Financials Novatek Microelectronics Corp.

Equities

3034

TW0003034005

Semiconductors

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
603 ^TWD	+1.01%		+2.55%	+16.63%

Apr. 26	Novatek Microelectronics Corp. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 29	Novatek Microelectronics Corp. Proposes Dividend for the Period January 1, 2023 to December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	133,264	224,541	327,988	191,986	314,600	366,932	-	-
Enterprise Value (EV) ¹	115,620	201,666	267,859	142,815	260,711	310,805	302,073	304,743
P/E ratio	16.8 x	19 x	8.44 x	6.86 x	13.5 x	15.8 x	14.2 x	14 x
Yield	4.57%	2.44%	9.55%	-	-	5.26%	5.35%	5.35%
Capitalization / Revenue	2.07 x	2.81 x	2.42 x	1.75 x	2.85 x	3.17 x	2.89 x	2.82 x
EV / Revenue	1.8 x	2.52 x	1.98 x	1.3 x	2.36 x	2.69 x	2.38 x	2.34 x
EV / EBITDA	10.8 x	12.8 x	5.48 x	4.21 x	9.31 x	11 x	9.6 x	9.75 x
EV / FCF	20.8 x	17 x	6.61 x	6.59 x	8.96 x	16.2 x	11.9 x	-
FCF Yield	4.8%	5.88%	15.1%	15.2%	11.2%	6.18%	8.42%	-
Price to Book	4.03 x	5.62 x	4.66 x	2.93 x	4.68 x	4.81 x	4.33 x	4.4 x
Nbr of stocks (in thousands)	608,512	608,512	608,512	608,512	608,511	608,511	-	-
Reference price ²	219.0	369.0	539.0	315.5	517.0	603.0	603.0	603.0
Announcement Date	2/11/20	2/4/21	2/11/22	2/7/23	2/6/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	64,372	79,956	135,366	109,957	110,429	115,691	127,149	130,087
EBITDA ¹	10,748	15,780	48,874	33,961	28,001	28,143	31,454	31,251
EBIT ¹	9,860	14,780	47,773	32,729	26,662	26,844	30,120	30,664
Operating Margin	15.32%	18.49%	35.29%	29.77%	24.14%	23.2%	23.69%	23.57%
Earnings before Tax (EBT) ¹	9,815	14,549	48,115	34,511	28,231	27,924	31,491	32,625
Net income ¹	7,930	11,820	38,866	27,970	23,318	23,501	26,222	26,485
Net margin	12.32%	14.78%	28.71%	25.44%	21.12%	20.31%	20.62%	20.36%
EPS ²	13.03	19.42	63.87	45.96	38.32	38.12	42.51	43.04
Free Cash Flow ¹	5,547	11,854	40,494	21,668	29,084	19,206	25,428	-
FCF margin	8.62%	14.83%	29.91%	19.71%	26.34%	16.6%	20%	-
FCF Conversion (EBITDA)	51.62%	75.12%	82.85%	63.8%	103.87%	68.24%	80.84%	-
FCF Conversion (Net income)	69.96%	100.28%	104.19%	77.47%	124.73%	81.72%	96.97%	-
Dividend per Share ²	10.00	9.000	51.50	-	-	31.70	32.27	32.29
Announcement Date	2/11/20	2/4/21	2/11/22	2/7/23	2/6/24	-	-	-

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	36,542	36,512	31,461	19,564	22,420	24,046	30,299	28,930	27,154	24,428	27,586	32,451	32,011	28,831	32,043
EBITDA ¹	13,734	13,580	10,293	4,569	5,519	5,987	7,896	7,478	6,641	5,482	6,843	8,270	8,364	6,389	7,350
EBIT ¹	13,449	13,280	9,985	4,255	5,209	5,662	7,550	7,143	6,306	5,144	6,447	7,964	7,781	6,373	7,450
Operating Margin	36.8%	36.37%	31.74%	21.75%	23.23%	23.55%	24.92%	24.69%	23.22%	21.06%	23.37%	24.54%	24.31%	22.11%	23.25%
Earnings before Tax (EBT) ¹	13,591	13,766	10,496	5,266	4,984	5,863	8,272	7,767	6,330	5,900	6,640	8,085	7,762	6,760	8,004
Net income ¹	10,933	11,135	8,487	4,305	4,043	4,752	6,872	6,366	5,328	4,894	5,522	6,753	6,542	5,499	6,458
Net margin	29.92%	30.5%	26.98%	22.01%	18.03%	19.76%	22.68%	22%	19.62%	20.03%	20.02%	20.81%	20.44%	19.07%	20.15%
EPS ²	17.97	18.27	13.95	7.060	6.640	7.810	11.29	10.45	8.760	8.040	9.072	11.09	10.75	8.843	10.10
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	30.30	0.001640	-	-
Announcement Date	2/11/22	4/28/22	7/29/22	10/28/22	2/7/23	4/28/23	7/28/23	10/27/23	2/6/24	4/26/24	-	-	-	-	-

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	17,644	22,875	60,129	49,171	53,889	56,127	64,859	62,189
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,547	11,854	40,494	21,668	29,084	19,206	25,428	-
ROE (net income / shareholders' equity)	25%	32.4%	70.4%	41.1%	35.1%	33.7%	33.9%	37.3%
ROA (Net income/ Total Assets)	16.7%	22.5%	43.5%	25.3%	22.8%	20.3%	22.1%	22%
Assets ¹	47,488	52,500	89,347	110,570	102,495	115,642	118,640	120,386
Book Value Per Share ²	54.40	65.60	116.0	108.0	110.0	125.0	139.0	137.0
Cash Flow per Share ²	11.70	25.30	68.50	37.20	49.20	34.30	42.20	-
Capex ¹	1,599	3,526	1,227	1,022	897	1,190	1,229	899
Capex / Sales	2.48%	4.41%	0.91%	0.93%	0.81%	1.03%	0.97%	0.69%
Announcement Date	2/11/20	2/4/21	2/11/22	2/7/23	2/6/24	-	-	-

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 Novatek Microelectronics Corp.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

603 TWD

Average target price

544.9 TWD

Spread / Average Target

-9.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Circuits

	1st Jan change	Capi.
NOVATEK MICROELECTRONICS CORP.	+16.63%	11.25B
MEDIATEK INC.	-0.99%	49.04B
SKYWORKS SOLUTIONS, INC.	-7.22%	16.73B
WUS PRINTED CIRCUIT (KUNSHAN) CO., LTD.	+49.91%	8.75B
UNIMICRON TECHNOLOGY CORP.	+3.69%	8.53B
AVARY HOLDING(SHENZHEN)CO., LIMITED	+6.14%	7.56B
UNIVERSAL DISPLAY CORPORATION	-17.23%	7.51B
GLOBALWAFERS CO., LTD.	-12.95%	6.83B
UNIGROUP GUOXIN MICROELECTRONICS CO., LTD.	-14.19%	6.74B
SHENNAN CIRCUIT COMPANY LIMITED	+29.74%	6.52B

Integrated Circuits