Financials National Electronics Holdings Limited

Equities

213

BMG6374F1041

Apparel & Accessories

Market Closed - Hong Kong S.E. 04:09:00 2024-05-03 am EDT 5-day change 1st Jan Change
0.66 HKD 0.00% Intraday chart for National Electronics Holdings Limited +6.45% -5.71%

Valuation

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Capitalization 1 1,172 1,220 1,068 1,019 987.3 845.9
Enterprise Value (EV) 1 3,593 4,061 3,708 3,599 4,106 4,621
P/E ratio 5.35 x 5.53 x 8.95 x 8.9 x 11 x 17.7 x
Yield 3.07% 2.92% 3.27% 3.33% 3.37% 2.5%
Capitalization / Revenue 0.83 x 1.38 x 1.58 x 0.71 x 1.42 x 1.69 x
EV / Revenue 2.56 x 4.61 x 5.5 x 2.49 x 5.91 x 9.22 x
EV / EBITDA 115 x -187 x -177 x 75 x -159 x -73.1 x
EV / FCF 13.9 x -7.11 x -16 x 9.28 x -17.2 x -23.3 x
FCF Yield 7.22% -14.1% -6.25% 10.8% -5.81% -4.29%
Price to Book 0.52 x 0.51 x 0.44 x 0.4 x 0.38 x 0.33 x
Nbr of stocks (in thousands) 1,028,065 1,016,585 997,759 970,173 949,307 919,421
Reference price 2 1.140 1.200 1.070 1.050 1.040 0.9200
Announcement Date 7/26/18 7/25/19 7/28/20 7/21/21 7/20/22 7/28/23
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net sales 1 1,406 881.4 673.9 1,443 694.6 501.3
EBITDA 1 31.35 -21.71 -20.94 48.01 -25.83 -63.21
EBIT 1 4.878 -49.77 -37.48 34.71 -35.66 -71.2
Operating Margin 0.35% -5.65% -5.56% 2.41% -5.13% -14.2%
Earnings before Tax (EBT) 1 254.3 299.9 123.7 89.56 84.07 65.5
Net income 1 218.7 221.8 120.8 116.3 91.36 48.87
Net margin 15.56% 25.17% 17.93% 8.06% 13.15% 9.75%
EPS 2 0.2130 0.2169 0.1196 0.1180 0.0946 0.0520
Free Cash Flow 1 259.4 -571 -231.7 387.9 -238.7 -198.5
FCF margin 18.45% -64.78% -34.38% 26.88% -34.36% -39.59%
FCF Conversion (EBITDA) 827.2% - - 807.94% - -
FCF Conversion (Net income) 118.59% - - 333.63% - -
Dividend per Share 2 0.0350 0.0350 0.0350 0.0350 0.0350 0.0230
Announcement Date 7/26/18 7/25/19 7/28/20 7/21/21 7/20/22 7/28/23
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net Debt 1 2,421 2,841 2,640 2,581 3,119 3,776
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 77.21 x -130.9 x -126.1 x 53.75 x -120.7 x -59.73 x
Free Cash Flow 1 259 -571 -232 388 -239 -198
ROE (net income / shareholders' equity) 10.3% 9.63% 5.06% 4.68% 3.53% 1.89%
ROA (Net income/ Total Assets) 0.05% -0.47% -0.33% 0.3% -0.28% -0.53%
Assets 1 439,175 -46,838 -36,229 38,910 -32,179 -9,252
Book Value Per Share 2 2.170 2.340 2.410 2.640 2.750 2.770
Cash Flow per Share 2 0.8400 0.8000 1.090 1.130 1.160 0.9300
Capex 1 15.7 14.9 6.74 5.34 1.22 1.61
Capex / Sales 1.12% 1.69% 1% 0.37% 0.18% 0.32%
Announcement Date 7/26/18 7/25/19 7/28/20 7/21/21 7/20/22 7/28/23
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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