Financials Piesat Information Technology Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-06 pm EDT			5-day change	1st Jan Change
24.89 ^CNY	+11.27%		+11.41%	-41.07%

Apr. 25	Piesat Information Technology Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 03	Tranche Update on Piesat Information Technology Co., Ltd.'s Equity Buyback Plan announced on May 31, 2023.	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,357	7,027	13,408	15,872	11,033	6,501	-	-
Enterprise Value (EV) ¹	6,357	7,027	13,408	15,872	12,545	6,501	6,501	6,501
P/E ratio	66 x	54.9 x	64.3 x	59.8 x	-26.4 x	52.1 x	18.6 x	15.9 x
Yield	-	-	0.14%	0.15%	-	0.42%	0.82%	0.52%
Capitalization / Revenue	10.5 x	8.3 x	9.13 x	6.46 x	5.99 x	2.5 x	1.64 x	1.42 x
EV / Revenue	10.5 x	8.3 x	9.13 x	6.46 x	5.99 x	2.5 x	1.64 x	1.42 x
EV / EBITDA	63.2 x	44.8 x	52.1 x	48.2 x	-33.2 x	16.8 x	10.7 x	8.02 x
EV / FCF	-	-	-19,371,289 x	-20,358,735 x	-	-	-	-
FCF Yield	-	-	-0%	-0%	-	-	-	-
Price to Book	5.28 x	5.24 x	5.93 x	6.09 x	4.82 x	2.71 x	2.21 x	2.19 x
Nbr of stocks (in thousands)	232,377	232,847	258,201	259,891	261,193	261,193	-	-
Reference price ²	27.36	30.18	51.93	61.07	42.24	24.89	24.89	24.89
Announcement Date	2/29/20	2/25/21	2/25/22	2/24/23	2/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	607.3	846.7	1,468	2,457	1,842	2,598	3,972	4,592
EBITDA ¹	100.6	156.8	257.1	329.4	-332.3	387.5	606.8	810.7
EBIT ¹	92.87	139	217.9	277.8	-413.5	142.8	387.4	455.4
Operating Margin	15.29%	16.41%	14.84%	11.31%	-22.45%	5.5%	9.75%	9.92%
Earnings before Tax (EBT) ¹	91.54	136.6	211.3	273.3	-421.6	139.4	384.3	451
Net income ¹	82.14	128.8	200	264.1	-366.7	124.5	349.6	407.9
Net margin	13.53%	15.22%	13.62%	10.75%	-19.91%	4.79%	8.8%	8.88%
EPS ²	0.4143	0.5500	0.8071	1.021	-1.600	0.4775	1.338	1.563
Free Cash Flow	-	-	-692.2	-779.6	-	-	-	-
FCF margin	-	-	-47.14%	-31.73%	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	0.0714	0.0929	-	0.1050	0.2050	0.1300
Announcement Date	2/29/20	2/25/21	2/25/22	2/24/23	2/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	1,513	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-4.551 x	-	-	-
Free Cash Flow	-	-	-692	-780	-	-	-	-
ROE (net income / shareholders' equity)	10.6%	10.1%	11.4%	11%	-14.6%	5.18%	11.5%	13.2%
ROA (Net income/ Total Assets)	-	-	7.37%	5.7%	-5.9%	1.74%	3.41%	3.54%
Assets ¹	-	-	2,714	4,634	6,213	7,157	10,241	11,523
Book Value Per Share ²	5.180	5.760	8.760	10.00	8.770	9.190	11.20	11.40
Cash Flow per Share ²	-0.6100	0.3200	-0.4600	-1.880	-3.330	0.8600	0.7700	-2.790
Capex ¹	35.9	74.8	573	292	116	309	346	338
Capex / Sales	5.92%	8.83%	39.03%	11.87%	6.31%	11.9%	8.71%	7.37%
Announcement Date	2/29/20	2/25/21	2/25/22	2/24/23	2/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

24.89 CNY

Average target price

27.09 CNY

Spread / Average Target

+8.85%

	1st Jan change	Capi.
PIESAT INFORMATION TECHNOLOGY CO., LTD.	-41.07%	901M
ACCENTURE PLC	-11.47%	195B
TATA CONSULTANCY SERVICES LTD.	+4.60%	173B
IBM	+2.95%	155B
AUTOMATIC DATA PROCESSING, INC.	+5.22%	100B
RELX PLC	+10.42%	79.97B
CROWDSTRIKE HOLDINGS, INC.	+22.42%	75.6B
INFOSYS LIMITED	-6.93%	71.69B
SNOWFLAKE INC.	-20.06%	53.13B
HCL TECHNOLOGIES LIMITED	-10.32%	43.19B