Financials Wiwynn Corporation

Equities

6669

TW0006669005

Computer Hardware

End-of-day quote Taiwan S.E. Other stock markets 16/09/2024			5-day change	1st Jan Change
1,820.00 ^TWD	+2.25%		+6.12%	-0.27%

08-09	Wiwynn Corporation Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2024	CI
07-17	Wiwynn Files for Singapore Listing of $600 Million Worth of Bonds Due 2029	MT

Projected Income Statement: Wiwynn Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	163,600	186,928	192,626	292,876	241,901	347,783	474,132	589,087
Change	-	14.26%	3.05%	52.04%	-17.4%	43.77%	36.33%	24.25%
EBITDA ¹	8,370	11,632	11,935	18,596	16,873	28,943	35,494	42,024
Change	-	38.98%	2.6%	55.81%	-9.27%	71.54%	22.63%	18.4%
EBIT ¹	8,160	11,242	11,387	17,834	15,871	27,291	33,154	40,168
Change	-	37.77%	1.29%	56.62%	-11.01%	71.96%	21.48%	21.16%
Interest Paid ¹	-323.5	-304.3	-356.2	-881.6	-953.1	-1,222	-1,213	-1,065
Earnings before Tax (EBT) ¹	7,758	10,887	10,996	17,897	15,444	27,476	32,335	38,889
Change	-	40.33%	1%	62.76%	-13.71%	77.91%	17.68%	20.27%
Net income ¹	6,169	8,610	8,648	14,175	12,044	21,508	25,460	30,656
Change	-	39.56%	0.45%	63.91%	-15.03%	78.58%	18.37%	20.41%
Announcement Date	19/03/20	19/01/21	25/02/22	23/02/23	27/02/24	-	-	-

¹TWD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	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	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	33,346	49,554	35,137	52,071	47,206	52,514	39,290	51,193	45,264	56,879	50,705	75,057	79,674	87,439	74,226	56,308	52,817	58,550	69,628	77,481	93,880	107,674	101,510	111,486	120,833	131,908	118,435	108,451
Change	-	48.6%	-29.09%	48.19%	-9.34%	11.25%	-25.18%	30.29%	-11.58%	25.66%	-10.85%	48.03%	6.15%	9.75%	-15.11%	-24.14%	-6.2%	10.85%	18.92%	11.28%	21.17%	14.69%	-5.72%	9.83%	8.38%	9.17%	-10.21%	-8.43%
EBITDA ¹	1,782	2,868	1,896	3,008	3,087	3,641	2,397	3,120	2,835	3,584	3,056	4,751	5,094	5,694	4,704	3,726	3,509	4,934	6,242	6,646	7,654	8,651	7,760	8,340	-	-	-	-
Change	-	60.96%	-33.88%	58.63%	2.63%	17.93%	-34.17%	30.17%	-9.13%	26.42%	-14.71%	55.43%	7.23%	11.78%	-17.4%	-20.79%	-5.81%	40.62%	26.49%	6.48%	15.16%	13.03%	-10.29%	7.47%	-100%	-	-	-
EBIT ¹	1,724	2,803	1,810	2,920	2,987	3,525	2,282	2,987	2,699	3,420	2,907	4,582	4,877	5,469	4,481	3,492	3,252	4,646	5,857	6,207	7,142	8,169	7,201	7,872	8,489	9,412	11,014	10,086
Change	-	62.57%	-35.42%	61.28%	2.33%	17.98%	-35.27%	30.93%	-9.66%	26.71%	-14.98%	57.59%	6.44%	12.14%	-18.07%	-22.06%	-6.89%	42.87%	26.06%	5.98%	15.07%	14.39%	-11.85%	9.32%	7.84%	10.88%	17.02%	-8.43%
Charge d'intérêts ¹	-42.01	-96.91	-112.1	-76.3	-54.94	-61	-58.16	-71.97	-98.94	-127.1	-133.1	-236.6	-293.5	-218.4	-236.1	-256.2	-293.4	-167.4	-328.5	-344.2	-338	-342	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	1,714	2,457	1,834	2,721	2,857	3,475	2,168	2,944	2,575	3,310	2,972	4,516	5,446	4,963	4,164	3,558	3,264	4,458	5,902	6,207	7,098	8,289	6,900	7,712	8,465	9,391	-	-
Change	-	43.38%	-25.35%	48.36%	4.98%	21.64%	-37.62%	35.8%	-12.55%	28.55%	-10.21%	51.96%	20.6%	-8.87%	-16.1%	-14.55%	-8.27%	36.57%	32.41%	5.17%	14.35%	16.78%	-16.75%	11.77%	9.75%	10.94%	-100%	-
Net income ¹	1,369	1,949	1,463	2,169	2,246	2,732	1,699	2,309	2,027	2,614	2,346	3,563	4,316	3,950	3,298	2,616	2,615	3,515	4,707	4,694	5,599	6,480	5,501	5,964	6,713	7,438	-	-
Change	-	42.39%	-24.95%	48.33%	3.51%	21.68%	-37.82%	35.88%	-12.21%	28.98%	-10.25%	51.86%	21.14%	-8.47%	-16.51%	-20.7%	-0.02%	34.41%	33.93%	-0.29%	19.28%	15.74%	-15.1%	8.42%	12.55%	10.81%	-100%	-
Announcement Date	05/11/19	19/03/20	07/05/20	06/08/20	10/11/20	19/01/21	06/05/21	03/08/21	03/11/21	25/02/22	03/05/22	02/08/22	03/11/22	23/02/23	09/05/23	07/08/23	06/11/23	27/02/24	07/05/24	08/08/24	-	-	-	-	-	-	-	-

