Financials Cathay Media and Education Group Inc.

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:49 2024-05-06 EDT			5-day change	1st Jan Change
0.98 ^HKD	-2.97%		+11.36%	+25.64%

04-30	Cathay Media and Education Swings to 2023 Loss	MT
04-29	Cathay Media and Education Group Inc. Proposes Special Dividend for the Year Ended 31 December 2023	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Capitalization ¹	11,485	2,705	1,863	1,473	1,473	-
Enterprise Value (EV) ¹	10,176	2,455	1,342	1,151	460.5	325.5
P/E ratio	31.6 x	40.5 x	19.2 x	-5.96 x	9.4 x	6.63 x
Yield	0.97%	4.5%	4.62%	9.7%	4.26%	4.8%
Capitalization / Revenue	14.5 x	4.68 x	2.84 x	1.52 x	1.77 x	1.58 x
EV / Revenue	14.5 x	4.68 x	2.84 x	1.52 x	1.77 x	1.58 x
EV / EBITDA	20.8 x	9.17 x	5.94 x	3.23 x	4.45 x	3.83 x
EV / FCF	161 x	-7.13 x	8.03 x	2.36 x	-1.87 x	-7.92 x
FCF Yield	0.62%	-14%	12.5%	42.3%	-53.4%	-12.6%
Price to Book	4.22 x	1.05 x	0.75 x	0.51 x	0.64 x	0.57 x
Nbr of stocks (in thousands)	1,660,000	1,660,000	1,622,937	1,622,937	1,622,937	-
Reference price ²	8.220	2.000	1.300	1.010	1.010	1.010
Announcement Date	21-03-29	22-03-31	23-03-31	24-03-27	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	747.2	789.7	578.1	656.8	759	832	929.7
EBITDA ¹	-	553	295.1	313.9	456.5	331	385
EBIT ¹	-	368.3	140.3	241.8	156.8	246	254.7
Operating Margin	-	46.63%	24.27%	36.82%	20.65%	29.57%	27.39%
Earnings before Tax (EBT) ¹	-	371.5	140.3	96.05	-181.2	164	255
Net income ¹	-	316.4	57.53	96.47	-196.3	151.7	231
Net margin	-	40.07%	9.95%	14.69%	-25.86%	18.23%	24.85%
EPS ²	0.1646	0.2603	0.0494	0.0676	-0.1309	0.1075	0.1523
Free Cash Flow ¹	-	71.52	-379.6	232	624	-787	-186
FCF margin	-	9.06%	-65.67%	35.33%	88.26%	-94.59%	-20.01%
FCF Conversion (EBITDA)	-	12.93%	-	73.91%	136.69%	-	-
FCF Conversion (Net income)	-	22.6%	-	240.54%	265.53%	-	-
Dividend per Share ²	-	0.0800	0.0900	0.0600	0.0980	0.0430	0.0485
Announcement Date	20-06-30	21-03-29	22-03-31	23-03-31	24-03-27	-	-

¹CNY in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	1,309	250	521	-	1,013	1,148
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	71.5	-380	232	624	-787	-186
ROE (net income / shareholders' equity)	-	15.9%	2.18%	3.86%	8.95%	8.9%	10.9%
ROA (Net income/ Total Assets)	-	12.2%	1.61%	2.78%	7.35%	6.13%	7.23%
Assets ¹	-	2,601	3,569	3,464	3,197	2,473	3,194
Book Value Per Share ²	-	1.950	1.900	1.720	1.960	1.590	1.770
Cash Flow per Share ²	-	0.1400	-0.0200	-	-0.0600	0.2100	0.2900
Capex ¹	-	93.6	357	108	267	179	180
Capex / Sales	-	11.85%	61.84%	16.41%	37.77%	21.55%	19.33%
Announcement Date	20-06-30	21-03-29	22-03-31	23-03-31	24-03-27	-	-

¹CNY in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.98 HKD

Average target price

1.363 HKD

Spread / Average Target

+39.12%

	1st Jan change	Capi.
CATHAY MEDIA AND EDUCATION GROUP INC.	+25.64%	210M
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.	+14.63%	14.03B
TAL EDUCATION GROUP	+4.35%	8.42B
GRAND CANYON EDUCATION, INC.	+4.40%	4.05B
STRIDE, INC.	+20.41%	2.97B
STRATEGIC EDUCATION, INC.	+33.21%	2.94B
ADTALEM GLOBAL EDUCATION INC.	+5.14%	2.26B
GAOTU TECHEDU INC.	+100.28%	1.8B
BENESSE HOLDINGS, INC.	-0.69%	1.63B
PERDOCEO EDUCATION CORPORATION	+38.70%	1.6B