Stock 1756 CHINA VOCATIONAL EDUCATION HOLDINGS LIMITED
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Financials China Vocational Education Holdings Limited

Equities

1756

KYG4643F1046

School, College & University

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
0.69 HKD 0.00% Intraday chart for China Vocational Education Holdings Limited 0.00% +11.29%
Apr. 26 China Vocational Education Holdings Limited Reports Earnings Results for the Half Year Ended February 29, 2024 CI
Jan. 12 South China Vocational Education CFO Resigns MT

Valuation

Fiscal Period: August 2020 2021 2022 2023
Capitalization 1 3,170 1,515 1,043 788.5
Enterprise Value (EV) 1 4,087 3,042 2,747 2,316
P/E ratio 9.77 x 10.6 x 4.01 x 2.01 x
Yield 4.3% 3.26% - -
Capitalization / Revenue 4.16 x 1.72 x 1.15 x 0.73 x
EV / Revenue 5.37 x 3.45 x 3.03 x 2.14 x
EV / EBITDA 9.38 x 6.65 x 5.5 x 3.64 x
EV / FCF -12.1 x -6.96 x -13.5 x 16.6 x
FCF Yield -8.26% -14.4% -7.38% 6.03%
Price to Book 1.18 x 0.56 x 0.36 x 0.23 x
Nbr of stocks (in thousands) 1,200,000 1,200,000 1,200,000 1,200,000
Reference price 2 2.642 1.263 0.8690 0.6571
Announcement Date 12/17/20 12/21/21 12/20/22 12/19/23
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August 2018 2019 2020 2021 2022 2023
Net sales 1 608 674.8 761.5 881.7 907.8 1,083
EBITDA 1 354.7 370.2 435.7 457.7 499.1 636.9
EBIT 1 261.4 273 358.9 378.1 383.8 496.5
Operating Margin 43% 40.46% 47.13% 42.89% 42.28% 45.83%
Earnings before Tax (EBT) 1 200.1 227 310.9 169.6 278.9 398.2
Net income 1 193.3 223.1 306.7 143.5 259.8 393
Net margin 31.8% 33.06% 40.27% 16.27% 28.62% 36.28%
EPS 2 0.3867 0.4461 0.2704 0.1195 0.2165 0.3275
Free Cash Flow 1 -333.3 -420 -337.6 -437.2 -202.8 139.7
FCF margin -54.83% -62.24% -44.34% -49.58% -22.34% 12.9%
FCF Conversion (EBITDA) - - - - - 21.94%
FCF Conversion (Net income) - - - - - 35.55%
Dividend per Share - - 0.1136 0.0411 - -
Announcement Date 7/29/19 11/13/19 12/17/20 12/21/21 12/20/22 12/19/23
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: August 2018 2019 2020 2021 2022 2023
Net Debt 1 226 1,264 917 1,527 1,704 1,527
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 0.6359 x 3.414 x 2.105 x 3.336 x 3.414 x 2.398 x
Free Cash Flow 1 -333 -420 -338 -437 -203 140
ROE (net income / shareholders' equity) 17.4% 15.2% 14.4% 5.35% 9.31% 12.6%
ROA (Net income/ Total Assets) 4.67% 4.29% 4.78% 4.15% 3.69% 4.45%
Assets 1 4,139 5,196 6,416 3,456 7,039 8,831
Book Value Per Share 2 2.720 3.160 2.230 2.240 2.410 2.810
Cash Flow per Share 2 1.250 0.9100 0.7200 0.7300 0.6700 0.8200
Capex 1 406 803 341 1,148 605 570
Capex / Sales 66.73% 119.03% 44.72% 130.26% 66.7% 52.63%
Announcement Date 7/29/19 11/13/19 12/17/20 12/21/21 12/20/22 12/19/23
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector School, College & University (NEC)

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School, College & University (NEC)
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