Company Valuation: Micro-Star International Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 135,599 100,960 172,351 155,031 81,191 126,306 - -
Change - -25.55% 70.71% -10.05% -47.63% 55.57% - -
Enterprise Value (EV) 1 114,282 73,484 146,578 131,988 60,921 100,515 99,761 126,306
Change - -35.7% 99.47% -9.95% -53.84% 64.99% -0.75% 26.61%
P/E 8.11x 10.3x 22.9x 22.8x 14.1x 14.7x 14.1x -
PBR 2.88x 2.09x 3.43x 2.93x 1.49x 2.15x 2.02x -
PEG - -0.3x -1x -2.31x -0.9x 0.3x 3.47x -
Capitalization / Revenue 0.67x 0.56x 0.94x 0.78x 0.35x 0.55x 0.52x 0.51x
EV / Revenue 0.57x 0.41x 0.8x 0.67x 0.26x 0.44x 0.41x 0.51x
EV / EBITDA 5.39x 6.07x 14.4x 15.6x 7.83x 8.38x 8.61x 10.8x
EV / EBIT 5.72x 6.87x 16.6x 18.5x 9.54x 10.1x 9.62x 12.3x
EV / FCF 10.3x 4.96x 33.9x 49x 146x 11.1x 13.5x -
FCF Yield 9.67% 20.2% 2.95% 2.04% 0.69% 9% 7.39% -
Dividend per Share 2 10.5 6.6 5.4 5 4.2 5.766 5.423 -
Rate of return 6.54% 5.52% 2.65% 2.72% 4.37% 3.86% 3.63% -
EPS 2 19.78 11.65 8.92 8.04 6.8 10.18 10.6 -
Distribution rate 53.1% 56.7% 60.5% 62.2% 61.8% 56.6% 51.2% -
Net sales 1 201,810 180,411 182,966 197,872 230,196 227,981 242,551 250,044
EBITDA 1 21,215 12,099 10,185 8,461 7,780 11,999 11,580 11,662
EBIT 1 19,975 10,696 8,810 7,117 6,388 9,929 10,374 10,268
Net income 1 16,921 9,963 7,533 6,793 5,748 8,235 9,333 -
Net Debt 1 -21,317 -27,476 -25,773 -23,043 -20,269 -25,791 -26,545 -
Reference price 2 160.50 119.50 204.00 183.50 96.10 149.50 149.50 149.50
Nbr of stocks (in thousands) 844,856 844,856 844,856 844,856 844,856 844,856 - -
Announcement Date 22/03/22 14/03/23 14/03/24 12/03/25 12/03/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.04x0.42x7.92x4.03% 3.72B
25.18x1.72x15.96x0.58% 277B
63.12x15.81x43x0.35% 189B
22.43x1.8x9.44x1.13% 66.53B
16.74x0.36x6.65x1.93% 39.13B
26.4x4.29x16.23x1.25% 30.76B
11.97x0.52x6.36x4.42% 24.8B
40.21x21.74x29.64x1.29% 25.31B
15.98x0.3x8.88x0.76% 20.3B
14.43x0.57x11.3x4.91% 18.25B
Average 25.05x 4.75x 15.54x 2.06% 69.47B
Weighted average by Cap. 34.27x 6.20x 21.95x 0.98%

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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