Company Valuation: Gold Circuit Electronics Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 41,098 37,975 106,098 117,535 334,355 534,931 - -
Change - -7.6% 179.39% 10.78% 184.47% 59.99% - -
Enterprise Value (EV) 1 41,749 37,530 103,432 115,604 333,875 546,473 559,094 545,312
Change - -10.11% 175.6% 11.77% 188.81% 63.68% 2.31% -2.47%
P/E 14.1x 9.89x 30.1x 20.9x 35.3x 27x 17.4x 12x
PBR 3.6x 2.95x 6.44x 5.51x 10.1x 11x 7.96x 5.14x
PEG - 0.2x -1.7x 0.4x 0.5x 0.3x 0.3x 0.3x
Capitalization / Revenue 1.54x 1.16x 3.53x 3.02x 5.57x 5.03x 3.39x 2.55x
EV / Revenue 1.57x 1.14x 3.44x 2.97x 5.56x 5.14x 3.54x 2.6x
EV / EBITDA 8.52x 5.43x 16.9x 12.6x 21.7x 17.2x 10.7x 7.42x
EV / EBIT 10.1x 6.22x 20.1x 14.3x 23.8x 18.4x 11.3x 7.73x
EV / FCF 26.7x 12.2x 28x 234x -74.6x -58.7x 2,420x 20x
FCF Yield 3.75% 8.22% 3.57% 0.43% -1.34% -1.7% 0.04% 5.01%
Dividend per Share 2 2.444 - 3.5 6 10 14.43 21.46 30.94
Rate of return 2.89% - 1.61% 2.48% 1.46% 1.38% 2.05% 2.96%
EPS 2 5.978 8.78 7.25 11.54 19.47 38.69 59.95 86.88
Distribution rate 40.9% - 48.3% 52% 51.4% 37.3% 35.8% 35.6%
Net sales 1 26,607 32,785 30,044 38,952 60,004 106,327 157,936 209,626
EBITDA 1 4,898 6,911 6,103 9,156 15,359 31,782 52,201 73,468
EBIT 1 4,123 6,037 5,136 8,067 14,043 29,770 49,388 70,561
Net income 1 2,927 4,568 3,529 5,616 9,607 20,967 32,966 44,330
Net Debt 1 651.3 -445.5 -2,666 -1,931 -479.7 11,542 24,163 10,381
Reference price 2 84.44 86.80 218.00 241.50 687.00 1,045.00 1,045.00 1,045.00
Nbr of stocks (in thousands) 486,688 437,504 486,688 486,689 486,688 511,896 - -
Announcement Date 21/3/22 15/3/23 15/3/24 13/3/25 12/3/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.01x5.14x17.19x1.38% 16.91B
64.32x10.34x52x1.27% 223B
51x8.78x15.59x-.--% 97.49B
46.78x9.98x34.76x1.18% 61.33B
45.77x - - 0.21% 48.51B
44.63x7.81x28.13x1.07% 46.77B
1380.99x67.85x1484.08x - 37.61B
40.2x7x27.96x1% 33.66B
30.28x7.18x23.55x0.72% 31.96B
25.19x6.6x19.98x1.69% 31.3B
Average 175.62x 14.52x 189.25x 0.95% 62.83B
Weighted average by Cap. 130.49x 12.84x 129.32x 0.93%

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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