Financials Minsheng Education Group Company Limited

Equities

1569

KYG6145R1065

School, College & University

Market Closed - Hong Kong S.E. 04:08:22 2024-04-29 am EDT 5-day change 1st Jan Change
0.25 HKD +2.04% Intraday chart for Minsheng Education Group Company Limited +5.49% +2.46%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 4,622 4,955 4,011 3,230 1,863 935.4
Enterprise Value (EV) 1 3,564 4,193 3,281 2,238 543.9 -244.5
P/E ratio 13.9 x 14.5 x 29.9 x 5.6 x 3.8 x 6.74 x
Yield - 2.1% 0.95% 5.64% 8.51% 4.01%
Capitalization / Revenue 7.42 x 4.93 x 3.62 x 1.35 x 0.79 x 0.4 x
EV / Revenue 5.72 x 4.17 x 2.96 x 0.93 x 0.23 x -0.1 x
EV / EBITDA 14.5 x 10.2 x 7.35 x 2.94 x 0.74 x -0.32 x
EV / FCF 6.58 x -65 x 9.19 x 3.73 x 0.73 x 0.29 x
FCF Yield 15.2% -1.54% 10.9% 26.8% 137% 341%
Price to Book 1.36 x 1.32 x 0.99 x 0.7 x 0.39 x 0.18 x
Nbr of stocks (in thousands) 4,017,720 4,017,720 4,217,720 4,217,720 4,217,720 4,217,720
Reference price 2 1.150 1.233 0.9511 0.7659 0.4416 0.2218
Announcement Date 4/16/19 4/27/20 4/23/21 4/28/22 4/28/23 4/11/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 623.1 1,005 1,107 2,394 2,354 2,352
EBITDA 1 245.8 412.9 446.7 761.6 732.5 756.7
EBIT 1 174.1 295.6 318.8 547.1 490.2 517.9
Operating Margin 27.93% 29.4% 28.79% 22.85% 20.83% 22.01%
Earnings before Tax (EBT) 1 348.3 346.3 143.5 661.8 546.5 321.7
Net income 1 332.8 341.6 131.5 576.9 490.1 138.9
Net margin 53.41% 33.98% 11.87% 24.1% 20.82% 5.9%
EPS 2 0.0827 0.0850 0.0318 0.1368 0.1162 0.0329
Free Cash Flow 1 541.6 -64.48 357.2 599.8 747.6 -834
FCF margin 86.92% -6.41% 32.26% 25.05% 31.76% -35.45%
FCF Conversion (EBITDA) 220.37% - 79.97% 78.75% 102.05% -
FCF Conversion (Net income) 162.73% - 271.71% 103.97% 152.55% -
Dividend per Share - 0.0259 0.009000 0.0432 0.0376 0.008900
Announcement Date 4/16/19 4/27/20 4/23/21 4/28/22 4/28/23 4/11/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 1,057 762 730 993 1,319 1,180
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 542 -64.5 357 600 748 -834
ROE (net income / shareholders' equity) 9.97% 9.03% 3.16% 13.6% 10.4% 2.21%
ROA (Net income/ Total Assets) 2.01% 2.7% 2.46% 3.33% 2.62% 2.78%
Assets 1 16,593 12,666 5,341 17,335 18,709 5,003
Book Value Per Share 2 0.8500 0.9400 0.9600 1.090 1.140 1.210
Cash Flow per Share 2 0.3700 0.3300 0.6200 0.6500 0.8200 0.7600
Capex 1 241 228 210 610 388 300
Capex / Sales 38.65% 22.64% 18.96% 25.46% 16.47% 12.73%
Announcement Date 4/16/19 4/27/20 4/23/21 4/28/22 4/28/23 4/11/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
0.2312 CNY
Average target price
0.468 CNY
Spread / Average Target
+102.38%
Consensus

Annual profits - Rate of surprise

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