Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 3,221 3,573 3,802 2,855 3,434 2,741
Enterprise Value (EV) 1 3,444 3,687 3,890 2,910 3,638 3,129
P/E ratio 267 x -39.6 x 330 x 56.7 x -41.6 x -11.7 x
Yield 0.29% - - - - -
Capitalization / Revenue 2.2 x 2.64 x 2.9 x 1.99 x 2.12 x 1.84 x
EV / Revenue 2.36 x 2.72 x 2.97 x 2.03 x 2.24 x 2.1 x
EV / EBITDA 16.8 x 26.8 x 26.5 x 18.1 x 65.5 x -32.7 x
EV / FCF 155 x 20.4 x 74.5 x 9.29 x -32.8 x -873 x
FCF Yield 0.65% 4.9% 1.34% 10.8% -3.05% -0.11%
Price to Book 2.13 x 2.53 x 2.67 x 1.94 x 2.4 x 2.2 x
Nbr of stocks (in thousands) 469,470 468,861 468,861 468,861 492,011 492,011
Reference price 2 6.860 7.620 8.110 6.090 6.980 5.570
Announcement Date 4/22/18 4/24/19 4/27/20 4/9/21 4/29/22 3/28/23
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 1,461 1,355 1,309 1,434 1,622 1,488
EBITDA 1 204.5 137.4 147 160.7 55.56 -95.54
EBIT 1 76.39 0.5253 10.21 31.24 -110.6 -262.8
Operating Margin 5.23% 0.04% 0.78% 2.18% -6.82% -17.66%
Earnings before Tax (EBT) 1 24.24 -90.5 12.11 65.82 -80.93 -267
Net income 1 12.06 -90.4 11.53 50.36 -81.24 -234.2
Net margin 0.83% -6.67% 0.88% 3.51% -5.01% -15.74%
EPS 2 0.0257 -0.1924 0.0246 0.1074 -0.1676 -0.4760
Free Cash Flow 1 22.22 180.8 52.23 313.3 -110.9 -3.586
FCF margin 1.52% 13.35% 3.99% 21.85% -6.83% -0.24%
FCF Conversion (EBITDA) 10.86% 131.61% 35.53% 194.96% - -
FCF Conversion (Net income) 184.26% - 453.02% 622.19% - -
Dividend per Share 2 0.0200 - - - - -
Announcement Date 4/22/18 4/24/19 4/27/20 4/9/21 4/29/22 3/28/23
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 223 114 87.1 54.8 203 388
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 1.093 x 0.8308 x 0.5928 x 0.3411 x 3.661 x -4.061 x
Free Cash Flow 1 22.2 181 52.2 313 -111 -3.59
ROE (net income / shareholders' equity) 0.8% -6.19% 0.81% 3.48% -5.59% -18.6%
ROA (Net income/ Total Assets) 2.02% 0.01% 0.29% 0.81% -2.6% -6.11%
Assets 1 598.2 -623,473 3,930 6,216 3,123 3,834
Book Value Per Share 2 3.220 3.010 3.030 3.140 2.910 2.540
Cash Flow per Share 2 0.3700 0.4400 0.2900 0.4700 0.4300 0.4000
Capex 1 142 74.5 21.7 11.8 191 159
Capex / Sales 9.69% 5.5% 1.66% 0.82% 11.76% 10.69%
Announcement Date 4/22/18 4/24/19 4/27/20 4/9/21 4/29/22 3/28/23
1CNY in Million2CNY
Estimates
  1. Stock Market
  2. Equities
  3. 002708 Stock
  4. Financials Changzhou Nrb Corporation