Financials Xueda (Xiamen) Education Technology Group Co., Ltd

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-06-10 pm EDT			5-day change	1st Jan Change
61.56 ^CNY	+2.17%		-4.08%	+23.14%

Apr. 26	Xueda Education Technology Group Co., Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 23	Xueda (Xiamen) Education Technology Chairman Resigns	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,992	5,040	2,236	2,102	6,105	7,358	-	-
Enterprise Value (EV) ¹	2,992	5,040	2,236	2,102	6,105	7,358	7,358	7,358
P/E ratio	224 x	115 x	-4.04 x	193 x	38.3 x	28 x	21.6 x	16.9 x
Yield	-	-	-	-	-	1.13%	1.48%	1.93%
Capitalization / Revenue	-	2.07 x	-	-	2.76 x	2.61 x	2.16 x	1.81 x
EV / Revenue	-	2.07 x	-	-	2.76 x	2.61 x	2.16 x	1.81 x
EV / EBITDA	-	23 x	-	-	19.3 x	15 x	12 x	9.92 x
EV / FCF	-	-	-	-	12.8 x	14.6 x	8.82 x	7.85 x
FCF Yield	-	-	-	-	7.83%	6.86%	11.3%	12.7%
Price to Book	-	35.9 x	-	-	10.1 x	8.57 x	6.26 x	4.65 x
Nbr of stocks (in thousands)	96,195	96,195	117,763	117,763	122,125	122,125	-	-
Reference price ²	31.10	52.39	18.99	17.85	49.99	60.25	60.25	60.25
Announcement Date	4/14/20	4/12/21	4/25/22	4/24/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	2,430	-	-	2,213	2,816	3,404	4,066
EBITDA ¹	-	219.2	-	-	316.5	489.9	615.5	741.5
EBIT ¹	-	81.46	-	-	226.1	373.4	492.4	612.6
Operating Margin	-	3.35%	-	-	10.22%	13.26%	14.47%	15.07%
Earnings before Tax (EBT) ¹	-	77.92	-	-	220.8	360.7	482.2	603.9
Net income ¹	13.38	43.69	-	10.89	153.8	262.8	340.1	436.4
Net margin	-	1.8%	-	-	6.95%	9.33%	9.99%	10.73%
EPS ²	0.1391	0.4542	-4.695	0.0925	1.306	2.150	2.786	3.574
Free Cash Flow ¹	-	-	-	-	478	505	834	937
FCF margin	-	-	-	-	21.6%	17.93%	24.5%	23.04%
FCF Conversion (EBITDA)	-	-	-	-	151.02%	103.09%	135.5%	126.37%
FCF Conversion (Net income)	-	-	-	-	310.8%	192.14%	245.21%	214.71%
Dividend per Share ²	-	-	-	-	-	0.6800	0.8900	1.160
Announcement Date	4/14/20	4/12/21	4/25/22	4/24/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	478	505	834	937
ROE (net income / shareholders' equity)	-	36.5%	-	29.9%	31.8%	29.9%	28.5%
ROA (Net income/ Total Assets)	-	1.23%	-	-	7.2%	8%	9.1%
Assets ¹	-	3,557	-	-	3,650	4,252	4,796
Book Value Per Share ²	-	1.460	-	4.950	7.030	9.630	13.00
Cash Flow per Share ²	-	1.740	-	4.970	4.570	7.110	7.940
Capex ¹	-	122	-	129	31.5	52.5	45.9
Capex / Sales	-	5.01%	-	5.85%	1.12%	1.54%	1.13%
Announcement Date	4/14/20	4/12/21	4/24/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

60.25 CNY

Average target price

69.99 CNY

Spread / Average Target

+16.17%

	1st Jan change	Capi.
XUEDA (XIAMEN) EDUCATION TECHNOLOGY GROUP CO., LTD	+20.52%	1.02B
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.	+7.12%	12.99B
TAL EDUCATION GROUP	-13.94%	6.58B
GRAND CANYON EDUCATION, INC.	+5.78%	4.09B
STRIDE, INC.	+14.65%	2.89B
STRATEGIC EDUCATION, INC.	+19.61%	2.69B
ADTALEM GLOBAL EDUCATION INC.	+9.28%	2.42B
LAUREATE EDUCATION, INC.	+7.22%	2.28B
PERDOCEO EDUCATION CORPORATION	+22.49%	1.41B
GAOTU TECHEDU INC.	+43.37%	1.35B