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 81,191 119,547 - -
Change - -25.55% 70.71% -10.05% -47.63% 47.24% - -
Enterprise Value (EV) 1 114,282 73,484 146,578 131,988 60,921 93,756 93,002 119,547
Change - -35.7% 99.47% -9.95% -53.84% 53.9% -0.8% 28.54%
P/E 8.11x 10.3x 22.9x 22.8x 14.1x 14.4x 13.4x -
PBR 2.88x 2.09x 3.43x 2.93x 1.49x 2.03x 1.91x -
PEG - -0.3x -1x -2.31x -0.9x 0.3x 1.78x -
Capitalization / Revenue 0.67x 0.56x 0.94x 0.78x 0.35x 0.53x 0.49x 0.48x
EV / Revenue 0.57x 0.41x 0.8x 0.67x 0.26x 0.42x 0.38x 0.48x
EV / EBITDA 5.39x 6.07x 14.4x 15.6x 7.83x 7.81x 8.03x 10.3x
EV / EBIT 5.72x 6.87x 16.6x 18.5x 9.54x 9.44x 8.96x 11.6x
EV / FCF 10.3x 4.96x 33.9x 49x 146x 10.4x 12.6x -
FCF Yield 9.67% 20.2% 2.95% 2.04% 0.69% 9.65% 7.92% -
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% 4.07% 3.83% -
EPS 2 19.78 11.65 8.92 8.04 6.8 9.856 10.6 -
Distribution rate 53.1% 56.7% 60.5% 62.2% 61.8% 58.5% 51.2% -
Net sales 1 201,810 180,411 182,966 197,872 230,196 225,177 242,551 250,044
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 96.10 141.50 141.50 141.50
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.71x0.43x8.06x3.98% 3.8B
22.62x1.58x14.69x0.63% 253B
56.99x14.15x38.49x0.39% 169B
20.47x1.65x8.66x1.26% 59.76B
15.39x0.32x5.99x2.16% 35.22B
23.06x3.74x14.48x1.73% 27.03B
43.34x23.73x32.92x1.21% 25.55B
10.65x0.47x5.78x4.97% 22.08B
53.4x - - 0.46% 21.09B
15.33x0.29x8.56x0.79% 19.48B
Average 27.60x 5.15x 15.29x 1.76% 63.56B
Weighted average by Cap. 32.33x 5.90x 20.33x 0.95%

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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