Company Valuation: Gold Circuit Electronics Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 41,098 37,975 106,098 117,535 334,355 527,252 - -
Change - -7.6% 179.39% 10.78% 184.47% 57.69% - -
Enterprise Value (EV) 1 41,749 37,530 103,432 115,604 333,875 538,794 551,415 537,633
Change - -10.11% 175.6% 11.77% 188.81% 61.38% 2.34% -2.5%
P/E 14.1x 9.89x 30.1x 20.9x 35.3x 26.6x 17.2x 11.9x
PBR 3.6x 2.95x 6.44x 5.51x 10.1x 10.9x 7.85x 5.07x
PEG - 0.2x -1.7x 0.4x 0.5x 0.3x 0.3x 0.3x
Capitalization / Revenue 1.54x 1.16x 3.53x 3.02x 5.57x 4.96x 3.34x 2.52x
EV / Revenue 1.57x 1.14x 3.44x 2.97x 5.56x 5.07x 3.49x 2.56x
EV / EBITDA 8.52x 5.43x 16.9x 12.6x 21.7x 17x 10.6x 7.32x
EV / EBIT 10.1x 6.22x 20.1x 14.3x 23.8x 18.1x 11.2x 7.62x
EV / FCF 26.7x 12.2x 28x 234x -74.6x -57.9x 2,387x 19.7x
FCF Yield 3.75% 8.22% 3.57% 0.43% -1.34% -1.73% 0.04% 5.08%
Dividend per Share 2 2.444 - 3.5 6 10 14.43 21.46 30.94
Rate of return 2.89% - 1.61% 2.48% 1.46% 1.4% 2.08% 3%
EPS 2 5.978 8.78 7.25 11.54 19.47 38.69 59.95 86.88
Distribution rate 40.9% - 48.3% 52% 51.4% 37.3% 35.8% 35.6%
Net sales 1 26,607 32,785 30,044 38,952 60,004 106,327 157,936 209,626
EBITDA 1 4,898 6,911 6,103 9,156 15,359 31,782 52,201 73,468
EBIT 1 4,123 6,037 5,136 8,067 14,043 29,770 49,388 70,561
Net income 1 2,927 4,568 3,529 5,616 9,607 20,967 32,966 44,330
Net Debt 1 651.3 -445.5 -2,666 -1,931 -479.7 11,542 24,163 10,381
Reference price 2 84.44 86.80 218.00 241.50 687.00 1,030.00 1,030.00 1,030.00
Nbr of stocks (in thousands) 486,688 437,504 486,688 486,689 486,688 511,896 - -
Announcement Date 21/03/22 15/03/23 15/03/24 13/03/25 12/03/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.62x5.07x16.95x1.4% 16.67B
67.07x10.75x54.06x1.22% 231B
46.77x8.42x15.09x-.--% 93B
46.35x9.89x34.44x1.19% 60.78B
49.8x - - 0.19% 52.82B
48.34x8.48x30.54x0.99% 50.67B
48.06x8.35x33.39x0.84% 40.28B
34.83x8.36x27.69x0.53% 36.79B
26.27x6.85x20.76x1.62% 32.59B
42.2x4.65x22.66x1.11% 31.88B
Average 43.63x 7.87x 28.40x 0.91% 64.69B
Weighted average by Cap. 51.99x 9.09x 36.36x 0.9%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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