XTEP INTERNATIONAL HOLDINGS LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 5.01 HKD | -0.99% |
|
+10.11% | +13.61% |
| Apr. 18 | Xtep International's Retail Sell-Through Grows in Q1 | MT |
| Mar. 19 | Nomura Adjusts Xtep’s Price Target to HK$6.80 From HK$7.10, Keeps at Buy | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 9,198 | 8,156 | 27,213 | 19,250 | 10,119 | 11,727 | - | - |
| Enterprise Value (EV) 1 | 7,960 | 6,863 | 25,063 | 18,259 | 10,119 | 10,231 | 10,121 | 9,867 |
| P/E ratio | 12.3 x | 15.8 x | 29.8 x | 21.5 x | 10.1 x | 10.3 x | 8.92 x | 7.9 x |
| Yield | 4.7% | 3.71% | 2.36% | 3.45% | - | 4.97% | 5.74% | 6.4% |
| Capitalization / Revenue | 1.12 x | 1 x | 2.72 x | 1.49 x | 0.71 x | 0.74 x | 0.66 x | 0.6 x |
| EV / Revenue | 0.97 x | 0.84 x | 2.5 x | 1.41 x | 0.71 x | 0.64 x | 0.57 x | 0.5 x |
| EV / EBITDA | 5.81 x | 6.33 x | 16 x | 10.7 x | 5.37 x | 5 x | 4.33 x | 3.77 x |
| EV / FCF | -6.28 x | -27.1 x | 87.3 x | 88.3 x | - | 8.39 x | 9.95 x | 8.3 x |
| FCF Yield | -15.9% | -3.69% | 1.15% | 1.13% | - | 11.9% | 10.1% | 12% |
| Price to Book | 1.27 x | 1.13 x | 3.51 x | 2.35 x | - | 1.25 x | 1.16 x | 1.08 x |
| Nbr of stocks (in thousands) | 2,486,090 | 2,503,897 | 2,569,037 | 2,508,154 | 2,524,456 | 2,530,582 | - | - |
| Reference price 2 | 3.700 | 3.257 | 10.59 | 7.675 | 4.008 | 4.634 | 4.634 | 4.634 |
| Announcement Date | 3/18/20 | 3/18/21 | 3/16/22 | 3/22/23 | 3/18/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 8,183 | 8,172 | 10,013 | 12,930 | 14,346 | 15,941 | 17,817 | 19,549 |
| EBITDA 1 | 1,370 | 1,084 | 1,566 | 1,706 | 1,885 | 2,048 | 2,335 | 2,615 |
| EBIT 1 | 1,234 | 918.2 | 1,396 | 1,464 | 1,580 | 1,760 | 2,017 | 2,265 |
| Operating Margin | 15.08% | 11.24% | 13.94% | 11.32% | 11.01% | 11.04% | 11.32% | 11.59% |
| Earnings before Tax (EBT) 1 | 1,121 | 761.6 | 1,287 | 1,361 | 1,449 | 1,673 | 1,938 | 2,185 |
| Net income 1 | 727.7 | 513 | 908.3 | 921.7 | 1,030 | 1,177 | 1,364 | 1,546 |
| Net margin | 8.89% | 6.28% | 9.07% | 7.13% | 7.18% | 7.39% | 7.66% | 7.91% |
| EPS 2 | 0.3019 | 0.2064 | 0.3551 | 0.3571 | 0.3958 | 0.4499 | 0.5196 | 0.5868 |
| Free Cash Flow 1 | -1,267 | -253.3 | 287 | 206.8 | - | 1,220 | 1,017 | 1,189 |
| FCF margin | -15.48% | -3.1% | 2.87% | 1.6% | - | 7.65% | 5.71% | 6.08% |
| FCF Conversion (EBITDA) | - | - | 18.33% | 12.13% | - | 59.57% | 43.57% | 45.46% |
| FCF Conversion (Net income) | - | - | 31.6% | 22.44% | - | 103.61% | 74.58% | 76.9% |
| Dividend per Share 2 | 0.1740 | 0.1210 | 0.2500 | 0.2650 | - | 0.2304 | 0.2658 | 0.2967 |
| Announcement Date | 3/18/20 | 3/18/21 | 3/16/22 | 3/22/23 | 3/18/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 4,826 | 3,679 | 4,493 | 4,135 | 5,878 | 5,684 | 7,247 | 6,522 | 7,823 | 7,074 | 8,932 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 516.7 | 500.7 | - | 683.6 | 712.6 | 921.7 | 542.6 | 986.6 | - | 759.9 | 596.8 |
| Operating Margin | 10.71% | 13.61% | - | 16.53% | 12.12% | 16.22% | 7.49% | 15.13% | - | 10.74% | 6.68% |
| Earnings before Tax (EBT) | 440.2 | 418 | - | 645.6 | 641.2 | - | 478.7 | 917.4 | - | - | - |
| Net income | 264.6 | 247.9 | 265.1 | 426.5 | 481.8 | 590.4 | 331.3 | 665.4 | - | - | - |
| Net margin | 5.48% | 6.74% | 5.9% | 10.32% | 8.2% | 10.39% | 4.57% | 10.2% | - | - | - |
| EPS | - | - | - | - | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 3/18/20 | 8/28/20 | 3/18/21 | 8/23/21 | 3/16/22 | 8/23/22 | 3/22/23 | 8/23/23 | 3/18/24 | - | - |
1CNY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 1,238 | 1,292 | 2,150 | 990 | - | 1,497 | 1,606 | 1,860 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | -1,267 | -253 | 287 | 207 | - | 1,220 | 1,017 | 1,189 |
| ROE (net income / shareholders' equity) | 11.9% | 7.3% | 12% | 11.4% | - | 12.7% | 13.6% | 14.3% |
| ROA (Net income/ Total Assets) | 6.76% | 4.12% | 6.68% | 5.93% | - | 6.6% | 7.2% | 7.68% |
| Assets 1 | 10,761 | 12,447 | 13,598 | 15,554 | - | 17,845 | 18,946 | 20,123 |
| Book Value Per Share 2 | 2.910 | 2.880 | 3.010 | 3.270 | - | 3.720 | 3.990 | 4.310 |
| Cash Flow per Share 2 | 0.3200 | 0.1300 | 0.2700 | 0.2200 | - | 0.5300 | 0.6100 | 0.6300 |
| Capex 1 | 97 | 207 | 414 | 370 | - | 415 | 432 | 448 |
| Capex / Sales | 1.19% | 2.53% | 4.14% | 2.86% | - | 2.6% | 2.42% | 2.29% |
| Announcement Date | 3/18/20 | 3/18/21 | 3/16/22 | 3/22/23 | 3/18/24 | - | - | - |
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
C+
Sell
Buy
Mean consensus
BUY
Number of Analysts
28
Last Close Price
4.634
CNY
Average target price
5.451
CNY
Spread / Average Target
+17.62%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +13.61% | 1.64B | |
| -13.36% | 142B | |
| +20.91% | 10.45B | |
| +51.86% | 7.71B | |
| -6.29% | 4.87B | |
| +5.10% | 3.3B | |
| +33.43% | 1.25B | |
| -19.41% | 872M | |
| -8.99% | 688M | |
| +11.66% | 398M |
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- Financials Xtep International Holdings Limited
