Financials Hytera Communications Corporation Limited

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
3.93 ^CNY	+4.80%		+3.69%	-33.95%

Apr. 18	China Stocks Muted Over US Rate Cut Outlook; Hytera Communications Up 6%	MT
Apr. 18	US Court Approves Hytera Communications' Appeal Against Product Ban; Shares Up 6%	MT

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	14,329	15,471	11,295	10,025	9,280	7,137	7,137	-
Enterprise Value (EV) ¹	18,819	19,998	11,295	10,025	9,280	7,137	7,137	7,137
P/E ratio	30.3 x	210 x	123 x	-15.3 x	23.2 x	19.7 x	12.5 x	9.25 x
Yield	0.44%	-	0.18%	-	-	-	-	-
Capitalization / Revenue	2.07 x	1.79 x	1.8 x	-	1.64 x	1.2 x	1.04 x	0.91 x
EV / Revenue	2.07 x	1.79 x	1.8 x	-	1.64 x	1.2 x	1.04 x	0.91 x
EV / EBITDA	14.9 x	29.3 x	19.2 x	-	10.9 x	5.12 x	4.89 x	5.32 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2.38 x	2.52 x	1.83 x	-	1.5 x	1.09 x	1.01 x	0.9 x
Nbr of stocks (in thousands)	1,816,080	1,839,574	1,839,574	1,816,080	1,816,080	1,816,132	1,816,132	-
Reference price ²	7.890	8.410	6.140	5.520	5.110	3.930	3.930	3.930
Announcement Date	2/27/19	2/28/20	4/15/21	4/7/22	3/31/23	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	6,935	8,652	6,265	-	5,653	5,937	6,851	7,854
EBITDA ¹	959.1	528.3	586.8	-	852.1	1,393	1,458	1,342
EBIT ¹	511.2	13.69	25.51	-	356.5	337.2	568	764.5
Operating Margin	7.37%	0.16%	0.41%	-	6.31%	5.68%	8.29%	9.73%
Earnings before Tax (EBT) ¹	517.3	11.5	22.1	-	347.4	338.6	576.1	776
Net income ¹	476.8	80.81	98.35	-661.7	407.5	360.8	576.5	776.5
Net margin	6.88%	0.93%	1.57%	-	7.21%	6.08%	8.41%	9.89%
EPS ²	0.2600	0.0400	0.0500	-0.3600	0.2200	0.2000	0.3150	0.4250
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	0.0350	-	0.0110	-	-	-	-	-
Announcement Date	2/27/19	2/28/20	4/15/21	4/7/22	3/31/23	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	4,490	4,527	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.681 x	8.569 x	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	8.1%	1.32%	1.61%	-	6.9%	5.61%	8.27%	10.1%
ROA (Net income/ Total Assets)	3.3%	0.51%	0.62%	-	-	-	-	-
Assets ¹	14,449	15,721	15,863	-	-	-	-	-
Book Value Per Share ²	3.320	3.340	3.360	-	3.420	3.600	3.910	4.350
Cash Flow per Share ²	0.0500	0.5900	0.3700	-	0.3400	0.6600	0.1900	0.5300
Capex ¹	1,731	751	665	-	-	281	375	428
Capex / Sales	24.97%	8.68%	10.61%	-	-	4.74%	5.47%	5.45%
Announcement Date	2/27/19	2/28/20	4/15/21	4/7/22	3/31/23	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.93 CNY

Average target price

7.57 CNY

Spread / Average Target

+92.62%

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