Financials E Ink Holdings Inc.

Equities

8069

TW0008069006

Electronic Equipment & Parts

End-of-day quote Taipei Exchange Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
210.5 ^TWD	+1.20%		-3.22%	+6.85%

Apr. 23	E Ink Holdings Inc. and AUO Enter into Strategic Partnership to Develop Large-Size Color ePaper Displays	CI
Apr. 19	Himax Technologies, E Ink to Co-Develop New AI Module for Retail Technology	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	35,449	51,954	172,201	183,605	224,660	240,474	-	-
Enterprise Value (EV) ¹	35,449	46,880	168,064	184,724	224,944	239,940	234,634	228,982
P/E ratio	11.5 x	14.4 x	33.4 x	18.7 x	28.8 x	24.5 x	18.1 x	13.5 x
Yield	6.4%	5.9%	2.12%	2.8%	2.28%	2.27%	3.07%	4.95%
Capitalization / Revenue	2.61 x	3.38 x	8.76 x	6.11 x	8.28 x	7.54 x	5.7 x	3.86 x
EV / Revenue	2.61 x	3.05 x	8.55 x	6.15 x	8.29 x	7.53 x	5.56 x	3.68 x
EV / EBITDA	19.6 x	15.5 x	41.1 x	18.1 x	26 x	20.7 x	14.2 x	10.3 x
EV / FCF	13.7 x	11.1 x	58.8 x	63.1 x	27.5 x	47.5 x	21.7 x	14.2 x
FCF Yield	7.32%	9%	1.7%	1.59%	3.64%	2.11%	4.61%	7.04%
Price to Book	1.22 x	1.7 x	4.89 x	4.2 x	4.6 x	4.6 x	3.99 x	3.47 x
Nbr of stocks (in thousands)	1,134,363	1,134,363	1,140,405	1,140,405	1,140,405	1,142,394	-	-
Reference price ²	31.25	45.80	151.0	161.0	197.0	210.5	210.5	210.5
Announcement Date	3/25/20	3/18/21	3/15/22	3/1/23	3/1/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,602	15,363	19,651	30,061	27,120	31,880	42,208	62,299
EBITDA ¹	1,808	3,020	4,087	10,215	8,666	11,567	16,526	22,219
EBIT ¹	559.8	1,847	3,023	9,199	7,285	9,812	13,986	19,904
Operating Margin	4.12%	12.02%	15.39%	30.6%	26.86%	30.78%	33.14%	31.95%
Earnings before Tax (EBT) ¹	3,721	4,240	6,549	12,085	9,824	12,495	16,925	22,170
Net income ¹	3,084	3,603	5,150	9,912	7,814	9,860	13,402	17,814
Net margin	22.67%	23.45%	26.21%	32.97%	28.81%	30.93%	31.75%	28.59%
EPS ²	2.710	3.170	4.520	8.600	6.850	8.585	11.62	15.62
Free Cash Flow ¹	2,594	4,221	2,859	2,930	8,184	5,056	10,820	16,112
FCF margin	19.07%	27.48%	14.55%	9.75%	30.18%	15.86%	25.64%	25.86%
FCF Conversion (EBITDA)	143.48%	139.75%	69.94%	28.68%	94.43%	43.71%	65.47%	72.51%
FCF Conversion (Net income)	84.12%	117.17%	55.51%	29.56%	104.73%	51.28%	80.73%	90.45%
Dividend per Share ²	2.000	2.700	3.200	4.500	4.500	4.781	6.459	10.42
Announcement Date	3/25/20	3/18/21	3/15/22	3/1/23	3/1/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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
Net sales ¹	4,397	6,768	5,961	7,452	8,104	8,543	7,230	7,236	6,821	5,833	5,829	6,967	8,712	10,029	8,260
EBITDA ¹	789.4	1,486	1,651	2,216	3,481	2,867	2,122	2,365	-	1,898	2,001	2,342	3,453	4,258	-
EBIT ¹	526.6	1,211	1,426	1,971	3,224	2,579	1,812	2,030	1,931	1,512	1,496	2,025	2,859	3,423	2,587
Operating Margin	11.98%	17.89%	23.92%	26.44%	39.78%	30.19%	25.07%	28.06%	28.3%	25.92%	25.67%	29.07%	32.81%	34.13%	31.31%
Earnings before Tax (EBT) ¹	1,622	1,787	1,799	3,102	5,001	2,182	2,264	2,938	2,998	1,624	1,985	2,591	3,638	3,903	2,877
Net income ¹	1,226	1,365	1,461	2,374	4,240	1,837	1,755	2,421	2,400	1,239	1,513	1,961	2,957	3,153	2,304
Net margin	27.89%	20.18%	24.51%	31.85%	52.32%	21.5%	24.28%	33.45%	35.18%	21.23%	25.96%	28.15%	33.94%	31.44%	27.9%
EPS ²	1.070	1.200	1.270	2.080	3.720	1.590	1.520	2.120	2.100	1.090	1.326	1.717	2.588	2.762	2.129
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/12/21	3/15/22	5/13/22	8/12/22	11/14/22	3/1/23	5/12/23	8/11/23	11/13/23	3/1/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	1,118	284	-	-	-
Net Cash position ¹	-	5,074	4,137	-	-	534	5,840	11,492
Leverage (Debt/EBITDA)	-	-	-	0.1095 x	0.0328 x	-	-	-
Free Cash Flow ¹	2,594	4,221	2,859	2,930	8,184	5,056	10,820	16,112
ROE (net income / shareholders' equity)	10.8%	12.1%	15.7%	25.1%	16.9%	19.2%	22.9%	27.5%
ROA (Net income/ Total Assets)	7.85%	8.24%	10%	16.2%	11.2%	12.3%	15.1%	16.9%
Assets ¹	39,267	43,711	51,405	61,068	69,791	79,840	88,485	105,408
Book Value Per Share ²	25.60	26.90	30.90	38.30	42.90	45.70	52.70	60.70
Cash Flow per Share ²	-	4.320	4.120	5.230	9.210	9.710	12.30	18.90
Capex ¹	550	696	1,832	3,101	2,443	3,976	3,835	5,500
Capex / Sales	4.05%	4.53%	9.32%	10.32%	9.01%	12.47%	9.09%	8.83%
Announcement Date	3/25/20	3/18/21	3/15/22	3/1/23	3/1/24	-	-	-

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 E Ink Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

210.5 TWD

Average target price

257 TWD

Spread / Average Target

+22.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Display Screens

	1st Jan change	Capi.
E INK HOLDINGS INC.	+6.85%	7.41B
CORNING INCORPORATED	+12.22%	29.27B
TCL TECHNOLOGY GROUP CORPORATION	+9.30%	11.93B
AUO CORPORATION	-3.58%	4.13B
CAIHONG DISPLAY DEVICES CO.,LTD.	+19.85%	4.02B
LG DISPLAY CO., LTD.	-16.17%	3.9B
INNOLUX CORPORATION	-6.99%	3.72B
TIANMA MICROELECTRONICS CO., LTD.	-24.60%	2.73B
LEYARD OPTOELECTRONIC CO., LTD.	-18.33%	1.71B
WUHU TOKEN SCIENCES CO., LTD.	-25.11%	1.7B

Display Screens