Financials Triumph New Energy Company Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
5.34 ^HKD	+0.75%		+2.50%	+25.65%

Mar. 29	Triumph New Energy's 2023 Profit Declines 3.5%	MT
Mar. 28	Triumph New Energy Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,530	18,172	9,727	6,524	5,837	-	-
Enterprise Value (EV) ¹	7,530	19,673	11,898	10,589	11,251	12,296	12,511
P/E ratio	11.6 x	31.1 x	11.5 x	6.33 x	6.05 x	4.26 x	3.68 x
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	-	5.04 x	1.93 x	0.99 x	0.71 x	0.5 x	0.39 x
EV / Revenue	-	5.46 x	2.37 x	1.61 x	1.37 x	1.06 x	0.84 x
EV / EBITDA	-	30.9 x	16 x	12.5 x	8.98 x	7.27 x	5.61 x
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	-	2.16 x	1.1 x	0.54 x	0.62 x	0.54 x	0.49 x
Nbr of stocks (in thousands)	548,540	645,675	645,675	645,675	645,675	-	-
Reference price ²	6.868	14.29	7.242	3.863	4.943	4.943	4.943
Announcement Date	3/30/21	3/29/22	3/29/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	3,606	5,030	6,595	8,213	11,601	14,859
EBITDA ¹	-	637.7	744.8	846.6	1,252	1,690	2,231
EBIT ¹	-	362.6	467.1	500.9	703	965.3	1,176
Operating Margin	-	10.06%	9.29%	7.59%	8.56%	8.32%	7.91%
Earnings before Tax (EBT) ¹	-	365.8	470.3	501.4	652.7	891.2	1,079
Net income ¹	327.4	264.6	409	394.7	574.5	786.5	845.4
Net margin	-	7.34%	8.13%	5.98%	7%	6.78%	5.69%
EPS ²	0.5930	0.4600	0.6300	0.6100	0.8167	1.160	1.345
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-
Announcement Date	3/30/21	3/29/22	3/29/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	1,502	2,170	4,065	5,413	6,458	6,674
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	2.355 x	2.914 x	4.801 x	4.322 x	3.82 x	2.991 x
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	10.6%	10.1%	8.91%	11.2%	13.4%	13.3%
ROA (Net income/ Total Assets)	-	3.35%	4.13%	3.43%	3.88%	4.33%	3.65%
Assets ¹	-	7,897	9,909	11,497	14,821	18,151	23,194
Book Value Per Share ²	-	6.620	6.560	7.170	7.980	9.140	10.20
Cash Flow per Share ²	-	-	-0.6200	0.2200	2.860	2.000	-
Capex ¹	-	1,688	926	1,785	2,931	3,671	4,296
Capex / Sales	-	46.82%	18.41%	27.07%	35.68%	31.64%	28.91%
Announcement Date	3/30/21	3/29/22	3/29/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.943 CNY

Average target price

6.762 CNY

Spread / Average Target

+36.81%

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