Financials China East Education Holdings Limited

Equities

667

KYG2120T1004

Professional & Business Education

Market Closed - Hong Kong S.E. 04:08:07 2024-05-09 am EDT 5-day change 1st Jan Change
2.5 HKD +4.60% Intraday chart for China East Education Holdings Limited -0.40% -6.72%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 31,956 34,438 8,647 11,975 5,307 5,035 - -
Enterprise Value (EV) 2 26,182 30,157 5,373 11,975 5,307 2,143 2,094 1,599
P/E ratio 36.6 x 139 x 29.9 x 32.4 x 20 x 13 x 8.07 x 8.38 x
Yield 1.27% 1.44% 5.04% 3.7% - 5.9% 9.75% 8.62%
Capitalization / Revenue 8.18 x 9.44 x 2.09 x 3.14 x 1.33 x 1.16 x 1.01 x 0.95 x
EV / Revenue 6.7 x 8.26 x 1.3 x 3.14 x 1.33 x 0.49 x 0.42 x 0.3 x
EV / EBITDA 16.9 x 25.7 x 4.58 x 10.1 x 4.67 x 1.54 x 1.23 x 0.96 x
EV / FCF 21,376,672 x 38,690,448 x 25,012,983 x 83,833,672 x - - - -
FCF Yield 0% 0% 0% 0% - - - -
Price to Book 5.35 x 5.94 x 1.51 x 2.07 x - 0.84 x 0.75 x 0.81 x
Nbr of stocks (in thousands) 2,191,092 2,195,104 2,174,682 2,176,466 2,178,851 2,178,851 - -
Reference price 3 16.32 18.64 4.880 6.230 2.680 2.390 2.390 2.390
Announcement Date 3/30/20 3/25/21 3/24/22 3/23/23 3/27/24 - - -
1HKD in Million2CNY in Million3HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,905 3,649 4,140 3,819 3,979 4,355 4,972 5,310
EBITDA 1 1,549 1,173 1,172 1,189 1,136 1,393 1,698 1,668
EBIT 1 1,006 570 551.3 411 324.7 521.4 866.1 818.9
Operating Margin 25.75% 15.62% 13.32% 10.76% 8.16% 11.97% 17.42% 15.42%
Earnings before Tax (EBT) 1 1,070 443.7 468.8 498 368 479.4 775.2 744.9
Net income 1 847.8 257.6 302.2 366.6 272.6 372.4 578.4 572.2
Net margin 21.71% 7.06% 7.3% 9.6% 6.85% 8.55% 11.63% 10.78%
EPS 2 0.4461 0.1339 0.1632 0.1921 0.1339 0.1840 0.2960 0.2853
Free Cash Flow 1,225 779.4 214.8 142.8 - - - -
FCF margin 31.36% 21.36% 5.19% 3.74% - - - -
FCF Conversion (EBITDA) 79.07% 66.43% 18.33% 12.02% - - - -
FCF Conversion (Net income) 144.46% 302.56% 71.08% 38.97% - - - -
Dividend per Share 2 0.2075 0.2682 0.2457 0.2302 - 0.1410 0.2330 0.2060
Announcement Date 3/30/20 3/25/21 3/24/22 3/23/23 3/27/24 - - -
1CNY in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2 2026 S1
Net sales 1 1,517 2,001 1,879 1,940 - 2,026 2,129 2,168 2,385 2,397 2,581
EBITDA 1 - - - - - - 766.8 640.1 907.1 748.7 1,002
EBIT - 376.3 408.4 - - - - - - - -
Operating Margin - 18.81% 21.74% - - - - - - - -
Earnings before Tax (EBT) 1 - - 326 172.1 - 93.05 345 218.3 453.9 295.5 527.8
Net income 1 243 - 236.1 130.5 203.8 68.79 258.7 163.7 340.4 221.6 395.9
Net margin 16.02% - 12.57% 6.73% - 3.4% 12.15% 7.55% 14.27% 9.25% 15.34%
EPS - - - 0.0685 0.0986 - - - - - -
Dividend per Share - - - - - - - - - - -
Announcement Date 8/19/20 8/25/21 8/24/22 3/23/23 9/12/23 3/27/24 - - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 5,775 4,281 3,275 - - 2,893 2,942 3,437
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1,225 779 215 143 - - - -
ROE (net income / shareholders' equity) 25.7% 4.24% 5.13% 6.41% - 6.61% 8.62% 9%
ROA (Net income/ Total Assets) 14.4% 2.64% 3.11% 3.84% - 4% 4.81% 5.73%
Assets 1 5,885 9,750 9,728 9,555 - 9,317 12,025 9,992
Book Value Per Share 2 3.050 3.140 3.240 3.020 - 2.860 3.170 2.960
Cash Flow per Share 2 0.8400 0.5900 0.5300 0.3200 - 0.9000 0.9100 -
Capex 1 371 332 763 479 - 953 945 706
Capex / Sales 9.51% 9.11% 18.43% 12.54% - 21.88% 19% 13.29%
Announcement Date 3/30/20 3/25/21 3/24/22 3/23/23 3/27/24 - - -
1CNY in Million2HKD
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
8
Last Close Price
2.39 HKD
Average target price
4.295 HKD
Spread / Average Target
+79.71%
Consensus

Quarterly revenue - Rate of surprise

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