Stock 4576 HIWIN MIKROSYSTEM CORPORATION
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Financials Hiwin Mikrosystem Corporation

Equities

4576

TW0004576004

Electronic Equipment & Parts

End-of-day quote Taiwan S.E.
Other stock markets
 03:30:00 03/05/2024 am IST 		5-day change 1st Jan Change
73 TWD +0.27% Intraday chart for Hiwin Mikrosystem Corporation -1.62% +6.57%
27/02 Hiwin Mikrosystem Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Hiwin Mikrosystem Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 8,034 9,904 10,818 13,538 8,302 8,206
Enterprise Value (EV) 1 8,841 10,786 11,509 13,784 8,374 8,653
P/E ratio 31.7 x 266 x 80 x 45.6 x 25.5 x 1,713 x
Yield 1.06% 0.05% 0.33% 0.88% 1.44% 1.46%
Capitalization / Revenue 2.86 x 4.85 x 4.41 x 4.25 x 2.57 x 3.78 x
EV / Revenue 3.15 x 5.28 x 4.69 x 4.33 x 2.59 x 3.99 x
EV / EBITDA 20.9 x 63 x 33.4 x 24.4 x 15.9 x 45 x
EV / FCF -31.5 x -13.7 x 107 x 34.1 x 48.4 x 92.5 x
FCF Yield -3.18% -7.32% 0.94% 2.93% 2.07% 1.08%
Price to Book 3.16 x 2.99 x 3.14 x 3.65 x 2.13 x 2.17 x
Nbr of stocks (in thousands) 1,08,117 1,19,802 1,19,802 1,19,802 1,19,802 1,19,802
Reference price 2 74.31 82.67 90.30 113.0 69.30 68.50
Announcement Date 25/04/19 25/03/20 23/03/21 24/02/22 24/02/23 27/02/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 2,809 2,041 2,452 3,184 3,228 2,170
EBITDA 1 422.2 171.2 344.6 565 526.3 192.4
EBIT 1 277.3 19.42 188.3 395.8 378.6 26.08
Operating Margin 9.87% 0.95% 7.68% 12.43% 11.73% 1.2%
Earnings before Tax (EBT) 1 303.4 44.99 175.4 381.2 471.2 43.29
Net income 1 240.5 34.82 135.2 297.1 326.9 5.101
Net margin 8.56% 1.71% 5.52% 9.33% 10.13% 0.24%
EPS 2 2.342 0.3110 1.129 2.480 2.720 0.0400
Free Cash Flow 1 -280.9 -789.3 107.7 403.8 172.9 93.5
FCF margin -10% -38.67% 4.39% 12.68% 5.36% 4.31%
FCF Conversion (EBITDA) - - 31.25% 71.47% 32.86% 48.6%
FCF Conversion (Net income) - - 79.64% 135.92% 52.89% 1,832.92%
Dividend per Share 2 0.7874 0.0394 0.2970 1.000 1.000 1.000
Announcement Date 25/04/19 25/03/20 23/03/21 24/02/22 24/02/23 27/02/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 807 882 691 246 71.5 446
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 1.912 x 5.15 x 2.006 x 0.4363 x 0.1358 x 2.321 x
Free Cash Flow 1 -281 -789 108 404 173 93.5
ROE (net income / shareholders' equity) 11.2% 1.33% 4.41% 8.8% 9.86% 0.97%
ROA (Net income/ Total Assets) 3.91% 0.24% 2.17% 4.36% 4.02% 0.27%
Assets 1 6,146 14,563 6,241 6,813 8,125 1,882
Book Value Per Share 2 23.50 27.60 28.70 30.90 32.50 31.60
Cash Flow per Share 2 3.900 2.450 4.080 6.090 6.240 3.380
Capex 1 246 1,032 139 74.4 60.1 300
Capex / Sales 8.77% 50.57% 5.66% 2.34% 1.86% 13.82%
Announcement Date 25/04/19 25/03/20 23/03/21 24/02/22 24/02/23 27/02/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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