Financials Shanghai Action Education Technology CO.,LTD.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
52.61 ^CNY	-2.19%		-2.21%	+36.47%

Apr. 15	Shanghai Action Education Technology CO.,LTD. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Shanghai Action Education Technology CO.,LTD. Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,751	3,457	4,552	6,212	-	-
Enterprise Value (EV) ¹	4,751	3,457	4,552	6,212	6,212	6,212
P/E ratio	25.5 x	31.1 x	20.8 x	21.8 x	17.6 x	14 x
Yield	3.91%	6.83%	2.59%	3.58%	3.55%	4.88%
Capitalization / Revenue	8.56 x	7.67 x	6.77 x	7.23 x	5.88 x	4.74 x
EV / Revenue	8.56 x	7.67 x	6.77 x	7.23 x	5.88 x	4.74 x
EV / EBITDA	22.2 x	32.8 x	17.7 x	18.4 x	14.7 x	11.6 x
EV / FCF	-	54.6 x	10.3 x	12 x	9.89 x	8.5 x
FCF Yield	-	1.83%	9.69%	8.34%	10.1%	11.8%
Price to Book	4.41 x	3.24 x	4.75 x	6.71 x	5.4 x	5 x
Nbr of stocks (in thousands)	118,079	118,079	118,079	118,079	-	-
Reference price ²	40.24	29.28	38.55	52.61	52.61	52.61
Announcement Date	3/7/22	4/20/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	378.7	555.2	450.9	672.2	858.9	1,056	1,311
EBITDA ¹	-	214.4	105.3	257.1	337.7	423.2	534.9
EBIT ¹	-	200.6	129.5	258.5	340.8	422.5	534.8
Operating Margin	-	36.12%	28.73%	38.46%	39.69%	40.03%	40.81%
Earnings before Tax (EBT) ¹	-	202.1	128.4	257.3	346.5	426.3	539.6
Net income ¹	-	170.8	110.9	219.4	284.8	353.8	444
Net margin	-	30.76%	24.59%	32.64%	33.16%	33.52%	33.88%
EPS ²	1.207	1.579	0.9400	1.850	2.415	2.996	3.760
Free Cash Flow ¹	-	-	63.32	440.9	518	628	731
FCF margin	-	-	14.04%	65.59%	60.31%	59.49%	55.77%
FCF Conversion (EBITDA)	-	-	60.15%	171.49%	153.39%	148.4%	136.66%
FCF Conversion (Net income)	-	-	57.11%	200.93%	181.9%	177.48%	164.63%
Dividend per Share ²	-	1.571	2.000	1.000	1.883	1.870	2.567
Announcement Date	3/25/21	3/7/22	4/20/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	63.3	441	518	628	731
ROE (net income / shareholders' equity)	-	19.5%	10.4%	22.3%	27.6%	32.9%	36.8%
ROA (Net income/ Total Assets)	-	-	-	-	13.5%	14.9%	15.6%
Assets ¹	-	-	-	-	2,105	2,376	2,855
Book Value Per Share ²	-	9.130	9.030	8.120	7.840	9.740	10.50
Cash Flow per Share ²	-	3.490	0.6100	3.850	4.210	3.800	5.070
Capex ¹	-	3.59	8.31	13.1	19	18.3	38
Capex / Sales	-	0.65%	1.84%	1.95%	2.21%	1.74%	2.9%
Announcement Date	3/25/21	3/7/22	4/20/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

52.61 CNY

Average target price

57.36 CNY

Spread / Average Target

+9.03%

	1st Jan change	Capi.
SHANGHAI ACTION EDUCATION TECHNOLOGY CO.,LTD.	+36.47%	858M
IDP EDUCATION LIMITED	-20.67%	2.95B
OFFCN EDUCATION TECHNOLOGY CO., LTD.	-34.80%	2.27B
NATIONAL COMPANY FOR LEARNING AND EDUCATION	+27.75%	1.73B
AFYA LIMITED	-21.68%	1.55B
UNIVERSAL TECHNICAL INSTITUTE, INC.	+22.28%	818M
PORTER HOLDING INTERNATIONAL, INC.	-.--%	813M
NIIT LEARNING SYSTEMS LIMITED	+14.02%	811M
ATAA EDUCATIONAL COMPANY	-1.39%	795M
CHINA EAST EDUCATION HOLDINGS LIMITED	-11.57%	660M