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Taiwan Mask Corp
TWSE:2338

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Taiwan Mask Corp
TWSE:2338
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Price: 47 TWD -0.74% Market Closed
Market Cap: NT$14.9B

EV/IC

1.5
Current
7%
Cheaper
vs 3-y average of 1.7

Enterprise Value to Invested Capital (EV/IC) ratio compares a company`s total enterprise value to the capital invested in its business. It shows how efficiently the company`s market value reflects the funds used to generate returns.

EV/IC
1.5
=
Enterprise Value
NT$20.8B
/
Invested Capital
NT$13.6B

Enterprise Value to Invested Capital (EV/IC) ratio compares a company`s total enterprise value to the capital invested in its business. It shows how efficiently the company`s market value reflects the funds used to generate returns.

EV/IC
1.5
=
Enterprise Value
NT$20.8B
/
Invested Capital
NT$13.6B

Valuation Scenarios

Taiwan Mask Corp is trading below its 3-year average

If EV/IC returns to its 3-Year Average (1.7), the stock would be worth NT$50.65 (8% upside from current price).

Statistics
Positive Scenarios
3/4
Maximum Downside
-23%
Maximum Upside
+26%
Average Upside
8%
Scenario EV/IC Value Implied Price Upside/Downside
Current Multiple 1.5 NT$47
0%
3-Year Average 1.7 NT$50.65
+8%
5-Year Average 1.9 NT$56.54
+20%
Industry Average 1.9 NT$59.27
+26%
Country Average 1.2 NT$36.18
-23%

Forward EV/IC
Today’s price vs future invested capital

Not enough data available to calculate forward EV/IC

Peer Comparison

All Multiples
EV/IC
P/E
All Countries
Close
Market Cap EV/IC P/E
TW
Taiwan Mask Corp
TWSE:2338
14.9B TWD 1.5 -12.7
NL
ASML Holding NV
AEX:ASML
471.1B EUR 11.9 46.1
US
Lam Research Corp
NASDAQ:LRCX
321B USD 20 47.9
US
Applied Materials Inc
NASDAQ:AMAT
308.8B USD 11.3 39.4
US
KLA Corp
NASDAQ:KLAC
226.4B USD 20.4 49.7
US
Brooks Automation Inc
LSE:0HQ1
210.4B USD 129.1 -3 636.7
JP
Tokyo Electron Ltd
TSE:8035
21.8T JPY 10.1 43.2
JP
Advantest Corp
TSE:6857
20.2T JPY 34 70
CN
NAURA Technology Group Co Ltd
SZSE:002371
389.1B CNY 6.8 70.5
US
Teradyne Inc
NASDAQ:TER
53.9B USD 15 97.3
JP
Disco Corp
TSE:6146
7.8T JPY 17.3 57.8
P/E Multiple
Earnings Growth PEG
TW
Taiwan Mask Corp
TWSE:2338
Average P/E: 58
Negative Multiple: -12.7
N/A N/A
NL
ASML Holding NV
AEX:ASML
46.1
20%
2.3
US
Lam Research Corp
NASDAQ:LRCX
47.9
24%
2
US
Applied Materials Inc
NASDAQ:AMAT
39.4
20%
2
US
KLA Corp
NASDAQ:KLAC
49.7
22%
2.3
US
B
Brooks Automation Inc
LSE:0HQ1
Negative Multiple: -3 636.7 N/A N/A
JP
Tokyo Electron Ltd
TSE:8035
43.2
13%
3.3
JP
Advantest Corp
TSE:6857
70
50%
1.4
CN
NAURA Technology Group Co Ltd
SZSE:002371
70.5
N/A N/A
US
Teradyne Inc
NASDAQ:TER
97.3
44%
2.2
JP
Disco Corp
TSE:6146
57.8
N/A N/A

Market Distribution

In line with most companies in Taiwan
Percentile
65th
Based on 869 companies
65th percentile
1.5
Low
0 — 0.9
Typical Range
0.9 — 1.8
High
1.8 —
Distribution Statistics
Taiwan
Min 0
30th Percentile 0.9
Median 1.2
70th Percentile 1.8
Max 1 954.3

Taiwan Mask Corp
Glance View

Market Cap
14.9B TWD
Industry
Semiconductors

Taiwan Mask Corp. engages in the research and development, manufacture and sale of masks for semiconductor production. The company is headquartered in Hsinchu, Hsinchu. The firm provides masks for the production of diodes, transistors, integrated circuits (ICs), liquid crystal displays (LCDs), charge-coupled devices (CCDs) and light emitting diodes (LEDs). The firm is also engaged in the provision of technology support, consulting, testing, maintenance and repairing services of masks. The firm distributes its products primarily within domestic market, as well as to overseas markets, including the rest of Asia, the Americas and others.

Intrinsic Value
37.63 TWD
Overvaluation 20%
Intrinsic Value
Price NT$47
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