Financials MPI Corporation

Equities

6223

TW0006223001

Electrical Components & Equipment

End-of-day quote Taipei Exchange Other stock markets 18:00:00 2024-05-14 EDT			5-day change	1st Jan Change
424 ^TWD	-2.75%		-0.24%	+94.94%

03-29	MPI Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	MPI Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2022	2023	2024	2025
Capitalization ¹	10,601	20,495	39,954	-
Enterprise Value (EV) ¹	10,601	19,427	37,530	36,180
P/E ratio	8.83 x	15.6 x	24.8 x	21.2 x
Yield	-	-	2.3%	2.82%
Capitalization / Revenue	-	2.52 x	4.17 x	3.67 x
EV / Revenue	-	2.38 x	3.92 x	3.32 x
EV / EBITDA	-	9.68 x	15.2 x	13 x
EV / FCF	-	26.5 x	20.4 x	18.8 x
FCF Yield	-	3.78%	4.9%	5.31%
Price to Book	-	2.69 x	4.47 x	3.86 x
Nbr of stocks (in thousands)	94,231	94,231	94,231	-
Reference price ²	112.5	217.5	424.0	424.0
Announcement Date	23-03-10	24-03-29	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025
Net sales ¹	-	8,147	9,577	10,884
EBITDA ¹	-	2,008	2,464	2,784
EBIT ¹	-	1,471	1,895	2,236
Operating Margin	-	18.06%	19.79%	20.54%
Earnings before Tax (EBT) ¹	-	1,582	1,958	2,268
Net income ¹	1,214	1,312	1,609	1,886
Net margin	-	16.1%	16.8%	17.32%
EPS ²	12.74	13.92	17.08	20.02
Free Cash Flow ¹	-	733.9	1,840	1,920
FCF margin	-	9.01%	19.22%	17.64%
FCF Conversion (EBITDA)	-	36.55%	74.7%	68.96%
FCF Conversion (Net income)	-	55.94%	114.36%	101.82%
Dividend per Share ²	-	-	9.740	11.96
Announcement Date	23-03-10	24-03-29	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	-	2,018	2,154	2,196	2,047	2,310	2,588	2,631	2,169
EBITDA ¹	-	525	535.7	488	518	642	696	681	-
EBIT ¹	-	386.8	401.9	352.9	386.8	448.7	522	547	386
Operating Margin	-	19.17%	18.66%	16.07%	18.9%	19.42%	20.17%	20.79%	17.8%
Earnings before Tax (EBT) ¹	-	402.7	506.2	337	482.4	449.7	523.3	548	386
Net income ¹	280.4	343.4	412.7	275.3	393.8	374.3	434.7	455	323
Net margin	-	17.02%	19.16%	12.54%	19.24%	16.2%	16.79%	17.29%	14.89%
EPS ²	2.970	3.640	4.320	2.920	4.170	3.973	4.613	4.830	3.430
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	23-06-19	23-08-10	23-11-09	24-03-29	24-05-15	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025
Net Debt ¹	-	-	-	-
Net Cash position ¹	-	1,068	2,424	3,774
Leverage (Debt/EBITDA)	-	-	-	-
Free Cash Flow ¹	-	734	1,841	1,920
ROE (net income / shareholders' equity)	-	18.1%	19.2%	19.6%
ROA (Net income/ Total Assets)	-	11.2%	12%	12.6%
Assets ¹	-	11,671	13,359	14,993
Book Value Per Share ²	-	80.80	95.00	110.0
Cash Flow per Share ²	-	11.10	21.20	22.50
Capex ¹	-	312	539	521
Capex / Sales	-	3.83%	5.63%	4.78%
Announcement Date	23-03-10	24-03-29	-	-

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 MPI Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

424 TWD

Average target price

499.3 TWD

Spread / Average Target

+17.77%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electrical Component

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MPI CORPORATION	+94.94%	1.27B
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TOYO TANSO CO., LTD.	+52.56%	943M
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Electrical Component