Financials Geely Automobile Holdings Limited

Equities

175 KYG3777B1032

Auto & Truck Manufacturers

Market Closed - Hong Kong Stock Exchange Other stock markets 03:08:40 2023-12-08 am EST			5-day change	1st Jan Change
7.83 ^HKD	-1.63%		-4.74%	-31.32%

Dec. 07	More than 1,000 VW workers in Tennessee sign union representation cards - UAW	RE
Dec. 07	More than 1,000 VW workers in Tennessee sign union representation cards - UAW	RE

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	108 835	124 850	218 948	173 875	101 256	72 273	-	-
Enterprise Value (EV) ¹	94 473	109 782	203 923	150 369	78 735	37 051	29 422	22 400
P/E ratio	8,84x	15,3x	39,8x	36,2x	19,9x	15,3x	10,6x	8,16x
Yield	2,46%	1,68%	0,75%	0,99%	1,83%	2,37%	3,20%	4,06%
Capitalization / Revenue	1,02x	1,28x	2,38x	1,71x	0,68x	0,42x	0,35x	0,31x
EV / Revenue	0,89x	1,13x	2,21x	1,48x	0,53x	0,22x	0,14x	0,10x
EV / EBITDA	5,61x	8,84x	19,5x	14,7x	7,60x	2,92x	1,89x	1,23x
EV / FCF	14,4x	22,1x	-169x	16,3x	13,9x	2,55x	1,73x	1,33x
FCF Yield	6,97%	4,52%	-0,59%	6,15%	7,22%	39,2%	57,7%	75,0%
Price to Book	2,42x	2,29x	3,44x	2,53x	1,35x	0,93x	0,86x	0,79x
Nbr of stocks (in thousands)	8 981 613	9 166 998	9 816 627	10 018 442	10 056 974	10 063 382	-	-
Reference price ²	12,1	13,6	22,3	17,4	10,1	7,18	7,18	7,18
Announcement Date	3/21/19	3/30/20	3/23/21	3/23/22	3/21/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	106 595	97 401	92 114	101 611	147 965	171 009	204 650	232 079
EBITDA ¹	16 849	12 414	10 465	10 202	10 360	12 677	15 549	18 142
EBIT ¹	14 435	8 681	4 974	3 308	2 042	3 990	5 743	7 732
Operating Margin	13,5%	8,91%	5,40%	3,26%	1,38%	2,33%	2,81%	3,33%
Earnings before Tax (EBT) ¹	14 959	9 636	6 441	4 665	4 682	4 469	6 888	9 287
Net income ¹	12 553	8 190	5 534	4 847	5 260	4 732	6 805	8 864
Net margin	11,8%	8,41%	6,01%	4,77%	3,56%	2,77%	3,33%	3,82%
EPS ²	1,37	0,89	0,56	0,48	0,50	0,47	0,68	0,88
Free Cash Flow ¹	6 581	4 963	-1 210	9 248	5 681	14 521	16 975	16 805
FCF margin	6,17%	5,10%	-1,31%	9,10%	3,84%	8,49%	8,29%	7,24%
FCF Conversion (EBITDA)	39,1%	40,0%	-	90,7%	54,8%	115%	109%	92,6%
FCF Conversion (Net income)	52,4%	60,6%	-	191%	108%	307%	249%	190%
Dividend per Share ²	0,30	0,23	0,17	0,17	0,18	0,17	0,23	0,29
Announcement Date	3/21/19	3/30/20	3/23/21	3/23/22	3/21/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2019 S1	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2
Net sales ¹	47 559	49 843	36 820	55 294	45 032	56 579	58 184	89 781	73 182	99 607
EBITDA	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4 367	4 314	2 106	2 868	2 118	1 190	555	1 487	-	3 277
Operating Margin	9,18%	8,66%	5,72%	5,19%	4,70%	2,10%	0,95%	1,66%	-	3,29%
Earnings before Tax (EBT) ¹	-	4 872	2 640	3 801	2 921	1 745	-	-	-	3 302
Net income ¹	4 009	4 180	2 297	3 237	2 381	2 466	1 552	3 708	1 571	3 537
Net margin	8,43%	8,39%	6,24%	5,85%	5,29%	4,36%	2,67%	4,13%	2,15%	3,55%
EPS ²	0,44	0,45	0,25	0,31	0,24	0,24	0,15	0,36	-	0,36
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/21/19	3/30/20	8/17/20	3/23/21	8/18/21	3/23/22	8/18/22	3/21/23	8/22/23	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	14 362	15 068	15 025	23 505	22 521	35 222	42 851	49 873
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	6 581	4 963	-1 210	9 248	5 681	14 521	16 975	16 805
ROE (net income / shareholders' equity)	31,6%	16,5%	9,37%	7,33%	3,66%	5,94%	8,05%	9,58%
Shareholders' equity ¹	39 705	49 690	59 033	66 119	143 736	79 732	84 560	92 552
ROA (Net income/ Total Assets)	14,2%	8,21%	5,06%	3,95%	2,51%	2,68%	3,49%	4,12%
Assets ¹	88 223	99 694	109 372	122 577	209 939	176 500	194 961	215 109
Book Value Per Share ²	5,01	5,94	6,48	6,85	7,47	7,73	8,38	9,05
Cash Flow per Share ²	1,52	1,37	3,24	1,55	1,58	1,36	1,72	-
Capex ¹	7 344	7 479	2 807	6 100	3 516	9 750	9 323	9 421
Capex / Sales	6,89%	7,68%	3,05%	6,00%	2,38%	5,70%	4,56%	4,06%
Announcement Date	3/21/19	3/30/20	3/23/21	3/23/22	3/21/23	-	-	-

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 Geely Automobile Holdings Limited

Trading Rating :

Investor Rating :

ESG Refinitiv :

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.182CNY

Average target price

12.97CNY

Spread / Average Target

+80.54%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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