Financials Ningbo Fuda Company Limited

Equities

600724

CNE000000L81

Oil & Gas Refining and Marketing

End-of-day quote Shanghai S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
4.33 CNY +2.36% Intraday chart for Ningbo Fuda Company Limited +4.84% +9.07%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 4,784 5,449 5,174 5,304 5,275 5,738
Enterprise Value (EV) 1 6,380 4,159 3,692 3,964 4,353 4,795
P/E ratio 6.4 x 11.2 x 12.3 x 14.7 x 21.6 x 24.9 x
Yield 0.6% 0.72% 6.15% 6.81% 4.11% 3.78%
Capitalization / Revenue 1.69 x 1.73 x 2.21 x 2.27 x 1.62 x 1.81 x
EV / Revenue 2.25 x 1.32 x 1.58 x 1.69 x 1.34 x 1.51 x
EV / EBITDA 6.2 x 4.22 x 5.28 x 6.48 x 9.76 x 12.9 x
EV / FCF 6.03 x 1.52 x 7.71 x 23.8 x -131 x 24.9 x
FCF Yield 16.6% 65.6% 13% 4.2% -0.76% 4.02%
Price to Book 1.94 x 1.87 x 1.75 x 1.77 x 1.83 x 1.98 x
Nbr of stocks (in thousands) 1,445,241 1,445,241 1,445,241 1,445,241 1,445,241 1,445,241
Reference price 2 3.310 3.770 3.580 3.670 3.650 3.970
Announcement Date 3/28/19 3/26/20 3/26/21 3/28/22 3/28/23 3/11/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 2,833 3,145 2,340 2,340 3,256 3,167
EBITDA 1 1,030 985.7 699 611.3 445.8 371.8
EBIT 1 888.5 838.9 569.4 483.2 315.5 225.5
Operating Margin 31.37% 26.68% 24.33% 20.65% 9.69% 7.12%
Earnings before Tax (EBT) 1 1,063 839.1 700.6 616.8 374.3 283.6
Net income 1 747.2 487.2 421.7 360.6 244.2 230.2
Net margin 26.38% 15.49% 18.02% 15.41% 7.5% 7.27%
EPS 2 0.5170 0.3371 0.2918 0.2495 0.1690 0.1592
Free Cash Flow 1 1,058 2,727 478.9 166.4 -33.28 192.7
FCF margin 37.36% 86.73% 20.46% 7.11% -1.02% 6.08%
FCF Conversion (EBITDA) 102.79% 276.7% 68.5% 27.23% - 51.83%
FCF Conversion (Net income) 141.62% 559.81% 113.56% 46.16% - 83.73%
Dividend per Share 2 0.0200 0.0270 0.2200 0.2500 0.1500 0.1500
Announcement Date 3/28/19 3/26/20 3/26/21 3/28/22 3/28/23 3/11/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 1,596 - - - - -
Net Cash position 1 - 1,290 1,482 1,340 923 942
Leverage (Debt/EBITDA) 1.551 x - - - - -
Free Cash Flow 1 1,058 2,727 479 166 -33.3 193
ROE (net income / shareholders' equity) 33.4% 21.1% 16.3% 13.4% 8.2% 6.5%
ROA (Net income/ Total Assets) 5% 8.27% 7.94% 7.15% 4.57% 3.14%
Assets 1 14,937 5,888 5,308 5,042 5,342 7,322
Book Value Per Share 2 1.700 2.020 2.040 2.070 1.990 2.000
Cash Flow per Share 2 1.060 0.6900 1.070 0.6600 0.8800 1.110
Capex 1 51.9 154 129 146 224 104
Capex / Sales 1.83% 4.89% 5.53% 6.25% 6.87% 3.28%
Announcement Date 3/28/19 3/26/20 3/26/21 3/28/22 3/28/23 3/11/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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