Company Valuation: Harmony Electronics Co. Ltd

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 3,168 6,048 3,308 3,516 3,516 2,788
Change - 90.88% -45.31% 6.31% 0% -20.7%
Enterprise Value (EV) 1 2,905 6,161 3,894 3,335 3,062 2,729
Change - 112.04% -36.79% -14.36% -8.19% -10.87%
P/E 14.3x 11.9x 12.5x 28.3x 13.5x 59.7x
PBR 1.04x 1.72x 0.98x 0.98x 0.92x 0.77x
PEG - 0x -0.3x -0.5x 0x -0.7x
Capitalization / Revenue 1.05x 1.68x 1.15x 1.3x 1.2x 0.97x
EV / Revenue 0.96x 1.71x 1.35x 1.23x 1.04x 0.95x
EV / EBITDA 5.52x 6.9x 7.22x 7.62x 4.83x 7.65x
EV / EBIT 9.05x 9.39x 14.8x 21.4x 8.69x 34.9x
EV / FCF -32.8x -20.5x -12.4x 5.53x 7.76x -17.6x
FCF Yield -3.05% -4.88% -8.06% 18.1% 12.9% -5.67%
Dividend per Share 2 1.5 3 1 1.2 2 0.25
Rate of return 5.07% 5.31% 3.24% 3.65% 6.09% 0.96%
EPS 2 2.07 4.73 2.48 1.16 2.43 0.4365
Distribution rate 72.5% 63.4% 40.3% 103% 82.3% 57.3%
Net sales 1 3,020 3,599 2,882 2,709 2,934 2,871
EBITDA 1 525.9 892.8 539.2 437.4 634 356.5
EBIT 1 321.1 656 263.4 155.7 352.5 78.24
Net income 1 222.4 509.6 267.3 124.5 261.5 46.72
Net Debt 1 -263 112.8 586.3 -181.4 -454.5 -59.29
Reference price 2 29.60 56.50 30.90 32.85 32.85 26.05
Nbr of stocks (in thousands) 107,041 107,041 107,041 107,041 107,041 107,041
Announcement Date 29/03/21 18/03/22 13/03/23 19/03/24 14/03/25 24/03/26
1TWD in Million2TWD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 121M
21.23x11.94x17.68x0.38% 4,862B
22.7x11.12x15.1x1.11% 1,947B
43.23x17.7x26.05x0.67% 1,852B
11.34x6.83x8.26x0.06% 930B
5x3.02x3.62x0.23% 871B
88.32x15.33x56.67x-.--% 776B
-39.08x7.56x21.11x-.--% 455B
189.35x41.55x84.15x-.--% 256B
32.44x11.76x21.82x2.08% 252B
Average 41.61x 14.09x 28.27x 0.5% 1,220B
Weighted average by Cap. 28.67x 12.33x 20.91x 0.49%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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