Financials Ruijie Networks Co., Ltd.

Equities

301165

CNE100005WJ9

Integrated Telecommunications Services

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-14 pm EDT			5-day change	1st Jan Change
32.65 ^CNY	-1.45%		-5.25%	-13.83%

Apr. 25	Ruijie Networks Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 29	Ruijie Networks Co., Ltd. Proposes Final Cash Dividend for 2023	CI

Valuation

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	19,381	21,528	18,551	-	-
Enterprise Value (EV) ¹	19,381	21,528	18,551	18,551	18,551
P/E ratio	31.3 x	53.4 x	35 x	26.9 x	21.1 x
Yield	2.35%	1.48%	1.74%	2.25%	2.62%
Capitalization / Revenue	1.71 x	1.87 x	1.36 x	1.16 x	0.99 x
EV / Revenue	1.71 x	1.87 x	1.36 x	1.16 x	0.99 x
EV / EBITDA	37.8 x	80.3 x	34.8 x	25.2 x	21.7 x
EV / FCF	-42 x	38.5 x	12.6 x	41.8 x	103 x
FCF Yield	-2.38%	2.6%	7.97%	2.39%	0.97%
Price to Book	4.51 x	5.02 x	4.02 x	3.67 x	3.2 x
Nbr of stocks (in thousands)	568,182	568,182	568,182	-	-
Reference price ²	34.11	37.89	32.65	32.65	32.65
Announcement Date	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	-	11,326	11,542	13,663	15,982	18,720
EBITDA ¹	-	513.3	268.2	533.4	734.9	853.9
EBIT ¹	-	417.6	141.2	423.6	540.4	724.5
Operating Margin	-	3.69%	1.22%	3.1%	3.38%	3.87%
Earnings before Tax (EBT) ¹	-	422.1	155.3	432.4	550.6	734.5
Net income ¹	-	549.9	401.2	531.1	689.1	879.8
Net margin	-	4.86%	3.48%	3.89%	4.31%	4.7%
EPS ²	0.9500	1.090	0.7100	0.9340	1.214	1.545
Free Cash Flow ¹	-	-461.4	559.8	1,478	444	180
FCF margin	-	-4.07%	4.85%	10.82%	2.78%	0.96%
FCF Conversion (EBITDA)	-	-	208.69%	277.07%	60.42%	21.08%
FCF Conversion (Net income)	-	-	139.53%	278.3%	64.43%	20.46%
Dividend per Share ²	-	0.8000	0.5600	0.5667	0.7333	0.8550
Announcement Date	6/2/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 S1	2023 Q3	2023 Q4	2023 S2
Net sales ¹	-	-	3,591	6,711
EBITDA	-	-	-	-
EBIT ¹	-	-	24.51	110.5
Operating Margin	-	-	0.68%	1.65%
Earnings before Tax (EBT) ¹	-	-	41.72	127.4
Net income ¹	139.7	139	122.5	261.5
Net margin	-	-	3.41%	3.9%
EPS	0.2459	0.2447	-	-
Dividend per Share	-	-	-	-
Announcement Date	8/24/23	10/26/23	3/28/24	3/28/24

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-
Net Cash position	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow ¹	-461	560	1,478	444	180
ROE (net income / shareholders' equity)	26.8%	9.44%	11.6%	14%	15.6%
ROA (Net income/ Total Assets)	8.08%	4.88%	5.88%	6.93%	8.23%
Assets ¹	6,809	8,222	9,032	9,939	10,690
Book Value Per Share ²	7.560	7.540	8.120	8.890	10.20
Cash Flow per Share ²	-0.4300	1.530	1.590	1.200	2.190
Capex ¹	216	309	175	179	205
Capex / Sales	1.9%	2.68%	1.28%	1.12%	1.09%
Announcement Date	3/30/23	3/28/24	-	-	-

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 Ruijie Networks Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

32.65 CNY

Average target price

42.06 CNY

Spread / Average Target

+28.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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