ROA (Net income/ Total Assets)	-	11.2%	11.5%	12.1%
Assets ¹	-	11,671	12,073	13,909
Book Value Per Share ²	-	80.80	88.70	105.0
Cash Flow per Share ²	-	11.10	21.20	22.50
Capex ¹	-	312	384	521
Capex / Sales	-	3.83%	4.16%	4.9%
Announcement Date	3/10/23	3/29/24	-	-

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 MPI Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

425 TWD

Average target price

404.3 TWD

Spread / Average Target

-4.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electrical Component

	1st Jan change	Capi.
MPI CORPORATION	+95.40%	1.2B
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ACBEL POLYTECH INC.	-7.66%	1.02B
NINGBO SUNRISE ELC TECHNOLOGY CO.,LTD	-14.47%	937M
JIANGSU LETTALL ELECTRONIC CO.,LTD	-22.38%	884M

Electrical Component