Financials Zhejiang Wanma Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
8.88 ^CNY	+2.30%		+6.73%	-13.11%

Apr. 10	Zhejiang Wanma Co., Ltd. Proposes Final Cash Dividend for the Year 2023	CI
Apr. 09	Zhejiang Wanma Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,605	8,211	9,169	8,293	10,273	9,003	-	-
Enterprise Value (EV) ¹	8,605	8,211	9,169	8,293	10,273	9,003	9,003	9,003
P/E ratio	39 x	36.8 x	33.7 x	20.2 x	18.5 x	12.4 x	9.58 x	8 x
Yield	0.42%	0.44%	0.41%	0.58%	0.54%	1.58%	2.08%	-
Capitalization / Revenue	0.88 x	0.88 x	0.72 x	0.57 x	0.68 x	0.48 x	0.41 x	0.31 x
EV / Revenue	0.88 x	0.88 x	0.72 x	0.57 x	0.68 x	0.48 x	0.41 x	0.31 x
EV / EBITDA	21.5 x	20.1 x	19.4 x	12.7 x	12.4 x	6.92 x	5.56 x	6.27 x
EV / FCF	-	-	-	-	-336 x	-65.2 x	37.7 x	-
FCF Yield	-	-	-	-	-0.3%	-1.53%	2.65%	-
Price to Book	2.03 x	1.81 x	2.06 x	1.76 x	1.96 x	1.51 x	1.33 x	1.14 x
Nbr of stocks (in thousands)	1,035,489	1,035,489	1,017,648	1,005,158	1,005,158	1,013,862	-	-
Reference price ²	8.310	7.930	9.010	8.250	10.22	8.880	8.880	8.880
Announcement Date	4/28/20	2/22/21	4/14/22	4/17/23	4/9/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9,745	9,322	12,767	14,675	15,121	18,804	21,855	29,240
EBITDA ¹	399.8	407.9	472.2	652.8	827.5	1,300	1,620	1,437
EBIT ¹	245.2	243.3	291.5	456.3	608	816	1,046	1,249
Operating Margin	2.52%	2.61%	2.28%	3.11%	4.02%	4.34%	4.79%	4.27%
Earnings before Tax (EBT) ¹	255.1	248.4	288.3	447.4	604.7	811.5	1,043	1,244
Net income ¹	220.9	223.1	271.2	410.7	555.4	741.7	959.3	1,147
Net margin	2.27%	2.39%	2.12%	2.8%	3.67%	3.94%	4.39%	3.92%
EPS ²	0.2133	0.2154	0.2672	0.4086	0.5524	0.7133	0.9267	1.110
Free Cash Flow ¹	-	-	-	-	-30.58	-138	239	-
FCF margin	-	-	-	-	-0.2%	-0.73%	1.09%	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	14.75%	-
FCF Conversion (Net income)	-	-	-	-	-	-	24.91%	-
Dividend per Share ²	0.0350	0.0350	0.0370	0.0480	0.0550	0.1400	0.1850	-
Announcement Date	4/28/20	2/22/21	4/14/22	4/17/23	4/9/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	-	-30.6	-138	239	-
ROE (net income / shareholders' equity)	5.37%	5.14%	6.02%	8.77%	10.8%	12.6%	14.1%	14.2%
ROA (Net income/ Total Assets)	2.96%	2.8%	2.74%	3.42%	-	4.55%	5.2%	4.7%
Assets ¹	7,470	7,969	9,881	12,025	-	16,300	18,449	24,404
Book Value Per Share ²	4.100	4.370	4.380	4.700	5.220	5.880	6.660	7.780
Cash Flow per Share ²	0.8400	0.6800	0.8800	0.6700	0.4300	1.300	1.460	-
Capex ¹	207	265	366	244	475	338	384	330
Capex / Sales	2.12%	2.84%	2.87%	1.66%	3.14%	1.8%	1.76%	1.13%
Announcement Date	4/28/20	2/22/21	4/14/22	4/17/23	4/9/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.88 CNY

Average target price

12.3 CNY

Spread / Average Target

+38.51%

	1st Jan change	Capi.
ZHEJIANG WANMA CO., LTD.	-13.11%	1.24B
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