Company Valuation: Harmony Electronics Co. Ltd

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 3,168 6,048 3,308 3,516 3,516 2,788
Change - 90.88% -45.31% 6.31% 0% -20.7%
Enterprise Value (EV) 1 2,905 6,161 3,894 3,335 3,062 2,729
Change - 112.04% -36.79% -14.36% -8.19% -10.87%
P/E 14.3x 11.9x 12.5x 28.3x 13.5x 59.7x
PBR 1.04x 1.72x 0.98x 0.98x 0.92x 0.77x
PEG - 0x -0.3x -0.5x 0x -0.7x
Capitalization / Revenue 1.05x 1.68x 1.15x 1.3x 1.2x 0.97x
EV / Revenue 0.96x 1.71x 1.35x 1.23x 1.04x 0.95x
EV / EBITDA 5.52x 6.9x 7.22x 7.62x 4.83x 7.65x
EV / EBIT 9.05x 9.39x 14.8x 21.4x 8.69x 34.9x
EV / FCF -32.8x -20.5x -12.4x 5.53x 7.76x -17.6x
FCF Yield -3.05% -4.88% -8.06% 18.1% 12.9% -5.67%
Dividend per Share 2 1.5 3 1 1.2 2 0.25
Rate of return 5.07% 5.31% 3.24% 3.65% 6.09% 0.96%
EPS 2 2.07 4.73 2.48 1.16 2.43 0.4365
Distribution rate 72.5% 63.4% 40.3% 103% 82.3% 57.3%
Net sales 1 3,020 3,599 2,882 2,709 2,934 2,871
EBITDA 1 525.9 892.8 539.2 437.4 634 356.5
EBIT 1 321.1 656 263.4 155.7 352.5 78.24
Net income 1 222.4 509.6 267.3 124.5 261.5 46.72
Net Debt 1 -263 112.8 586.3 -181.4 -454.5 -59.29
Reference price 2 29.60 56.50 30.90 32.85 32.85 26.05
Nbr of stocks (in thousands) 107,041 107,041 107,041 107,041 107,041 107,041
Announcement Date 3/29/21 3/18/22 3/13/23 3/19/24 3/14/25 3/24/26
1TWD in Million2TWD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 162M
23.95x11.32x15.41x1.05% 1,927B
41.05x16.94x24.94x0.7% 1,772B
15.74x9.65x11.68x0.05% 1,293B
8.32x4.86x5.88x0.21% 1,207B
100.42x17.53x65.73x-.--% 880B
-379.99x11.49x34.2x-.--% 662B
281.96x60.66x128.62x-.--% 367B
9.21x4.8x5.88x1.08% 298B
37.17x12.73x24.42x2.02% 260B
Average 15.32x 16.66x 35.20x 0.57% 866.59B
Weighted average by Cap. 11.77x 13.87x 26.76x 0.51%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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