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5-day change | 1st Jan Change | ||
| 83.50 CNY | -2.13% |
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-4.68% | +6.85% |
| 08-06 | EU Clears Electrolux, Midea JVs in Mexico, US | MT |
| 07-29 | Electrolux beats profit forecast as savings pay off, but US demand weakens | RE |
Projected Income Statement: Midea Group Co., Ltd.
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 341,233 | 343,918 | 372,037 | 407,150 | 456,452 | 482,778 | 515,644 | 552,407 |
| Change | - | 0.79% | 8.18% | 9.44% | 12.11% | 5.77% | 6.81% | 7.13% |
| EBITDA 1 | 34,369 | 37,264 | 43,523 | 45,711 | 62,318 | 57,065 | 62,053 | 66,916 |
| Change | - | 8.42% | 16.8% | 5.03% | 36.33% | -8.43% | 8.74% | 7.84% |
| EBIT 1 | 33,281 | 34,763 | 40,317 | 46,394 | 52,979 | 47,145 | 51,406 | 56,344 |
| Change | - | 4.45% | 15.98% | 15.07% | 14.19% | -11.01% | 9.04% | 9.61% |
| Interest Paid 1 | 4,386 | -1,880 | -2,808 | -2,453 | -2,211 | -1,882 | -2,114 | -1,906 |
| Earnings before Tax (EBT) 1 | 33,718 | 34,956 | 40,277 | 46,690 | 53,085 | 56,025 | 60,799 | 65,648 |
| Change | - | 3.67% | 15.22% | 15.92% | 13.7% | 5.54% | 8.52% | 7.98% |
| Net income 1 | 28,574 | 29,554 | 33,720 | 38,537 | 43,945 | 45,905 | 51,178 | 56,923 |
| Change | - | 3.43% | 14.1% | 14.29% | 14.03% | 4.46% | 11.49% | 11.23% |
| Announcement Date | 4/29/22 | 4/28/23 | 3/27/24 | 3/28/25 | 3/30/26 | - | - | - |
Forecast Balance Sheet: Midea Group Co., Ltd.
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | -17,812 | 10,990 | -9,040 | -55,980 | -25,489 | -42,273 | -61,808 | -73,716 |
| Change | - | 161.7% | -182.26% | -519.25% | 54.47% | -65.85% | -46.21% | -19.27% |
| Announcement Date | 4/29/22 | 4/28/23 | 3/27/24 | 3/28/25 | 3/30/26 | - | - | - |
Cash Flow Forecast: Midea Group Co., Ltd.
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| CAPEX 1 | 6,489 | 7,113 | 5,923 | 6,879 | 10,666 | 12,700 | 10,684 | 10,995 |
| Change | - | 9.61% | -16.73% | 16.15% | 55.05% | 19.06% | -15.87% | 2.91% |
| Free Cash Flow (FCF) 1 | 28,603 | 27,545 | 51,980 | 53,632 | 42,680 | 47,768 | 58,027 | 60,626 |
| Change | - | -3.7% | 88.71% | 3.18% | -20.42% | 11.92% | 21.48% | 4.48% |
| Announcement Date | 4/29/22 | 4/28/23 | 3/27/24 | 3/28/25 | 3/30/26 | - | - | - |
Forecast Financial Ratios: Midea Group Co., Ltd.
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
Profitability | ||||||||
| EBITDA Margin (%) | 10.07% | 10.84% | 11.7% | 11.23% | 13.65% | 11.82% | 12.03% | 12.11% |
| EBIT Margin (%) | 9.75% | 10.11% | 10.84% | 11.39% | 11.61% | 10.38% | 10.54% | 10.69% |
| EBT Margin (%) | 9.88% | 10.16% | 10.83% | 11.47% | 11.63% | 11.3% | 12.06% | 12.45% |
| Net margin (%) | 8.37% | 8.59% | 9.06% | 9.47% | 9.63% | 9.67% | 9.78% | 9.89% |
| FCF margin (%) | 8.38% | 8.01% | 13.97% | 13.17% | 9.35% | 9.89% | 11.25% | 10.97% |
| FCF / Net Income (%) | 100.1% | 93.2% | 154.15% | 139.17% | 97.12% | 102.34% | 115.03% | 110.95% |
Profitability | ||||||||
| ROA | 7.64% | - | 7.42% | 7.07% | 7.24% | 7.21% | 7.45% | 7.85% |
| ROE | 24.09% | 22.21% | 22.23% | 21.29% | 19.7% | 19.37% | 19.88% | 20.47% |
Financial Health | ||||||||
| Leverage (Debt/EBITDA) | - | 0.29x | - | - | - | - | - | - |
| Debt / Free cash flow | - | 0.4x | - | - | - | - | - | - |
Capital Intensity | ||||||||
| CAPEX / Current Assets (%) | 1.9% | 2.07% | 1.59% | 1.69% | 2.34% | 2.24% | 2.12% | 2.14% |
| CAPEX / EBITDA (%) | 18.88% | 19.09% | 13.61% | 15.05% | 17.12% | 18.95% | 17.58% | 17.67% |
| CAPEX / FCF (%) | 22.69% | 25.82% | 11.39% | 12.83% | 24.99% | 22.64% | 18.8% | 19.5% |
Items per share | ||||||||
| Cash flow per share 1 | 5.023 | 4.953 | 8.242 | 7.904 | 7.022 | 6.987 | 9.334 | 9.317 |
| Change | - | -1.39% | 66.39% | -4.1% | -11.16% | -0.5% | 33.6% | -0.18% |
| Dividend per Share 1 | 1.7 | 2.5 | 3 | 3.5 | 3.8 | 4.407 | 4.855 | 5.278 |
| Change | - | 47.06% | 20% | 16.67% | 8.57% | 15.98% | 10.15% | 8.73% |
| Book Value Per Share 1 | 17.87 | 20.43 | 23.18 | 28.31 | 29.38 | 31.2 | 33.54 | 35.81 |
| Change | - | 14.29% | 13.49% | 22.12% | 3.78% | 6.19% | 7.49% | 6.79% |
| EPS 1 | 4.14 | 4.33 | 4.92 | 5.42 | 5.76 | 6.109 | 6.667 | 7.239 |
| Change | - | 4.59% | 13.63% | 10.16% | 6.27% | 6.06% | 9.13% | 8.58% |
| Nbr of stocks (in thousands) | 6,866,642 | 6,856,535 | 6,907,402 | 7,541,765 | 7,500,460 | 7,552,862 | 7,552,862 | 7,552,862 |
| Announcement Date | 4/29/22 | 4/28/23 | 3/27/24 | 3/28/25 | 3/30/26 | - | - | - |
| 2026 * | 2027 * | |
|---|---|---|
| P/E | 13.7x | 12.5x |
| PBR | 2.68x | 2.49x |
| EV / Sales | 1.22x | 1.1x |
| Yield | 5.28% | 5.81% |
EPS & Dividend
Y-o-Y evolution of P/E
Year-on-year evolution of the Yield
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Quarterly revenue - Rate of surprise
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