Advantech Co Ltd

2395: XTAI (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Advantech Earnings: Results Unsurprising; Shares Overvalued With 2025 Recovery Priced In

Phelix Lee

Nov 7, 2024

We reiterate our TWD 290 per share fair value estimate for narrow-moat Advantech after unsurprising fourth-quarter guidance. Though bookings recovery continued, we view this is already priced in. Advantech seems overvalued, as keeping the same 10% or so EPS compound annual growth rate is more difficult than before amid more intense competition. There is potential in artificial intelligence to lead to stronger integration between Advantech’s hardware and software, but we don't see that as a game changer to earnings.

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Advantech Co Ltd

Advantech Earnings: Results Unsurprising; Shares Overvalued With 2025 Recovery Priced In

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