Company Valuation: ASUSTeK Computer Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 279,278 199,431 363,581 457,540 407,033 714,535 - -
Change - -28.59% 82.31% 25.84% -11.04% 75.55% - -
Enterprise Value (EV) 1 220,217 178,961 300,755 385,131 340,378 664,799 663,889 649,776
Change - -18.73% 68.06% 28.05% -11.62% 95.31% -0.14% -2.13%
P/E 6.35x 13.6x 22.9x 14.6x 9.21x 12.5x 12.7x 12.2x
PBR 1.2x 0.94x 1.52x 1.7x 1.52x 2.41x 2.3x 2.08x
PEG - -0.2x 2.87x 0.1x 0.2x 0.4x -6.2x 3.07x
Capitalization / Revenue 0.52x 0.37x 0.75x 0.78x 0.55x 0.69x 0.59x 0.55x
EV / Revenue 0.41x 0.33x 0.62x 0.66x 0.46x 0.65x 0.55x 0.5x
EV / EBITDA 4.16x 11.5x 21.6x 11.9x 7.96x 9.67x 9.61x 9.34x
EV / EBIT 4.46x 13.8x 26.9x 13x 8.58x 10.4x 10.7x 10.1x
EV / FCF 7.22x -10.4x 5.97x 64.6x 12.1x -23.5x 48x 14x
FCF Yield 13.9% -9.64% 16.8% 1.55% 8.25% -4.26% 2.08% 7.16%
Dividend per Share 2 42 15 17 34 42 52.15 55.65 57.81
Rate of return 11.2% 5.59% 3.47% 5.52% 7.66% 5.42% 5.79% 6.01%
EPS 2 59.21 19.78 21.36 42.3 59.51 77.25 75.67 78.68
Distribution rate 70.9% 75.8% 79.6% 80.4% 70.6% 67.5% 73.5% 73.5%
Net sales 1 535,239 537,192 482,314 587,087 738,905 1,028,271 1,204,308 1,303,996
EBITDA 1 52,914 15,603 13,935 32,489 42,773 68,775 69,082 69,555
EBIT 1 49,326 12,982 11,164 29,595 39,656 63,703 61,963 64,446
Net income 1 44,550 14,691 15,928 31,394 44,558 58,268 57,374 57,091
Net Debt 1 -59,061 -20,470 -62,826 -72,410 -66,654 -49,737 -50,646 -64,759
Reference price 2 376.00 268.50 489.50 616.00 548.00 962.00 962.00 962.00
Nbr of stocks (in thousands) 742,760 742,760 742,760 742,760 742,760 742,760 - -
Announcement Date 3/16/22 3/12/23 3/15/24 3/11/25 3/10/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23x1.94x15.28x0.45% 358B
7.91x4.43x5.52x-.--% 252B
24.73x10.01x17.74x0.35% 193B
21.32x7.58x14.66x0.14% 150B
24.55x2.27x11.63x0.82% 92.03B
18.64x0.48x8.67x1.72% 54.25B
144.55x8.92x39.32x-.--% 46.7B
29.05x5.25x15.88x0.93% 44.44B
33.08x5.83x19.82x1.27% 42.39B
Average 36.32x 5.19x 16.50x 0.63% 136.9B
Weighted average by Cap. 25.08x 4.88x 14.12x 0.42%

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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