Stock 3030 TEST RESEARCH, INC.
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Financials Test Research, Inc.

Equities

3030

TW0003030003

Semiconductor Equipment & Testing

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
105.5 TWD +5.50% Intraday chart for Test Research, Inc. +12.96% +68.26%
Feb. 26 Test Research, Inc. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Feb. 05 China bets on open-source chips as US export controls mount RE

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 10,771 12,567 13,653 13,819 15,047 14,811
Enterprise Value (EV) 1 9,674 11,123 11,904 12,452 13,658 13,509
P/E ratio 10.2 x 13.4 x 12.5 x 11.7 x 7.85 x 14.8 x
Yield 8.11% 6.2% 5.71% 5.64% 7.06% 5.26%
Capitalization / Revenue 2.19 x 2.86 x 2.76 x 2.46 x 2.24 x 3.34 x
EV / Revenue 1.97 x 2.54 x 2.4 x 2.22 x 2.04 x 3.05 x
EV / EBITDA 7.07 x 8.56 x 7.73 x 7.46 x 6.04 x 10.2 x
EV / FCF 28.5 x 9.7 x 13.4 x 49.3 x 31 x 17.1 x
FCF Yield 3.51% 10.3% 7.48% 2.03% 3.23% 5.83%
Price to Book 2.01 x 2.33 x 2.39 x 2.27 x 2.07 x 2.06 x
Nbr of stocks (in thousands) 236,216 236,216 236,216 236,216 236,216 236,216
Reference price 2 45.60 53.20 57.80 58.50 63.70 62.70
Announcement Date 3/4/19 4/24/20 2/26/21 2/24/22 2/23/23 2/26/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 4,919 4,387 4,951 5,607 6,709 4,435
EBITDA 1 1,368 1,299 1,539 1,669 2,262 1,319
EBIT 1 1,270 1,197 1,437 1,558 2,153 1,208
Operating Margin 25.81% 27.28% 29.03% 27.79% 32.1% 27.25%
Earnings before Tax (EBT) 1 1,334 1,161 1,373 1,558 2,454 1,255
Net income 1 1,064 938.7 1,093 1,185 1,921 1,001
Net margin 21.64% 21.4% 22.07% 21.14% 28.64% 22.58%
EPS 2 4.480 3.960 4.620 5.010 8.110 4.230
Free Cash Flow 1 339.5 1,146 890.1 252.5 440.8 787.7
FCF margin 6.9% 26.13% 17.98% 4.5% 6.57% 17.76%
FCF Conversion (EBITDA) 24.82% 88.25% 57.82% 15.13% 19.48% 59.7%
FCF Conversion (Net income) 31.9% 122.11% 81.46% 21.3% 22.94% 78.68%
Dividend per Share 2 3.700 3.300 3.300 3.300 4.500 3.300
Announcement Date 3/4/19 4/24/20 2/26/21 2/24/22 2/23/23 2/26/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 1,097 1,444 1,749 1,366 1,389 1,302
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 340 1,146 890 252 441 788
ROE (net income / shareholders' equity) 20.6% 17.5% 19.7% 20.1% 28.8% 13.9%
ROA (Net income/ Total Assets) 12.7% 11.5% 13.2% 13% 15.7% 8.35%
Assets 1 8,403 8,183 8,251 9,131 12,265 11,984
Book Value Per Share 2 22.60 22.80 24.10 25.80 30.80 30.40
Cash Flow per Share 2 4.650 5.510 6.610 5.190 4.860 3.640
Capex 1 34.3 40 35.8 139 668 856
Capex / Sales 0.7% 0.91% 0.72% 2.47% 9.95% 19.3%
Announcement Date 3/4/19 4/24/20 2/26/21 2/24/22 2/23/23 2/26/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Semiconductor Testing Equipment & Service

1st Jan change Capi.
TEST RESEARCH, INC. Stock Test Research, Inc.
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ISC CO., LTD. Stock ISC Co., Ltd.
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ARDENTEC CORPORATION Stock Ardentec Corporation
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Semiconductor Testing Equipment & Service
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