Company Valuation: Primax Electronics Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027
Market Cap 1 25,813 25,435 31,343 35,397 36,186 28,218 -
Change - -1.47% 23.23% 12.93% 2.23% -22.02% -
Enterprise Value (EV) 1 24,466 20,104 21,903 24,143 28,018 20,017 19,310
Change - -17.83% 8.95% 10.23% 16.05% -28.56% -3.53%
P/E 11.1x 9.22x 12.3x 13.5x 13.5x 11.5x 9.34x
PBR 1.82x 1.56x 1.84x 1.78x 1.75x 1.29x 1.21x
PEG - 0.5x -1.42x 6.75x 7.57x -1.24x 0.4x
Capitalization / Revenue 0.36x 0.32x 0.52x 0.61x 0.6x 0.41x 0.39x
EV / Revenue 0.34x 0.25x 0.36x 0.41x 0.47x 0.29x 0.27x
EV / EBITDA 5.15x 3.84x 4.7x 5.54x 6.6x 4.85x 4.01x
EV / EBIT 8.7x 6.01x 7.99x 8.84x 9.86x 7.57x 5.82x
EV / FCF -17.8x 4.72x 3.56x 5.68x 32.3x 15.8x 6.79x
FCF Yield -5.6% 21.2% 28.1% 17.6% 3.1% 6.31% 14.7%
Dividend per Share 2 3.1 3.9 4 4.2 4.568 4.045 4.865
Rate of return 5.47% 7.03% 5.91% 5.53% 5.95% 6.76% 8.14%
EPS 2 5.09 6.02 5.5 5.61 5.71 5.18 6.4
Distribution rate 60.9% 64.8% 72.7% 74.9% 80% 78.1% 76%
Net sales 1 71,650 79,241 60,488 58,244 60,182 68,939 72,805
EBITDA 1 4,754 5,232 4,656 4,354 4,245 4,130 4,810
EBIT 1 2,813 3,345 2,743 2,731 2,842 2,644 3,316
Net income 1 2,298 2,743 2,485 2,557 2,627 2,390 2,970
Net Debt 1 -1,347 -5,332 -9,440 -11,254 -8,168 -8,202 -8,908
Reference price 2 56.70 55.50 67.70 76.00 76.80 59.80 59.80
Nbr of stocks (in thousands) 455,263 458,289 462,974 465,745 471,175 471,881 -
Announcement Date 2/25/22 2/24/23 2/26/24 2/17/25 2/26/26 - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.47x0.29x4.8x6.81% 884M
14.32x0.66x5.5x2.49% 6.48B
20.21x3.44x14.04x1.94% 3.83B
13.67x0.65x5.2x6.08% 2.46B
10.08x - - 3.64% 777M
Average 13.95x 1.26x 7.39x 4.19% 2.89B
Weighted average by Cap. 15.37x 1.41x 7.80x 3.29%

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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