Financials Value Added Technology Co., Ltd.

Equities

A043150

KR7043150002

Advanced Medical Equipment & Technology

End-of-day quote Korea S.E. Other stock markets 03:30:00 14/05/2024 am IST			5-day change	1st Jan Change
30,050 ^KRW	+0.50%		-0.33%	-9.62%

2023	Value Added Technology Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2023	CI
2017	Value Added Technology Co., Ltd. acquired 51.13% stake in Vatech America, Inc. from Vatech E-Woo Holdings Limited for KRW 11.5 billion.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,33,744	3,33,478	5,25,098	4,87,220	4,93,904	4,46,370	-	-
Enterprise Value (EV) ²	424.3	274.7	441.5	424.3	493.9	363.7	307.2	344.1
P/E ratio	12.8 x	-13.8 x	10.2 x	6.46 x	9.55 x	7.1 x	6.24 x	6.16 x
Yield	0.34%	0.45%	0.28%	0.3%	-	0.33%	0.33%	0.33%
Capitalization / Revenue	1.6 x	1.36 x	1.55 x	1.23 x	1.28 x	1.08 x	0.99 x	0.92 x
EV / Revenue	1.56 x	1.12 x	1.3 x	1.07 x	1.28 x	0.88 x	0.68 x	0.71 x
EV / EBITDA	8.41 x	6.48 x	5.86 x	4.65 x	6.28 x	4.07 x	3.13 x	3.09 x
EV / FCF	12.1 x	5.96 x	13.8 x	22.3 x	-	17.4 x	5.8 x	8.75 x
FCF Yield	8.3%	16.8%	7.25%	4.48%	-	5.73%	17.3%	11.4%
Price to Book	1.75 x	1.5 x	1.92 x	1.39 x	-	0.97 x	0.83 x	0.75 x
Nbr of stocks (in thousands)	14,854	14,854	14,854	14,854	14,854	14,854	-	-
Reference price ³	29,200	22,450	35,350	32,800	33,250	30,050	30,050	30,050
Announcement Date	25/02/20	01/02/21	07/02/22	01/02/23	05/02/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	271.7	244.5	339	394.9	384.9	414.1	450.7	485.2
EBITDA ¹	50.46	42.42	75.39	91.22	78.66	89.32	98.2	111.3
EBIT ¹	42.87	32.62	65.53	80.35	64.04	69.97	81.96	85.63
Operating Margin	15.78%	13.34%	19.33%	20.35%	16.64%	16.9%	18.18%	17.65%
Earnings before Tax (EBT) ¹	48.44	-23.12	74.23	98.4	66.74	84.2	92.17	96.1
Net income ¹	34.28	-21.78	51.24	75.84	52.97	63.1	71.74	73
Net margin	12.62%	-8.91%	15.11%	19.2%	13.76%	15.24%	15.92%	15.05%
EPS ²	2,281	-1,630	3,449	5,079	3,483	4,235	4,819	4,882
Free Cash Flow ³	35,210	46,099	31,992	19,028	-	20,850	53,000	39,350
FCF margin	12,958.85%	18,851.47%	9,437.79%	4,818.13%	-	5,035.42%	11,759.86%	8,110.61%
FCF Conversion (EBITDA)	69,772.97%	1,08,673.1%	42,434.43%	20,860.25%	-	23,343.04%	53,971.49%	35,344.31%
FCF Conversion (Net income)	1,02,705.77%	-	62,441.75%	25,089.8%	-	33,042.79%	73,874.95%	53,904.11%
Dividend per Share ²	100.0	100.0	100.0	100.0	-	100.0	100.0	100.0
Announcement Date	25/02/20	01/02/21	07/02/22	01/02/23	05/02/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

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
Net sales ¹	83.19	95.83	85.96	106.7	99.1	103.3	90.95	102	87.66	106.7	94.23	105.8	100.8	115
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	17.8	14.73	15.2	23.02	19.53	21.89	14.05	19.75	16.95	14.56	14.38	19.5	17.92	18.85
Operating Margin	21.4%	15.37%	17.68%	21.58%	19.71%	21.18%	15.45%	19.38%	19.34%	13.64%	15.26%	18.42%	17.78%	16.38%
Earnings before Tax (EBT) ¹	23	14.18	19.08	29.71	29.11	19.67	18.24	22.36	20.16	7.928	22.44	25.5	20.1	18.2
Net income ¹	17.35	7.895	14.3	22.68	23.34	15.13	14.41	16.91	17.63	4.705	16.66	19.6	15.4	13.8
Net margin	20.85%	8.24%	16.64%	21.27%	23.55%	14.64%	15.84%	16.59%	20.11%	4.41%	17.68%	18.52%	15.28%	11.99%
EPS	1,168	531.0	-	-	-	-	970.0	-	-	-	-	5,198	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	09/11/21	07/02/22	03/05/22	08/08/22	08/11/22	01/02/23	11/05/23	08/08/23	08/11/23	05/02/24	09/05/24	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	9.43	58.7	83.6	63	-	82.7	139	102
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	35,210	46,099	31,992	19,028	-	20,850	53,000	39,350
ROE (net income / shareholders' equity)	14.5%	-9.02%	23.6%	23.5%	13.6%	14.9%	14.2%	12.9%
ROA (Net income/ Total Assets)	9.62%	-5.89%	13.2%	16.5%	-	10%	10.5%	9.75%
Assets ¹	356.4	369.9	386.9	459.2	-	628.9	685.4	748.7
Book Value Per Share ³	16,730	14,979	18,394	23,514	-	30,979	36,144	40,082
Cash Flow per Share ³	2,738	3,443	2,971	7,347	-	7,014	7,157	8,898
Capex ¹	5.47	5.04	12.1	14.3	-	33	25.5	52.9
Capex / Sales	2.01%	2.06%	3.58%	3.62%	-	7.97%	5.65%	10.89%
Announcement Date	25/02/20	01/02/21	07/02/22	01/02/23	05/02/24	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Value Added Technology Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

30,050 KRW

Average target price

43,857 KRW

Spread / Average Target

+45.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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GE HEALTHCARE TECHNOLOGIES INC.	+4.14%	3.7TCr

Other Advanced Medical Equipment & Technology