Financials Realtek Semiconductor Corp.

Equities

2379

TW0002379005

Semiconductors

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-05-06 pm EDT			5-day change	1st Jan Change
525 ^TWD	+2.74%		+1.35%	+11.35%

Apr. 19	Transcript : Realtek Semiconductor Corp., Q1 2024 Earnings Call, Apr 19, 2024
Apr. 15	E Ink Holdings Inc. Teams Up with Realtek Semiconductor, Integrated Solutions Technology and Chipbond Technology Corporation to Develop Next-Generation ePaper Shelf Labels	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	119,402	199,422	296,197	144,115	241,815	269,253	-	-
Enterprise Value (EV) ¹	93,008	167,172	256,648	102,653	212,284	226,443	220,544	219,856
P/E ratio	17.9 x	23.1 x	17.6 x	9.22 x	26.4 x	19.2 x	16.2 x	13.3 x
Yield	4.68%	3.59%	4.66%	-	-	4%	5.02%	5.41%
Capitalization / Revenue	1.97 x	2.56 x	2.81 x	1.29 x	2.54 x	2.38 x	2.08 x	1.82 x
EV / Revenue	1.53 x	2.15 x	2.43 x	0.92 x	2.23 x	2 x	1.71 x	1.48 x
EV / EBITDA	11.6 x	15.7 x	13.1 x	5.54 x	21.9 x	15.1 x	12.1 x	10.4 x
EV / FCF	8.08 x	12.2 x	16.2 x	6.27 x	13.5 x	15.5 x	12.7 x	13.7 x
FCF Yield	12.4%	8.17%	6.17%	16%	7.41%	6.45%	7.87%	7.29%
Price to Book	4.46 x	7.29 x	7.61 x	3.19 x	5.81 x	5.44 x	4.93 x	4.38 x
Nbr of stocks (in thousands)	508,095	510,685	510,685	512,864	512,864	512,864	-	-
Reference price ²	235.0	390.5	580.0	281.0	471.5	525.0	525.0	525.0
Announcement Date	2/6/20	2/2/21	2/8/22	3/1/23	2/27/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	60,744	77,759	105,504	111,790	95,179	113,355	129,319	148,155
EBITDA ¹	8,051	10,624	19,626	18,528	9,680	14,977	18,190	21,054
EBIT ¹	6,331	8,640	17,325	15,724	6,655	12,246	15,117	17,998
Operating Margin	10.42%	11.11%	16.42%	14.07%	6.99%	10.8%	11.69%	12.15%
Earnings before Tax (EBT) ¹	7,236	9,356	17,575	16,922	9,545	14,805	17,413	21,345
Net income ¹	6,790	8,794	16,853	16,204	9,153	14,018	16,428	20,203
Net margin	11.18%	11.31%	15.97%	14.5%	9.62%	12.37%	12.7%	13.64%
EPS ²	13.13	16.93	33.00	30.48	17.85	27.32	32.40	39.42
Free Cash Flow ¹	11,504	13,658	15,842	16,378	15,730	14,611	17,358	16,034
FCF margin	18.94%	17.56%	15.02%	14.65%	16.53%	12.89%	13.42%	10.82%
FCF Conversion (EBITDA)	142.88%	128.56%	80.72%	88.39%	162.5%	97.56%	95.43%	76.16%
FCF Conversion (Net income)	169.43%	155.31%	94%	101.07%	171.86%	104.23%	105.66%	79.36%
Dividend per Share ²	11.00	14.00	27.00	-	-	21.02	26.38	28.40
Announcement Date	2/6/20	2/2/21	2/8/22	3/1/23	2/27/24	-	-	-

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	28,955	27,370	29,756	30,499	29,772	21,762	19,625	26,291	26,678	22,585	25,623	27,658	30,116	29,637	28,385
EBITDA ¹	-	5,315	5,963	5,304	-	2,520	2,188	2,838	2,722	1,931	3,517	4,170	4,376	3,946	3,914
EBIT ¹	5,353	4,678	5,302	4,616	4,036	1,770	1,415	2,094	1,990	1,157	2,743	3,174	3,478	3,166	2,938
Operating Margin	18.49%	17.09%	17.82%	15.14%	13.56%	8.13%	7.21%	7.96%	7.46%	5.12%	10.71%	11.48%	11.55%	10.68%	10.35%
Earnings before Tax (EBT) ¹	5,092	4,814	5,403	4,875	4,390	2,254	1,869	2,721	2,670	2,285	2,885	3,716	4,061	3,712	3,339
Net income ¹	4,888	4,605	5,186	4,677	4,207	2,134	1,793	2,607	2,572	2,180	3,130	3,591	3,959	3,569	3,214
Net margin	16.88%	16.82%	17.43%	15.34%	14.13%	9.8%	9.14%	9.92%	9.64%	9.65%	12.22%	12.99%	13.15%	12.04%	11.32%
EPS ²	9.520	9.020	9.900	9.050	8.130	3.960	3.440	5.060	5.010	4.260	6.102	6.978	7.549	6.951	6.589
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	23.37	-	-
Announcement Date	11/11/21	2/8/22	4/22/22	7/28/22	11/11/22	3/1/23	5/12/23	8/4/23	11/10/23	2/27/24	-	-	-	-	-

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	26,394	32,251	39,549	41,462	29,531	42,810	48,710	49,398
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	11,504	13,658	15,842	16,378	15,730	14,611	17,358	16,034
ROE (net income / shareholders' equity)	26.2%	31%	49.3%	37.8%	20.6%	31%	31.6%	33.7%
ROA (Net income/ Total Assets)	10.3%	11.6%	18.8%	15.1%	8.82%	14.1%	14.8%	18.2%
Assets ¹	65,839	75,769	89,664	107,466	103,758	99,623	111,010	111,005
Book Value Per Share ²	52.60	53.60	76.30	88.00	81.10	96.50	106.0	120.0
Cash Flow per Share ²	23.70	29.70	35.30	35.90	34.40	31.00	34.30	42.20
Capex ¹	747	1,782	2,510	2,680	2,167	2,316	2,287	2,511
Capex / Sales	1.23%	2.29%	2.38%	2.4%	2.28%	2.04%	1.77%	1.69%
Announcement Date	2/6/20	2/2/21	2/8/22	3/1/23	2/27/24	-	-	-

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 Realtek Semiconductor Corp.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

525 TWD

Average target price

591 TWD

Spread / Average Target

+12.57%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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