Company Valuation: Cipherlab Co.,Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 839 1,301 1,144 1,562 1,699 1,188
Change - 55.1% -12.11% 36.53% 8.77% -30.04%
Enterprise Value (EV) 1 849.9 1,341 1,145 1,493 1,742 1,237
Change - 57.8% -14.61% 30.34% 16.72% -28.98%
P/E -13.5x 36.7x 35.5x -358x -43.4x -14.5x
PBR 1.12x 1.66x 1.42x 2.05x 2.34x 1.84x
PEG - -0x -3.83x 3x -0x -0x
Capitalization / Revenue 0.81x 0.92x 0.91x 1.15x 1.31x 1x
EV / Revenue 0.82x 0.95x 0.91x 1.1x 1.35x 1.04x
EV / EBITDA -11.2x 19.2x 23.7x 201x -42.2x -22.1x
EV / EBIT -8.28x 31.6x 43.2x -150x -30.3x -16.7x
EV / FCF -37.2x -29.8x 23.2x 13x -31.5x 36.4x
FCF Yield -2.69% -3.35% 4.31% 7.67% -3.17% 2.75%
Dividend per Share 2 - 0.35 0.6 - - -
Rate of return - 1.84% 3.59% - - -
EPS 2 -0.9049 0.5181 0.47 -0.0637 -0.5709 -1.192
Distribution rate - 67.6% 128% - - -
Net sales 1 1,031 1,419 1,258 1,360 1,294 1,192
EBITDA 1 -75.71 69.79 48.33 7.442 -41.26 -56.08
EBIT 1 -102.6 42.47 26.52 -9.947 -57.44 -73.98
Net income 1 -61.98 35.48 32.25 -4.366 -39.1 -81.67
Net Debt 1 10.88 39.76 1.307 -69.05 43.45 48.86
Reference price 2 12.25 19.00 16.70 22.80 24.80 17.35
Nbr of stocks (in thousands) 68,489 68,489 68,489 68,489 68,489 68,489
Announcement Date 3/27/21 3/30/22 3/31/23 3/29/24 3/31/25 3/31/26
1TWD in Million2TWD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 31.84M
12.68x0.37x10.9x5.82% 40.7B
33.96x5.53x26.85x2.05% 18.44B
17.6x0.29x12.47x4.03% 7.35B
19.26x0.19x9.36x3.29% 5.32B
17.27x0.32x9.89x4.22% 2.96B
12.35x1.34x6.99x6.41% 2.22B
Average 18.85x 1.34x 12.74x 4.3% 11B
Weighted average by Cap. 18.87x 1.61x 14.61x 4.53%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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