Financials Ningbo Boway Alloy Material Company Limited

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
18.4 ^CNY	+0.49%		+6.91%	+18.48%

Apr. 22	Ningbo Boway Alloy Material Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Ningbo Boway Alloy Material Company Limited Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,557	8,916	18,614	11,681	12,122	14,362	-	-
Enterprise Value (EV) ¹	7,557	8,916	18,614	11,681	12,122	14,362	14,362	14,362
P/E ratio	17.6 x	20.1 x	60.5 x	21.8 x	10.9 x	10.9 x	9.43 x	7.09 x
Yield	-	1.48%	0.51%	1.42%	2.9%	3.15%	3.45%	4.4%
Capitalization / Revenue	1 x	1.17 x	1.85 x	0.87 x	0.68 x	0.69 x	0.63 x	0.55 x
EV / Revenue	1 x	1.17 x	1.85 x	0.87 x	0.68 x	0.69 x	0.63 x	0.55 x
EV / EBITDA	-	12.1 x	31 x	12.1 x	6.97 x	5.94 x	5.25 x	4.66 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2.05 x	1.75 x	3.44 x	1.94 x	1.73 x	1.73 x	1.6 x	1.29 x
Nbr of stocks (in thousands)	671,174	776,697	788,711	788,711	780,532	780,532	-	-
Reference price ²	11.26	11.48	23.60	14.81	15.53	18.40	18.40	18.40
Announcement Date	4/20/20	4/12/21	4/18/22	4/24/23	4/22/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,592	7,589	10,038	13,448	17,756	20,732	22,704	26,247
EBITDA ¹	-	736.2	600.1	966.9	1,740	2,418	2,733	3,079
EBIT ¹	-	468.7	301	614	1,295	1,486	1,810	2,320
Operating Margin	-	6.18%	3%	4.57%	7.29%	7.17%	7.97%	8.84%
Earnings before Tax (EBT) ¹	-	463.2	338.1	600.4	1,286	1,485	1,807	2,315
Net income ¹	440.1	428.9	310.3	537.1	1,124	1,316	1,526	2,030
Net margin	5.8%	5.65%	3.09%	3.99%	6.33%	6.35%	6.72%	7.74%
EPS ²	0.6400	0.5700	0.3900	0.6800	1.430	1.684	1.951	2.595
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	0.1700	0.1200	0.2100	0.4500	0.5800	0.6350	0.8100
Announcement Date	4/20/20	4/12/21	4/18/22	4/24/23	4/22/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	10.1%	5.83%	9.41%	17.3%	16.4%	16.6%	18.2%
ROA (Net income/ Total Assets)	-	5.14%	-	3.71%	-	8.04%	8.29%	9.2%
Assets ¹	-	8,348	-	14,484	-	16,369	18,415	22,071
Book Value Per Share ²	5.480	6.550	6.860	7.620	8.950	10.60	11.50	14.30
Cash Flow per Share ²	-	0.4000	0.1600	0.6700	1.850	2.260	2.500	3.140
Capex ¹	-	1,234	998	931	877	980	775	671
Capex / Sales	-	16.26%	9.94%	6.92%	4.94%	4.73%	3.41%	2.56%
Announcement Date	4/20/20	4/12/21	4/18/22	4/24/23	4/22/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

18.4 CNY

Average target price

20.57 CNY

Spread / Average Target

+11.79%

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