Company Valuation: Spirox Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 3,077 3,337 2,783 4,475 6,985 8,772
Change - 8.44% -16.6% 60.79% 56.09% 25.57%
Enterprise Value (EV) 1 4,635 3,437 1,502 2,705 5,802 7,829
Change - -25.85% -56.29% 80.11% 114.46% 34.93%
P/E -67.4x -8.08x 11.6x -79.7x -27.9x -28.9x
PBR 1.36x 1.44x 1.01x 1.78x 3.37x 5.32x
PEG - -0x -0x 1x -0x -1.4x
Capitalization / Revenue 0.83x 1.26x 1.45x 3.33x 10.4x 19.1x
EV / Revenue 1.25x 1.3x 0.78x 2.01x 8.62x 17x
EV / EBITDA 2,723x -18.1x -6.3x -17.1x -25.6x -31.4x
EV / EBIT -40.2x -9.64x -3.55x -14.3x -21.7x -27.8x
EV / FCF -5.7x 4.38x -5.38x 3.88x -32.2x -130x
FCF Yield -17.5% 22.8% -18.6% 25.8% -3.11% -0.77%
Dividend per Share 2 0.1998 0.2 0.9992 1.011 1 0.5
Rate of return 0.62% 0.67% 4.04% 2.58% 1.61% 0.64%
EPS 2 -0.48 -3.7 2.13 -0.4917 -2.232 -2.689
Distribution rate -41.6% -5.41% 46.9% -206% -44.8% -18.6%
Net sales 1 3,700 2,646 1,915 1,343 673.3 459.2
EBITDA 1 1.702 -189.4 -238.6 -158.6 -226.2 -249
EBIT 1 -115.3 -356.6 -422.6 -189.8 -267.6 -281.7
Net income 1 -45.01 -357.5 240.2 -56.08 -251.5 -303
Net Debt 1 1,558 99.49 -1,281 -1,770 -1,183 -942.7
Reference price 2 32.35 29.90 24.75 39.20 62.20 77.80
Nbr of stocks (in thousands) 95,122 111,607 112,450 114,161 112,305 112,747
Announcement Date 3/31/21 3/31/22 3/30/23 3/13/24 3/21/25 3/24/26
1TWD in Million2TWD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 667M
38.43x12.95x29.4x0.61% 653B
32.13x10.66x26.29x0.38% 378B
31.06x6.97x21.47x1.57% 153B
35.62x3.82x17.66x1.46% 91.82B
45.48x14.69x30.5x0.83% 22.25B
52.4x6.95x24.24x0.28% 21.87B
20.57x2.98x12.75x1.48% 15.38B
46.18x8.47x25.24x - 13.54B
Average 37.73x 8.44x 23.44x 0.94% 149.96B
Weighted average by Cap. 35.85x 10.78x 26.53x 0.72%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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