¹TWD in Million

Estimates

Forecast Balance Sheet: Wiwynn Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-2,955	-12,438	8,029	-16,792	-30,168	-37,011	-41,414	-51,259
Change	-	-520.91%	-35.45%	-309.14%	-279.66%	-222.68%	-211.9%	-223.77%
Announcement Date	19/03/20	19/01/21	25/02/22	23/02/23	27/02/24	-	-	-

¹TWD in Million

Estimates

Cash Flow Forecast: Wiwynn Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	746.7	552.7	510.7	1,466	4,886	3,304	3,227	3,324
Change	-	-25.98%	-7.6%	187.01%	233.36%	-32.38%	-2.31%	2.99%
Free Cash Flow (FCF) ¹	7,159	13,540	-14,723	29,212	18,175	-2,069	16,256	23,972
Change	-	89.14%	-208.74%	-298.41%	-37.78%	-111.38%	-885.7%	47.47%
Announcement Date	19/03/20	19/01/21	25/02/22	23/02/23	27/02/24	-	-	-

¹TWD in Million

Estimates

Forecast Financial Ratios: Wiwynn Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	5.12%	6.22%	6.2%	6.35%	6.98%	8.32%	7.49%	7.13%
EBIT Margin (%)	4.99%	6.01%	5.91%	6.09%	6.56%	7.85%	6.99%	6.82%
EBT Margin (%)	4.74%	5.82%	5.71%	6.11%	6.38%	7.9%	6.82%	6.6%
Net margin (%)	3.77%	4.61%	4.49%	4.84%	4.98%	6.18%	5.37%	5.2%
FCF margin (%)	4.38%	7.24%	-7.64%	9.97%	7.51%	-0.59%	3.43%	4.07%
FCF / Net Income (%)	116.04%	157.26%	-170.25%	206.09%	150.91%	-9.62%	63.85%	78.2%
Profitability
ROA	16.16%	16.74%	12.4%	16.33%	13.56%	18.61%	18.34%	17.71%
ROE	39.81%	38.49%	33.34%	42.85%	29.73%	39.42%	36.56%	34.97%
Financial Health
Leverage (Debt/EBITDA)	-	-	0.67x	-	-	-	-	-
Debt / Free cash flow	-	-	-0.55x	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	0.46%	0.3%	0.27%	0.5%	2.02%	0.95%	0.68%	0.56%
CAPEX / EBITDA (%)	8.92%	4.75%	4.28%	7.88%	28.96%	11.41%	9.09%	7.91%
CAPEX / FCF (%)	10.43%	4.08%	-3.47%	5.02%	26.88%	-159.68%	19.85%	13.87%
Items per share
Cash flow per share ¹	46.43	80.17	-80.99	174.2	131.4	88.23	106.2	209.2
Change	-	72.67%	-201.02%	-315.09%	-24.54%	-32.88%	20.34%	97.07%
Dividend per Share ¹	23	32	25	49.64	41.86	62.34	80.54	94.16
Change	-	39.13%	-21.88%	98.57%	-15.68%	48.92%	29.21%	16.91%
Book Value Per Share ¹	115.8	140.2	156.5	221.8	241.6	362.4	430.4	551
Change	-	21.1%	11.65%	41.71%	8.89%	50.02%	18.78%	28.02%
EPS ¹	36.23	49.25	49.28	80.49	68.88	117.2	139.6	166.8
Change	-	35.94%	0.06%	63.33%	-14.42%	70.18%	19.08%	19.48%
Nbr of stocks (in thousands)	174,614	174,841	174,841	174,841	174,841	174,841	174,841	174,841
Announcement Date	19/03/20	19/01/21	25/02/22	23/02/23	27/02/24	-	-	-