NIEN MADE ENTERPRISE CO., LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 381 TWD | +0.79% |
|
+4.24% | +7.93% |
| Mar. 14 | Nien Made Enterprise Co., LTD. Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
| Jan. 26 | Nien Made Enterprise Co., Ltd. Announces Demise of Lee Ming-Shan, Director | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 81,167 | 95,525 | 120,871 | 86,294 | 103,436 | 111,641 | - | - |
| Enterprise Value (EV) 1 | 76,402 | 89,913 | 113,264 | 76,921 | 90,616 | 98,384 | 94,809 | 92,853 |
| P/E ratio | 18 x | 19.9 x | 22.7 x | 14 x | 18.8 x | 18.9 x | 16.5 x | 15.1 x |
| Yield | 3.61% | 3.07% | 2.67% | 3.74% | 3.4% | 3.31% | 3.51% | 3.94% |
| Capitalization / Revenue | 3.39 x | 3.91 x | 4.16 x | 2.98 x | 3.84 x | 3.75 x | 3.46 x | 3.14 x |
| EV / Revenue | 3.19 x | 3.68 x | 3.9 x | 2.66 x | 3.37 x | 3.3 x | 2.94 x | 2.61 x |
| EV / EBITDA | 11 x | 11.6 x | 13.1 x | 9.24 x | 11.4 x | 10.6 x | 9.04 x | 7.81 x |
| EV / FCF | 16.5 x | 20.4 x | 22.7 x | 14.3 x | 14.9 x | 26.5 x | 17.6 x | 14.8 x |
| FCF Yield | 6.06% | 4.9% | 4.41% | 6.97% | 6.69% | 3.77% | 5.69% | 6.74% |
| Price to Book | 5.91 x | 7.24 x | 6.91 x | 4.02 x | 4.31 x | 4.22 x | 3.64 x | 3.42 x |
| Nbr of stocks (in thousands) | 293,020 | 293,020 | 293,020 | 293,020 | 293,020 | 293,020 | - | - |
| Reference price 2 | 277.0 | 326.0 | 412.5 | 294.5 | 353.0 | 381.0 | 381.0 | 381.0 |
| Announcement Date | 3/17/20 | 3/16/21 | 3/16/22 | 3/14/23 | 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 | 23,929 | 24,414 | 29,024 | 28,951 | 26,913 | 29,808 | 32,298 | 35,596 |
| EBITDA 1 | 6,942 | 7,735 | 8,624 | 8,327 | 7,919 | 9,289 | 10,488 | 11,888 |
| EBIT 1 | 6,154 | 6,960 | 7,754 | 7,368 | 6,970 | 8,129 | 9,148 | 10,491 |
| Operating Margin | 25.72% | 28.51% | 26.71% | 25.45% | 25.9% | 27.27% | 28.32% | 29.47% |
| Earnings before Tax (EBT) 1 | 6,111 | 6,567 | 7,459 | 8,450 | 8,033 | 8,221 | 9,086 | 10,064 |
| Net income 1 | 4,504 | 4,795 | 5,320 | 6,173 | 5,488 | 5,906 | 6,678 | 7,206 |
| Net margin | 18.82% | 19.64% | 18.33% | 21.32% | 20.39% | 19.81% | 20.68% | 20.24% |
| EPS 2 | 15.37 | 16.36 | 18.15 | 21.07 | 18.73 | 20.15 | 23.02 | 25.17 |
| Free Cash Flow 1 | 4,630 | 4,404 | 4,993 | 5,360 | 6,065 | 3,714 | 5,392 | 6,257 |
| FCF margin | 19.35% | 18.04% | 17.2% | 18.52% | 22.53% | 12.46% | 16.7% | 17.58% |
| FCF Conversion (EBITDA) | 66.7% | 56.94% | 57.9% | 64.38% | 76.59% | 39.98% | 51.41% | 52.63% |
| FCF Conversion (Net income) | 102.82% | 91.84% | 93.86% | 86.84% | 110.52% | 62.88% | 80.75% | 86.83% |
| Dividend per Share 2 | 10.00 | 10.00 | 11.00 | 11.00 | 12.00 | 12.61 | 13.39 | 15.00 |
