Financials Piotech Inc.

Equities

688072

CNE100005998

Semiconductor Equipment & Testing

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-13 pm EDT			5-day change	1st Jan Change
168.6 ^CNY	+0.20%		-7.29%	-27.10%

Apr. 29	Piotech Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 20	Certain A Shares of Piotech Inc. are subject to a Lock-Up Agreement Ending on 20-APR-2024.	CI

Valuation

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	27,414	43,297	31,698	-	-
Enterprise Value (EV) ¹	24,259	43,297	27,723	27,006	31,698
P/E ratio	68.4 x	65.2 x	37.5 x	24.8 x	20.1 x
Yield	0.12%	0.15%	0.24%	0.38%	0.41%
Capitalization / Revenue	16.1 x	16 x	7.84 x	5.75 x	4.41 x
EV / Revenue	14.2 x	16 x	6.86 x	4.9 x	4.41 x
EV / EBITDA	63.1 x	55.7 x	27.7 x	20 x	16.5 x
EV / FCF	178 x	-	128 x	37.7 x	-93.5 x
FCF Yield	0.56%	-	0.78%	2.66%	-1.07%
Price to Book	7.39 x	9.47 x	5.9 x	5 x	3.96 x
Nbr of stocks (in thousands)	187,189	187,189	187,997	-	-
Reference price ²	146.5	231.3	168.6	168.6	168.6
Announcement Date	2/26/23	2/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	758	1,706	2,705	4,042	5,511	7,192
EBITDA ¹	-	384.5	777.5	1,002	1,353	1,923
EBIT ¹	-	356.5	730.7	896.9	1,223	1,703
Operating Margin	-	20.9%	27.01%	22.19%	22.2%	23.68%
Earnings before Tax (EBT) ¹	-	364.2	730.6	899	1,229	1,768
Net income ¹	68.49	368.5	664.7	845.7	1,159	1,578
Net margin	9.04%	21.61%	24.57%	20.93%	21.04%	21.94%
EPS ²	-	2.142	3.550	4.496	6.800	8.387
Free Cash Flow ¹	-	136.6	-	217	717.2	-339
FCF margin	-	8.01%	-	5.37%	13.01%	-4.71%
FCF Conversion (EBITDA)	-	35.54%	-	21.65%	53.02%	-
FCF Conversion (Net income)	-	37.08%	-	25.66%	61.86%	-
Dividend per Share ²	-	0.1757	0.3500	0.4033	0.6350	0.6833
Announcement Date	4/13/22	2/26/23	2/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q3	2022 Q4	2023 Q3	2023 Q4	2024 Q1
Net sales	-	714	-	1,002	-
EBITDA	-	-	-	-	-
EBIT	-	129.8	-	-	-
Operating Margin	-	18.17%	-	-	-
Earnings before Tax (EBT)	-	129.4	-	-	-
Net income	129.4	131	146.5	-	-
Net margin	-	18.35%	-	-	-
EPS ¹	0.6892	-	0.4600	-	0.0600
Dividend per Share	-	-	-	-	-
Announcement Date	10/28/22	2/26/23	10/29/23	2/26/24	4/29/24

¹CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	-	3,155	-	3,975	4,692	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-	137	-	217	717	-339
ROE (net income / shareholders' equity)	-	13.1%	16.1%	16%	18.9%	20.1%
ROA (Net income/ Total Assets)	-	7.5%	-	6.78%	8.28%	9.15%
Assets ¹	-	4,916	-	12,483	14,008	17,252
Book Value Per Share ²	-	19.80	24.40	28.60	33.70	42.60
Cash Flow per Share ²	-	1.320	-8.810	3.460	4.590	8.770
Capex ¹	-	111	481	379	334	449
Capex / Sales	-	6.51%	17.77%	9.39%	6.06%	6.24%
Announcement Date	4/13/22	2/26/23	2/26/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Piotech Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

168.6 CNY

Average target price

287.8 CNY

Spread / Average Target

+70.67%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Semiconductor Machinery Manufacturing

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Semiconductor Machinery Manufacturing