Financials Great Wall Motor Company Limited

Equities

2333

CNE100000338

Auto & Truck Manufacturers

Market Closed - Hong Kong S.E. 04:08:27 2024-07-12 EDT 5-day change 1st Jan Change
12.48 HKD +1.30% Intraday chart for Great Wall Motor Company Limited +4.87% +23.08%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 69,285 299,036 365,573 203,945 176,374 189,828 - -
Enterprise Value (EV) 1 65,128 303,126 353,530 197,915 167,377 172,600 167,154 151,354
P/E ratio 10.5 x 38.6 x 29.9 x 9.86 x 11.2 x 9.37 x 8.49 x 7.39 x
Yield 4.86% 1.25% 1.69% 3.34% 3.26% 4.25% 4.8% 5.54%
Capitalization / Revenue 0.73 x 2.89 x 2.68 x 1.48 x 1.02 x 0.87 x 0.75 x 0.67 x
EV / Revenue 0.68 x 2.93 x 2.59 x 1.44 x 0.97 x 0.79 x 0.66 x 0.53 x
EV / EBITDA 6.94 x 28.9 x 30.1 x 14 x 11.5 x 9.07 x 7.81 x 6.3 x
EV / FCF 9.26 x -117 x 15.5 x -49.6 x 110 x 16.2 x 8.17 x 7.74 x
FCF Yield 10.8% -0.86% 6.46% -2.02% 0.91% 6.17% 12.2% 12.9%
Price to Book 0.87 x 3.58 x 3.25 x 1.12 x 1.14 x 1.31 x 1.18 x 1.06 x
Nbr of stocks (in thousands) 9,127,269 9,175,953 9,235,467 8,645,413 8,456,737 8,501,963 - -
Reference price 2 5.148 22.39 21.84 8.973 9.216 11.60 11.60 11.60
Announcement Date 2/21/20 1/25/21 2/8/22 2/2/23 1/24/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 95,108 103,308 136,405 137,340 173,212 217,454 253,876 282,946
EBITDA 1 9,391 10,503 11,727 14,128 14,518 19,032 21,392 24,023
EBIT 1 4,777 5,752 6,369 7,967 7,201 10,877 12,577 14,324
Operating Margin 5.02% 5.57% 4.67% 5.8% 4.16% 5% 4.95% 5.06%
Earnings before Tax (EBT) 1 5,101 6,227 7,482 8,807 7,824 11,915 13,605 15,572
Net income 1 4,497 5,362 6,726 8,266 7,022 10,511 12,056 13,889
Net margin 4.73% 5.19% 4.93% 6.02% 4.05% 4.83% 4.75% 4.91%
EPS 2 0.4922 0.5800 0.7300 0.9100 0.8200 1.239 1.366 1.571
Free Cash Flow 1 7,032 -2,599 22,843 -3,990 1,525 10,647 20,450 19,552
FCF margin 7.39% -2.52% 16.75% -2.9% 0.88% 4.9% 8.06% 6.91%
FCF Conversion (EBITDA) 74.88% - 194.79% - 10.5% 55.94% 95.59% 81.39%
FCF Conversion (Net income) 156.37% - 339.61% - 21.71% 101.29% 169.63% 140.78%
Dividend per Share 2 0.2500 0.2800 0.3700 0.3000 0.3000 0.4936 0.5569 0.6430
Announcement Date 2/21/20 1/25/21 2/8/22 2/2/23 1/24/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 54,791 35,929 67,378 61,928 45,607 74,476 - 28,515 62,134 37,346 37,860 75,206 29,039 40,933 69,971 49,532 53,709 103,241 42,860 38,006 55,459 87,087
EBITDA 1 - - - - 926 - - - - 4,329 - - - - - - - - - 2,887 5,915 6,452
EBIT 1 2,998 - 4,591 3,859 1,090 2,510 - 585.2 1,761 2,404 -78.79 2,664 -70.66 725.6 655 4,130 1,846 5,976 3,633 1,239 4,266 4,803
Operating Margin 5.47% - 6.81% 6.23% 2.39% 3.37% - 2.05% 2.83% 6.44% -0.21% 3.54% -0.24% 1.77% 0.94% 8.34% 3.44% 5.79% 8.48% 3.26% 7.69% 5.52%
Earnings before Tax (EBT) 1 3,196 - 4,909 3,936 2,044 - - - 5,866 2,935 5.618 2,940 62.22 1,330 1,392 4,210 2,222 6,432 3,758 1,637 4,752 6,227
Net income 1 2,980 1,146 4,216 3,529 1,781 3,197 - 3,967 5,601 2,560 105.7 2,666 174.2 1,187 1,361 3,634 2,027 5,660 3,228 2,348 3,763 5,504
Net margin 5.44% 3.19% 6.26% 5.7% 3.91% 4.29% - 13.91% 9.01% 6.85% 0.28% 3.54% 0.6% 2.9% 1.95% 7.34% 3.77% 5.48% 7.53% 6.18% 6.78% 6.32%
EPS 0.3260 0.1242 0.4560 0.3800 0.2000 0.3500 0.1800 - 0.6000 0.2800 0.0300 0.3100 - 0.1400 0.1600 - - - - - - -
Dividend per Share - - - - - - - - - - - - - - - - - - - - - -
Announcement Date 2/21/20 7/24/20 1/25/21 7/20/21 2/8/22 2/8/22 4/22/22 8/30/22 8/30/22 10/21/22 2/2/23 2/2/23 4/21/23 8/30/23 8/30/23 10/27/23 1/24/24 1/24/24 4/24/24 - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 4,090 - - - - - -
Net Cash position 1 4,157 - 12,043 6,030 8,997 17,229 22,674 38,475
Leverage (Debt/EBITDA) - 0.3894 x - - - - - -
Free Cash Flow 1 7,032 -2,599 22,843 -3,990 1,525 10,647 20,450 19,552
ROE (net income / shareholders' equity) 8.45% 9.58% 11.3% 12.7% 10.6% 14% 14.7% 15.1%
ROA (Net income/ Total Assets) 3.99% 4.02% 4.08% 4.58% 3.63% 4.71% 4.77% 4.92%
Assets 1 112,735 133,561 164,710 180,383 193,314 225,521 255,167 285,829
Book Value Per Share 2 5.950 6.250 6.730 8.010 8.060 8.880 9.820 10.90
Cash Flow per Share 2 1.530 0.5600 3.820 1.360 2.070 2.040 2.130 2.730
Capex 1 6,785 7,780 12,473 15,859 16,229 12,735 11,527 11,484
Capex / Sales 7.13% 7.53% 9.14% 11.55% 9.37% 5.87% 4.55% 4.07%
Announcement Date 2/21/20 1/25/21 2/8/22 2/2/23 1/24/24 - - -
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
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
26
Last Close Price
11.59 CNY
Average target price
13.93 CNY
Spread / Average Target
+20.18%
Consensus
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