| Announcement Date | 3/17/20 | 3/16/21 | 3/16/22 | 3/14/23 | 3/14/24 | - | - | - |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 7,509 | 7,305 | 6,930 | 8,279 | 6,914 | 6,829 | 6,065 | 6,710 | 6,904 | 7,235 | 6,566 | 7,527 | 7,667 | 7,778 |
| EBITDA 1 | 2,183 | 2,266 | 1,812 | 2,456 | 2,085 | 1,974 | 1,690 | 1,951 | 1,996 | 2,281 | 2,041 | 2,233 | 2,302 | 2,403 |
| EBIT 1 | 1,967 | 2,047 | 1,578 | 2,215 | 1,845 | 1,731 | 1,458 | 1,730 | 1,749 | 2,034 | 1,634 | 2,020 | 2,147 | 2,197 |
| Operating Margin | 26.2% | 28.02% | 22.77% | 26.75% | 26.68% | 25.34% | 24.03% | 25.78% | 25.34% | 28.11% | 24.88% | 26.83% | 28% | 28.25% |
| Earnings before Tax (EBT) 1 | 1,934 | 1,996 | 2,445 | 2,131 | 2,128 | 1,747 | 1,455 | 2,104 | 2,062 | 2,411 | 1,701 | 2,117 | 2,143 | 2,206 |
| Net income 1 | 1,377 | 1,433 | 1,506 | 1,660 | 1,536 | 1,472 | 1,129 | 1,354 | 1,586 | 1,419 | 1,272 | 1,516 | 1,554 | 1,660 |
| Net margin | 18.34% | 19.62% | 21.73% | 20.05% | 22.21% | 21.55% | 18.61% | 20.19% | 22.97% | 19.6% | 19.37% | 20.14% | 20.26% | 21.35% |
| EPS 2 | 4.700 | 4.890 | 5.140 | 5.660 | 5.240 | 5.030 | 3.840 | 4.620 | 5.410 | 4.850 | 4.299 | 5.168 | 5.368 | 5.581 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 11/8/21 | 3/16/22 | 5/4/22 | 8/2/22 | 11/10/22 | 3/14/23 | 5/4/23 | 8/8/23 | 11/8/23 | 3/14/24 | - | - | - | - |
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 | 4,764 | 5,612 | 7,607 | 9,373 | 12,820 | 13,256 | 16,831 | 18,787 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 4,630 | 4,404 | 4,993 | 5,360 | 6,065 | 3,714 | 5,392 | 6,257 |
| ROE (net income / shareholders' equity) | 34.3% | 33% | 32.4% | 31.7% | 24.1% | 23.6% | 23.7% | 25% |
| ROA (Net income/ Total Assets) | 22.1% | 19.2% | 18.6% | 20.6% | 17.4% | 18.1% | 17.9% | 18.1% |
| Assets 1 | 20,390 | 25,029 | 28,647 | 29,974 | 31,582 | 32,718 | 37,232 | 39,812 |
| Book Value Per Share 2 | 46.90 | 45.00 | 59.70 | 73.30 | 81.80 | 90.30 | 105.0 | 111.0 |
| Cash Flow per Share 2 | 22.20 | 20.60 | 20.60 | 23.60 | 23.40 | 20.70 | 27.60 | 28.20 |
| Capex 1 | 1,879 | 1,639 | 1,050 | 1,564 | 817 | 2,267 | 1,677 | 2,000 |
| Capex / Sales | 7.85% | 6.71% | 3.62% | 5.4% | 3.04% | 7.6% | 5.19% | 5.62% |
| Announcement Date | 3/17/20 | 3/16/21 | 3/16/22 | 3/14/23 | 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
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
BUY
Number of Analysts
9
Last Close Price
381
TWD
Average target price
424.6
TWD
Spread / Average Target
+11.43%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +7.93% | 3.42B | |
| +10.99% | 7.36B | |
| +4.56% | 378M | |
| +3.43% | 243M | |
| +1.08% | 171M | |
| -44.01% | 141M | |
| +12.36% | 133M | |
| -.--% | 125M | |
| -8.13% | 66.69M | |
| +32.97% | 65.23M |
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