Financials Pharmaron Beijing Co., Ltd.

Equities

300759

CNE100003JW4

Biotechnology & Medical Research

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
19.95 ^CNY	+4.12%		+9.80%	-31.16%

Apr. 29	Nomura Adjusts Pharmaron’s Price Target to 31.41 Yuan From 36.68 Yuan, Keeps at Buy	MT
Apr. 26	Pharmaron Beijing Posts 34% Profit Drop in Q1 as Revenue Slips 2%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	39,247	94,292	106,395	76,952	47,371	32,429	-	-
Enterprise Value (EV) ¹	35,694	92,214	107,852	80,810	51,092	35,563	34,774	34,094
P/E ratio	62.2 x	81.5 x	68.8 x	58.6 x	32.1 x	21.3 x	16.5 x	15.9 x
Yield	0.29%	0.25%	0.32%	0.44%	0.69%	1.17%	1.44%	1.2%
Capitalization / Revenue	10.4 x	18.4 x	14.3 x	7.5 x	4.11 x	2.57 x	2.13 x	1.99 x
EV / Revenue	9.5 x	18 x	14.5 x	7.87 x	4.43 x	2.81 x	2.28 x	2.09 x
EV / EBITDA	37.5 x	54.5 x	45 x	34.8 x	18.7 x	11.6 x	9.05 x	8.53 x
EV / FCF	190 x	274 x	-3,252 x	-101 x	-493 x	-374 x	21 x	13.8 x
FCF Yield	0.53%	0.36%	-0.03%	-0.99%	-0.2%	-0.27%	4.75%	7.24%
Price to Book	5.27 x	10.8 x	11.1 x	7.83 x	4.12 x	2.56 x	2.26 x	1.99 x
Nbr of stocks (in thousands)	1,787,372	1,787,372	1,786,898	1,786,601	1,786,732	1,787,394	-	-
Reference price ²	22.91	53.51	62.79	45.33	28.98	19.95	19.95	19.95
Announcement Date	2/28/20	3/28/21	3/10/22	3/30/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,757	5,134	7,444	10,266	11,538	12,636	15,257	16,309
EBITDA ¹	951.3	1,692	2,399	2,321	2,730	3,059	3,841	3,996
EBIT ¹	652.2	874.8	1,914	1,690	1,722	1,937	2,529	2,644
Operating Margin	17.36%	17.04%	25.72%	16.46%	14.92%	15.33%	16.58%	16.22%
Earnings before Tax (EBT) ¹	632.6	1,319	1,911	1,666	1,838	1,843	2,529	2,604
Net income ¹	547.2	1,172	1,661	1,375	1,601	1,605	2,176	2,255
Net margin	14.56%	22.84%	22.31%	13.39%	13.88%	12.7%	14.27%	13.83%
EPS ²	0.3681	0.6569	0.9128	0.7739	0.9019	0.9376	1.208	1.257
Free Cash Flow ¹	187.4	336	-33.17	-803.9	-103.7	-95	1,653	2,468
FCF margin	4.99%	6.54%	-0.45%	-7.83%	-0.9%	-0.75%	10.84%	15.13%
FCF Conversion (EBITDA)	19.7%	19.86%	-	-	-	-	43.04%	61.76%
FCF Conversion (Net income)	34.25%	28.66%	-	-	-	-	75.97%	109.44%
Dividend per Share ²	0.0667	0.1333	0.2000	0.2000	0.2000	0.2327	0.2876	0.2402
Announcement Date	2/28/20	3/28/21	3/10/22	3/30/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	2,121	2,193	2,940	3,286	2,142	4,158	4,635	-	2,863	5,632	2,724	2,916	5,640	2,920	2,978	5,898	2,671	3,196	5,761	3,316	3,534	6,820	3,239	3,379
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	677.9	708.3	1,245	760.3	510.1	414.9	925	431.6	482.3	913.9	414.6	424.2	838.8	268.4	466	775	520.1	579.4	1,092	-	-
Operating Margin	-	-	-	20.63%	33.06%	29.93%	16.4%	-	14.49%	16.42%	15.84%	16.54%	16.2%	14.2%	14.25%	14.22%	10.05%	14.58%	13.45%	15.68%	16.39%	16.01%	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	708.4	1,245	-	464.8	458.9	-	426.6	481.9	908.5	412.4	516.9	929.4	-	497	765	485	613	1,098	-	-
Net income ¹	-	-	-	564.8	621	1,096	-	375.7	413.5	-	348.3	437.8	786.1	352.9	462.1	815	-	420	635	415	553	968	-	-
Net margin	-	-	-	17.19%	28.99%	26.36%	-	-	14.44%	-	12.78%	15.01%	13.94%	12.09%	15.52%	13.82%	-	13.14%	11.02%	12.51%	15.65%	14.19%	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	0.2000	0.2598	-	-	-	-	-	0.2300	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/28/20	8/26/20	3/28/21	8/29/21	3/10/22	3/10/22	8/29/22	10/27/22	3/30/23	3/30/23	4/27/23	8/27/23	8/27/23	10/29/23	3/27/24	3/27/24	4/25/24	-	-	-	-	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	1,457	3,859	3,721	3,133	2,345	1,665
Net Cash position ¹	3,553	2,077	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	0.6074 x	1.663 x	1.363 x	1.024 x	0.6104 x	0.4166 x
Free Cash Flow ¹	187	336	-33.2	-804	-104	-95	1,653	2,468
ROE (net income / shareholders' equity)	10.9%	14.1%	17.3%	13.3%	13.9%	12.2%	13.9%	12.9%
ROA (Net income/ Total Assets)	7.43%	10.7%	8.85%	-	6.82%	6.66%	8.26%	7.78%
Assets ¹	7,368	10,922	18,767	-	23,485	24,106	26,348	28,998
Book Value Per Share ²	4.350	4.960	5.670	5.790	7.030	7.790	8.840	10.00
Cash Flow per Share ²	0.5300	0.9200	1.130	1.200	1.540	1.380	1.640	1.740
Capex ¹	751	1,313	2,091	2,947	2,857	2,220	1,924	1,898
Capex / Sales	19.99%	25.57%	28.09%	28.7%	24.76%	17.57%	12.61%	11.64%
Announcement Date	2/28/20	3/28/21	3/10/22	3/30/23	3/27/24	-	-	-

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 Pharmaron Beijing Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

19.95 CNY

Average target price

24.22 CNY

Spread / Average Target

+21.42%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Biotechnology & Medical Research

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ICON PUBLIC LIMITED COMPANY	+7.44%	25.49B
ALNYLAM PHARMACEUTICALS, INC.	-23.01%	18.12B
MEDPACE HOLDINGS, INC.	+30.56%	12.24B
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UNITED THERAPEUTICS CORPORATION	+8.35%	11B

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