Financials GRG Metrology & Test Group Co., Ltd.

Equities

002967

CNE100003Q57

Business Support Services

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
14.64 ^CNY	-6.69%		-8.90%	-2.47%

Apr. 25	GRG Metrology & Test Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 29	GRG Metrology & Test Group Co., Ltd. Proposes Final Cash Dividend for the Year 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,492	19,390	15,577	9,652	8,634	8,421	-	-
Enterprise Value (EV) ¹	10,492	19,390	15,577	9,652	8,634	8,421	8,421	8,421
P/E ratio	48.1 x	83.3 x	82.1 x	52.4 x	42.9 x	28.2 x	20.2 x	19.1 x
Yield	-	-	0.55%	0.89%	1%	1.5%	2.53%	-
Capitalization / Revenue	6.61 x	10.5 x	6.93 x	3.71 x	2.99 x	2.58 x	2.11 x	2.02 x
EV / Revenue	6.61 x	10.5 x	6.93 x	3.71 x	2.99 x	2.58 x	2.11 x	2.02 x
EV / EBITDA	31.6 x	39.6 x	-	14.6 x	16.3 x	12.7 x	10.2 x	8.66 x
EV / FCF	-	-	357 x	-174 x	160 x	-90.6 x	196 x	-
FCF Yield	-	-	0.28%	-0.57%	0.62%	-1.1%	0.51%	-
Price to Book	6.87 x	11.3 x	4.57 x	2.76 x	2.4 x	2.21 x	2 x	1.92 x
Nbr of stocks (in thousands)	529,072	529,072	575,226	575,226	575,226	575,226	-	-
Reference price ²	19.83	36.65	27.08	16.78	15.01	14.64	14.64	14.64
Announcement Date	2/26/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,588	1,840	2,247	2,604	2,889	3,262	3,983	4,160
EBITDA ¹	332.3	490.1	-	658.9	529.1	663.9	825.8	972.5
EBIT ¹	173.8	232.1	201	181.2	199.9	307.5	429.6	452.4
Operating Margin	10.94%	12.61%	8.95%	6.96%	6.92%	9.43%	10.79%	10.88%
Earnings before Tax (EBT) ¹	176.4	246.1	204.5	184.1	207.7	313.9	434.8	458.8
Net income ¹	169.4	235.4	182.2	184	199.4	299.8	416.7	439.5
Net margin	10.67%	12.79%	8.11%	7.06%	6.9%	9.19%	10.46%	10.56%
EPS ²	0.4125	0.4400	0.3300	0.3200	0.3500	0.5200	0.7233	0.7650
Free Cash Flow ¹	-	-	43.65	-55.47	53.87	-93	43	-
FCF margin	-	-	1.94%	-2.13%	1.86%	-2.85%	1.08%	-
FCF Conversion (EBITDA)	-	-	-	-	10.18%	-	5.21%	-
FCF Conversion (Net income)	-	-	23.96%	-	27.02%	-	10.32%	-
Dividend per Share ²	-	-	0.1500	0.1500	0.1500	0.2200	0.3700	-
Announcement Date	2/26/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1
Net sales	-
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income ¹	-79.48
Net margin	-
EPS	-
Dividend per Share	-
Announcement Date	4/27/22

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	43.7	-55.5	53.9	-93	43	-
ROE (net income / shareholders' equity)	18.4%	14.6%	6.81%	5.34%	5.65%	7.91%	9.79%	10.1%
ROA (Net income/ Total Assets)	-	7.53%	4.22%	-	3.28%	4.71%	5.32%	5.65%
Assets ¹	-	3,126	4,313	-	6,071	6,365	7,833	7,778
Book Value Per Share ²	2.890	3.240	5.930	6.070	6.250	6.620	7.300	7.620
Cash Flow per Share ²	0.3200	0.7900	0.9000	0.9500	1.130	1.230	1.300	1.500
Capex ¹	422	363	455	604	594	389	534	413
Capex / Sales	26.57%	19.71%	20.25%	23.2%	20.55%	11.94%	13.4%	9.94%
Announcement Date	2/26/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

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 GRG Metrology & Test Group Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

14.64 CNY

Average target price

18.22 CNY

Spread / Average Target

+24.45%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

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