Company Valuation: HannStar Display Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 37,234 53,038 31,877 33,875 24,070 22,298
Change - 42.44% -39.9% 6.27% -28.95% -7.36%
Enterprise Value (EV) 1 17,766 29,612 22,014 30,320 24,548 20,484
Change - 66.68% -25.66% 37.73% -19.04% -16.56%
P/E 10x 6.73x -12.9x -7.25x -4.52x -10.4x
PBR 0.84x 1.05x 0.68x 0.82x 0.71x 0.66x
PEG - 0x 0x -0.1x -0.3x 0.2x
Capitalization / Revenue 1.9x 1.94x 1.87x 2.74x 2.42x 1.95x
EV / Revenue 0.91x 1.08x 1.29x 2.45x 2.46x 1.79x
EV / EBITDA 4.22x 3.22x 25.8x -13.2x -9.45x -35.3x
EV / EBIT 8.71x 4.31x -13.8x -6.24x -4.42x -6.03x
EV / FCF 15.2x 11.4x -10x -5.56x -6.1x -85.6x
FCF Yield 6.56% 8.8% -9.98% -18% -16.4% -1.17%
Dividend per Share 2 0.5 1 - - - -
Rate of return 4.07% 5.52% - - - -
EPS 2 1.23 2.69 -0.865 -1.634 -1.861 -0.75
Distribution rate 40.7% 37.2% - - - -
Net sales 1 19,553 27,336 17,051 12,353 9,964 11,437
EBITDA 1 4,207 9,202 853.8 -2,302 -2,597 -580.8
EBIT 1 2,040 6,865 -1,597 -4,855 -5,559 -3,397
Net income 1 3,848 8,289 -2,517 -4,672 -5,319 -2,140
Net Debt 1 -19,469 -23,426 -9,863 -3,555 478.5 -1,814
Reference price 2 12.30 18.10 11.15 11.85 8.42 7.80
Nbr of stocks (in thousands) 3,027,187 2,930,287 2,858,929 2,858,655 2,858,655 2,858,655
Announcement Date 3/19/21 2/25/22 3/1/23 4/23/24 2/27/25 3/11/26
1TWD in Million2TWD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.17B
53.3x6.79x23.89x0.82% 123B
28.56x1.23x5.93x1.17% 32.48B
15.24x1.02x5.61x3.25% 15.33B
31.57x1.18x7.76x2.05% 11.69B
14.76x4.94x12.98x3.2% 6.58B
69.12x0.74x7.55x1.1% 5.58B
25.49x0.61x3.1x-.--% 3.29B
Average 34.01x 2.36x 9.55x 1.66% 24.94B
Weighted average by Cap. 43.73x 4.77x 17.42x 1.21%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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