Macronix International Co., Ltd.

TWSE:2337 Stock Report

Market Cap: NT$40.0b

Macronix International Valuation

Is 2337 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 2337 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2337 (NT$21.85) is trading below our estimate of fair value (NT$32.68)

Significantly Below Fair Value: 2337 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2337?

Key metric: As 2337 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 2337. This is calculated by dividing 2337's market cap by their current revenue.
What is 2337's PS Ratio?
PS Ratio1.6x
SalesNT$25.78b
Market CapNT$40.04b

Price to Sales Ratio vs Peers

How does 2337's PS Ratio compare to its peers?

The above table shows the PS ratio for 2337 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4.7x
2458 ELAN Microelectronics
3.3x7.9%NT$42.2b
6531 AP Memory Technology
11.5x29.6%NT$47.7b
3714 ENNOSTAR
1.3x6.6%NT$32.7b
3105 WIN Semiconductors
2.7x9.5%NT$49.6b
2337 Macronix International
1.6x17.8%NT$40.5b

Price-To-Sales vs Peers: 2337 is good value based on its Price-To-Sales Ratio (1.6x) compared to the peer average (4.7x).

Price to Sales Ratio vs Industry

How does 2337's PS Ratio compare vs other companies in the TW Semiconductor Industry?

9 CompaniesPrice / SalesEstimated GrowthMarket Cap
6196 Marketech International
0.5x9.0%US$913.21m
6120 Darwin Precisions
0.4xn/aUS$266.09m
4967 Team Group
0.3x-13.1%US$218.73m
8096 CoAsia Electronics
0.2xn/aUS$170.40m
2337 1.6xIndustry Avg. 3.6xNo. of Companies38PS02.44.87.29.612+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 2337 is good value based on its Price-To-Sales Ratio (1.6x) compared to the TW Semiconductor industry average (3.6x).

Price to Sales Ratio vs Fair Ratio

What is 2337's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2337 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.6x
Fair PS Ratio3x

Price-To-Sales vs Fair Ratio: 2337 is good value based on its Price-To-Sales Ratio (1.6x) compared to the estimated Fair Price-To-Sales Ratio (3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 2337 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNT$21.85
NT$27.50
+25.9%
8.8%NT$30.00NT$23.50n/a5
Nov ’25NT$22.90
NT$28.75
+25.5%
12.4%NT$35.00NT$23.50n/a6
Oct ’25NT$26.60
NT$29.70
+11.7%
12.3%NT$35.00NT$23.50n/a5
Sep ’25NT$27.70
NT$29.75
+7.4%
11.2%NT$35.00NT$23.50n/a6
Aug ’25NT$29.75
NT$29.75
0%
11.2%NT$35.00NT$23.50n/a6
Jul ’25NT$25.95
NT$27.90
+7.5%
8.8%NT$30.00NT$23.50n/a5
Jun ’25NT$27.15
NT$27.90
+2.8%
8.8%NT$30.00NT$23.50n/a5
May ’25NT$27.60
NT$27.90
+1.1%
8.8%NT$30.00NT$23.50n/a5
Apr ’25NT$27.30
NT$28.00
+2.6%
8.1%NT$30.00NT$24.00n/a5
Mar ’25NT$28.20
NT$28.00
-0.7%
8.1%NT$30.00NT$24.00n/a5
Feb ’25NT$28.90
NT$28.00
-3.1%
8.1%NT$30.00NT$24.00n/a5
Jan ’25NT$31.35
NT$31.67
+1.0%
10.9%NT$36.00NT$26.00n/a6
Dec ’24NT$28.70
NT$31.67
+10.3%
10.9%NT$36.00NT$26.00n/a6
Nov ’24NT$27.40
NT$31.67
+15.6%
10.9%NT$36.00NT$26.00NT$22.906
Oct ’24NT$31.65
NT$34.39
+8.6%
13.6%NT$42.00NT$26.50NT$26.607
Sep ’24NT$33.20
NT$34.96
+5.3%
16.3%NT$46.00NT$26.50NT$27.707
Aug ’24NT$31.80
NT$34.96
+9.9%
16.3%NT$46.00NT$26.50NT$29.757
Jul ’24NT$32.70
NT$37.75
+15.4%
17.6%NT$46.00NT$27.00NT$25.956
Jun ’24NT$33.65
NT$37.08
+10.2%
16.0%NT$44.50NT$27.00NT$27.156
May ’24NT$32.20
NT$37.75
+17.2%
17.6%NT$46.00NT$27.00NT$27.606
Apr ’24NT$35.05
NT$36.08
+2.9%
17.3%NT$44.50NT$27.00NT$27.306
Mar ’24NT$34.30
NT$36.08
+5.2%
17.3%NT$44.50NT$27.00NT$28.206
Feb ’24NT$35.70
NT$36.75
+2.9%
16.7%NT$44.50NT$27.00NT$28.906
Jan ’24NT$33.75
NT$40.35
+19.6%
31.2%NT$66.10NT$27.00NT$31.356
Dec ’23NT$35.15
NT$40.35
+14.8%
31.2%NT$66.10NT$27.00NT$28.706
Nov ’23NT$30.30
NT$40.35
+33.2%
31.2%NT$66.10NT$27.00NT$27.406

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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