Financials Accton Technology Corporation

Equities

2345

TW0002345006

Communications & Networking

End-of-day quote Taiwan S.E. Other stock markets 18:00:00 2024-04-29 EDT			5-day change	1st Jan Change
461.5 ^TWD	+3.13%		+20.03%	-11.76%

03-08	Accton Technology Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI
03-06	Murray Income Trust deems 2023 a "mixed bag" as returns stagnate	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	93,368	176,083	144,986	130,815	291,807	257,585	-	-
Enterprise Value (EV) ¹	83,289	166,547	138,573	125,651	278,708	239,561	236,079	228,812
P/E ratio	19.2 x	34.8 x	31.1 x	16.2 x	33 x	21.2 x	19 x	-
Yield	3.69%	2.06%	2.31%	3.2%	1.91%	2.79%	3.15%	4.36%
Capitalization / Revenue	1.69 x	3.23 x	2.43 x	1.69 x	3.47 x	2.55 x	2.26 x	1.87 x
EV / Revenue	1.5 x	3.06 x	2.33 x	1.63 x	3.31 x	2.37 x	2.07 x	1.66 x
EV / EBITDA	12.7 x	23.5 x	22.3 x	12 x	22.4 x	16.8 x	12.7 x	10.1 x
EV / FCF	10.6 x	57.6 x	156 x	14.3 x	17.3 x	25.9 x	22.2 x	-
FCF Yield	9.4%	1.74%	0.64%	6.98%	5.79%	3.86%	4.5%	-
Price to Book	7.3 x	12.2 x	9.32 x	6.4 x	11.7 x	8.45 x	7.02 x	5.61 x
Nbr of stocks (in thousands)	555,760	557,224	557,637	557,849	557,949	558,147	-	-
Reference price ²	168.0	316.0	260.0	234.5	523.0	461.5	461.5	461.5
Announcement Date	20-03-20	21-03-18	22-03-17	23-03-14	24-03-08	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	55,401	54,463	59,599	77,205	84,188	101,169	114,012	137,650
EBITDA ¹	6,579	7,078	6,207	10,499	12,455	14,284	18,656	22,767
EBIT ¹	6,040	6,403	5,441	9,633	11,501	14,832	17,093	21,084
Operating Margin	10.9%	11.76%	9.13%	12.48%	13.66%	14.66%	14.99%	15.32%
Earnings before Tax (EBT) ¹	6,130	6,213	5,731	10,276	11,732	15,775	16,851	-
Net income ¹	4,950	5,048	4,705	8,166	8,920	12,623	13,556	-
Net margin	8.94%	9.27%	7.89%	10.58%	10.6%	12.48%	11.89%	-
EPS ²	8.760	9.070	8.360	14.45	15.86	21.81	24.23	-
Free Cash Flow ¹	7,832	2,891	887.7	8,772	16,126	9,240	10,621	-
FCF margin	14.14%	5.31%	1.49%	11.36%	19.16%	9.13%	9.32%	-
FCF Conversion (EBITDA)	119.04%	40.85%	14.3%	83.55%	129.48%	64.69%	56.93%	-
FCF Conversion (Net income)	158.21%	57.27%	18.87%	107.42%	180.79%	73.2%	78.35%	-
Dividend per Share ²	6.200	6.500	6.000	7.500	10.00	12.88	14.52	20.11
Announcement Date	20-03-20	21-03-18	22-03-17	23-03-14	24-03-08	-	-	-

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	15,204	17,143	15,730	18,696	20,581	22,198	19,686	20,120	22,427	21,956	20,256	22,891	26,734	28,971	23,186
EBITDA ¹	1,545	1,976	1,721	2,662	2,839	3,278	2,814	2,832	3,318	3,490	2,751	3,180	4,153	4,936	-
EBIT ¹	1,353	1,772	1,510	2,447	2,621	3,055	2,586	2,601	3,081	3,233	2,768	3,260	3,980	4,394	3,232
Operating Margin	8.9%	10.34%	9.6%	13.09%	12.73%	13.76%	13.14%	12.93%	13.74%	14.72%	13.67%	14.24%	14.89%	15.17%	13.94%
Earnings before Tax (EBT) ¹	1,381	1,839	1,591	2,632	3,273	2,779	2,539	3,072	3,387	2,734	2,954	3,512	4,074	4,496	3,358
Net income ¹	1,096	1,527	1,287	2,073	2,461	2,345	2,037	2,245	2,386	2,252	2,516	2,962	3,406	3,484	2,687
Net margin	7.21%	8.9%	8.18%	11.09%	11.96%	10.56%	10.35%	11.16%	10.64%	10.26%	12.42%	12.94%	12.74%	12.02%	11.59%
EPS ²	1.950	2.700	2.290	3.690	4.410	4.120	3.650	4.000	4.250	4.000	4.502	5.302	6.095	6.232	4.800
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	21-11-11	22-03-17	22-05-12	22-08-11	22-11-10	23-03-14	23-05-12	23-08-10	23-11-10	24-03-08	-	-	-	-	-

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	10,078	9,536	6,413	5,164	13,099	18,024	21,505	28,772
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	7,832	2,891	888	8,772	16,126	9,240	10,621	-
ROE (net income / shareholders' equity)	42.9%	37%	31.3%	45.4%	39.1%	40.1%	40%	41.1%
ROA (Net income/ Total Assets)	19.1%	16.6%	14.2%	20.1%	17.4%	20.9%	19.5%	-
Assets ¹	25,950	30,322	33,072	40,541	51,318	60,345	69,506	-
Book Value Per Share ²	23.00	26.00	27.90	36.60	44.80	54.60	65.70	82.30
Cash Flow per Share ²	11.70	12.00	11.10	20.20	32.70	20.60	27.10	35.30
Capex ¹	779	581	480	952	2,245	1,475	2,136	-
Capex / Sales	1.41%	1.07%	0.81%	1.23%	2.67%	1.46%	1.87%	-
Announcement Date	20-03-20	21-03-18	22-03-17	23-03-14	24-03-08	-	-	-

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 Accton Technology Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

461.5 TWD

Average target price

617.5 TWD

Spread / Average Target

+33.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Network Equipment

	1st Jan change	Capi.
ACCTON TECHNOLOGY CORPORATION	-11.76%	7.9B
CICT MOBILE COMMUNICATION TECHNOLOGY CO., LTD.	-17.48%	2.81B
WILLFAR INFORMATION TECHNOLOGY CO., LTD.	+20.30%	2.34B
EXTREME NETWORKS, INC.	-36.51%	1.44B
FUJIAN STAR-NET COMMUNICATION CO., LTD.	-15.33%	1.25B
ARCADYAN TECHNOLOGY CORPORATION	+1.47%	1.17B
SERCOMM CORPORATION	-7.81%	1.13B
SHENZHEN PHOENIX TELECOM TECHNOLOGY CO.,LTD.	-15.55%	746M
GHT CO.,LTD	+42.02%	653M
ALPHA NETWORKS INC.	-13.77%	541M

Network Equipment