Financials Universal Display Corporation

Equities

OLED

US91347P1057

Semiconductors

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-31 pm EDT			5-day change	1st Jan Change
175.7 ^USD	-0.05%		-0.50%	-8.14%

May. 29	Transcript : Universal Display Corporation Presents at TD Cowen?s 52nd Annual Technology, Media & Telecom Conference 2024, May-29-2024 02:25 PM
May. 09	Universal Display Insider Sold Shares Worth $1,450,247, According to a Recent SEC Filing	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,708	10,825	7,777	5,103	9,058	8,335	-	-
Enterprise Value (EV) ¹	9,062	10,095	7,114	4,526	8,544	7,605	7,386	7,113
P/E ratio	70.6 x	82.1 x	42.6 x	24.6 x	45.1 x	36.8 x	31.6 x	22.6 x
Yield	0.19%	0.26%	0.48%	1.11%	0.73%	0.91%	1.01%	1.02%
Capitalization / Revenue	24 x	25.2 x	14.1 x	8.28 x	15.7 x	12.6 x	11 x	9.34 x
EV / Revenue	22.4 x	23.5 x	12.9 x	7.34 x	14.8 x	11.5 x	9.76 x	7.97 x
EV / EBITDA	47 x	51.8 x	26.4 x	14.6 x	32.8 x	25.6 x	20.5 x	15.5 x
EV / FCF	55.3 x	83.6 x	48.1 x	53.7 x	89.9 x	32.3 x	47.1 x	-
FCF Yield	1.81%	1.2%	2.08%	1.86%	1.11%	3.1%	2.12%	-
Price to Book	12.1 x	11.9 x	7.16 x	4.02 x	6.26 x	5.16 x	4.59 x	-
Nbr of stocks (in thousands)	47,111	47,104	47,126	47,237	47,358	47,439	-	-
Reference price ²	206.1	229.8	165.0	108.0	191.3	175.7	175.7	175.7
Announcement Date	2/20/20	2/18/21	2/23/22	2/23/23	2/22/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	405.2	428.9	553.5	616.6	576.4	660.3	756.5	892.6
EBITDA ¹	192.8	194.7	269.6	309.4	260.6	297.4	359.9	459.5
EBIT ¹	158.3	157.5	227.6	267.1	217.2	253.9	309.6	414.4
Operating Margin	39.08%	36.73%	41.13%	43.32%	37.68%	38.45%	40.93%	46.43%
Earnings before Tax (EBT) ¹	169.9	163.5	228.2	268.2	245.2	282.9	339.2	456.4
Net income ¹	138.3	133.4	184.2	210.1	203	228.1	267.8	374.3
Net margin	34.13%	31.1%	33.28%	34.07%	35.22%	34.55%	35.4%	41.93%
EPS ²	2.920	2.800	3.870	4.400	4.240	4.777	5.559	7.770
Free Cash Flow ¹	163.9	120.8	147.9	84.32	94.98	235.6	156.8	-
FCF margin	40.44%	28.17%	26.73%	13.67%	16.48%	35.68%	20.73%	-
FCF Conversion (EBITDA)	85%	62.04%	54.87%	27.25%	36.45%	79.23%	43.58%	-
FCF Conversion (Net income)	118.47%	90.57%	80.31%	40.14%	46.79%	103.27%	58.56%	-
Dividend per Share ²	0.4000	0.6000	0.8000	1.200	1.400	1.602	1.770	1.800
Announcement Date	2/20/20	2/18/21	2/23/22	2/23/23	2/22/24	-	-	-

¹USD in Million²USD

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	146.2	150.5	136.6	160.6	169	130.5	146.6	141.1	158.3	165.3	159.1	164.2	172.8	171.9	181
EBITDA ¹	67.46	73.38	64.72	78.48	92.81	54.76	69.34	59.91	76.58	74.04	67.66	65.17	83.82	75.54	-
EBIT ¹	56.46	62.25	53.31	68.46	83.08	45.37	58.64	48.44	64.75	62.87	59.39	62.36	69.07	67.48	69.38
Operating Margin	38.61%	41.37%	39.04%	42.64%	49.15%	34.77%	40.01%	34.33%	40.9%	38.04%	37.34%	37.97%	39.96%	39.25%	38.33%
Earnings before Tax (EBT) ¹	56.54	62.51	54.99	70.09	80.65	51.63	64.05	53.88	75.61	70.5	67.83	69.25	75.85	73.46	76.59
Net income ¹	45.88	49.97	41.5	53.46	65.13	39.84	49.68	51.52	61.98	56.85	54.39	55.65	61.02	57.82	60.59
Net margin	31.37%	33.21%	30.39%	33.29%	38.53%	30.54%	33.89%	36.52%	39.15%	34.4%	34.19%	33.89%	35.3%	33.64%	33.48%
EPS ²	0.9600	1.050	0.8700	1.120	1.360	0.8300	1.040	1.080	1.290	1.190	1.139	1.164	1.276	1.203	1.252
Dividend per Share ²	0.2000	0.3000	0.3000	0.3000	0.3000	0.3500	0.3500	0.3500	0.3500	-	0.4000	0.4000	0.4000	0.4250	0.4000
Announcement Date	2/23/22	5/5/22	8/4/22	11/3/22	2/23/23	5/3/23	8/3/23	11/2/23	2/22/24	5/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	646	730	663	578	514	730	949	1,222
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	164	121	148	84.3	95	236	157	-
ROE (net income / shareholders' equity)	18.4%	15.5%	18.3%	17.7%	14.9%	15%	16.1%	-
ROA (Net income/ Total Assets)	13.5%	11.2%	13.5%	14%	12.7%	12%	14.3%	-
Assets ¹	1,027	1,195	1,368	1,500	1,601	1,901	1,874	-
Book Value Per Share ²	17.10	19.30	23.10	26.90	30.60	34.10	38.30	-
Cash Flow per Share ²	4.130	3.150	4.030	2.670	3.250	5.550	7.250	-
Capex ¹	30.1	28	43.2	42.5	59.8	35.7	57.9	61
Capex / Sales	7.42%	6.53%	7.8%	6.89%	10.37%	5.41%	7.65%	6.83%
Announcement Date	2/20/20	2/18/21	2/23/22	2/23/23	2/22/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Universal Display Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

175.7 USD

Average target price

200.1 USD

Spread / Average Target

+13.88%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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