Financials Vieworks Co., Ltd.

Equities

A100120

KR7100120005

Advanced Medical Equipment & Technology

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
28,150 ^KRW	-0.18%		-3.60%	+4.26%

2023	Vieworks Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2023	CI
2023	Vieworks' Vivix X-Ray Flat Panel Detector Full Line-Up to Be Showcased At Ecr 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	310,434	286,768	390,249	276,835	247,912	258,471	-	-
Enterprise Value (EV) ²	310.4	286.8	369.8	284.5	257.7	267.3	265.2	260.9
P/E ratio	12.8 x	12.7 x	11.6 x	10.4 x	16.8 x	10.4 x	8.23 x	7.16 x
Yield	1.27%	1.48%	1.79%	2.32%	1.3%	1.24%	1.3%	1.42%
Capitalization / Revenue	2.28 x	1.79 x	2.02 x	1.16 x	1.13 x	1.06 x	0.95 x	0.86 x
EV / Revenue	2.28 x	1.79 x	1.91 x	1.2 x	1.17 x	1.09 x	0.97 x	0.87 x
EV / EBITDA	10.4 x	8.71 x	9.16 x	5.72 x	10 x	6.73 x	5.4 x	4.73 x
EV / FCF	29.4 x	-17 x	34.6 x	-19.1 x	25.1 x	14.8 x	13.3 x	10.4 x
FCF Yield	3.41%	-5.9%	2.89%	-5.25%	3.99%	6.73%	7.54%	9.58%
Price to Book	1.92 x	1.7 x	2.08 x	1.32 x	1.25 x	1.14 x	1.01 x	0.89 x
Nbr of stocks (in thousands)	9,855	9,449	9,314	9,182	9,182	9,182	-	-
Reference price ³	31,500	30,350	41,900	30,150	27,000	28,200	28,200	28,200
Announcement Date	2/11/20	2/9/21	2/14/22	2/13/23	2/7/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	136	160.3	193.1	237.9	220.3	244.9	272	300.7
EBITDA ¹	29.88	32.92	40.37	49.78	25.73	39.7	49.07	55.13
EBIT ¹	26.41	29.07	34.84	43.42	18.74	32.03	41.1	46.93
Operating Margin	19.42%	18.14%	18.04%	18.25%	8.51%	13.08%	15.11%	15.61%
Earnings before Tax (EBT) ¹	30.16	27.98	39.64	32.82	16.69	32.03	40.67	46.67
Net income ¹	24.22	22.89	33.7	26.49	14.76	27.33	34.43	39.33
Net margin	17.81%	14.28%	17.45%	11.13%	6.7%	11.16%	12.66%	13.08%
EPS ²	2,457	2,395	3,600	2,890	1,603	2,716	3,428	3,939
Free Cash Flow ³	10,572	-16,918	10,680	-14,930	10,272	18,000	20,000	25,000
FCF margin	7,773.92%	-10,556.32%	5,529.55%	-6,275.04%	4,663.82%	7,350.94%	7,352.04%	8,314.86%
FCF Conversion (EBITDA)	35,383.77%	-	26,454.42%	-	39,927.99%	45,340.05%	40,760.87%	45,344.62%
FCF Conversion (Net income)	43,655.03%	-	31,687.32%	-	69,597.48%	65,853.67%	58,083.26%	63,559.33%
Dividend per Share ²	400.0	450.0	750.0	700.0	350.0	350.0	366.7	400.0
Announcement Date	2/11/20	2/9/21	2/14/22	2/13/23	2/7/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

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
Net sales ¹	54.84	53.96	63.67	55.14	65.16	54.83	51.32	51.62	62.49	60.55	55.93	60.77	67.47
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7.046	9.906	16.01	7.616	9.891	5.856	0.147	5.836	6.898	7.121	7.233	8.367	9.7
Operating Margin	12.85%	18.36%	25.14%	13.81%	15.18%	10.68%	0.29%	11.31%	11.04%	11.76%	12.93%	13.77%	14.38%
Earnings before Tax (EBT)	7.65	8.768	10.82	-4.181	17.42	-	-	-	-	-	-	-	-
Net income ¹	7.888	7.542	7.815	-3.413	14.55	5.301	-1.195	5.799	4.81	8.087	4.8	6.4	8.1
Net margin	14.38%	13.98%	12.27%	-6.19%	22.32%	9.67%	-2.33%	11.23%	7.7%	13.36%	8.58%	10.53%	12.01%
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/14/22	5/2/22	7/27/22	11/1/22	2/13/23	5/3/23	8/2/23	11/1/23	2/7/24	5/7/24	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	7.71	9.76	8.8	6.7	2.4
Net Cash position ¹	-	-	20.5	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.1549 x	0.3794 x	0.2217 x	0.1365 x	0.0435 x
Free Cash Flow ²	10,572	-16,918	10,680	-14,930	10,272	18,000	20,000	25,000
ROE (net income / shareholders' equity)	16%	13.8%	18.8%	13.4%	6.95%	11.9%	13.4%	13.6%
ROA (Net income/ Total Assets)	14.4%	12.1%	15.4%	10%	5.06%	8.97%	10.4%	10.8%
Assets ¹	168.7	188.9	218.7	264.2	291.4	304.8	331.1	363.1
Book Value Per Share ³	16,379	17,808	20,110	22,784	21,557	24,812	27,918	31,520
Cash Flow per Share ³	1,896	658.0	5,431	6,076	1,414	3,788	4,449	5,125
Capex ¹	8.11	23.2	4.68	13.4	13	11.3	11.9	13
Capex / Sales	5.96%	14.48%	2.42%	5.65%	5.89%	4.6%	4.37%	4.32%
Announcement Date	2/11/20	2/9/21	2/14/22	2/13/23	2/7/24	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Vieworks Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

28,150 KRW

Average target price

40,000 KRW

Spread / Average Target

+42.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Medical Imaging Systems

	1st Jan change	Capi.
VIEWORKS CO., LTD.	+4.26%	188M
SHANGHAI UNITED IMAGING HEALTHCARE CO., LTD.	-6.72%	14.26B
IRAY TECHNOLOGY COMPANY LIMITED	-47.66%	2.42B
SONOSCAPE MEDICAL CORP.	-18.54%	2.3B
BEIJING WANDONG MEDICAL TECHNOLOGY CO.,LTD.	-16.69%	1.36B
CORETAG, INC.	-.--%	1.12B
GUERBET	+86.67%	500M
NANO-X IMAGING LTD.	+29.04%	498M
DRTECH CORPORATION	-10.21%	222M
INTROMEDIC CO., LTD.	-.--%	178M

Medical Imaging Systems