Financials WuXi AppTec Co., Ltd.

Equities

603259

CNE1000031K4

Biotechnology & Medical Research

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
43.67 ^CNY	-2.02%		+3.73%	-39.98%

Apr. 29	WuXi AppTec Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 29	WuXi AppTec Co., Ltd. Provides Earnings Guidance for the Full Year 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	149,934	326,828	347,115	236,612	215,748	123,210	-	-
Enterprise Value (EV) ¹	147,283	319,817	342,141	233,509	206,634	112,639	107,084	100,469
P/E ratio	82.2 x	108 x	68.5 x	28.7 x	22.5 x	13.4 x	11.1 x	10.3 x
Yield	0.37%	0.27%	0.44%	1.1%	1.35%	2.25%	2.45%	2.59%
Capitalization / Revenue	11.6 x	19.8 x	15.2 x	6.01 x	5.35 x	3.11 x	2.66 x	2.48 x
EV / Revenue	11.4 x	19.3 x	14.9 x	5.93 x	5.12 x	2.85 x	2.31 x	2.02 x
EV / EBITDA	42.7 x	73.6 x	46.8 x	18.9 x	14.6 x	8.34 x	6.68 x	6.1 x
EV / FCF	566 x	336 x	-146 x	246 x	26.2 x	17.9 x	13.5 x	11.2 x
FCF Yield	0.18%	0.3%	-0.69%	0.41%	3.82%	5.58%	7.38%	8.95%
Price to Book	8.79 x	10.1 x	9.11 x	5.15 x	3.92 x	2.07 x	1.78 x	1.59 x
Nbr of stocks (in thousands)	2,752,159	2,930,032	2,955,700	2,960,507	2,968,761	2,917,672	-	-
Reference price ²	54.83	112.3	118.6	81.00	72.76	43.67	43.67	43.67
Announcement Date	3/24/20	3/5/21	2/15/22	3/20/23	3/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	12,872	16,535	22,902	39,355	40,341	39,588	46,330	49,749
EBITDA ¹	3,449	4,348	7,308	12,370	14,194	13,501	16,033	16,471
EBIT ¹	2,486	3,656	6,038	10,652	11,872	11,255	13,679	14,775
Operating Margin	19.31%	22.11%	26.36%	27.07%	29.43%	28.43%	29.53%	29.7%
Earnings before Tax (EBT) ¹	2,337	3,369	6,016	10,618	11,832	11,793	13,624	14,253
Net income ¹	1,855	2,960	5,097	8,814	10,690	9,735	11,664	11,801
Net margin	14.41%	17.9%	22.26%	22.4%	26.5%	24.59%	25.18%	23.72%
EPS ²	0.6667	1.042	1.730	2.820	3.240	3.271	3.951	4.254
Free Cash Flow ¹	260.3	951.3	-2,345	948	7,886	6,286	7,904	8,994
FCF margin	2.02%	5.75%	-10.24%	2.41%	19.55%	15.88%	17.06%	18.08%
FCF Conversion (EBITDA)	7.55%	21.88%	-	7.66%	55.56%	46.56%	49.3%	54.61%
FCF Conversion (Net income)	14.03%	32.14%	-	10.76%	73.77%	64.57%	67.76%	76.22%
Dividend per Share ²	0.2006	0.3025	0.5174	0.8927	0.9834	0.9837	1.071	1.129
Announcement Date	3/24/20	3/5/21	2/15/22	3/20/23	3/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	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	6,978	9,304	10,537	6,381	21,849	8,474	-	17,756	10,638	10,960	21,598	8,964	9,908	18,871	10,670	10,799	21,470	7,982	9,304	17,286	10,161	12,621	22,781	9,920	10,964
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	1,725	2,955	1,522	3,142	2,224	2,978	5,202	2,728	3,453	6,181	-	3,797	6,412	3,395	2,065	6,877	2,325	2,809	4,718	2,774	3,545	6,319	-	-
Operating Margin	-	18.54%	28.04%	23.85%	14.38%	26.24%	-	29.29%	25.65%	31.51%	28.62%	-	38.33%	33.98%	31.82%	19.12%	32.03%	29.13%	30.19%	27.3%	27.3%	28.09%	27.74%	-	-
Earnings before Tax (EBT) ¹	-	1,447	-	5,587	-	1,999	-	-	-	1,799	5,078	2,609	3,786	6,395	3,387	2,050	6,534	2,297	2,928	-	3,285	3,670	-	-	-
Net income ¹	-	1,243	-	1,535	4,830	1,643	2,993	-	2,742	1,436	4,178	2,168	3,145	5,313	2,763	2,614	5,377	1,942	2,589	-	2,864	2,981	-	-	-
Net margin	-	13.36%	-	24.05%	22.1%	19.39%	-	-	25.78%	13.1%	19.34%	24.19%	31.74%	28.15%	25.9%	24.2%	25.05%	24.33%	27.83%	-	28.19%	23.62%	-	-	-
EPS ²	-	-	-	0.5200	-	0.5300	0.9500	-	0.8200	0.5200	-	0.7200	1.070	-	0.9400	0.5100	-	0.6600	0.8000	-	0.8600	1.100	-	0.7100	1.260
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/24/20	3/5/21	8/12/21	2/15/22	2/15/22	4/25/22	7/26/22	7/26/22	10/26/22	3/20/23	3/20/23	4/24/23	7/31/23	7/31/23	10/30/23	3/18/24	3/18/24	4/29/24	-	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	638	7,011	4,974	3,103	9,115	10,571	16,125	22,741
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	260	951	-2,345	948	7,886	6,286	7,904	8,994
ROE (net income / shareholders' equity)	10.6%	11.9%	14.4%	20.6%	19%	16%	16.3%	15.5%
ROA (Net income/ Total Assets)	7.15%	7.84%	10.1%	15.2%	15.5%	12.6%	12.6%	12.5%
Assets ¹	25,952	37,763	50,709	57,966	69,180	77,439	92,839	94,171
Book Value Per Share ²	6.240	11.10	13.00	15.70	18.60	21.10	24.60	27.40
Cash Flow per Share ²	1.050	1.360	1.560	3.590	4.510	4.230	4.650	5.230
Capex ¹	2,269	3,022	6,934	9,668	5,500	6,198	5,302	4,679
Capex / Sales	17.63%	18.28%	30.28%	24.57%	13.63%	15.66%	11.44%	9.41%
Announcement Date	3/24/20	3/5/21	2/15/22	3/20/23	3/18/24	-	-	-

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 WuXi AppTec Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

43.67 CNY

Average target price

70.98 CNY

Spread / Average Target

+62.54%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Bio Therapeutic Drugs

	1st Jan change	Capi.
WUXI APPTEC CO., LTD.	-39.98%	17.38B
VERTEX PHARMACEUTICALS INCORPORATED	-3.46%	102B
REGENERON PHARMACEUTICALS, INC.	+1.41%	96.29B
ARGENX SE	+2.13%	22.18B
BIONTECH SE	-15.84%	21.2B
GENMAB A/S	-9.21%	18.31B
BEIGENE, LTD.	-14.65%	16.36B
NEUROCRINE BIOSCIENCES, INC.	+4.39%	13.97B
SAREPTA THERAPEUTICS, INC.	+31.35%	12.17B
VIKING THERAPEUTICS, INC.	+327.62%	8.32B

Bio Therapeutic Drugs