Financials International Games System Co.,Ltd.

Equities

3293

TW0003293007

Toys & Juvenile Products

End-of-day quote Taipei Exchange Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
1,015 ^TWD	-0.98%		+1.50%	+40.19%

14/03	International Games System Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	International Games System Co.,Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	27,449	53,401	55,867	61,080	1,02,012	1,43,014	-
Enterprise Value (EV) ¹	27,449	47,453	47,637	61,080	1,02,012	1,43,014	1,43,014
P/E ratio	-	15.7 x	11.8 x	11.1 x	15.9 x	17.6 x	15.4 x
Yield	-	5.54%	6.31%	-	-	-	-
Capitalization / Revenue	5.19 x	6.34 x	4.95 x	5.11 x	7.2 x	8.38 x	7.21 x
EV / Revenue	5.19 x	6.34 x	4.95 x	5.11 x	7.2 x	8.38 x	7.21 x
EV / EBITDA	1,10,90,800 x	1,23,77,813 x	94,44,367 x	-	-	-	-
EV / FCF	-	13.8 x	11 x	10.5 x	15.7 x	23 x	-
FCF Yield	-	7.23%	9.12%	9.54%	6.37%	4.35%	-
Price to Book	-	8.03 x	6.24 x	5.73 x	8.37 x	-	-
Nbr of stocks (in thousands)	1,40,765	1,40,901	1,40,901	1,40,901	1,40,901	1,40,901	-
Reference price ²	195.0	379.0	396.5	433.5	724.0	1,015	1,015
Announcement Date	23/03/20	24/03/21	21/03/22	17/03/23	14/03/24	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	5,291	8,426	11,286	11,948	14,176	17,070	19,838
EBITDA	2,475	4,314	5,915	-	-	-	-
EBIT ¹	2,415	4,236	5,814	6,005	7,534	9,524	11,244
Operating Margin	45.64%	50.28%	51.51%	50.26%	53.15%	55.79%	56.68%
Earnings before Tax (EBT) ¹	-	4,070	5,703	6,520	7,765	9,752	11,260
Net income ¹	-	3,409	4,735	5,478	6,425	8,142	9,316
Net margin	-	40.45%	41.95%	45.85%	45.32%	47.7%	46.96%
EPS ²	-	24.19	33.60	38.88	45.61	57.79	66.12
Free Cash Flow ¹	-	3,861	5,098	5,829	6,502	6,218	-
FCF margin	-	45.82%	45.17%	48.79%	45.87%	36.43%	-
FCF Conversion (EBITDA)	-	89.49%	86.18%	-	-	-	-
FCF Conversion (Net income)	-	113.28%	107.67%	106.4%	101.19%	76.36%	-
Dividend per Share	-	21.00	25.00	-	-	-	-
Announcement Date	23/03/20	24/03/21	21/03/22	17/03/23	14/03/24	-	-

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 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	2,857	2,829	2,919	2,873	2,989	3,167	-	3,583	3,790	4,087	4,208	4,336	4,440	4,587
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,465	1,429	1,438	1,403	1,488	1,676	-	1,865	2,073	2,160	2,368	2,440	2,555	2,469
Operating Margin	51.28%	50.51%	49.27%	48.85%	49.79%	52.91%	-	52.05%	54.7%	52.85%	56.29%	56.27%	57.55%	53.83%
Earnings before Tax (EBT) ¹	1,474	1,419	1,579	1,566	1,810	1,565	-	2,115	1,890	2,373	2,374	2,445	2,560	2,473
Net income ¹	1,204	1,181	1,320	1,333	1,492	1,334	1,664	1,745	1,573	1,993	1,994	2,006	2,150	2,053
Net margin	42.14%	41.76%	45.23%	46.39%	49.91%	42.11%	-	48.72%	41.49%	48.76%	47.39%	46.25%	48.44%	44.76%
EPS ²	8.545	8.385	9.085	9.390	10.33	9.460	11.68	12.39	11.17	14.15	14.15	14.23	15.26	14.57
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	04/11/21	21/03/22	09/05/22	05/08/22	04/11/22	17/03/23	07/08/23	09/11/23	14/03/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	5,949	8,230	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	3,861	5,098	5,829	6,502	6,218	-
ROE (net income / shareholders' equity)	45.2%	58.6%	60.7%	55.8%	56.2%	56.9%	90.4%
ROA (Net income/ Total Assets)	35.1%	43.4%	44.5%	41.5%	42%	61.2%	62.4%
Assets ¹	-	7,852	10,645	13,207	15,316	13,303	14,941
Book Value Per Share	-	47.20	63.60	75.70	86.50	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	20.9	25.2	16	21.7	19.8	20	20
Capex / Sales	0.39%	0.3%	0.14%	0.18%	0.14%	0.12%	0.1%
Announcement Date	23/03/20	24/03/21	21/03/22	17/03/23	14/03/24	-	-

¹TWD in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for International Games System Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,015 TWD

Average target price

1,330 TWD

Spread / Average Target

+31.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Games, Toys & Children Vehicles

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Games, Toys & Children Vehicles