AUO Corporation

TWSE:2409 Stock Report

Market Cap: NT$120.4b

AUO Valuation

Is 2409 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • 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 2409 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2409 (NT$15.7) is trading below our estimate of fair value (NT$41.66)

Significantly Below Fair Value: 2409 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2409?

Key metric: As 2409 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 2409. This is calculated by dividing 2409's market cap by their current revenue.
What is 2409's PS Ratio?
PS Ratio0.4x
SalesNT$274.90b
Market CapNT$120.39b

Price to Sales Ratio vs Peers

How does 2409's PS Ratio compare to its peers?

The above table shows the PS ratio for 2409 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.3x
3481 Innolux
0.6x2.5%NT$121.0b
4958 Zhen Ding Technology Holding
0.7x9.4%NT$111.7b
8046 Nan Ya Printed Circuit Board
2.4x18.5%NT$81.4b
3044 Tripod Technology
1.5x9.5%NT$95.9b
2409 AUO
0.4x6.4%NT$120.4b

Price-To-Sales vs Peers: 2409 is good value based on its Price-To-Sales Ratio (0.4x) compared to the peer average (1.3x).

Price to Sales Ratio vs Industry

How does 2409's PS Ratio compare vs other companies in the TW Electronic Industry?

15 CompaniesPrice / SalesEstimated GrowthMarket Cap
3036 WT Microelectronics
0.1x15.3%US$3.92b
2347 Synnex Technology International
0.3x8.3%US$3.92b
3702 WPG Holdings
0.1x13.1%US$3.83b
8112 Supreme Electronics
0.1xn/aUS$1.01b
2409 0.4xIndustry Avg. 1.8xNo. of Companies43PS01.22.43.64.86+
15 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 2409 is good value based on its Price-To-Sales Ratio (0.4x) compared to the TW Electronic industry average (1.8x).

Price to Sales Ratio vs Fair Ratio

What is 2409'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.

2409 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.4x
Fair PS Ratio0.9x

Price-To-Sales vs Fair Ratio: 2409 is good value based on its Price-To-Sales Ratio (0.4x) compared to the estimated Fair Price-To-Sales Ratio (0.9x).

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 2409 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNT$15.70
NT$18.60
+18.5%
10.8%NT$22.50NT$15.00n/a10
Nov ’25NT$16.35
NT$19.00
+16.2%
10.8%NT$22.50NT$15.00n/a10
Oct ’25NT$17.00
NT$19.10
+12.4%
11.4%NT$22.50NT$15.50n/a9
Sep ’25NT$16.45
NT$18.69
+13.6%
15.0%NT$22.50NT$13.30n/a9
Aug ’25NT$17.85
NT$19.27
+7.9%
13.5%NT$22.50NT$13.30n/a9
Jul ’25NT$17.70
NT$19.53
+10.4%
15.1%NT$24.30NT$13.30n/a9
Jun ’25NT$17.80
NT$19.53
+9.7%
15.1%NT$24.30NT$13.30n/a9
May ’25NT$18.30
NT$19.30
+5.5%
15.8%NT$23.70NT$13.30n/a9
Apr ’25NT$18.20
NT$20.60
+13.2%
10.4%NT$23.70NT$17.30n/a8
Mar ’25NT$17.10
NT$20.62
+20.6%
9.8%NT$23.70NT$17.30n/a9
Feb ’25NT$17.80
NT$20.62
+15.9%
9.8%NT$23.70NT$17.30n/a9
Jan ’25NT$18.15
NT$17.13
-5.6%
22.7%NT$25.00NT$11.00n/a9
Dec ’24NT$16.45
NT$16.41
-0.2%
22.5%NT$25.00NT$11.00n/a9
Nov ’24NT$15.20
NT$16.86
+10.9%
23.5%NT$25.00NT$11.00NT$16.359
Oct ’24NT$16.40
NT$19.09
+16.4%
22.2%NT$25.40NT$13.10NT$17.009
Sep ’24NT$17.90
NT$19.77
+10.5%
21.1%NT$25.40NT$13.10NT$16.4511
Aug ’24NT$20.95
NT$19.47
-7.1%
23.5%NT$25.40NT$12.00NT$17.8511
Jul ’24NT$18.60
NT$17.98
-3.3%
23.5%NT$25.00NT$12.00NT$17.7011
Jun ’24NT$17.60
NT$17.98
+2.2%
23.5%NT$25.00NT$12.00NT$17.8011
May ’24NT$17.00
NT$17.90
+5.3%
24.2%NT$25.00NT$12.00NT$18.3011
Apr ’24NT$18.40
NT$16.28
-11.5%
25.3%NT$21.70NT$11.50NT$18.2011
Mar ’24NT$18.65
NT$16.11
-13.6%
24.3%NT$21.70NT$11.50NT$17.1011
Feb ’24NT$16.65
NT$14.15
-15.0%
21.9%NT$21.00NT$10.80NT$17.8011
Jan ’24NT$15.00
NT$14.51
-3.2%
20.1%NT$21.00NT$10.80NT$18.1511
Dec ’23NT$16.35
NT$14.51
-11.2%
20.1%NT$21.00NT$10.80NT$16.4511
Nov ’23NT$17.50
NT$14.79
-15.5%
19.0%NT$21.00NT$10.80NT$15.2011

Analyst Forecast: Target price is less than 20% higher than the current share price.

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