Financials Elite Material Co., Ltd.

Equities

2383

TW0002383007

Semiconductors

End-of-day quote Taiwan S.E. Other stock markets 18:00:00 2024-05-07 EDT			5-day change	1st Jan Change
425.5 ^TWD	+1.31%		+3.28%	+11.39%

04-30	Elite Material Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03-18	Elite Material Co., Ltd.(TWSE:2383) added to FTSE All-World Index	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	43,800	52,268	92,551	56,929	130,495	146,023	-	-
Enterprise Value (EV) ¹	40,552	48,262	89,851	56,003	131,212	143,424	138,558	132,338
P/E ratio	14.1 x	14.2 x	16.9 x	11.5 x	23.4 x	15.6 x	14.4 x	12.7 x
Yield	2.77%	4.46%	3.6%	-	-	3.55%	4.14%	4.67%
Capitalization / Revenue	1.76 x	1.92 x	2.4 x	1.47 x	3.16 x	2.52 x	2.33 x	2.06 x
EV / Revenue	1.63 x	1.77 x	2.33 x	1.45 x	3.18 x	2.48 x	2.21 x	1.86 x
EV / EBITDA	8.87 x	9.12 x	11.8 x	8 x	15.2 x	10.4 x	9.02 x	7.58 x
EV / FCF	30.3 x	20.8 x	57.9 x	55.7 x	-335 x	31.8 x	16.2 x	15 x
FCF Yield	3.3%	4.8%	1.73%	1.8%	-0.3%	3.15%	6.16%	6.66%
Price to Book	3.24 x	3.12 x	4.69 x	2.58 x	4.89 x	4.51 x	3.86 x	3.24 x
Nbr of stocks (in thousands)	319,708	332,918	332,918	332,918	341,611	343,179	-	-
Reference price ²	137.0	157.0	278.0	171.0	382.0	425.5	425.5	425.5
Announcement Date	20-03-19	21-02-24	22-02-23	23-02-24	24-02-29	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	24,866	27,201	38,500	38,673	41,296	57,893	62,787	71,015
EBITDA ¹	4,572	5,292	7,642	7,000	8,648	13,772	15,368	17,449
EBIT ¹	4,080	4,683	6,923	6,225	7,346	11,967	13,255	15,471
Operating Margin	16.41%	17.22%	17.98%	16.1%	17.79%	20.67%	21.11%	21.79%
Earnings before Tax (EBT) ¹	4,204	4,844	6,912	6,296	7,420	11,891	12,686	14,670
Net income ¹	3,241	3,689	5,493	5,073	5,488	9,288	10,126	11,503
Net margin	13.03%	13.56%	14.27%	13.12%	13.29%	16.04%	16.13%	16.2%
EPS ²	9.730	11.07	16.46	14.86	16.35	27.20	29.59	33.54
Free Cash Flow ¹	1,338	2,318	1,551	1,005	-391.2	4,515	8,532	8,817
FCF margin	5.38%	8.52%	4.03%	2.6%	-0.95%	7.8%	13.59%	12.42%
FCF Conversion (EBITDA)	29.27%	43.79%	20.3%	14.36%	-	32.78%	55.52%	50.53%
FCF Conversion (Net income)	41.29%	62.82%	28.24%	19.82%	-	48.61%	84.26%	76.65%
Dividend per Share ²	3.800	7.000	10.00	-	-	15.13	17.63	19.86
Announcement Date	20-03-19	21-02-24	22-02-23	23-02-24	24-02-29	-	-	-

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	10,776	10,162	9,918	9,983	9,883	8,888	7,359	9,180	11,875	12,882	12,902	14,154	15,295	14,875	14,758
EBITDA ¹	2,432	2,029	-	1,638	1,787	1,730	1,044	1,911	2,857	2,837	2,939	3,410	3,726	3,462	-
EBIT ¹	2,250	1,843	1,651	1,454	1,598	1,523	769.2	1,619	2,506	2,451	2,536	2,917	3,276	3,090	3,012
Operating Margin	20.87%	18.14%	16.65%	14.56%	16.17%	17.13%	10.45%	17.64%	21.11%	19.03%	19.65%	20.61%	21.42%	20.78%	20.41%
Earnings before Tax (EBT) ¹	2,264	1,825	1,668	1,448	1,630	1,549	729	1,588	2,574	2,528	2,614	3,006	3,236	3,059	2,840
Net income ¹	1,791	1,490	1,324	1,083	1,307	1,359	479.7	1,000	2,022	1,986	1,978	2,332	2,547	2,413	2,225
Net margin	16.62%	14.66%	13.35%	10.85%	13.23%	15.29%	6.52%	10.9%	17.03%	15.42%	15.33%	16.48%	16.65%	16.22%	15.08%
EPS ²	5.370	4.460	3.970	3.220	3.810	3.890	1.390	2.860	5.790	5.850	5.690	6.806	7.442	7.048	6.622
Dividend per Share	7.000	3.000	-	-	10.00	-	-	-	8.453	-	-	-	8.800	-	-
Announcement Date	21-10-27	22-02-23	22-04-27	22-07-27	22-10-28	23-02-24	23-05-02	23-07-26	23-10-26	24-02-29	24-04-30	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	716	-	-	-
Net Cash position ¹	3,248	4,006	2,700	926	-	2,599	7,464	13,685
Leverage (Debt/EBITDA)	-	-	-	-	0.0828 x	-	-	-
Free Cash Flow ¹	1,338	2,318	1,551	1,005	-391	4,515	8,533	8,817
ROE (net income / shareholders' equity)	25.5%	24.4%	30.1%	24.3%	22.5%	31.7%	29.4%	28.3%
ROA (Net income/ Total Assets)	13.6%	13.8%	17.1%	12.7%	11.3%	16.7%	16.5%	19%
Assets ¹	23,833	26,781	32,211	39,974	48,405	55,779	61,262	60,523
Book Value Per Share ²	42.30	50.30	59.30	66.30	78.10	94.40	110.0	131.0
Cash Flow per Share ²	7.380	10.50	12.10	21.80	8.310	26.30	37.10	39.10
Capex ¹	1,128	1,200	2,470	6,493	3,281	6,500	3,624	3,191
Capex / Sales	4.54%	4.41%	6.42%	16.79%	7.94%	11.23%	5.77%	4.49%
Announcement Date	20-03-19	21-02-24	22-02-23	23-02-24	24-02-29	-	-	-

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 Elite Material Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

425.5 TWD

Average target price

550.3 TWD

Spread / Average Target

+29.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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