Financials Great Wall Motor Company Limited OTC Markets

Equities

GWLLY

US39137B1098

Auto & Truck Manufacturers

Market Closed - OTC Markets Other stock markets 03:50:45 2024-06-18 pm EDT			5-day change	1st Jan Change
15.32 ^USD	+8.61%		+4.29%	+20.16%

Jun. 14	BMW JV Reportedly Facing Highest EV Tariff Level in EU Probe	MT
Jun. 14	Chery Auto Says Spain Facility Will Help Alleviate Effects of Additional EU Tariffs	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	69,285	299,036	365,573	203,945	176,374	185,776	-	-
Enterprise Value (EV) ¹	65,128	303,126	353,530	197,915	167,377	172,309	165,818	147,466
P/E ratio	10.5 x	38.6 x	29.9 x	9.86 x	11.2 x	9.72 x	8.51 x	7.34 x
Yield	4.86%	1.25%	1.69%	3.34%	3.26%	4.33%	4.69%	5.44%
Capitalization / Revenue	0.73 x	2.89 x	2.68 x	1.48 x	1.02 x	0.86 x	0.73 x	0.65 x
EV / Revenue	0.68 x	2.93 x	2.59 x	1.44 x	0.97 x	0.79 x	0.65 x	0.52 x
EV / EBITDA	6.94 x	28.9 x	30.1 x	14 x	11.5 x	9.57 x	8.03 x	6.36 x
EV / FCF	9.26 x	-117 x	15.5 x	-49.6 x	110 x	21.8 x	11.3 x	8.46 x
FCF Yield	10.8%	-0.86%	6.46%	-2.02%	0.91%	4.58%	8.84%	11.8%
Price to Book	0.87 x	3.58 x	3.25 x	1.12 x	1.14 x	1.28 x	1.16 x	1.03 x
Nbr of stocks (in thousands)	9,127,269	9,175,953	9,235,467	8,645,413	8,456,737	8,501,933	-	-
Reference price ²	5.148	22.39	21.84	8.973	9.216	11.27	11.27	11.27
Announcement Date	2/21/20	1/25/21	2/8/22	2/2/23	1/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	95,108	103,308	136,405	137,340	173,212	217,094	253,679	284,823
EBITDA ¹	9,391	10,503	11,727	14,128	14,518	18,006	20,648	23,172
EBIT ¹	4,777	5,752	6,369	7,967	7,201	9,970	11,982	13,746
Operating Margin	5.02%	5.57%	4.67%	5.8%	4.16%	4.59%	4.72%	4.83%
Earnings before Tax (EBT) ¹	5,101	6,227	7,482	8,807	7,824	11,048	12,899	14,836
Net income ¹	4,497	5,362	6,726	8,266	7,022	9,777	11,524	13,358
Net margin	4.73%	5.19%	4.93%	6.02%	4.05%	4.5%	4.54%	4.69%
EPS ²	0.4922	0.5800	0.7300	0.9100	0.8200	1.160	1.324	1.536
Free Cash Flow ¹	7,032	-2,599	22,843	-3,990	1,525	7,897	14,654	17,439
FCF margin	7.39%	-2.52%	16.75%	-2.9%	0.88%	3.64%	5.78%	6.12%
FCF Conversion (EBITDA)	74.88%	-	194.79%	-	10.5%	43.86%	70.97%	75.26%
FCF Conversion (Net income)	156.37%	-	339.61%	-	21.71%	80.77%	127.16%	130.55%
Dividend per Share ²	0.2500	0.2800	0.3700	0.3000	0.3000	0.4878	0.5282	0.6124
Announcement Date	2/21/20	1/25/21	2/8/22	2/2/23	1/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	54,791	35,929	67,378	61,928	45,607	74,476	-	28,515	62,134	37,346	37,860	75,206	29,039	40,933	69,971	49,532	53,709	103,241	42,860	46,299	60,639	61,472
EBITDA	-	-	-	-	926	-	-	-	-	4,329	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	2,998	-	4,591	3,859	1,090	2,510	-	585.2	1,761	2,404	-78.79	2,664	-70.66	725.6	655	4,130	1,846	5,976	3,633	-	-	-
Operating Margin	5.47%	-	6.81%	6.23%	2.39%	3.37%	-	2.05%	2.83%	6.44%	-0.21%	3.54%	-0.24%	1.77%	0.94%	8.34%	3.44%	5.79%	8.48%	-	-	-
Earnings before Tax (EBT)	3,196	-	4,909	3,936	2,044	-	-	-	5,866	2,935	5.618	2,940	62.22	1,330	1,392	4,210	2,222	6,432	3,758	-	-	-
Net income	2,980	1,146	4,216	3,529	1,781	3,197	-	3,967	5,601	2,560	105.7	2,666	174.2	1,187	1,361	3,634	2,027	5,660	3,228	-	-	-
Net margin	5.44%	3.19%	6.26%	5.7%	3.91%	4.29%	-	13.91%	9.01%	6.85%	0.28%	3.54%	0.6%	2.9%	1.95%	7.34%	3.77%	5.48%	7.53%	-	-	-
EPS	0.3260	0.1242	0.4560	0.3800	0.2000	0.3500	0.1800	-	0.6000	0.2800	0.0300	0.3100	-	0.1400	0.1600	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/21/20	7/24/20	1/25/21	7/20/21	2/8/22	2/8/22	4/22/22	8/30/22	8/30/22	10/21/22	2/2/23	2/2/23	4/21/23	8/30/23	8/30/23	10/27/23	1/24/24	1/24/24	4/24/24	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	4,090	-	-	-	-	-	-
Net Cash position ¹	4,157	-	12,043	6,030	8,997	13,467	19,959	38,311
Leverage (Debt/EBITDA)	-	0.3894 x	-	-	-	-	-	-
Free Cash Flow ¹	7,032	-2,599	22,843	-3,990	1,525	7,897	14,654	17,439
ROE (net income / shareholders' equity)	8.45%	9.58%	11.3%	12.7%	10.6%	13.2%	14%	14.5%
ROA (Net income/ Total Assets)	3.99%	4.02%	4.08%	4.58%	3.63%	4.32%	4.49%	4.6%
Assets ¹	112,735	133,561	164,710	180,383	193,314	226,237	256,925	290,558
Book Value Per Share ²	5.950	6.250	6.730	8.010	8.060	8.810	9.710	10.90
Cash Flow per Share ²	1.530	0.5600	3.820	1.360	2.070	2.160	2.310	2.740
Capex ¹	6,785	7,780	12,473	15,859	16,229	13,074	11,519	11,474
Capex / Sales	7.13%	7.53%	9.14%	11.55%	9.37%	6.02%	4.54%	4.03%
Announcement Date	2/21/20	1/25/21	2/8/22	2/2/23	1/24/24	-	-	-

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 Great Wall Motor Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

11.27 CNY

Average target price

12.92 CNY

Spread / Average Target

+14.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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BMW AG	-12.15%	59.82B
GENERAL MOTORS COMPANY	+32.07%	54.1B
HONDA MOTOR CO., LTD.	+13.47%	51.33B
FORD MOTOR COMPANY	-3.36%	47.03B
HYUNDAI MOTOR COMPANY	+40.79%	44.93B
TATA MOTORS LIMITED	+25.79%	42.93B

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