Financials Wiwynn Corporation Taipei Exchange

Equities

6669

TW0006669005

Computer Hardware

End-of-day quote Taipei Exchange Other stock markets 19:00:00 2019-03-25 EDT			5-day change	1st Jan Change
384 ^TWD	+0.57%		-0.13%	-.--%

05-09	Wiwynn Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
02-27	Wiwynn Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	110,880	123,088	194,947	139,348	319,084	460,705	-	-
Enterprise Value (EV) ¹	107,925	110,650	202,977	122,556	288,916	440,683	430,534	425,003
P/E ratio	17.5 x	14.3 x	22.6 x	9.9 x	26.5 x	22.7 x	18.4 x	15 x
Yield	3.62%	4.55%	2.24%	6.23%	2.29%	2.76%	3.06%	3.54%
Capitalization / Revenue	0.68 x	0.66 x	1.01 x	0.48 x	1.32 x	1.25 x	0.95 x	0.77 x
EV / Revenue	0.66 x	0.59 x	1.05 x	0.42 x	1.19 x	1.2 x	0.89 x	0.71 x
EV / EBITDA	12.9 x	9.51 x	17 x	6.59 x	17.1 x	15.4 x	12.5 x	10.2 x
EV / FCF	15.1 x	8.17 x	-13.8 x	4.2 x	15.9 x	147 x	44.4 x	19.9 x
FCF Yield	6.63%	12.2%	-7.25%	23.8%	6.29%	0.68%	2.25%	5.02%
Price to Book	5.48 x	5.02 x	7.12 x	3.59 x	7.56 x	8.2 x	6.79 x	5.16 x
Nbr of stocks (in thousands)	174,614	174,841	174,841	174,841	174,841	174,841	-	-
Reference price ²	635.0	704.0	1,115	797.0	1,825	2,635	2,635	2,635
Announcement Date	3/19/20	1/19/21	2/25/22	2/23/23	2/27/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	163,600	186,928	192,626	292,876	241,901	367,671	483,564	601,794
EBITDA ¹	8,370	11,632	11,935	18,596	16,873	28,640	34,320	41,530
EBIT ¹	8,160	11,242	11,387	17,834	15,871	27,050	32,385	39,623
Operating Margin	4.99%	6.01%	5.91%	6.09%	6.56%	7.36%	6.7%	6.58%
Earnings before Tax (EBT) ¹	7,758	10,887	10,996	17,897	15,444	25,760	31,510	36,836
Net income ¹	6,169	8,610	8,648	14,175	12,044	20,272	24,800	29,047
Net margin	3.77%	4.61%	4.49%	4.84%	4.98%	5.51%	5.13%	4.83%
EPS ²	36.23	49.25	49.28	80.49	68.88	116.2	143.4	175.2
Free Cash Flow ¹	7,159	13,540	-14,723	29,212	18,175	2,996	9,702	21,326
FCF margin	4.38%	7.24%	-7.64%	9.97%	7.51%	0.81%	2.01%	3.54%
FCF Conversion (EBITDA)	85.53%	116.39%	-	157.09%	107.72%	10.46%	28.27%	51.35%
FCF Conversion (Net income)	116.04%	157.26%	-	206.09%	150.91%	14.78%	39.12%	73.42%
Dividend per Share ²	23.00	32.00	25.00	49.64	41.86	72.86	80.63	93.39
Announcement Date	3/19/20	1/19/21	2/25/22	2/23/23	2/27/24	-	-	-

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	56,879	50,705	75,057	79,674	87,439	74,226	56,308	52,817	58,550	69,628	88,359	109,807	111,971	109,418	121,669
EBITDA ¹	3,584	3,056	4,751	5,094	5,694	4,704	3,726	3,509	4,934	6,242	6,409	7,352	8,119	-	-
EBIT ¹	3,420	2,907	4,582	4,877	5,469	4,481	3,492	3,252	4,646	5,857	6,807	8,024	8,282	6,861	7,366
Operating Margin	6.01%	5.73%	6.1%	6.12%	6.25%	6.04%	6.2%	6.16%	7.93%	8.41%	7.7%	7.31%	7.4%	6.27%	6.05%
Earnings before Tax (EBT) ¹	3,310	2,972	4,516	5,446	4,963	4,164	3,558	3,264	4,458	5,902	5,849	6,526	7,635	6,331	7,241
Net income ¹	2,614	2,346	3,563	4,316	3,950	3,298	2,616	2,615	3,515	4,707	4,539	5,202	6,055	5,012	5,579
Net margin	4.6%	4.63%	4.75%	5.42%	4.52%	4.44%	4.65%	4.95%	6%	6.76%	5.14%	4.74%	5.41%	4.58%	4.59%
EPS ²	14.86	13.38	20.31	24.57	22.33	18.86	14.96	14.92	20.10	26.92	25.97	29.75	34.63	29.21	32.67
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	42.00	-	-	-
Announcement Date	2/25/22	5/3/22	8/2/22	11/3/22	2/23/23	5/9/23	8/7/23	11/6/23	2/27/24	5/9/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	8,029	-	-	-	-	-
Net Cash position ¹	2,955	12,438	-	16,792	30,168	20,022	30,172	35,702
Leverage (Debt/EBITDA)	-	-	0.6728 x	-	-	-	-	-
Free Cash Flow ¹	7,159	13,540	-14,723	29,212	18,175	2,996	9,702	21,326
ROE (net income / shareholders' equity)	39.8%	38.5%	33.3%	42.9%	29.7%	38.9%	40.2%	38.7%
ROA (Net income/ Total Assets)	16.2%	16.7%	12.4%	16.3%	13.6%	19.8%	19.4%	18.5%
Assets ¹	38,176	51,436	69,731	86,788	88,842	102,509	127,595	157,011
Book Value Per Share ²	116.0	140.0	157.0	222.0	242.0	321.0	388.0	511.0
Cash Flow per Share ²	46.40	80.20	-81.00	174.0	131.0	98.60	111.0	234.0
Capex ¹	747	553	511	1,466	4,886	3,320	2,957	2,929
Capex / Sales	0.46%	0.3%	0.27%	0.5%	2.02%	0.9%	0.61%	0.49%
Announcement Date	3/19/20	1/19/21	2/25/22	2/23/23	2/27/24	-	-	-

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 Wiwynn Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,635 TWD

Average target price

2,871 TWD

Spread / Average Target

+8.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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