WANHUA CHEMICAL GROUP CO., LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 86.74 CNY | +2.65% |
|
+0.22% | +12.91% |
| Apr. 25 | Wanhua Chemical Launches Barcelona R&D Center, Unveiling Signified Focus and Commitment in Europe and Beyond | CI |
| Apr. 24 | Wanhua Chemical Completes Acquisition of 15% of Annada Titanium | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 176,360 | 285,843 | 317,114 | 290,898 | 241,195 | 272,342 | - | - |
| Enterprise Value (EV) 1 | 201,114 | 318,991 | 356,636 | 335,295 | 309,356 | 321,530 | 339,985 | 320,883 |
| P/E ratio | 17.4 x | 28.5 x | 12.9 x | 17.9 x | 14.3 x | 13.8 x | 11.1 x | 10.2 x |
| Yield | 2.31% | 1.43% | 2.48% | 1.73% | 2.12% | 2.25% | 2.66% | 3.17% |
| Capitalization / Revenue | 2.59 x | 3.89 x | 2.18 x | 1.76 x | 1.38 x | 1.36 x | 1.19 x | 1.04 x |
| EV / Revenue | 2.96 x | 4.34 x | 2.45 x | 2.03 x | 1.76 x | 1.6 x | 1.48 x | 1.23 x |
| EV / EBITDA | 11.9 x | 18.7 x | 9.73 x | 11.9 x | 10.1 x | 8.45 x | 7.3 x | 6.1 x |
| EV / FCF | 24.7 x | -50.9 x | 331 x | 90.1 x | -19 x | 57.7 x | 16.8 x | 21 x |
| FCF Yield | 4.05% | -1.97% | 0.3% | 1.11% | -5.26% | 1.73% | 5.96% | 4.76% |
| Price to Book | 4.16 x | 5.86 x | 4.63 x | 3.79 x | 2.72 x | 2.56 x | 2.16 x | 1.98 x |
| Nbr of stocks (in thousands) | 3,139,747 | 3,139,747 | 3,139,747 | 3,139,747 | 3,139,747 | 3,139,747 | - | - |
| Reference price 2 | 56.17 | 91.04 | 101.0 | 92.65 | 76.82 | 86.74 | 86.74 | 86.74 |
| Announcement Date | 3/30/20 | 3/15/21 | 3/8/22 | 2/13/23 | 2/2/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 68,051 | 73,433 | 145,538 | 165,565 | 175,361 | 200,340 | 229,760 | 260,733 |
| EBITDA 1 | 16,898 | 17,061 | 36,654 | 28,119 | 30,534 | 38,053 | 46,586 | 52,623 |
| EBIT 1 | 12,297 | 11,825 | 29,425 | 19,839 | 20,389 | 24,661 | 30,870 | 33,550 |
| Operating Margin | 18.07% | 16.1% | 20.22% | 11.98% | 11.63% | 12.31% | 13.44% | 12.87% |
| Earnings before Tax (EBT) 1 | 12,260 | 11,732 | 29,151 | 19,541 | 20,010 | 24,011 | 30,044 | 32,780 |
| Net income 1 | 10,130 | 10,041 | 24,649 | 16,234 | 16,816 | 19,716 | 24,459 | 26,610 |
| Net margin | 14.89% | 13.67% | 16.94% | 9.8% | 9.59% | 9.84% | 10.65% | 10.21% |
| EPS 2 | 3.230 | 3.200 | 7.850 | 5.170 | 5.360 | 6.279 | 7.790 | 8.474 |
| Free Cash Flow 1 | 8,136 | -6,269 | 1,077 | 3,723 | -16,274 | 5,570 | 20,252 | 15,282 |
| FCF margin | 11.96% | -8.54% | 0.74% | 2.25% | -9.28% | 2.78% | 8.81% | 5.86% |
| FCF Conversion (EBITDA) | 48.15% | - | 2.94% | 13.24% | - | 14.64% | 43.47% | 29.04% |
| FCF Conversion (Net income) | 80.31% | - | 4.37% | 22.93% | - | 28.25% | 82.8% | 57.43% |
| Dividend per Share 2 | 1.300 | 1.300 | 2.500 | 1.600 | 1.625 | 1.954 | 2.308 | 2.753 |
