Financials Brilliance China Automotive Holdings Limited

Equities

1114

BMG1368B1028

Auto & Truck Manufacturers

Market Closed - Hong Kong S.E. 04:08:12 2024-06-14 EDT 5-day change 1st Jan Change
7.13 HKD +2.30% Intraday chart for Brilliance China Automotive Holdings Limited +2.15% +63.91%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 36,431 29,979 30,504 19,472 19,948 32,649 - -
Enterprise Value (EV) 1 34,135 30,658 32,020 -8,634 -9,974 8,176 11,018 9,720
P/E ratio 5.39 x 2,677 x 2.55 x 2.72 x 2.58 x 4.63 x 4.87 x 5.03 x
Yield 10.8% 1.59% - - - 32.9% 21.2% 10.8%
Capitalization / Revenue 9.43 x 9.6 x 14.2 x 17.2 x 17.8 x 28.7 x 28.2 x 27.5 x
EV / Revenue 8.84 x 9.82 x 14.9 x -7.64 x -8.89 x 7.18 x 9.5 x 8.19 x
EV / EBITDA -37.2 x -17 x -12.6 x 855 x 154 x 687 x -35,290 x -1,980 x
EV / FCF -22.4 x -10.9 x 23.1 x -6.84 x - 44.2 x -37.9 x -17.9 x
FCF Yield -4.46% -9.19% 4.33% -14.6% - 2.26% -2.64% -5.58%
Price to Book 1.07 x 0.9 x 0.72 x 0.38 x 0.39 x 0.68 x 0.69 x 0.65 x
Nbr of stocks (in thousands) 5,045,269 5,045,269 5,045,269 5,045,269 5,045,269 5,045,269 - -
Reference price 2 7.221 5.942 6.046 3.860 3.954 6.471 6.471 6.471
Announcement Date 3/27/20 7/29/22 8/26/22 3/29/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,862 3,123 2,142 1,131 1,121 1,140 1,159 1,186
EBITDA 1 -918.3 -1,803 -2,536 -10.1 -64.61 11.9 -0.3122 -4.908
EBIT 1 -1,323 -2,246 -2,848 -96.57 -149.2 -168.7 -163.5 -158.8
Operating Margin -34.25% -71.9% -132.96% -8.54% -13.31% -14.81% -14.1% -13.39%
Earnings before Tax (EBT) 1 6,292 -828.6 10,460 8,755 8,263 7,402 7,030 6,811
Net income 1 6,763 11.22 11,961 7,147 7,735 7,046 6,700 6,490
Net margin 175.12% 0.36% 558.4% 632.06% 689.73% 618.31% 577.89% 547.1%
EPS 2 1.340 0.002220 2.371 1.417 1.533 1.397 1.328 1.287
Free Cash Flow 1 -1,521 -2,818 1,386 1,263 - 185 -291 -542
FCF margin -39.38% -90.23% 64.71% 111.66% - 16.23% -25.1% -45.69%
FCF Conversion (EBITDA) - - - - - 1,554.3% - -
FCF Conversion (Net income) - - 11.59% 17.67% - 2.63% - -
Dividend per Share 2 0.7781 0.0945 - - - 2.130 1.370 0.6976
Announcement Date 3/27/20 7/29/22 8/26/22 3/29/23 3/28/24 - - -
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
Net sales 1,958 1,450 1,673 1,526 1,584 - -
EBITDA - - - - - - -
EBIT 1 - -605.5 -1,640 -205.1 -2,824 - -73.13
Operating Margin - -41.76% -98.03% -13.44% -178.26% - -
Earnings before Tax (EBT) 1 - 3,763 - - - - 3,808
Net income 1 3,533 4,045 - 7,607 - 829.9 6,317
Net margin 180.47% 278.97% - 498.62% - - -
EPS 0.7003 0.8018 -0.7996 1.508 2.206 0.1645 -
Dividend per Share - - - - - - -
Announcement Date 3/27/20 8/21/20 7/29/22 7/29/22 8/26/22 9/7/22 3/29/23
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 679 1,516 - - - - -
Net Cash position 1 2,297 - - 28,106 29,921 24,473 21,631 22,929
Leverage (Debt/EBITDA) - -0.3764 x -0.5979 x - - - - -
Free Cash Flow 1 -1,521 -2,818 1,386 1,263 - 185 -291 -542
ROE (net income / shareholders' equity) 20.8% 0.03% 24.4% 15.2% 14% 14.4% 14.2% 13.4%
ROA (Net income/ Total Assets) 14.8% -10.2% 31.6% 13.6% 14% 14.3% 14.2% 13.8%
Assets 1 45,787 -110.2 37,807 52,689 55,291 49,433 47,205 46,910
Book Value Per Share 2 6.720 6.600 8.390 10.20 10.10 9.520 9.360 9.930
Cash Flow per Share 2 -0.1400 -0.4400 0.3200 0.2600 - 0.0200 -0 -0.0300
Capex 1 795 618 220 34.3 - 347 347 347
Capex / Sales 20.57% 19.79% 10.26% 3.03% - 30.49% 29.97% 29.29%
Announcement Date 3/27/20 7/29/22 8/26/22 3/29/23 3/28/24 - - -
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

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
6.471 CNY
Average target price
7.904 CNY
Spread / Average Target
+22.14%
Consensus
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