Stock 603863 GUANGDONG SONGYANG RECYCLE RESOURCES CO.,LTD
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Financials GuangDong SongYang Recycle Resources CO.,LTD

Equities

603863

CNE100003L86

Paper Packaging

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
38.2 CNY +3.38% Intraday chart for GuangDong SongYang Recycle Resources CO.,LTD +5.99% +12.92%
Apr. 22 GuangDong SongYang Recycle Resources CO.,LTD Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 GuangDong SongYang Recycle Resources CO.,LTD Reports Earnings Results for the Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023
Capitalization 1 3,352 2,069 1,880 2,630 6,923
Enterprise Value (EV) 1 2,907 2,160 2,084 3,103 7,419
P/E ratio 33.2 x 27.2 x 228 x -9.52 x -29.2 x
Yield - 1% - - -
Capitalization / Revenue 5.75 x 4.15 x 3.15 x 2.83 x 10.4 x
EV / Revenue 4.98 x 4.33 x 3.49 x 3.34 x 11.2 x
EV / EBITDA 26.3 x 21.9 x 70.8 x -15.7 x -94 x
EV / FCF -10.1 x -2.98 x 31 x -36.3 x -379 x
FCF Yield -9.93% -33.5% 3.22% -2.75% -0.26%
Price to Book 3 x 1.76 x 1.59 x 2.93 x 10.6 x
Nbr of stocks (in thousands) 205,894 205,894 205,894 204,650 204,650
Reference price 2 16.28 10.05 9.130 12.85 33.83
Announcement Date 4/28/20 4/29/21 3/30/22 4/26/23 4/22/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 601.2 583.3 498.9 597.1 928.1 665.4
EBITDA 1 135.8 110.7 98.59 29.43 -197.8 -78.94
EBIT 1 115.5 90.16 75.22 5.371 -258.6 -147.8
Operating Margin 19.22% 15.46% 15.08% 0.9% -27.87% -22.21%
Earnings before Tax (EBT) 1 109.6 92.74 80.15 6.34 -273.8 -235.5
Net income 1 94.91 89.15 76.61 8.874 -277.2 -236.9
Net margin 15.79% 15.28% 15.36% 1.49% -29.87% -35.61%
EPS 2 0.6100 0.4900 0.3700 0.0400 -1.350 -1.160
Free Cash Flow 1 85.37 -288.7 -724.2 67.15 -85.44 -19.56
FCF margin 14.2% -49.5% -145.14% 11.25% -9.21% -2.94%
FCF Conversion (EBITDA) 62.84% - - 228.13% - -
FCF Conversion (Net income) 89.95% - - 756.74% - -
Dividend per Share - - 0.1000 - - -
Announcement Date 1/24/19 4/28/20 4/29/21 3/30/22 4/26/23 4/22/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - 90.5 204 473 496
Net Cash position 1 237 445 - - - -
Leverage (Debt/EBITDA) - - 0.9177 x 6.942 x -2.391 x -6.278 x
Free Cash Flow 1 85.4 -289 -724 67.2 -85.4 -19.6
ROE (net income / shareholders' equity) 18.1% 10.5% 6.68% 0.75% -26.7% -30.4%
ROA (Net income/ Total Assets) 9.57% 5.21% 3.22% 0.19% -9.43% -6.02%
Assets 1 991.5 1,712 2,382 4,572 2,941 3,939
Book Value Per Share 2 3.680 5.430 5.700 5.740 4.380 3.200
Cash Flow per Share 2 2.790 2.220 1.130 1.340 0.0600 0.1800
Capex 1 14.8 340 598 378 66.2 36.6
Capex / Sales 2.45% 58.24% 119.94% 63.23% 7.13% 5.51%
Announcement Date 1/24/19 4/28/20 4/29/21 3/30/22 4/26/23 4/22/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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