Financials GlobalWafers Co., Ltd.

Equities

6488

TW0006488000

Semiconductors

End-of-day quote Taipei Exchange Other stock markets 06:00:00 2024-05-08 pm EDT			5-day change	1st Jan Change
504 ^TWD	-1.56%		-3.45%	-14.14%

May. 07	Transcript : GlobalWafers Co., Ltd., Q1 2024 Earnings Call, May 07, 2024
May. 07	GlobalWafers Co., Ltd. Announces Cash Dividend for the Period from July 1, 2023 to December 31, 2023, Payable on August 16, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	166,815	308,148	386,490	186,064	255,999	219,801	-	-
Enterprise Value (EV) ¹	142,983	295,579	371,985	154,897	241,898	256,519	246,035	259,873
P/E ratio	12.3 x	23.6 x	32.6 x	12.4 x	12.9 x	14.1 x	11.9 x	11.2 x
Yield	6.54%	3.11%	1.8%	3.74%	-	3.87%	4.38%	4.92%
Capitalization / Revenue	2.87 x	5.57 x	6.32 x	2.65 x	3.62 x	3.2 x	2.71 x	2.46 x
EV / Revenue	2.46 x	5.34 x	6.09 x	2.2 x	3.42 x	3.74 x	3.04 x	2.91 x
EV / EBITDA	6.31 x	14.2 x	15.8 x	4.99 x	9.03 x	8.72 x	7.2 x	5.99 x
EV / FCF	14.6 x	46.2 x	15.6 x	6.12 x	-13.3 x	-10.8 x	25.2 x	-
FCF Yield	6.84%	2.16%	6.39%	16.3%	-7.52%	-9.26%	3.97%	-
Price to Book	3.69 x	6.98 x	8.47 x	3.43 x	3.85 x	3.01 x	2.75 x	2.43 x
Nbr of stocks (in thousands)	436,118	435,237	435,237	435,237	436,114	436,114	-	-
Reference price ²	382.5	708.0	888.0	427.5	587.0	504.0	504.0	504.0
Announcement Date	3/17/20	3/17/21	3/15/22	3/16/23	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	58,094	55,359	61,131	70,287	70,652	68,585	80,992	89,444
EBITDA ¹	22,643	20,809	23,590	31,064	26,792	29,416	34,179	43,410
EBIT ¹	17,897	15,287	17,693	24,983	20,059	18,514	23,216	26,113
Operating Margin	30.81%	27.61%	28.94%	35.54%	28.39%	26.99%	28.66%	29.19%
Earnings before Tax (EBT) ¹	18,554	16,615	16,445	20,107	26,496	21,488	25,157	23,778
Net income ¹	13,644	13,104	11,870	15,367	19,772	15,971	18,887	21,371
Net margin	23.49%	23.67%	19.42%	21.86%	27.99%	23.29%	23.32%	23.89%
EPS ²	31.21	30.03	27.27	34.36	45.41	35.72	42.37	44.99
Free Cash Flow ¹	9,786	6,396	23,775	25,324	-18,192	-23,747	9,776	-
FCF margin	16.84%	11.55%	38.89%	36.03%	-25.75%	-34.62%	12.07%	-
FCF Conversion (EBITDA)	43.22%	30.74%	100.78%	81.52%	-	-	28.6%	-
FCF Conversion (Net income)	71.72%	48.81%	200.3%	164.79%	-	-	51.76%	-
Dividend per Share ²	25.00	22.00	16.00	16.00	-	19.49	22.08	24.79
Announcement Date	3/17/20	3/17/21	3/15/22	3/16/23	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	15,364	15,752	16,307	17,540	18,053	18,388	18,616	17,896	17,376	16,763	15,780	16,063	18,031	19,511	18,641
EBITDA ¹	6,118	6,273	7,356	-	7,841	7,961	7,708	6,844	6,540	5,701	5,957	6,331	7,776	8,869	8,648
EBIT ¹	4,664	4,819	5,891	6,401	6,329	6,362	6,103	5,210	4,825	3,921	4,092	4,095	4,962	5,465	4,932
Operating Margin	30.35%	30.59%	36.13%	36.49%	35.06%	34.6%	32.78%	29.11%	27.77%	23.39%	25.93%	25.49%	27.52%	28.01%	26.46%
Earnings before Tax (EBT) ¹	3,881	3,627	303.7	4,015	7,018	8,770	6,885	6,766	7,148	5,698	4,878	5,043	5,775	6,007	5,057
Net income ¹	3,105	2,120	1,746	2,716	5,111	5,794	5,000	4,789	5,539	4,443	3,616	3,669	4,342	4,586	3,794
Net margin	20.21%	13.46%	10.71%	15.49%	28.31%	31.51%	26.86%	26.76%	31.88%	26.51%	22.92%	22.84%	24.08%	23.51%	20.35%
EPS ²	6.910	5.990	4.010	6.240	10.31	12.51	10.69	10.71	12.73	10.19	8.220	8.229	9.669	10.20	8.607
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	13.29	-	-
Announcement Date	11/3/21	3/15/22	5/3/22	8/5/22	11/1/22	3/16/23	5/3/23	8/2/23	11/9/23	2/29/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	36,717	26,234	40,071
Net Cash position ¹	23,832	12,568	14,506	31,167	14,101	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	1.248 x	0.7675 x	0.9231 x
Free Cash Flow ¹	9,786	6,396	23,775	25,324	-18,192	-23,747	9,776	-
ROE (net income / shareholders' equity)	30.9%	29.4%	26.4%	30.7%	32.7%	22.9%	23.9%	22.9%
ROA (Net income/ Total Assets)	14.6%	13.7%	9.67%	9.6%	11%	7.9%	8.26%	9.5%
Assets ¹	93,204	95,719	122,749	160,070	179,242	202,272	228,686	224,955
Book Value Per Share ²	104.0	101.0	105.0	125.0	152.0	168.0	183.0	208.0
Cash Flow per Share ²	39.80	33.40	67.30	81.10	41.10	56.90	64.80	-
Capex ¹	7,603	8,070	5,526	12,242	36,757	43,347	17,674	7,500
Capex / Sales	13.09%	14.58%	9.04%	17.42%	52.03%	63.2%	21.82%	8.39%
Announcement Date	3/17/20	3/17/21	3/15/22	3/16/23	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 GlobalWafers Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

504 TWD

Average target price

615.3 TWD

Spread / Average Target

+22.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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