Financials Macronix International Co., Ltd.

Equities

2337

TW0002337003

Semiconductors

End-of-day quote Taiwan S.E. Other stock markets 18:00:00 2024-06-20 EDT			5-day change	1st Jan Change
27.45 ^TWD	+1.10%		+5.58%	-12.44%

06-03	Macronix International Co., Ltd. Announces Cash Dividend, Payable on July 29, 2024	CI
05-07	Macronix International Co., Ltd. Announces the Resignation of Cheng-Wen Wu as Independent Director	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	68,372	78,439	78,241	62,569	58,119	50,889	-	-
Enterprise Value (EV) ¹	75,285	83,753	72,021	58,415	65,677	64,366	67,303	84,839
P/E ratio	22.7 x	14.6 x	6.51 x	7.21 x	-34.1 x	-19.7 x	33.4 x	-
Yield	3.23%	2.84%	4.27%	-	5.74%	0.24%	0.86%	-
Capitalization / Revenue	1.95 x	1.97 x	1.55 x	1.44 x	2.1 x	1.83 x	1.48 x	1.41 x
EV / Revenue	2.15 x	2.1 x	1.42 x	1.34 x	2.38 x	2.31 x	1.96 x	2.35 x
EV / EBITDA	12.9 x	8.52 x	4.04 x	4.2 x	25.3 x	34 x	10.9 x	16.5 x
EV / FCF	-9.13 x	22.2 x	6.36 x	29.8 x	-8 x	-68.5 x	-170 x	-
FCF Yield	-11%	4.51%	15.7%	3.36%	-12.5%	-1.46%	-0.59%	-
Price to Book	2.1 x	2.17 x	1.67 x	1.19 x	1.2 x	1.14 x	1.14 x	1.45 x
Nbr of stocks (in thousands)	1,837,970	1,854,345	1,854,061	1,853,898	1,853,870	1,853,870	-	-
Reference price ²	37.20	42.30	42.20	33.75	31.35	27.45	27.45	27.45
Announcement Date	20-02-18	21-01-28	22-01-25	23-02-15	24-01-30	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	34,995	39,801	50,573	43,487	27,624	27,821	34,411	36,165
EBITDA ¹	5,830	9,834	17,848	13,908	2,600	1,891	6,169	5,136
EBIT ¹	3,099	5,866	11,064	9,369	-2,407	-3,214	904.1	-134
Operating Margin	8.86%	14.74%	21.88%	21.54%	-8.71%	-11.55%	2.63%	-0.37%
Earnings before Tax (EBT) ¹	3,026	5,841	13,328	10,292	-1,884	-1,766	1,162	-
Net income ¹	3,012	5,326	11,963	8,970	-1,699	-2,594	1,533	-
Net margin	8.61%	13.38%	23.65%	20.63%	-6.15%	-9.32%	4.46%	-
EPS ²	1.640	2.900	6.480	4.680	-0.9200	-1.393	0.8225	-
Free Cash Flow ¹	-8,245	3,775	11,326	1,961	-8,208	-939	-395	-
FCF margin	-23.56%	9.48%	22.4%	4.51%	-29.71%	-3.38%	-1.15%	-
FCF Conversion (EBITDA)	-	38.39%	63.46%	14.1%	-	-	-	-
FCF Conversion (Net income)	-	70.88%	94.68%	21.86%	-	-	-	-
Dividend per Share ²	1.200	1.200	1.800	-	1.800	0.0667	0.2367	-
Announcement Date	20-02-18	21-01-28	22-01-25	23-02-15	24-01-30	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	14,545	11,598	11,340	11,472	9,078	7,104	7,429	7,283	5,808	5,760	6,364	7,569	8,257	8,319	-
EBITDA ¹	5,200	-	4,121	-	1,875	636.6	1,193	-	-7	76	105.6	440	1,102	1,235	-
EBIT ¹	4,094	3,218	2,980	2,417	754.2	-439.1	-166.5	-652.4	-1,149	-1,302	-979.6	-411.7	24.48	11.71	-
Operating Margin	28.15%	27.74%	26.28%	21.07%	8.31%	-6.18%	-2.24%	-8.96%	-19.78%	-22.6%	-15.39%	-5.44%	0.3%	0.14%	-
Earnings before Tax (EBT) ¹	4,041	3,406	3,389	2,840	657.2	-388.1	82.93	-450.3	-1,129	-1,196	-802	15.33	386	-	-
Net income ¹	3,692	2,929	2,935	2,500	605.1	-355.3	70.98	-407.9	-1,007	-1,079	-777.7	-163.1	230.3	19.66	-
Net margin	25.38%	25.25%	25.89%	21.79%	6.67%	-5%	0.96%	-5.6%	-17.34%	-18.74%	-12.22%	-2.15%	2.79%	0.24%	-
EPS ²	2.000	1.540	1.590	1.310	0.3300	-0.1900	0.0400	-0.2200	-0.5400	-0.5800	-0.4110	-0.0913	0.0760	-0.1047	0.1000
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	22-01-25	22-04-27	22-07-26	22-10-26	23-02-15	23-04-26	23-07-25	23-10-25	24-01-30	24-04-29	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,913	5,314	-	-	7,558	13,477	16,415	33,951
Net Cash position ¹	-	-	6,220	4,155	-	-	-	-
Leverage (Debt/EBITDA)	1.186 x	0.5404 x	-	-	2.907 x	7.126 x	2.661 x	6.61 x
Free Cash Flow ¹	-8,245	3,775	11,326	1,961	-8,208	-939	-395	-
ROE (net income / shareholders' equity)	9.43%	16%	29%	18.1%	-3%	-3.95%	0.9%	0.68%
ROA (Net income/ Total Assets)	5.03%	8.42%	16.8%	11.2%	-2.1%	-1.54%	1.34%	-
Assets ¹	59,853	63,275	71,300	80,300	80,828	168,422	114,340	-
Book Value Per Share ²	17.70	19.50	25.20	28.40	26.10	24.10	24.00	18.90
Cash Flow per Share	2.480	5.250	-	7.990	-	-	-	-
Capex ¹	12,788	6,080	4,790	9,869	7,682	9,459	10,831	-
Capex / Sales	36.54%	15.28%	9.47%	22.69%	27.81%	34%	31.48%	-
Announcement Date	20-02-18	21-01-28	22-01-25	23-02-15	24-01-30	-	-	-

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Macronix International Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

27.45 TWD

Average target price

27.9 TWD

Spread / Average Target

+1.64%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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