Financials Wonik Ips Co., Ltd

Equities

A240810

KR7240810002

Semiconductor Equipment & Testing

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
37,050 ^KRW	+0.27%		-0.13%	+9.13%

2023	Nomura Adjusts Wonik IPS' Price Target to KRW43,000 From KRW39,000, Keeps at Buy	MT
2023	Tranche Update on Wonik Ips Co., Ltd's Equity Buyback Plan announced on October 26, 2022.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,730,272	2,135,691	2,041,576	1,194,539	1,624,690	1,773,041	-	-
Enterprise Value (EV) ²	1,722	1,947	2,004	1,096	1,625	1,555	1,553	1,587
P/E ratio	39.9 x	21.8 x	14.1 x	13.3 x	-120 x	92.1 x	17.7 x	14.4 x
Yield	0.61%	0.45%	0.71%	-	-	0.63%	0.79%	1.15%
Capitalization / Revenue	2.59 x	1.96 x	1.66 x	1.18 x	2.35 x	2.18 x	1.63 x	1.59 x
EV / Revenue	2.57 x	1.78 x	1.63 x	1.08 x	2.35 x	1.91 x	1.43 x	1.42 x
EV / EBITDA	23.3 x	10.9 x	9.92 x	7.93 x	60.1 x	18.4 x	9.01 x	7.8 x
EV / FCF	-23.4 x	11.9 x	55 x	-23.1 x	-	38.5 x	57.9 x	-
FCF Yield	-4.27%	8.43%	1.82%	-4.32%	-	2.6%	1.73%	-
Price to Book	3.02 x	3.22 x	2.55 x	1.37 x	-	2.02 x	1.84 x	1.67 x
Nbr of stocks (in thousands)	48,264	48,264	48,264	48,264	47,855	47,855	-	-
Reference price ³	35,850	44,250	42,300	24,750	33,950	37,050	37,050	37,050
Announcement Date	2/24/20	2/24/21	2/23/22	2/22/23	2/21/24	-	-	-

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	669.2	1,091	1,232	1,011	690.3	813.7	1,085	1,119
EBITDA ¹	73.92	179	202	138.2	27.04	84.63	172.4	203.6
EBIT ¹	41.12	140.6	164.1	97.55	-18.07	34.22	123.4	155.5
Operating Margin	6.14%	12.89%	13.32%	9.64%	-2.62%	4.21%	11.37%	13.9%
Earnings before Tax (EBT) ¹	43.46	127	189.3	117.3	-20.86	25.61	127.9	170.8
Net income ¹	42.86	97.82	145.1	89.44	-13.51	19.6	98.16	126.1
Net margin	6.4%	8.97%	11.78%	8.84%	-1.96%	2.41%	9.05%	11.27%
EPS ²	899.0	2,027	3,007	1,854	-282.0	402.4	2,093	2,569
Free Cash Flow ³	-73,496	164,206	36,427	-47,351	-	40,386	26,850	-
FCF margin	-10,981.97%	15,051.97%	2,956.03%	-4,681.37%	-	4,963.52%	2,474.64%	-
FCF Conversion (EBITDA)	-	91,729.54%	18,030.68%	-	-	47,719.87%	15,570.31%	-
FCF Conversion (Net income)	-	167,867.11%	25,102%	-	-	206,084.26%	27,352.09%	-
Dividend per Share ²	220.0	200.0	300.0	-	-	231.9	293.9	425.0
Announcement Date	2/24/20	2/24/21	2/23/22	2/22/23	2/21/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

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	373.3	172	208.7	199.8	283.1	319.9	150.4	134.6	179.9	225.4	121.2	149.7	217	261.9	220.6
EBITDA ¹	74.31	-15.57	31.32	27.84	40.93	37.46	0.096	-7.537	10.09	23.62	0.9868	12.09	20.46	34.62	31.21
EBIT ¹	65.06	-25.94	22.04	18.52	30.46	26.54	-10.73	-18.25	-1.149	12.05	-11.85	-2.105	13.26	19.27	20.21
Operating Margin	17.43%	-15.08%	10.56%	9.27%	10.76%	8.3%	-7.14%	-13.55%	-0.64%	5.35%	-9.78%	-1.41%	6.11%	7.36%	9.16%
Earnings before Tax (EBT) ¹	74.19	-17.84	27.49	30.41	57.85	1.59	-5.795	-12.73	3.578	-5.907	-14.99	-0.0135	16.65	29.14	21.91
Net income ¹	54.7	-11.23	21.56	24.41	47.43	-3.974	-6.715	-7.07	4.037	-3.759	-11.61	0.00644	12.78	22.53	17.09
Net margin	14.65%	-6.53%	10.33%	12.22%	16.76%	-1.24%	-4.47%	-5.25%	2.24%	-1.67%	-9.58%	0%	5.89%	8.6%	7.75%
EPS ²	1,133	-232.0	447.0	506.0	983.0	-81.00	-140.0	-148.0	84.00	-78.00	-318.8	-48.42	277.1	569.8	484.9
Dividend per Share ²	-	300.0	-	-	-	-	-	-	-	-	-	-	-	450.0	-
Announcement Date	11/5/21	2/23/22	5/6/22	8/9/22	11/3/22	2/22/23	5/8/23	8/9/23	11/8/23	2/21/24	-	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	8.22	188	37.7	98.4	-	218	220	186
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	-73,496	164,206	36,427	-47,351	-	40,386	26,850	-
ROE (net income / shareholders' equity)	9.16%	15.9%	19.8%	10.7%	-1.56%	2.23%	11.1%	12.2%
ROA (Net income/ Total Assets)	6.07%	9.79%	12.8%	7.81%	-	1.52%	7.34%	-
Assets ¹	705.8	999.4	1,134	1,145	-	1,289	1,337	-
Book Value Per Share ³	11,885	13,737	16,597	18,028	-	18,370	20,123	22,197
Cash Flow per Share ³	-340.0	4,663	2,845	581.0	-	732.0	1,894	-
Capex ¹	57.3	60.8	97.5	75.4	-	45.5	50.4	57.5
Capex / Sales	8.56%	5.58%	7.91%	7.45%	-	5.6%	4.64%	5.14%
Announcement Date	2/24/20	2/24/21	2/23/22	2/22/23	2/21/24	-	-	-

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 Wonik Ips Co., Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

37,050 KRW

Average target price

39,667 KRW

Spread / Average Target

+7.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Semiconductor Machinery Manufacturing

	1st Jan change	Capi.
WONIK IPS CO., LTD	+9.13%	1.29B
APPLIED MATERIALS, INC.	+25.49%	169B
DISCO CORPORATION	+31.53%	31.67B
ASM INTERNATIONAL N.V.	+32.74%	32.77B
GLOBALFOUNDRIES, INC.	-20.15%	26.77B
NAURA TECHNOLOGY GROUP CO., LTD.	+27.65%	22.95B
ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA	-12.08%	11.56B
BE SEMICONDUCTOR INDUSTRIES N.V.	-4.43%	10.72B
HANMI SEMICONDUCTOR CO., LTD.	+122.37%	9.62B
KOKUSAI ELECTRIC CORPORATION	+31.00%	5.94B

Semiconductor Machinery Manufacturing