Financials Nanya Technology Corporation

Equities

2408

TW0002408002

Semiconductors

End-of-day quote Taiwan S.E. Other stock markets 23:00:00 27/06/2024 BST			5-day change	1st Jan Change
69.7 ^TWD	+2.20%		-3.46%	-10.64%

05-30	Nanya Technology Expects Profit in Q3 on Improved Memory Chip Market, Says President	MT
04-10	Transcript : Nanya Technology Corporation, Q1 2024 Earnings Call, Apr 10, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	254,651	266,788	241,351	158,618	241,653	215,973	-	-
Enterprise Value (EV) ¹	210,602	215,062	160,651	85,025	182,841	164,231	154,552	147,608
P/E ratio	25.9 x	34.7 x	10.6 x	10.8 x	-32.5 x	106 x	11.7 x	7.55 x
Yield	1.81%	1.73%	4.74%	4.16%	-	1.17%	3.72%	4.41%
Capitalization / Revenue	4.92 x	4.37 x	2.82 x	2.79 x	8.08 x	4.41 x	3.06 x	2.36 x
EV / Revenue	4.07 x	3.53 x	1.88 x	1.49 x	6.12 x	3.35 x	2.19 x	1.61 x
EV / EBITDA	8.8 x	9.22 x	3.78 x	3.24 x	211 x	10.5 x	4.63 x	3.4 x
EV / FCF	17.4 x	15.2 x	4.89 x	229 x	-9.45 x	-17.4 x	15.2 x	8.24 x
FCF Yield	5.76%	6.57%	20.4%	0.44%	-10.6%	-5.76%	6.57%	12.1%
Price to Book	1.68 x	1.74 x	1.4 x	0.88 x	1.45 x	1.27 x	1.14 x	1.03 x
Nbr of stocks (in thousands)	3,053,365	3,073,594	3,090,285	3,098,008	3,098,121	3,098,609	-	-
Reference price ²	83.40	86.80	78.10	51.20	78.00	69.70	69.70	69.70
Announcement Date	10/01/20	09/01/21	26/01/22	10/01/23	10/01/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	51,727	61,006	85,604	56,952	29,892	49,013	70,664	91,409
EBITDA ¹	23,935	23,336	42,480	26,250	865.4	15,661	33,346	43,357
EBIT ¹	9,517	8,435	27,186	11,003	-14,460	-1,665	16,742	28,100
Operating Margin	18.4%	13.83%	31.76%	19.32%	-48.37%	-3.4%	23.69%	30.74%
Earnings before Tax (EBT) ¹	11,224	8,974	27,766	16,873	-10,705	1,614	24,565	33,207
Net income ¹	9,816	7,672	22,845	14,614	-7,440	1,677	18,765	30,288
Net margin	18.98%	12.58%	26.69%	25.66%	-24.89%	3.42%	26.55%	33.13%
EPS ²	3.220	2.500	7.400	4.720	-2.400	0.6591	5.966	9.227
Free Cash Flow ¹	12,127	14,136	32,847	370.6	-19,340	-9,465	10,161	17,924
FCF margin	23.44%	23.17%	38.37%	0.65%	-64.7%	-19.31%	14.38%	19.61%
FCF Conversion (EBITDA)	50.67%	60.57%	77.32%	1.41%	-	-	30.47%	41.34%
FCF Conversion (Net income)	123.54%	184.25%	143.78%	2.54%	-	-	54.15%	59.18%
Dividend per Share ²	1.510	1.500	3.704	2.130	-	0.8174	2.596	3.072
Announcement Date	10/01/20	09/01/21	26/01/22	10/01/23	10/01/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	21,399	19,946	18,031	11,022	7,954	6,425	7,027	7,736	8,704	9,503	11,135	13,276	14,696	15,004	15,413
EBITDA ¹	11,850	10,105	9,210	4,717	2,218	873	663	-475	-196	1,156	3,021	5,031	6,509	7,124	8,423
EBIT ¹	8,023	6,262	5,364	920	-1,544	-2,885	-3,185	-4,340	-4,050	-2,918	-1,363	725.2	1,958	2,563	3,172
Operating Margin	37.49%	31.39%	29.75%	8.35%	-19.41%	-44.9%	-45.33%	-56.1%	-46.53%	-30.71%	-12.24%	5.46%	13.32%	17.08%	20.58%
Earnings before Tax (EBT) ¹	8,123	8,028	7,104	3,162	-1,423	-2,112	-1,921	-3,142	-3,530	-1,543	-952.7	1,077	1,652	1,699	2,030
Net income ¹	6,450	6,550	6,574	2,640	-1,151	-1,685	-771	-2,505	-2,480	-1,209	-822.7	1,112	1,814	1,444	1,725
Net margin	30.14%	32.84%	36.46%	23.95%	-14.47%	-26.23%	-10.97%	-32.38%	-28.49%	-12.72%	-7.39%	8.38%	12.35%	9.62%	11.19%
EPS ²	2.080	2.110	2.120	0.8500	-0.3700	-0.5400	-0.2500	-0.8100	-0.8000	-0.3900	-0.1701	0.3704	0.6905	1.132	1.551
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	0.000320	-	-
Announcement Date	26/01/22	11/04/22	11/07/22	11/10/22	10/01/23	11/04/23	10/07/23	11/10/23	10/01/24	10/04/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	44,049	51,726	80,700	73,593	58,812	51,742	61,421	68,365
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	12,127	14,136	32,847	371	-19,340	-9,465	10,161	17,924
ROE (net income / shareholders' equity)	6.2%	5.02%	14%	8.26%	-4.28%	1.65%	9.47%	12.9%
ROA (Net income/ Total Assets)	5.65%	4.64%	12.8%	7.43%	-3.77%	0.98%	6.86%	11.5%
Assets ¹	173,691	165,366	178,527	196,761	197,291	171,717	273,738	263,372
Book Value Per Share ²	49.80	50.00	55.90	58.40	53.90	55.00	60.90	67.80
Cash Flow per Share ²	12.00	7.270	14.50	9.850	3.930	8.590	9.980	9.970
Capex ¹	5,496	8,500	11,260	20,711	13,200	25,988	20,702	18,800
Capex / Sales	10.63%	13.93%	13.15%	36.37%	44.16%	53.02%	29.3%	20.57%
Announcement Date	10/01/20	09/01/21	26/01/22	10/01/23	10/01/24	-	-	-

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Nanya Technology Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

69.7 TWD

Average target price

85.18 TWD

Spread / Average Target

+22.20%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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