Company Valuation: Micro-Star International Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 135,599 100,960 172,351 155,031 81,191 129,263 - -
Change - -25.55% 70.71% -10.05% -47.63% 59.21% - -
Enterprise Value (EV) 1 114,282 73,484 146,578 131,988 60,921 103,472 102,718 129,263
Change - -35.7% 99.47% -9.95% -53.84% 69.85% -0.73% 25.84%
P/E 8.11x 10.3x 22.9x 22.8x 14.1x 15x 14.4x -
PBR 2.88x 2.09x 3.43x 2.93x 1.49x 2.2x 2.07x -
PEG - -0.3x -1x -2.31x -0.9x 0.3x 3.54x -
Capitalization / Revenue 0.67x 0.56x 0.94x 0.78x 0.35x 0.57x 0.53x 0.52x
EV / Revenue 0.57x 0.41x 0.8x 0.67x 0.26x 0.45x 0.42x 0.52x
EV / EBITDA 5.39x 6.07x 14.4x 15.6x 7.83x 8.62x 8.87x 11.1x
EV / EBIT 5.72x 6.87x 16.6x 18.5x 9.54x 10.4x 9.9x 12.6x
EV / FCF 10.3x 4.96x 33.9x 49x 146x 11.4x 13.9x -
FCF Yield 9.67% 20.2% 2.95% 2.04% 0.69% 8.75% 7.17% -
Dividend per Share 2 10.5 6.6 5.4 5 4.2 5.766 5.423 -
Rate of return 6.54% 5.52% 2.65% 2.72% 4.37% 3.77% 3.54% -
EPS 2 19.78 11.65 8.92 8.04 6.8 10.18 10.6 -
Distribution rate 53.1% 56.7% 60.5% 62.2% 61.8% 56.6% 51.2% -
Net sales 1 201,810 180,411 182,966 197,872 230,196 227,981 242,551 250,044
EBITDA 1 21,215 12,099 10,185 8,461 7,780 11,999 11,580 11,662
EBIT 1 19,975 10,696 8,810 7,117 6,388 9,929 10,374 10,268
Net income 1 16,921 9,963 7,533 6,793 5,748 8,235 9,333 -
Net Debt 1 -21,317 -27,476 -25,773 -23,043 -20,269 -25,791 -26,545 -
Reference price 2 160.50 119.50 204.00 183.50 96.10 153.00 153.00 153.00
Nbr of stocks (in thousands) 844,856 844,856 844,856 844,856 844,856 844,856 - -
Announcement Date 3/22/22 3/14/23 3/14/24 3/12/25 3/12/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.03x0.45x8.62x3.77% 4B
26.64x1.82x16.83x0.55% 293B
23.64x9.53x17.11x0.37% 184B
23.76x1.89x9.9x1.06% 70.47B
19.8x0.42x8.01x1.7% 44.43B
28.29x4.72x17.58x1.21% 33.82B
43.54x23.91x31.25x1.19% 32.78B
13.26x0.57x6.93x3.99% 27.48B
15.89x0.3x8.84x0.76% 20.18B
44.72x - - 0.68% 19.25B
Average 25.46x 4.84x 13.90x 1.53% 72.98B
Weighted average by Cap. 25.63x 4.79x 15.71x 0.84%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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