Financials Pharmaron Beijing Co., Ltd.

Equities

300759

CNE100003JW4

Biotechnology & Medical Research

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
19.16 ^CNY	+5.04%		+5.39%	-33.89%

Apr. 26	Pharmaron Beijing Posts 34% Profit Drop in Q1 as Revenue Slips 2%	MT
Apr. 26	Nomura Adjusts Pharmaron Beijing Co's Price Target to HK$15.41 From HK$17.99, Keeps at Buy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	39,247	94,292	106,395	76,952	47,371	30,018	-	-
Enterprise Value (EV) ¹	35,694	92,214	107,852	80,810	51,092	34,024	32,887	32,207
P/E ratio	62.2 x	81.5 x	68.8 x	58.6 x	32.1 x	19.6 x	15.6 x	15.4 x
Yield	0.29%	0.25%	0.32%	0.44%	0.69%	1.01%	1.42%	0.71%
Capitalization / Revenue	10.4 x	18.4 x	14.3 x	7.5 x	4.11 x	2.35 x	1.98 x	1.84 x
EV / Revenue	9.5 x	18 x	14.5 x	7.87 x	4.43 x	2.67 x	2.17 x	1.97 x
EV / EBITDA	37.5 x	54.5 x	45 x	34.8 x	18.7 x	11.2 x	8.56 x	8.05 x
EV / FCF	190 x	274 x	-3,252 x	-101 x	-493 x	31.7 x	16.2 x	15.6 x
FCF Yield	0.53%	0.36%	-0.03%	-0.99%	-0.2%	3.15%	6.16%	6.39%
Price to Book	5.27 x	10.8 x	11.1 x	7.83 x	4.12 x	2.42 x	2.14 x	1.88 x
Nbr of stocks (in thousands)	1,787,372	1,787,372	1,786,898	1,786,601	1,786,732	1,730,121	-	-
Reference price ²	22.91	53.51	62.79	45.33	28.98	19.16	19.16	19.16
Announcement Date	2/28/20	3/28/21	3/10/22	3/30/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,757	5,134	7,444	10,266	11,538	12,758	15,160	16,358
EBITDA ¹	951.3	1,692	2,399	2,321	2,730	3,050	3,844	4,001
EBIT ¹	652.2	874.8	1,914	1,690	1,722	1,949	2,531	2,648
Operating Margin	17.36%	17.04%	25.72%	16.46%	14.92%	15.28%	16.7%	16.19%
Earnings before Tax (EBT) ¹	632.6	1,319	1,911	1,666	1,838	1,850	2,534	2,611
Net income ¹	547.2	1,172	1,661	1,375	1,601	1,608	2,192	2,231
Net margin	14.56%	22.84%	22.31%	13.39%	13.88%	12.61%	14.46%	13.64%
EPS ²	0.3681	0.6569	0.9128	0.7739	0.9019	0.9786	1.226	1.246
Free Cash Flow ¹	187.4	336	-33.17	-803.9	-103.7	1,072	2,026	2,059
FCF margin	4.99%	6.54%	-0.45%	-7.83%	-0.9%	8.4%	13.37%	12.59%
FCF Conversion (EBITDA)	19.7%	19.86%	-	-	-	35.14%	52.72%	51.45%
FCF Conversion (Net income)	34.25%	28.66%	-	-	-	66.64%	92.43%	92.28%
Dividend per Share ²	0.0667	0.1333	0.2000	0.2000	0.2000	0.1942	0.2720	0.1354
Announcement Date	2/28/20	3/28/21	3/10/22	3/30/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	2,121	2,193	2,940	3,286	2,142	4,158	4,635	-	2,863	5,632	2,724	2,916	5,640	2,920	2,978	5,898	2,671	2,983	5,654	3,216	3,573	6,790
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	677.9	708.3	1,245	760.3	510.1	414.9	925	431.6	482.3	913.9	414.6	424.2	838.8	268.4	466	790	484	599	1,084
Operating Margin	-	-	-	20.63%	33.06%	29.93%	16.4%	-	14.49%	16.42%	15.84%	16.54%	16.2%	14.2%	14.25%	14.22%	10.05%	15.62%	13.97%	15.05%	16.76%	15.96%
Earnings before Tax (EBT) ¹	-	-	-	-	708.4	1,245	-	464.8	458.9	-	426.6	481.9	908.5	412.4	516.9	929.4	-	497	765	485	613	1,098
Net income	-	-	-	564.8	621	1,096	-	375.7	413.5	-	348.3	437.8	786.1	352.9	462.1	815	-	-	-	-	-	-
Net margin	-	-	-	17.19%	28.99%	26.36%	-	-	14.44%	-	12.78%	15.01%	13.94%	12.09%	15.52%	13.82%	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	0.2000	0.2598	-	-	-	-	-	0.2300	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/28/20	8/26/20	3/28/21	8/29/21	3/10/22	3/10/22	8/29/22	10/27/22	3/30/23	3/30/23	4/27/23	8/27/23	8/27/23	10/29/23	3/27/24	3/27/24	4/25/24	-	-	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	1,457	3,859	3,721	4,006	2,869	2,190
Net Cash position ¹	3,553	2,077	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	0.6074 x	1.663 x	1.363 x	1.313 x	0.7464 x	0.5472 x
Free Cash Flow ¹	187	336	-33.2	-804	-104	1,072	2,026	2,059
ROE (net income / shareholders' equity)	10.9%	14.1%	17.3%	13.3%	13.9%	12.2%	13.9%	13.4%
ROA (Net income/ Total Assets)	7.43%	10.7%	8.85%	-	6.82%	6.35%	8.26%	7.78%
Assets ¹	7,368	10,922	18,767	-	23,485	25,348	26,541	28,688
Book Value Per Share ²	4.350	4.960	5.670	5.790	7.030	7.910	8.940	10.20
Cash Flow per Share ²	0.5300	0.9200	1.130	1.200	1.540	1.490	1.640	1.800
Capex ¹	751	1,313	2,091	2,947	2,857	2,386	2,293	2,620
Capex / Sales	19.99%	25.57%	28.09%	28.7%	24.76%	18.7%	15.13%	16.02%
Announcement Date	2/28/20	3/28/21	3/10/22	3/30/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Pharmaron Beijing Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

19.16 CNY

Average target price

25.3 CNY

Spread / Average Target

+32.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Biotechnology & Medical Research

	1st Jan change	Capi.
PHARMARON BEIJING CO., LTD.	-33.89%	4.14B
IQVIA HOLDINGS INC.	+1.51%	42.75B
MODERNA, INC.	+8.57%	41.34B
LONZA GROUP AG	+49.22%	41.61B
CELLTRION, INC.	-12.36%	26.59B
ICON PUBLIC LIMITED COMPANY	+8.92%	25.49B
ALNYLAM PHARMACEUTICALS, INC.	-25.13%	18.12B
MEDPACE HOLDINGS, INC.	+29.17%	12.24B
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.	-3.12%	11.76B
UNITED THERAPEUTICS CORPORATION	+6.35%	11B

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