NAN YA PRINTED CIRCUIT BOARD CORPORATION

Financials Nan Ya Printed Circuit Board Corporation

Equities

8046

TW0008046004

Semiconductors

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-05-05 pm EDT			5-day change	1st Jan Change
185 ^TWD	+0.27%		-1.60%	-26.44%

03:30am	Nan Ya Printed Circuit Board Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 29	Nan Ya Printed Circuit Board 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	29,691	117,602	369,607	146,680	162,511	119,541	-	-
Enterprise Value (EV) ¹	24,546	113,043	358,683	128,550	151,637	113,664	110,014	107,346
P/E ratio	95.7 x	32.1 x	34.9 x	7.56 x	27.9 x	22.4 x	12.2 x	21.6 x
Yield	1.52%	1.87%	1.75%	-	2.19%	3.03%	4.16%	3.43%
Capitalization / Revenue	0.95 x	3.05 x	7.08 x	2.27 x	3.85 x	2.88 x	2.21 x	2.11 x
EV / Revenue	0.79 x	2.94 x	6.87 x	1.99 x	3.59 x	2.74 x	2.03 x	1.89 x
EV / EBITDA	9.06 x	16.1 x	21.7 x	4.6 x	12.4 x	9.96 x	6.31 x	5.98 x
EV / FCF	-18.7 x	-147 x	48 x	8.36 x	32 x	21.3 x	12.8 x	-
FCF Yield	-5.35%	-0.68%	2.08%	12%	3.12%	4.69%	7.79%	-
Price to Book	1.02 x	3.63 x	9.13 x	2.73 x	3.39 x	2.28 x	2.05 x	2.25 x
Nbr of stocks (in thousands)	646,166	646,166	646,166	646,166	646,166	646,166	-	-
Reference price ²	45.95	182.0	572.0	227.0	251.5	184.5	184.5	184.5
Announcement Date	3/17/20	2/24/21	2/25/22	2/24/23	2/29/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	31,094	38,513	52,228	64,647	42,253	41,542	54,171	56,746
EBITDA ¹	2,708	7,041	16,505	27,919	12,226	11,411	17,446	17,946
EBIT ¹	71.32	4,108	12,871	23,575	6,330	5,734	11,266	11,168
Operating Margin	0.23%	10.67%	24.64%	36.47%	14.98%	13.8%	20.8%	19.68%
Earnings before Tax (EBT) ¹	385.3	4,003	13,095	25,362	7,107	3,794	12,367	-
Net income ¹	308.2	3,666	10,582	19,416	5,817	6,482	10,750	-
Net margin	0.99%	9.52%	20.26%	30.03%	13.77%	15.6%	19.85%	-
EPS ²	0.4800	5.670	16.37	30.04	9.000	8.233	15.18	8.560
Free Cash Flow ¹	-1,313	-770	7,478	15,386	4,734	5,336	8,574	-
FCF margin	-4.22%	-2%	14.32%	23.8%	11.2%	12.84%	15.83%	-
FCF Conversion (EBITDA)	-	-	45.31%	55.11%	38.72%	46.76%	49.15%	-
FCF Conversion (Net income)	-	-	70.67%	79.24%	81.39%	82.31%	79.75%	-
Dividend per Share ²	0.7000	3.400	10.00	-	5.500	5.595	7.684	6.335
Announcement Date	3/17/20	2/24/21	2/25/22	2/24/23	2/29/24	-	-	-

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	14,114	14,774	14,562	15,186	17,195	17,704	12,581	10,134	10,227	9,311	7,101	9,397	12,043	13,426	17,691
EBITDA ¹	4,838	5,394	5,837	6,449	7,549	8,084	4,443	2,935	2,571	2,277	802.9	1,835	2,830	4,534	-
EBIT ¹	3,879	4,382	4,786	5,382	6,446	6,960	3,165	1,444	1,031	690	-794	1,016	2,387	3,098	5,707
Operating Margin	27.49%	29.66%	32.87%	35.44%	37.49%	39.31%	25.16%	14.25%	10.08%	7.41%	-11.18%	10.82%	19.82%	23.07%	32.26%
Earnings before Tax (EBT) ¹	4,074	4,286	5,215	6,077	7,447	6,623	3,148	1,973	1,443	542.5	-241.4	855.6	1,332	1,780	-
Net income ¹	3,113	3,554	3,884	4,864	5,517	5,150	2,325	1,573	1,076	843.2	-152.4	452.7	1,110	1,561	-
Net margin	22.06%	24.06%	26.67%	32.03%	32.08%	29.09%	18.48%	15.52%	10.52%	9.06%	-2.15%	4.82%	9.21%	11.63%	-
EPS ²	4.810	5.500	6.010	7.530	8.540	7.970	3.600	2.430	1.660	1.300	-0.2400	1.338	3.200	4.266	6.939
Dividend per Share ²	-	10.00	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/9/21	2/25/22	5/5/22	8/4/22	11/3/22	2/24/23	5/4/23	8/3/23	11/2/23	2/29/24	5/6/24	-	-	-	-

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	5,145	4,559	10,924	18,130	10,874	5,877	9,527	12,194
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-1,313	-770	7,478	15,386	4,734	5,336	8,574	-
ROE (net income / shareholders' equity)	1.05%	11.9%	29.1%	41.2%	11.4%	10.2%	16.6%	10.7%
ROA (Net income/ Total Assets)	0.81%	8.85%	21%	28.1%	7.64%	8.92%	14.3%	-
Assets ¹	38,186	41,435	50,451	69,048	76,094	72,707	75,018	-
Book Value Per Share ²	45.20	50.10	62.60	83.10	74.10	80.90	90.20	82.10
Cash Flow per Share ²	3.940	10.20	24.60	50.00	25.60	18.00	25.20	-
Capex ¹	3,828	7,357	8,451	16,922	11,779	9,415	8,698	-
Capex / Sales	12.31%	19.1%	16.18%	26.18%	27.88%	22.66%	16.06%	-
Announcement Date	3/17/20	2/24/21	2/25/22	2/24/23	2/29/24	-	-	-

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 Nan Ya Printed Circuit Board Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

184.5 TWD

Average target price

206.6 TWD

Spread / Average Target

+11.98%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Integrated Circuits