Financials SAIC Motor Corporation Limited

Equities

600104

CNE000000TY6

Auto & Truck Manufacturers

End-of-day quote Shanghai Stock Exchange 06:00:00 2023-12-04 pm EST Intraday chart for SAIC Motor Corporation Limited 5-day change 1st Jan Change
14.44 CNY -1.84% -6.78% +0.21%

Valuation

Fiscal Period : December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 311 598 278 651 283 831 238 354 165 647 165 935 - -
Enterprise Value (EV) 1 251 700 238 549 235 421 199 683 138 049 104 360 92 315 78 315
P/E ratio 8,65x 10,9x 13,9x 9,73x 10,3x 10,9x 9,51x 9,40x
Yield 4,72% 3,69% 2,54% 3,31% 2,34% 2,39% 3,72% 2,62%
Capitalization / Revenue 0,35x 0,34x 0,39x 0,31x 0,23x 0,23x 0,22x 0,21x
EV / Revenue 0,28x 0,29x 0,33x 0,26x 0,19x 0,14x 0,12x 0,10x
EV / EBITDA 3,89x 4,45x 4,71x 3,47x 3,28x 3,34x 2,34x 1,91x
EV / FCF -11,8x 11,3x 10,1x 40,2x -12,5x 33,2x 4,70x 3,12x
FCF Yield -8,48% 8,88% 9,90% 2,49% -7,98% 3,01% 21,3% 32,0%
Price to Book 1,33x 1,12x 1,10x 0,88x 0,60x 0,58x 0,55x 0,52x
Nbr of stocks (in thousands) 11 683 461 11 683 461 11 613 360 11 553 742 11 495 278 11 491 325 - -
Reference price 2 26,7 23,9 24,4 20,6 14,4 14,4 14,4 14,4
Announcement Date 01.04.19 13.04.20 25.03.21 29.04.22 28.04.23 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 902 194 826 530 723 043 759 915 720 988 733 504 771 428 783 887
EBITDA 1 64 777 53 655 49 951 57 493 42 046 31 276 39 420 41 051
EBIT 1 53 674 40 345 35 607 41 447 26 022 25 827 30 495 28 807
Operating Margin 5,95% 4,88% 4,92% 5,45% 3,61% 3,52% 3,95% 3,67%
Earnings before Tax (EBT) 1 54 344 40 958 35 892 41 558 28 071 26 547 29 487 28 706
Net income 1 36 009 25 603 20 431 24 533 16 118 15 391 17 679 17 862
Net margin 3,99% 3,10% 2,83% 3,23% 2,24% 2,10% 2,29% 2,28%
EPS 2 3,08 2,19 1,75 2,12 1,40 1,32 1,52 1,54
Free Cash Flow 1 -21 344 21 193 23 304 4 962 -11 011 3 139 19 653 25 093
FCF margin -2,37% 2,56% 3,22% 0,65% -1,53% 0,43% 2,55% 3,20%
FCF Conversion (EBITDA) - 39,5% 46,7% 8,63% - 10,0% 49,9% 61,1%
FCF Conversion (Net income) - 82,8% 114% 20,2% - 20,4% 111% 140%
Dividend per Share 2 1,26 0,88 0,62 0,68 0,34 0,34 0,54 0,38
Announcement Date 01/04/19 13/04/20 25/03/21 29/04/22 28/04/23 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December 2020 S1 2020 S2 2021 Q2 2021 Q3 2021 Q4 2021 S2 2022 Q2 2022 Q3 2022 Q4 2023 Q2 2023 Q3 2023 Q4
Net sales 1 274 520 448 522 172 203 181 759 221 542 403 301 128 242 205 218 210 751 175 752 191 560 229 290
EBITDA - - 8 290 8 801 - - 4 464 9 439 - - - -
EBIT - 23 189 11 711 11 206 6 468 17 674 3 127 8 435 - 8 009 8 179 -
Operating Margin - 5,17% 6,80% 6,17% 2,92% 4,38% 2,44% 4,11% - 4,56% 4,27% -
Earnings before Tax (EBT) 1 - 23 196 11 710 11 323 6 283 17 606 3 170 8 666 7 225 8 006 8 203 11 134
Net income 8 394 12 037 6 467 7 036 4 183 - 1 394 5 740 3 468 4 302 4 322 -
Net margin 3,06% 2,68% 3,76% 3,87% 1,89% - 1,09% 2,80% 1,65% 2,45% 2,26% -
EPS 2 - 1,03 0,56 0,61 0,36 - 0,12 0,50 0,30 0,38 0,37 0,28
Dividend per Share 2 - - - - 0,68 - - - 0,34 - - 0,25
Announcement Date 27/08/20 25/03/21 26/08/21 29/10/21 29/04/22 29/04/22 25/08/22 28/10/22 28/04/23 30/08/23 26/10/23 -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period : December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - - - - -
Net Cash position 1 59 898 40 102 48 409 38 671 27 598 61 575 73 620 87 620
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 -21 344 21 193 23 304 4 962 -11 011 3 139 19 653 25 093
ROE (net income / shareholders' equity) 15,7% 10,5% 8,02% 9,19% 5,84% 5,34% 5,74% 5,48%
Shareholders' equity 1 229 797 243 147 254 751 266 954 275 985 288 192 308 098 326 092
ROA (Net income/ Total Assets) 4,78% 3,14% 2,31% 2,67% - 1,67% 1,80% 1,80%
Assets 1 753 173 816 174 884 460 918 155 - 923 474 982 188 992 359
Book Value Per Share 2 20,1 21,4 22,3 23,4 23,9 24,9 26,4 28,0
Cash Flow per Share 2 0,77 3,96 3,21 1,85 0,81 1,96 2,92 1,96
Capex 1 30 319 25 079 14 214 16 654 20 516 32 521 22 808 20 323
Capex / Sales 3,36% 3,03% 1,97% 2,19% 2,85% 4,43% 2,96% 2,59%
Announcement Date 01/04/19 13/04/20 25/03/21 29/04/22 28/04/23 - - -
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

Trading Rating :
Investor Rating :
ESG Refinitiv :
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
17
Last Close Price
14.44CNY
Average target price
15.27CNY
Spread / Average Target
+5.72%
Consensus
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