Financials Vincent Medical Holdings 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
0.385 ^HKD	+1.32%		+2.67%	0.00%

Mar. 21	Vincent Medical Swings to Profit in 2023 as Revenue Jumps 14%	MT
Mar. 20	Vincent Medical Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 21 June 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	382.6	1,171	654.8	424.7	251.5	251.5	-	-
Enterprise Value (EV) ¹	382.6	1,071	536.9	303.8	96.8	82.53	64.53	38.53
P/E ratio	33.1 x	5.41 x	-	-24.4 x	4.34 x	4.05 x	3.63 x	3.18 x
Yield	-	6.11%	4.5%	-	7.14%	7.53%	8.31%	9.35%
Capitalization / Revenue	0.76 x	1.01 x	0.84 x	0.67 x	0.35 x	0.3 x	0.26 x	0.22 x
EV / Revenue	0.76 x	0.93 x	0.69 x	0.48 x	0.13 x	0.1 x	0.07 x	0.03 x
EV / EBITDA	-	3.25 x	4.69 x	10.1 x	0.93 x	0.71 x	0.5 x	0.26 x
EV / FCF	-	7.15 x	5.71 x	5.32 x	1.04 x	1.27 x	0.95 x	0.51 x
FCF Yield	-	14%	17.5%	18.8%	96.4%	78.8%	105%	197%
Price to Book	-	1.89 x	1.09 x	0.85 x	0.46 x	0.47 x	0.41 x	0.35 x
Nbr of stocks (in thousands)	637,650	650,598	654,818	653,336	653,336	653,336	-	-
Reference price ²	0.6000	1.800	1.000	0.6500	0.3850	0.3850	0.3850	0.3850
Announcement Date	3/20/20	3/23/21	3/23/22	3/22/23	3/20/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	502.2	1,155	777.7	629.2	718	834.1	981.5	1,165
EBITDA ¹	-	329.2	114.6	29.95	104.1	117	129	146
EBIT ¹	-	292.2	74.49	-11	65.78	71	79	91
Operating Margin	-	25.29%	9.58%	-1.75%	9.16%	8.51%	8.05%	7.81%
Earnings before Tax (EBT) ¹	-	284.1	66.18	-15.52	66.92	72	80	91
Net income ¹	-	216.9	60.7	-17.4	57.28	61.5	68.5	78
Net margin	-	18.77%	7.8%	-2.76%	7.98%	7.37%	6.98%	6.7%
EPS ²	0.0181	0.3329	-	-0.0266	0.0887	0.0950	0.1060	0.1210
Free Cash Flow ¹	-	149.8	94.1	57.16	93.34	65	68	76
FCF margin	-	12.97%	12.1%	9.08%	13%	7.79%	6.93%	6.52%
FCF Conversion (EBITDA)	-	45.5%	82.14%	190.85%	89.65%	55.56%	52.71%	52.05%
FCF Conversion (Net income)	-	69.08%	155.03%	-	162.97%	105.69%	99.27%	97.44%
Dividend per Share ²	-	0.1100	0.0450	-	0.0275	0.0290	0.0320	0.0360
Announcement Date	3/20/20	3/23/21	3/23/22	3/22/23	3/20/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	100	118	121	155	169	187	213
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	150	94.1	57.2	93.3	65	68	76
ROE (net income / shareholders' equity)	-	45%	10%	-3.17%	11%	11.5%	12.1%	11.9%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	-	0.9500	0.9100	0.7600	0.8300	0.8200	0.9400	1.100
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	-	54.7	25	18.6	31.6	20	20	20
Capex / Sales	-	4.74%	3.21%	2.96%	4.41%	2.4%	2.04%	1.72%
Announcement Date	3/20/20	3/23/21	3/23/22	3/22/23	3/20/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.385 HKD

Average target price

0.66 HKD

Spread / Average Target

+71.43%

	1st Jan change	Capi.
VINCENT MEDICAL HOLDINGS LIMITED	0.00%	32.13M
ABBOTT LABORATORIES	-2.31%	187B
MEDTRONIC PLC	-3.20%	106B
BECTON, DICKINSON AND COMPANY	-5.04%	66.9B
DEXCOM, INC.	+0.20%	49.45B
CENCORA, INC.	+17.29%	48B
HOYA CORPORATION	+4.06%	40.84B
METTLER-TOLEDO INTERNATIONAL, INC.	+2.07%	26.48B
WEST PHARMACEUTICAL SERVICES, INC.	+2.36%	26.25B
TERUMO CORPORATION	+12.96%	24.62B