TBEA CO., LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 13.86 CNY | +2.14% |
|
-3.01% | +0.43% |
| Apr. 10 | Solar Panel Maker TBEA's 2023 Profit Falls 33% as Operating Income Rises 2% | MT |
| Apr. 08 | TBEA Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 24,700 | 37,700 | 80,152 | 77,749 | 69,278 | 69,581 | - | - |
| Enterprise Value (EV) 1 | 34,322 | 47,457 | 89,861 | 77,749 | 69,278 | 69,581 | 69,581 | 69,581 |
| P/E ratio | 14.2 x | 17.2 x | 11.3 x | 4.88 x | 5.78 x | 9.21 x | 6.22 x | 6.98 x |
| Yield | 2.48% | 2.07% | 2.74% | 5.58% | 1.45% | 1.44% | 3.36% | 1.45% |
| Capitalization / Revenue | 0.67 x | 0.85 x | 1.31 x | 0.81 x | 0.71 x | 0.67 x | 0.61 x | 0.57 x |
| EV / Revenue | 0.67 x | 0.85 x | 1.31 x | 0.81 x | 0.71 x | 0.67 x | 0.61 x | 0.57 x |
| EV / EBITDA | 5 x | 5.91 x | 5.39 x | 2.5 x | 3.16 x | 4.28 x | 3.45 x | 3.78 x |
| EV / FCF | -6.41 x | - | 109 x | - | 10 x | 71.1 x | 5.96 x | - |
| FCF Yield | -15.6% | - | 0.92% | - | 9.99% | 1.41% | 16.8% | - |
| Price to Book | 0.81 x | 1.15 x | 2 x | 1.44 x | 1.15 x | 1 x | 0.82 x | 0.79 x |
| Nbr of stocks (in thousands) | 4,828,611 | 4,828,611 | 4,921,940 | 5,033,562 | 5,020,166 | 5,020,249 | - | - |
| Reference price 2 | 5.115 | 7.808 | 16.28 | 15.45 | 13.80 | 13.86 | 13.86 | 13.86 |
| Announcement Date | 4/13/20 | 4/14/21 | 4/11/22 | 4/24/23 | 4/8/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 36,980 | 44,095 | 61,278 | 95,887 | 98,123 | 103,220 | 113,367 | 122,781 |
| EBITDA 1 | 4,941 | 6,381 | 14,862 | 31,042 | 21,925 | 16,273 | 20,183 | 18,393 |
| EBIT 1 | 2,856 | 3,759 | 11,547 | 26,647 | 16,909 | 11,799 | 15,178 | 15,262 |
| Operating Margin | 7.72% | 8.53% | 18.84% | 27.79% | 17.23% | 11.43% | 13.39% | 12.43% |
| Earnings before Tax (EBT) 1 | 2,811 | 3,662 | 11,538 | 26,545 | 16,901 | 11,324 | 14,814 | 14,238 |
| Net income 1 | 2,018 | 2,487 | 7,255 | 15,883 | 10,703 | 7,584 | 10,484 | 10,039 |
| Net margin | 5.46% | 5.64% | 11.84% | 16.56% | 10.91% | 7.35% | 9.25% | 8.18% |
| EPS 2 | 0.3612 | 0.4544 | 1.447 | 3.168 | 2.389 | 1.504 | 2.228 | 1.986 |
| Free Cash Flow 1 | -3,852 | - | 738.6 | - | 6,919 | 978 | 11,679 | - |
| FCF margin | -10.42% | - | 1.21% | - | 7.05% | 0.95% | 10.3% | - |
| FCF Conversion (EBITDA) | - | - | 4.97% | - | 31.56% | 6.01% | 57.86% | - |
| FCF Conversion (Net income) | - | - | 10.18% | - | 64.65% | 12.9% | 111.4% | - |
| Dividend per Share 2 | 0.1269 | 0.1615 | 0.4462 | 0.8615 | 0.2000 | 0.2000 | 0.4660 | 0.2006 |
| Announcement Date | 4/13/20 | 4/14/21 | 4/11/22 | 4/24/23 | 4/8/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | - | - | 31,344 | 26,274 | 23,504 | 23,817 | 24,529 | 20,646 | 25,272 | 29,786 | 27,624 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - |
| EBIT | - | - | - | - | - | - | - | - | - | - | - |
| Operating Margin | - | - | - | - | - | - | - | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - |
| Net income | 6,905 | 4,151 | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - | - |
| EPS | 1.402 | 0.8068 | - | - | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 8/27/22 | 10/28/22 | 4/24/23 | 4/24/23 | 8/15/23 | 10/27/23 | 4/8/24 | - | - | - | - |
1CNY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt | 9,622 | 9,757 | 9,709 | - | - | - | - | - |
| Net Cash position | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.947 x | 1.529 x | 0.6533 x | - | - | - | - | - |
| Free Cash Flow 1 | -3,852 | - | 739 | - | 6,919 | 978 | 11,679 | - |
| ROE (net income / shareholders' equity) | 5.85% | 6.93% | 19.4% | 33.1% | 18.4% | 11.3% | 13.4% | 10.8% |
| ROA (Net income/ Total Assets) | 2.07% | 2.35% | 6.15% | - | - | 5.13% | 5.35% | 6% |
| Assets 1 | 97,414 | 105,869 | 117,893 | - | - | 147,975 | 195,964 | 167,311 |
| Book Value Per Share 2 | 6.290 | 6.770 | 8.130 | 10.70 | 12.00 | 13.80 | 17.00 | 17.40 |
| Cash Flow per Share 2 | 0.8400 | 1.090 | 2.370 | 4.310 | 5.110 | 4.290 | 4.030 | 5.430 |
| Capex 1 | 7,893 | 6,891 | 10,918 | 19,446 | 18,893 | 16,701 | 9,566 | 11,000 |
| Capex / Sales | 21.34% | 15.63% | 17.82% | 20.28% | 19.25% | 16.18% | 8.44% | 8.96% |
| Announcement Date | 4/13/20 | 4/14/21 | 4/11/22 | 4/24/23 | 4/8/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
13.86
CNY
Average target price
15.81
CNY
Spread / Average Target
+14.09%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +0.43% | 9.6B | |
| +69.37% | 4.53B | |
| -1.05% | 3.72B | |
| +56.77% | 3.05B | |
| +18.05% | 2.81B | |
| +2.65% | 2.98B | |
| +37.04% | 2.95B | |
| -9.82% | 1.86B | |
| +5.01% | 1.71B | |
| +34.91% | 1.65B |
- Stock Market
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- 600089 Stock
- Financials TBEA Co., Ltd.
