Financials Novatek Microelectronics Corp.

Equities

3034

TW0003034005

Semiconductors

End-of-day quote Taiwan S.E. Other stock markets 23:00:00 02/07/2024 BST			5-day change	1st Jan Change
619 ^TWD	-0.80%		+2.48%	+19.73%

06-20	Novatek Microelectronics Corp. Announces Cash Dividend, Payable on August 9, 2024	CI
05-31	Novatek Microelectronics Corp. Announces Expiration of the Term of 1st Nominating Committee Members	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	133,264	224,541	327,988	191,986	314,600	376,669	-	-
Enterprise Value (EV) ¹	115,620	201,666	267,859	142,815	260,711	320,737	311,878	300,091
P/E ratio	16.8 x	19 x	8.44 x	6.86 x	13.5 x	17.2 x	15 x	14.6 x
Yield	4.57%	2.44%	9.55%	-	-	5.08%	5.31%	5.25%
Capitalization / Revenue	2.07 x	2.81 x	2.42 x	1.75 x	2.85 x	3.41 x	3.1 x	2.97 x
EV / Revenue	1.8 x	2.52 x	1.98 x	1.3 x	2.36 x	2.91 x	2.56 x	2.36 x
EV / EBITDA	10.8 x	12.8 x	5.48 x	4.21 x	9.31 x	12.2 x	10.1 x	9.7 x
EV / FCF	20.8 x	17 x	6.61 x	6.59 x	8.96 x	17.7 x	12.8 x	12.4 x
FCF Yield	4.8%	5.88%	15.1%	15.2%	11.2%	5.65%	7.83%	8.04%
Price to Book	4.03 x	5.62 x	4.66 x	2.93 x	4.68 x	5.28 x	4.55 x	3.93 x
Nbr of stocks (in thousands)	608,512	608,512	608,512	608,512	608,511	608,511	-	-
Reference price ²	219.0	369.0	539.0	315.5	517.0	619.0	619.0	619.0
Announcement Date	11/02/20	04/02/21	11/02/22	07/02/23	06/02/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	64,372	79,956	135,366	109,957	110,429	110,357	121,619	127,033
EBITDA ¹	10,748	15,780	48,874	33,961	28,001	26,240	30,736	30,941
EBIT ¹	9,860	14,780	47,773	32,729	26,662	24,900	29,233	29,866
Operating Margin	15.32%	18.49%	35.29%	29.77%	24.14%	22.56%	24.04%	23.51%
Earnings before Tax (EBT) ¹	9,815	14,549	48,115	34,511	28,231	26,377	30,595	32,452
Net income ¹	7,930	11,820	38,866	27,970	23,318	22,059	25,376	25,891
Net margin	12.32%	14.78%	28.71%	25.44%	21.12%	19.99%	20.86%	20.38%
EPS ²	13.03	19.42	63.87	45.96	38.32	36.01	41.19	42.40
Free Cash Flow ¹	5,547	11,854	40,494	21,668	29,084	18,128	24,432	24,119
FCF margin	8.62%	14.83%	29.91%	19.71%	26.34%	16.43%	20.09%	18.99%
FCF Conversion (EBITDA)	51.62%	75.12%	82.85%	63.8%	103.87%	69.08%	79.49%	77.95%
FCF Conversion (Net income)	69.96%	100.28%	104.19%	77.47%	124.73%	82.18%	96.28%	93.16%
Dividend per Share ²	10.00	9.000	51.50	-	-	31.46	32.85	32.50
Announcement Date	11/02/20	04/02/21	11/02/22	07/02/23	06/02/24	-	-	-

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	36,542	36,512	31,461	19,564	22,420	24,046	30,299	28,930	27,154	24,428	25,340	30,666	30,641	27,601	29,034
EBITDA ¹	13,734	13,580	10,293	4,569	5,519	5,987	7,896	7,478	6,641	5,482	5,663	7,905	8,237	6,970	7,196
EBIT ¹	13,449	13,280	9,985	4,255	5,209	5,662	7,550	7,143	6,306	5,144	5,285	7,330	7,375	6,336	6,822
Operating Margin	36.8%	36.37%	31.74%	21.75%	23.23%	23.55%	24.92%	24.69%	23.22%	21.06%	20.86%	23.9%	24.07%	22.96%	23.5%
Earnings before Tax (EBT) ¹	13,591	13,766	10,496	5,266	4,984	5,863	8,272	7,767	6,330	5,900	5,595	7,463	7,412	6,347	7,148
Net income ¹	10,933	11,135	8,487	4,305	4,043	4,752	6,872	6,366	5,328	4,894	4,611	6,297	6,292	5,202	5,813
Net margin	29.92%	30.5%	26.98%	22.01%	18.03%	19.76%	22.68%	22%	19.62%	20.03%	18.2%	20.53%	20.54%	18.85%	20.02%
EPS ²	17.97	18.27	13.95	7.060	6.640	7.810	11.29	10.45	8.760	8.040	7.581	10.40	10.42	8.706	9.469
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	30.30	0.001640	-	-
Announcement Date	11/02/22	28/04/22	29/07/22	28/10/22	07/02/23	28/04/23	28/07/23	27/10/23	06/02/24	26/04/24	-	-	-	-	-

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	17,644	22,875	60,129	49,171	53,889	55,931	64,791	76,578
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,547	11,854	40,494	21,668	29,084	18,128	24,432	24,119
ROE (net income / shareholders' equity)	25%	32.4%	70.4%	41.1%	35.1%	31.6%	32.2%	30%
ROA (Net income/ Total Assets)	16.7%	22.5%	43.5%	25.3%	22.8%	20.3%	22.3%	22.4%
Assets ¹	47,488	52,500	89,347	110,570	102,495	108,844	113,912	115,657
Book Value Per Share ²	54.40	65.60	116.0	108.0	110.0	117.0	136.0	157.0
Cash Flow per Share ²	11.70	25.30	68.50	37.20	49.20	34.90	42.50	45.20
Capex ¹	1,599	3,526	1,227	1,022	897	1,075	1,124	1,072
Capex / Sales	2.48%	4.41%	0.91%	0.93%	0.81%	0.97%	0.92%	0.84%
Announcement Date	11/02/20	04/02/21	11/02/22	07/02/23	06/02/24	-	-	-

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 Novatek Microelectronics Corp.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

619 TWD

Average target price

602.9 TWD

Spread / Average Target

-2.59%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Circuits

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VANGUARD INTERNATIONAL SEMICONDUCTOR CORPORATION	+60.74%	7.13B

Integrated Circuits