Financials Cathay Media and Education Group Inc.

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:22 2024-04-29 am EDT			5-day change	1st Jan Change
0.88 ^HKD	0.00%		+3.53%	+12.82%

Apr. 10	Cathay Media and Education Group Inc. has Changed its Name to Cathay Group Holdings Inc	CI
Mar. 27	Cathay Media and Education Group Inc. Announces Special Dividend for the Year Ended December 31, 2023, Payable on June 28, 2024	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Capitalization ¹	11,485	2,705	1,863	1,322	1,322	-
Enterprise Value (EV) ¹	10,176	2,455	1,342	1,151	309	174
P/E ratio	31.6 x	40.5 x	19.2 x	-5.96 x	8.19 x	5.78 x
Yield	0.97%	4.5%	4.62%	11.1%	4.89%	5.51%
Capitalization / Revenue	14.5 x	4.68 x	2.84 x	1.52 x	1.59 x	1.42 x
EV / Revenue	14.5 x	4.68 x	2.84 x	1.52 x	1.59 x	1.42 x
EV / EBITDA	20.8 x	9.17 x	5.94 x	2.9 x	3.99 x	3.43 x
EV / FCF	161 x	-7.13 x	8.03 x	2.12 x	-1.68 x	-7.11 x
FCF Yield	0.62%	-14%	12.5%	47.2%	-59.5%	-14.1%
Price to Book	4.22 x	1.05 x	0.75 x	0.45 x	0.55 x	0.5 x
Nbr of stocks (in thousands)	1,660,000	1,660,000	1,622,937	1,622,937	1,622,937	-
Reference price ²	8.220	2.000	1.300	0.8800	0.8800	0.8800
Announcement Date	3/29/21	3/31/22	3/31/23	3/27/24	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	747.2	789.7	578.1	656.8	759	832	929.7
EBITDA ¹	-	553	295.1	313.9	456.5	331	385
EBIT ¹	-	368.3	140.3	241.8	156.8	246	254.7
Operating Margin	-	46.63%	24.27%	36.82%	20.65%	29.57%	27.39%
Earnings before Tax (EBT) ¹	-	371.5	140.3	96.05	-181.2	164	255
Net income ¹	-	316.4	57.53	96.47	-196.3	151.7	231
Net margin	-	40.07%	9.95%	14.69%	-25.86%	18.23%	24.85%
EPS ²	0.1646	0.2603	0.0494	0.0676	-0.1309	0.1075	0.1523
Free Cash Flow ¹	-	71.52	-379.6	232	624	-787	-186
FCF margin	-	9.06%	-65.67%	35.33%	88.26%	-94.59%	-20.01%
FCF Conversion (EBITDA)	-	12.93%	-	73.91%	136.69%	-	-
FCF Conversion (Net income)	-	22.6%	-	240.54%	265.53%	-	-
Dividend per Share ²	-	0.0800	0.0900	0.0600	0.0980	0.0430	0.0485
Announcement Date	6/30/20	3/29/21	3/31/22	3/31/23	3/27/24	-	-

¹CNY in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	1,309	250	521	-	1,013	1,148
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	71.5	-380	232	624	-787	-186
ROE (net income / shareholders' equity)	-	15.9%	2.18%	3.86%	8.95%	8.9%	10.9%
ROA (Net income/ Total Assets)	-	12.2%	1.61%	2.78%	7.35%	6.13%	7.23%
Assets ¹	-	2,601	3,569	3,464	3,197	2,473	3,194
Book Value Per Share ²	-	1.950	1.900	1.720	1.960	1.590	1.770
Cash Flow per Share ²	-	0.1400	-0.0200	-	-0.0600	0.2100	0.2900
Capex ¹	-	93.6	357	108	267	179	180
Capex / Sales	-	11.85%	61.84%	16.41%	37.77%	21.55%	19.33%
Announcement Date	6/30/20	3/29/21	3/31/22	3/31/23	3/27/24	-	-

¹CNY in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.88 HKD

Average target price

1.363 HKD

Spread / Average Target

+54.92%

	1st Jan change	Capi.
CATHAY MEDIA AND EDUCATION GROUP INC.	+12.82%	182M
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.	+13.62%	13.78B
TAL EDUCATION GROUP	+6.18%	8.56B
GRAND CANYON EDUCATION, INC.	-0.05%	3.93B
STRATEGIC EDUCATION, INC.	+31.06%	2.95B
STRIDE, INC.	+12.99%	2.85B
LAUREATE EDUCATION, INC.	+7.95%	2.33B
ADTALEM GLOBAL EDUCATION INC.	-15.73%	1.95B
GAOTU TECHEDU INC.	+85.08%	1.73B
BENESSE HOLDINGS, INC.	-0.63%	1.59B