Financials Tongdao Liepin Group Deutsche Boerse AG

Equities

Delayed Deutsche Boerse AG Other stock markets 02:32:10 2024-05-29 EDT			5-day change	1st Jan Change
0.304 ^EUR	+6.29%		-6.75%	-53.59%

05-27	-Jefferies Adjusts Tongdao Liepin Group’s Price Target to HK$3.40 From HK$4.40, Keeps at Buy	MT
05-26	Transcript : Tongdao Liepin Group, Q1 2024 Earnings Call, May 26, 2024

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,119	8,198	8,083	4,255	2,717	1,308	-	-
Enterprise Value (EV) ¹	4,695	7,681	7,627	4,255	2,717	525.5	169.9	-218.1
P/E ratio	59.2 x	152 x	59.2 x	92.1 x	3,278 x	13.1 x	7.1 x	5.27 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	4.7 x	4.38 x	3.05 x	1.61 x	1.19 x	0.57 x	0.49 x	0.47 x
EV / Revenue	3.1 x	4.11 x	2.88 x	1.61 x	1.19 x	0.23 x	0.06 x	-0.08 x
EV / EBITDA	18.9 x	24.8 x	16.7 x	-	17.8 x	1.89 x	0.46 x	-0.55 x
EV / FCF	20.2 x	17.2 x	-	36 x	-	3.2 x	-0.62 x	0.9 x
FCF Yield	4.96%	5.82%	-	2.78%	-	31.2%	-162%	111%
Price to Book	2.37 x	2.81 x	2.67 x	1.33 x	-	0.43 x	0.39 x	0.37 x
Nbr of stocks (in thousands)	520,669	521,458	523,791	524,779	518,117	514,484	-	-
Reference price ²	13.67	15.72	15.43	8.108	5.244	2.542	2.542	2.542
Announcement Date	20-03-19	21-03-19	22-03-18	23-03-31	24-03-22	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,513	1,870	2,651	2,638	2,282	2,312	2,665	2,785
EBITDA ¹	248.2	310.3	457.5	-	152.6	278.4	366.3	397.9
EBIT ¹	185.6	248.6	372.8	230.3	138.8	176.4	256.8	385.4
Operating Margin	12.26%	13.3%	14.06%	8.73%	6.08%	7.63%	9.64%	13.84%
Earnings before Tax (EBT) ¹	141.3	-	214.6	107.7	29.5	167.2	289.1	246.6
Net income ¹	120.4	53.63	134.4	44.37	0.75	114	197.6	233.8
Net margin	7.95%	2.87%	5.07%	1.68%	0.03%	4.93%	7.42%	8.39%
EPS ²	0.2310	0.1033	0.2607	0.0880	0.001600	0.1942	0.3579	0.4826
Free Cash Flow ¹	232.7	447.1	-	118.3	-	164	-275	-242
FCF margin	15.37%	23.92%	-	4.48%	-	7.09%	-10.32%	-8.69%
FCF Conversion (EBITDA)	93.75%	144.1%	-	-	-	58.92%	-	-
FCF Conversion (Net income)	193.33%	833.79%	-	266.62%	-	143.8%	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	20-03-19	21-03-19	22-03-18	23-03-31	24-03-22	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	2,424	517	456	-	-	782	1,138	1,526
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	233	447	-	118	-	164	-275	-242
ROE (net income / shareholders' equity)	6.01%	5.35%	4.59%	6.25%	-	4.76%	6.78%	7.98%
ROA (Net income/ Total Assets)	4.46%	3.62%	2.88%	3.86%	-	3.18%	4.33%	4.86%
Assets ¹	2,699	1,481	4,668	1,149	-	3,592	4,561	4,810
Book Value Per Share ²	5.770	5.590	5.780	6.100	-	5.930	6.450	6.850
Cash Flow per Share ²	0.4800	-	-	0.2800	-	0.5100	0.8000	-
Capex ¹	16.5	19.1	35.6	24.8	-	19.4	21.3	16.7
Capex / Sales	1.09%	1.02%	1.34%	0.94%	-	0.84%	0.8%	0.6%
Announcement Date	20-03-19	21-03-19	22-03-18	23-03-31	24-03-22	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.542 CNY

Average target price

4.879 CNY

Spread / Average Target

+91.97%

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