Financials AirTAC International Group

Equities

1590

KYG014081064

Industrial Machinery & Equipment

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-06-06 pm EDT			5-day change	1st Jan Change
1,010 ^TWD	+1.00%		-3.35%	0.00%

Jun. 04	Airtac International Group Reports Consolidated Revenue Results for the Month and Year to Date Ended May 2024	CI
May. 30	Airtac International Group Announces Dividend Distribution for the Year 2023, Payable on October 30, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	88,180	170,122	204,000	186,200	202,000	202,000	-	-
Enterprise Value (EV) ¹	98,054	179,640	206,069	191,065	203,468	200,672	197,100	192,816
P/E ratio	32.4 x	35.1 x	30.3 x	31 x	29 x	24.8 x	21.7 x	19.3 x
Yield	1.02%	1.02%	1.31%	1.44%	1.72%	1.84%	2.12%	2.49%
Capitalization / Revenue	5.55 x	8.91 x	8.03 x	7.14 x	6.77 x	6.12 x	5.32 x	4.79 x
EV / Revenue	6.17 x	9.4 x	8.11 x	7.33 x	6.82 x	6.08 x	5.19 x	4.57 x
EV / EBITDA	18.1 x	23.9 x	20.7 x	19.7 x	18.1 x	15.7 x	13.5 x	11.6 x
EV / FCF	50.4 x	125 x	81.7 x	-526 x	30.8 x	24.9 x	28 x	22.5 x
FCF Yield	1.98%	0.8%	1.22%	-0.19%	3.24%	4.02%	3.58%	4.45%
Price to Book	4.85 x	7.57 x	5.8 x	4.78 x	4.74 x	4.31 x	3.82 x	3.43 x
Nbr of stocks (in thousands)	189,025	189,025	200,000	200,000	200,000	200,000	-	-
Reference price ²	466.5	900.0	1,020	931.0	1,010	1,010	1,010	1,010
Announcement Date	3/24/20	1/27/21	2/21/22	2/8/23	3/14/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	15,896	19,103	25,400	26,073	29,827	33,015	37,943	42,204
EBITDA ¹	5,414	7,510	9,943	9,703	11,263	12,796	14,622	16,573
EBIT ¹	4,028	5,962	8,216	7,542	8,849	10,403	12,034	13,602
Operating Margin	25.34%	31.21%	32.35%	28.93%	29.67%	31.51%	31.72%	32.23%
Earnings before Tax (EBT) ¹	3,702	6,342	8,384	7,824	8,897	10,712	12,335	14,347
Net income ¹	2,726	4,845	6,442	6,013	6,966	8,167	9,409	10,804
Net margin	17.15%	25.36%	25.36%	23.06%	23.35%	24.74%	24.8%	25.6%
EPS ²	14.41	25.63	33.67	30.07	34.81	40.64	46.63	52.35
Free Cash Flow ¹	1,945	1,441	2,523	-363	6,600	8,057	7,047	8,581
FCF margin	12.23%	7.54%	9.93%	-1.39%	22.13%	24.4%	18.57%	20.33%
FCF Conversion (EBITDA)	35.92%	19.19%	25.38%	-	58.59%	62.97%	48.19%	51.78%
FCF Conversion (Net income)	71.33%	29.75%	39.17%	-	94.75%	98.66%	74.89%	79.43%
Dividend per Share ²	4.736	9.162	13.31	13.45	17.37	18.56	21.46	25.18
Announcement Date	3/24/20	1/27/21	2/21/22	2/8/23	3/14/24	-	-	-

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	5,768	6,509	7,222	6,078	6,265	6,906	8,002	7,564	7,356	7,206	8,956	8,818	8,598	8,539	10,457
EBITDA ¹	2,258	2,307	2,732	2,257	2,407	2,634	3,026	2,826	2,777	-	3,665	3,622	3,433	3,391	4,291
EBIT ¹	1,801	1,811	2,192	1,704	1,836	2,046	2,428	2,219	2,156	2,162	2,849	2,783	2,670	2,677	3,370
Operating Margin	31.23%	27.83%	30.35%	28.04%	29.31%	29.63%	30.34%	29.33%	29.32%	30.01%	31.81%	31.56%	31.05%	31.35%	32.23%
Earnings before Tax (EBT) ¹	2,064	2,191	2,072	1,802	1,759	2,087	2,156	2,475	2,179	2,327	2,871	2,815	2,668	2,719	3,433
Net income ¹	1,606	1,677	1,602	1,391	1,342	1,623	1,704	1,940	1,699	1,829	2,247	2,201	2,073	2,099	2,688
Net margin	27.84%	25.77%	22.18%	22.89%	21.42%	23.5%	21.3%	25.64%	23.1%	25.39%	25.09%	24.96%	24.12%	24.58%	25.71%
EPS ²	8.100	8.390	8.010	6.950	6.710	8.110	8.520	9.700	8.490	9.150	11.25	11.07	10.53	10.40	13.38
Dividend per Share ²	13.31	-	-	-	-	-	-	-	-	-	-	17.37	-	-	-
Announcement Date	2/21/22	4/27/22	8/3/22	10/26/22	2/8/23	5/11/23	7/27/23	11/13/23	3/14/24	5/14/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,874	9,517	2,069	4,865	1,468	-	-	-
Net Cash position ¹	-	-	-	-	-	1,328	4,900	9,184
Leverage (Debt/EBITDA)	1.824 x	1.267 x	0.208 x	0.5013 x	0.1303 x	-	-	-
Free Cash Flow ¹	1,945	1,441	2,523	-363	6,600	8,057	7,047	8,581
ROE (net income / shareholders' equity)	15.5%	23.8%	22.4%	16.2%	17.1%	18.2%	18.7%	19.3%
ROA (Net income/ Total Assets)	7.27%	11.9%	14.5%	11.8%	12.4%	13.4%	13.8%	14.8%
Assets ¹	37,500	40,691	44,555	51,141	56,324	61,027	68,235	72,872
Book Value Per Share ²	96.20	119.0	176.0	195.0	213.0	234.0	264.0	294.0
Cash Flow per Share ²	27.20	23.50	33.00	26.10	45.20	50.40	51.10	58.30
Capex ¹	3,204	3,004	3,796	5,589	2,447	2,849	2,661	2,825
Capex / Sales	20.15%	15.72%	14.95%	21.44%	8.2%	8.63%	7.01%	6.69%
Announcement Date	3/24/20	1/27/21	2/21/22	2/8/23	3/14/24	-	-	-

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 AirTAC International Group

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,010 TWD

Average target price

1,270 TWD

Spread / Average Target

+25.77%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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