Financials Seazen Holdings Co., Ltd

Equities

601155

CNE100002BF8

Real Estate Development & Operations

End-of-day quote Shanghai S.E. 06:00:00 2024-06-10 pm EDT 5-day change 1st Jan Change
9.9 CNY -2.08% Intraday chart for Seazen Holdings Co., Ltd -7.65% -13.23%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 86,929 78,522 65,836 46,191 25,737 22,331 - -
Enterprise Value (EV) 1 90,870 104,593 101,677 85,994 63,649 63,595 66,046 76,621
P/E ratio 6.9 x 5.14 x 5.22 x 33.1 x 34.6 x 30 x 21.2 x 22.7 x
Yield 4.39% 5.89% - - - - - -
Capitalization / Revenue 1.01 x 0.54 x 0.39 x 0.4 x 0.22 x 0.23 x 0.25 x 0.24 x
EV / Revenue 1.06 x 0.72 x 0.6 x 0.74 x 0.53 x 0.65 x 0.75 x 0.84 x
EV / EBITDA 5.06 x 4.68 x 5.5 x 26.1 x 13.4 x 9.64 x 9.28 x 9.91 x
EV / FCF 3.49 x -5.22 x 16.7 x 13.2 x 7.45 x -13.4 x -14.4 x -
FCF Yield 28.7% -19.1% 5.97% 7.58% 13.4% -7.46% -6.95% -
Price to Book 2.27 x 1.55 x 1.11 x 0.78 x 0.43 x 0.35 x 0.34 x 0.35 x
Nbr of stocks (in thousands) 2,245,061 2,254,443 2,260,064 2,253,243 2,255,623 2,255,623 - -
Reference price 2 38.72 34.83 29.13 20.50 11.41 9.900 9.900 9.900
Announcement Date 3/27/20 3/26/21 3/30/22 3/31/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 85,847 145,475 168,232 115,457 119,174 97,735 87,896 91,154
EBITDA 1 17,971 22,345 18,488 3,299 4,753 6,598 7,121 7,730
EBIT 1 17,648 22,018 18,227 3,033 4,474 5,613 5,720 4,953
Operating Margin 20.56% 15.14% 10.83% 2.63% 3.75% 5.74% 6.51% 5.43%
Earnings before Tax (EBT) 1 17,813 22,237 18,318 3,115 4,572 4,655 4,836 5,170
Net income 1 12,654 15,256 12,598 1,394 737.1 747.9 1,290 979.2
Net margin 14.74% 10.49% 7.49% 1.21% 0.62% 0.77% 1.47% 1.07%
EPS 2 5.610 6.780 5.580 0.6200 0.3300 0.3300 0.4670 0.4353
Free Cash Flow 1 26,044 -20,018 6,071 6,523 8,547 -4,745 -4,591 -
FCF margin 30.34% -13.76% 3.61% 5.65% 7.17% -4.85% -5.22% -
FCF Conversion (EBITDA) 144.92% - 32.84% 197.69% 179.82% - - -
FCF Conversion (Net income) 205.82% - 48.19% 467.96% 1,159.52% - - -
Dividend per Share 2 1.700 2.050 - - - - - -
Announcement Date 3/27/20 3/26/21 3/30/22 3/31/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 2025 Q2
Net sales 1 59,109 18,678 24,125 18,951 53,703 16,252 25,516 29,511 47,895 14,357 20,156 10,078 30,234 4,817 14,450
EBITDA 1 - - 3,397 - - - - - - - 2,321 1,161 3,724 767.8 2,304
EBIT 1 8,728 770.1 3,643 600.3 -1,981 928.4 2,381 180.3 984.6 474.5 2,321 1,161 3,482 767.8 2,304
Operating Margin 14.77% 4.12% 15.1% 3.17% -3.69% 5.71% 9.33% 0.61% 2.06% 3.31% 11.52% 11.52% 11.52% 15.94% 15.94%
Earnings before Tax (EBT) - - - - - - - - - - - - - - -
Net income - - - - - - - - - - - - - - -
Net margin - - - - - - - - - - - - - - -
EPS 2 2.980 0.2300 1.100 0.1500 -0.8600 0.2900 0.7200 0.0900 -0.7700 0.1000 0.5412 0.2706 0.8118 0.1709 0.5128
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 3/30/22 4/29/22 8/30/22 10/28/22 3/31/23 4/28/23 8/30/23 10/27/23 3/28/24 4/29/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,942 26,071 35,841 39,802 37,912 41,264 43,715 54,290
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.2193 x 1.167 x 1.939 x 12.06 x 7.977 x 6.254 x 6.139 x 7.023 x
Free Cash Flow 1 26,044 -20,018 6,071 6,523 8,547 -4,745 -4,591 -
ROE (net income / shareholders' equity) 36.9% 33.9% 22.7% 2.34% 1.23% 2.01% 1.88% 1.47%
ROA (Net income/ Total Assets) 3.19% 3.05% 2.35% - 0.18% 0.11% 0.43% 0.54%
Assets 1 396,181 499,862 536,023 - 415,972 712,244 299,761 182,689
Book Value Per Share 2 17.00 22.40 26.20 26.40 26.60 28.40 29.30 28.20
Cash Flow per Share 2 19.30 0.1700 9.740 6.440 4.500 4.830 4.450 4.350
Capex 1 17,536 20,400 15,913 8,012 1,611 5,337 8,398 478
Capex / Sales 20.43% 14.02% 9.46% 6.94% 1.35% 5.46% 9.55% 0.52%
Announcement Date 3/27/20 3/26/21 3/30/22 3/31/23 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

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
9
Last Close Price
9.9 CNY
Average target price
9.647 CNY
Spread / Average Target
-2.56%
Consensus
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