Company Valuation: Azion Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 694.4 693.9 573 1,643 1,163 1,880
Change - -0.06% -17.43% 186.72% -29.22% 61.72%
Enterprise Value (EV) 1 654.5 617.2 421.8 1,476 1,054 1,810
Change - -5.7% -31.66% 249.95% -28.61% 71.76%
P/E 14.1x 15.5x 15.1x 21.5x 16.2x 29.7x
PBR 1.33x 1.27x 1.07x 2.78x 1.92x 3.1x
PEG - -1.4x -1x 0.2x -2.67x -2.5x
Capitalization / Revenue 0.94x 1.1x 1.14x 1.86x 1.54x 2.08x
EV / Revenue 0.89x 0.98x 0.84x 1.67x 1.4x 2x
EV / EBITDA 13.1x 16.2x 14.9x 16.7x 18.5x 27.2x
EV / EBIT 13.5x 16.9x 16.1x 17.3x 19.8x 29x
EV / FCF 4.67x -46.9x 23.5x 8.08x -25.2x 18.4x
FCF Yield 21.4% -2.13% 4.25% 12.4% -3.97% 5.43%
Dividend per Share 2 0.8104 1.001 0.751 1.2 1.38 1.23
Rate of return 5.21% 6.59% 5.98% 3.4% 5.53% 3.05%
EPS 2 1.1 0.98 0.8299 1.639 1.54 1.36
Distribution rate 73.7% 102% 90.5% 73.2% 89.6% 90.4%
Net sales 1 738 631.8 504.5 885 754.6 903.9
EBITDA 1 49.77 38.09 28.34 88.39 57.02 66.48
EBIT 1 48.52 36.55 26.16 85.21 53.14 62.38
Net income 1 49.82 44.74 37.89 76.03 71.96 63.47
Net Debt 1 -39.9 -76.76 -151.2 -166.7 -109 -70.51
Reference price 2 15.55 15.20 12.55 35.25 24.95 40.35
Nbr of stocks (in thousands) 44,654 45,654 45,654 46,604 46,604 46,604
Announcement Date 3/29/21 3/21/22 3/30/23 3/29/24 3/26/25 3/27/26
1TWD in Million2TWD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 39.44M
22.58x3.66x12.74x2.97% 214B
12.19x1.35x7.06x3.94% 101B
-94.69x14.98x86.7x-.--% 93.71B
15.55x2.84x10.74x5.29% 90.82B
22.25x5.73x14.09x2.58% 65.81B
14.48x2.11x8.93x5.39% 46.87B
21.14x1.71x10.78x1.4% 39.21B
17.96x2.28x10.94x4.84% 37.35B
20.7x1.53x9.73x0.95% 36.38B
Average 5.80x 4.02x 19.08x 3.04% 72.53B
Weighted average by Cap. 4.14x 4.50x 20.78x 3.04%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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