| Announcement Date | 3/30/20 | 3/15/21 | 3/8/22 | 2/13/23 | 2/2/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 38,219 | 41,784 | 47,334 | 41,302 | 35,145 | 41,939 | 45,687 | 44,928 | 42,807 | 46,161 | 50,337 | 51,822 | 50,690 | 57,600 | 62,700 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 5,629 | 6,456 | 6,207 | 3,872 | 3,304 | 5,000 | 5,276 | 5,316 | 4,797 | 5,370 | 6,131 | 6,609 | 6,530 | - | - |
| Operating Margin | 14.73% | 15.45% | 13.11% | 9.37% | 9.4% | 11.92% | 11.55% | 11.83% | 11.21% | 11.63% | 12.18% | 12.75% | 12.88% | - | - |
| Earnings before Tax (EBT) 1 | 5,534 | 6,445 | 6,181 | 3,806 | 3,109 | 4,932 | 5,227 | 5,266 | 4,584 | 5,311 | 5,627 | 6,116 | 6,116 | - | - |
| Net income 1 | 5,107 | 5,374 | 5,009 | 3,225 | 2,625 | 4,053 | 4,515 | 4,135 | 4,113 | 4,157 | 4,459 | 4,992 | 5,127 | - | - |
| Net margin | 13.36% | 12.86% | 10.58% | 7.81% | 7.47% | 9.66% | 9.88% | 9.2% | 9.61% | 9.01% | 8.86% | 9.63% | 10.11% | - | - |
| EPS 2 | 1.630 | 1.710 | 1.600 | 1.020 | 0.8400 | 1.290 | 1.440 | 1.320 | 1.310 | 1.320 | 1.685 | 1.555 | 1.543 | - | - |
| Dividend per Share 2 | 2.500 | - | - | - | 1.600 | - | - | - | - | - | - | - | 2.434 | 0.7036 | 0.7036 |
| Announcement Date | 3/8/22 | 4/25/22 | 7/28/22 | 10/24/22 | 2/13/23 | 4/14/23 | 7/27/23 | 10/13/23 | 2/2/24 | 4/18/24 | - | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 24,754 | 33,149 | 39,522 | 44,397 | 68,161 | 49,188 | 67,644 | 48,541 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.465 x | 1.943 x | 1.078 x | 1.579 x | 2.232 x | 1.293 x | 1.452 x | 0.9224 x |
| Free Cash Flow 1 | 8,136 | -6,269 | 1,077 | 3,723 | -16,274 | 5,570 | 20,252 | 15,282 |
| ROE (net income / shareholders' equity) | 25.4% | 22.2% | 42% | 22.8% | 20.4% | 19.6% | 20.2% | 18.9% |
| ROA (Net income/ Total Assets) | 11% | 8.71% | 15.2% | 8.3% | 7.41% | 7.31% | 8.36% | 7.5% |
| Assets 1 | 91,965 | 115,313 | 162,056 | 195,576 | 227,077 | 269,725 | 292,713 | 354,608 |
| Book Value Per Share 2 | 13.50 | 15.50 | 21.80 | 24.50 | 28.20 | 33.80 | 40.10 | 43.90 |
| Cash Flow per Share 2 | 8.260 | 5.370 | 8.890 | 11.60 | 8.530 | 10.90 | 14.20 | 15.00 |
| Capex 1 | 17,815 | 23,119 | 26,845 | 32,614 | 43,070 | 37,097 | 30,100 | 30,242 |
| Capex / Sales | 26.18% | 31.48% | 18.45% | 19.7% | 24.56% | 18.52% | 13.1% | 11.6% |
| Announcement Date | 3/30/20 | 3/15/21 | 3/8/22 | 2/13/23 | 2/2/24 | - | - | - |
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
BUY
Number of Analysts
21
Last Close Price
86.74
CNY
Average target price
108.2
CNY
Spread / Average Target
+24.78%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +12.91% | 37.58B | |
| +5.14% | 103B | |
| -5.63% | 63.04B | |
| +39.52% | 39.06B | |
| +7.41% | 33.24B | |
| +6.85% | 19.22B | |
| +12.86% | 16.83B | |
| +7.73% | 15.03B | |
| +16.93% | 14.96B | |
| -16.39% | 13.52B |
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