VANGUARD INTERNATIONAL SEMICONDUCTOR CORPORATION

Financials Vanguard International Semiconductor Corporation

Equities

5347

TW0005347009

Semiconductors

End-of-day quote Taipei Exchange Other stock markets 18:00:00 2024-05-02 EDT			5-day change	1st Jan Change
92.8 ^TWD	-1.17%		+11.40%	+13.87%

05-02	Vanguard International Semiconductor Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-29	Vanguard International Semiconductor Corporation Announces Change of Chief Information Security Officer, Effective May 2, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	129,971	190,122	258,959	127,021	133,577	152,098	-	-
Enterprise Value (EV) ¹	122,293	181,353	248,691	103,321	115,654	130,724	121,687	119,099
P/E ratio	22.4 x	30.4 x	22.1 x	8.54 x	18.4 x	24 x	18.4 x	16.2 x
Yield	4.04%	3.02%	2.85%	5.81%	5.52%	4.69%	4.97%	4.61%
Capitalization / Revenue	4.59 x	5.74 x	5.89 x	2.46 x	3.49 x	3.43 x	2.97 x	2.78 x
EV / Revenue	4.32 x	5.47 x	5.66 x	2 x	3.02 x	2.95 x	2.37 x	2.18 x
EV / EBITDA	13.5 x	16.6 x	13.8 x	4.43 x	8.49 x	8.55 x	6.64 x	6.07 x
EV / FCF	668 x	25.9 x	31.3 x	6.8 x	62.4 x	11.2 x	9.03 x	9.09 x
FCF Yield	0.15%	3.86%	3.2%	14.7%	1.6%	8.95%	11.1%	11%
Price to Book	4.4 x	6.43 x	7.36 x	2.8 x	2.92 x	3.29 x	3.12 x	2.79 x
Nbr of stocks (in thousands)	1,638,982	1,638,982	1,638,982	1,638,982	1,638,982	1,638,982	-	-
Reference price ²	79.30	116.0	158.0	77.50	81.50	92.80	92.80	92.80
Announcement Date	20-02-20	21-02-02	22-02-11	23-02-21	24-02-01	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	28,286	33,131	43,951	51,694	38,273	44,353	51,242	54,683
EBITDA ¹	9,050	10,916	18,086	23,349	13,626	15,292	18,330	19,610
EBIT ¹	6,909	7,416	14,102	17,807	5,774	6,939	9,458	11,278
Operating Margin	24.43%	22.38%	32.09%	34.45%	15.09%	15.64%	18.46%	20.62%
Earnings before Tax (EBT) ¹	7,358	7,567	14,290	18,851	8,834	8,173	10,076	11,767
Net income ¹	5,860	6,306	11,820	15,280	7,370	6,558	8,345	9,413
Net margin	20.72%	19.03%	26.89%	29.56%	19.26%	14.78%	16.29%	17.21%
EPS ²	3.540	3.810	7.140	9.070	4.430	3.868	5.046	5.741
Free Cash Flow ¹	183	7,002	7,958	15,204	1,853	11,696	13,474	13,096
FCF margin	0.65%	21.14%	18.11%	29.41%	4.84%	26.37%	26.3%	23.95%
FCF Conversion (EBITDA)	2.02%	64.15%	44%	65.12%	13.6%	76.48%	73.51%	66.78%
FCF Conversion (Net income)	3.12%	111.05%	67.33%	99.5%	25.14%	178.36%	161.46%	139.12%
Dividend per Share ²	3.200	3.500	4.500	4.500	4.500	4.350	4.609	4.282
Announcement Date	20-02-20	21-02-02	22-02-11	23-02-21	24-02-01	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	12,738	13,492	15,301	13,328	9,573	8,187	9,854	10,557	9,674	9,633	10,896	11,795	12,199	11,563	12,514
EBITDA ¹	5,648	6,182	7,259	5,936	3,972	3,189	3,700	3,720	3,016	3,323	3,680	3,985	4,136	4,767	5,173
EBIT ¹	4,599	4,988	5,912	4,445	2,462	1,365	1,806	1,665	938.2	1,233	1,604	2,004	2,054	1,900	2,239
Operating Margin	36.11%	36.97%	38.64%	33.35%	25.72%	16.68%	18.32%	15.77%	9.7%	12.8%	14.73%	16.99%	16.84%	16.43%	17.89%
Earnings before Tax (EBT) ¹	4,634	5,071	6,109	4,764	2,907	1,700	2,208	2,041	2,885	1,595	1,843	2,202	2,294	2,286	2,642
Net income ¹	3,716	4,092	4,887	3,823	2,479	1,364	1,995	1,623	2,388	1,272	1,507	1,759	1,886	1,812	2,095
Net margin	29.17%	30.33%	31.94%	28.68%	25.9%	16.66%	20.25%	15.38%	24.68%	13.21%	13.83%	14.91%	15.46%	15.67%	16.74%
EPS ²	2.230	2.470	2.940	2.280	1.460	0.8300	1.220	0.9800	1.440	0.7700	0.9187	1.073	1.149	1.125	1.272
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	4.500	-	-	-
Announcement Date	22-02-11	22-05-06	22-08-02	22-11-01	23-02-21	23-05-08	23-08-01	23-11-07	24-02-01	24-05-02	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	7,678	8,769	10,268	23,700	17,923	21,374	30,411	32,999
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	183	7,002	7,958	15,204	1,853	11,696	13,474	13,096
ROE (net income / shareholders' equity)	19.9%	21.3%	36.5%	38%	16.2%	14.3%	18.2%	19.9%
ROA (Net income/ Total Assets)	14.6%	14.6%	21.6%	18.4%	7.25%	6.09%	6.97%	6.5%
Assets ¹	40,222	43,231	54,609	83,244	101,695	107,753	119,663	144,813
Book Value Per Share ²	18.00	18.00	21.50	27.70	27.90	28.20	29.80	33.30
Cash Flow per Share ²	5.100	6.500	12.80	20.10	5.180	10.70	10.30	12.00
Capex ¹	8,262	3,758	13,280	18,723	6,779	3,818	4,804	4,441
Capex / Sales	29.21%	11.34%	30.21%	36.22%	17.71%	8.61%	9.38%	8.12%
Announcement Date	20-02-20	21-02-02	22-02-11	23-02-21	24-02-01	-	-	-

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 Vanguard International Semiconductor Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

92.8 TWD

Average target price

80.78 TWD

Spread / Average Target

-12.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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