Financials Chroma ATE Inc.

Equities

2360

TW0002360005

Electrical Components & Equipment

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-05-13 pm EDT			5-day change	1st Jan Change
252 ^TWD	-1.37%		-4.18%	+18.31%

Apr. 30	Transcript : Chroma ATE Inc., Q1 2024 Earnings Call, Apr 30, 2024
Apr. 30	Chroma ATE Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	60,520	70,441	83,987	76,706	90,250	106,775	-	-
Enterprise Value (EV) ¹	62,016	72,247	84,247	73,749	89,239	103,885	101,576	98,594
P/E ratio	32.8 x	30.5 x	20.2 x	15.1 x	22.7 x	21.5 x	17.8 x	16.2 x
Yield	2.07%	2.68%	3.5%	4.42%	3.1%	3.1%	3.59%	4.33%
Capitalization / Revenue	4.35 x	4.54 x	4.78 x	3.48 x	4.83 x	5.06 x	4.39 x	3.93 x
EV / Revenue	4.46 x	4.65 x	4.79 x	3.34 x	4.78 x	4.92 x	4.18 x	3.63 x
EV / EBITDA	21.8 x	20.5 x	23 x	12.9 x	16.5 x	16.6 x	13.3 x	12.2 x
EV / FCF	242 x	67 x	55.8 x	16 x	49.9 x	28.9 x	22.1 x	-
FCF Yield	0.41%	1.49%	1.79%	6.25%	2%	3.46%	4.52%	-
Price to Book	4.2 x	4.39 x	4.54 x	3.59 x	4.13 x	4.48 x	3.99 x	3.61 x
Nbr of stocks (in thousands)	417,381	419,289	419,936	423,792	423,710	423,710	-	-
Reference price ²	145.0	168.0	200.0	181.0	213.0	252.0	252.0	252.0
Announcement Date	2/27/20	2/25/21	2/23/22	2/27/23	2/26/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,910	15,532	17,584	22,067	18,676	21,112	24,328	27,176
EBITDA ¹	2,839	3,527	3,669	5,723	5,419	6,272	7,635	8,086
EBIT ¹	2,060	2,797	3,075	5,039	4,673	5,518	6,964	7,545
Operating Margin	14.81%	18.01%	17.49%	22.84%	25.02%	26.14%	28.63%	27.76%
Earnings before Tax (EBT) ¹	2,339	3,029	5,284	6,441	5,166	6,246	7,619	8,562
Net income ¹	1,854	2,324	4,179	5,106	3,979	5,016	6,026	6,815
Net margin	13.33%	14.96%	23.77%	23.14%	21.31%	23.76%	24.77%	25.08%
EPS ²	4.420	5.510	9.890	12.00	9.370	11.71	14.12	15.57
Free Cash Flow ¹	256.2	1,078	1,508	4,607	1,788	3,598	4,594	-
FCF margin	1.84%	6.94%	8.58%	20.88%	9.57%	17.04%	18.88%	-
FCF Conversion (EBITDA)	9.03%	30.55%	41.11%	80.51%	32.99%	57.36%	60.17%	-
FCF Conversion (Net income)	13.82%	46.37%	36.09%	90.24%	44.93%	71.72%	76.23%	-
Dividend per Share ²	3.000	4.500	7.000	8.000	6.600	7.805	9.056	10.92
Announcement Date	2/27/20	2/25/21	2/23/22	2/27/23	2/26/24	-	-	-

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	4,276	4,590	4,398	4,935	6,660	6,073	4,388	4,416	4,847	5,025	4,418	5,185	5,998	5,779	5,095
EBITDA ¹	1,177	911.1	1,002	1,536	1,955	1,229	1,361	1,391	1,418	1,249	1,089	1,540	1,959	1,773	1,463
EBIT ¹	864.9	731.2	837.5	1,366	1,781	1,054	1,187	1,214	1,238	1,034	900	1,347	1,703	1,574	1,251
Operating Margin	20.23%	15.93%	19.04%	27.68%	26.74%	17.36%	27.05%	27.48%	25.54%	20.58%	20.37%	25.98%	28.39%	27.24%	24.56%
Earnings before Tax (EBT) ¹	1,013	893.9	1,004	2,062	2,256	1,119	1,246	1,358	1,545	1,018	1,219	1,508	1,803	1,744	1,372
Net income ¹	792.8	657.8	851.7	1,661	1,731	862.3	937	1,018	1,225	799	955	1,181	1,430	1,381	1,080
Net margin	18.54%	14.33%	19.37%	33.66%	25.99%	14.2%	21.35%	23.06%	25.27%	15.9%	21.62%	22.77%	23.84%	23.89%	21.21%
EPS ²	1.870	1.550	2.020	2.750	4.070	1.990	2.190	2.420	2.910	1.870	2.250	2.697	3.422	3.159	2.509
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	7.561	-	-
Announcement Date	10/28/21	2/23/22	4/28/22	7/28/22	10/31/22	2/27/23	4/27/23	8/10/23	10/31/23	2/26/24	4/30/24	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,496	1,807	260	-	-	-	-	-
Net Cash position ¹	-	-	-	2,958	1,011	2,890	5,199	8,181
Leverage (Debt/EBITDA)	0.527 x	0.5122 x	0.0709 x	-	-	-	-	-
Free Cash Flow ¹	256	1,078	1,508	4,607	1,788	3,598	4,594	-
ROE (net income / shareholders' equity)	13%	15.2%	24.2%	25%	18%	21.1%	23.3%	23.2%
ROA (Net income/ Total Assets)	8%	8.68%	14.5%	16%	12%	13.6%	16.3%	-
Assets ¹	23,175	26,774	28,837	31,911	33,158	36,777	37,085	-
Book Value Per Share ²	34.60	38.30	44.10	50.40	51.60	56.30	63.10	69.70
Cash Flow per Share ²	3.250	6.430	6.130	12.40	8.010	12.60	16.00	15.90
Capex ¹	1,108	1,634	1,083	689	1,621	1,178	1,188	1,000
Capex / Sales	7.97%	10.52%	6.16%	3.12%	8.68%	5.58%	4.88%	3.68%
Announcement Date	2/27/20	2/25/21	2/23/22	2/27/23	2/26/24	-	-	-

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 Chroma ATE Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

252 TWD

Average target price

310.1 TWD

Spread / Average Target

+23.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electrical Measuring & Testing Instruments

	1st Jan change	Capi.
CHROMA ATE INC.	+18.31%	3.34B
NINGBO SANXING MEDICAL ELECTRIC CO.,LTD.	+72.98%	7.06B
ZHONGHANG ELECTRONIC MEASURING INSTRUMENTS CO.,LTD	-4.50%	3.41B
HEFEI MEYER OPTOELECTRONIC TECHNOLOGY INC.	-7.33%	2.18B
LEM HOLDING SA	-18.17%	2.07B
JIANGSU LINYANG ENERGY CO., LTD.	+7.36%	1.97B
HANGZHOU SUNRISE TECHNOLOGY CO.,LTD.	+17.57%	1.14B
KELI SENSING TECHNOLOGY (NINGBO) CO.,LTD.	-22.70%	1.08B
WASION HOLDINGS LIMITED	+96.94%	950M
CHANGCHUN UP OPTOTECH CO.,LTD.	-19.41%	898M

Electrical Measuring & Testing Instruments