Financials China Education Group Holdings Limited

Equities

839 KYG2163M1033

School, College & University

Delayed Hong Kong S.E. Other stock markets 11:09:03 2024-05-20 pm EDT			5-day change	1st Jan Change
5.23 ^HKD	-5.94%		-4.39%	+6.73%

Apr. 26	China Education Group Holdings Limited Announces an Interim Dividend for the Six Months Ended 29 February 2024, Payable on 18 July 2024	CI
Apr. 26	China Education Group Holdings Limited Reports Earnings Results for the Half Year Ended February 29, 2024	CI

Valuation

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	21,489	28,952	27,717	14,352	15,750	13,505	-	-
Enterprise Value (EV) ¹	22,259	30,702	32,724	18,450	19,179	18,171	18,224	18,882
P/E ratio	36.5 x	43.4 x	22.6 x	9.73 x	11.2 x	6.29 x	5.67 x	5.05 x
Yield	1.06%	1.72%	2.68%	5.58%	4.85%	7.01%	7.57%	8.67%
Capitalization / Revenue	11 x	10.8 x	7.53 x	3.02 x	2.8 x	2.06 x	1.8 x	1.6 x
EV / Revenue	11.4 x	11.5 x	8.89 x	3.88 x	3.42 x	2.77 x	2.44 x	2.23 x
EV / EBITDA	19.8 x	19.9 x	15.6 x	6.46 x	5.71 x	4.97 x	4.41 x	4.25 x
EV / FCF	40.6 x	457 x	-105 x	23.7 x	18.7 x	244 x	7.49 x	5.99 x
FCF Yield	2.46%	0.22%	-0.95%	4.22%	5.36%	0.41%	13.4%	16.7%
Price to Book	3.26 x	3.18 x	2.48 x	1.07 x	0.99 x	0.79 x	0.71 x	0.65 x
Nbr of stocks (in thousands)	2,020,202	2,150,222	2,272,952	2,387,070	2,551,540	2,618,313	-	-
Reference price ²	10.64	13.46	12.19	6.012	6.173	5.158	5.158	5.158
Announcement Date	11/26/19	11/24/20	11/24/21	11/28/22	11/27/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,955	2,678	3,682	4,756	5,616	6,556	7,483	8,452
EBITDA ¹	1,122	1,542	2,094	2,856	3,361	3,656	4,132	4,441
EBIT ¹	796.2	1,207	1,725	2,114	2,493	2,849	3,172	3,516
Operating Margin	40.73%	45.07%	46.84%	44.45%	44.39%	43.45%	42.39%	41.6%
Earnings before Tax (EBT) ¹	668.3	729.6	1,511	1,969	1,561	2,372	2,759	3,143
Net income ¹	592.6	633.2	1,444	1,845	1,380	2,047	2,291	2,576
Net margin	30.31%	23.64%	39.21%	38.79%	24.57%	31.22%	30.62%	30.48%
EPS ²	0.2916	0.3105	0.5402	0.6177	0.5522	0.8196	0.9103	1.021
Free Cash Flow ¹	548	67.18	-311	779	1,028	74.5	2,434	3,152
FCF margin	28.03%	2.51%	-8.44%	16.38%	18.3%	1.14%	32.53%	37.29%
FCF Conversion (EBITDA)	48.85%	4.36%	-	27.28%	30.59%	2.04%	58.9%	70.97%
FCF Conversion (Net income)	92.48%	10.61%	-	42.22%	74.49%	3.64%	106.24%	122.35%
Dividend per Share ²	0.1123	0.2321	0.3270	0.3357	0.2991	0.3615	0.3906	0.4473
Announcement Date	11/26/19	11/24/20	11/24/21	11/28/22	11/27/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: August	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	1,315	1,363	1,823	1,859	-	2,405	-	2,841	-	3,306
EBITDA ¹	-	801.7	-	-	-	1,449	-	1,685	-	1,860
EBIT ¹	-	644.3	880.9	843.8	-	1,072	-	1,236	-	1,368
Operating Margin	-	47.28%	48.31%	45.39%	-	44.57%	-	43.51%	-	41.39%
Earnings before Tax (EBT) ¹	-	179.7	-	-	-	740.8	-	492	-	1,181
Net income ¹	-	135.6	-	-	1,168	676.5	977	403	1,071	1,078
Net margin	-	9.95%	-	-	-	28.13%	-	14.19%	-	32.61%
EPS	-	-	-	-	0.3321	-	0.4006	-	0.4197	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	4/22/20	11/24/20	4/27/21	11/24/21	4/29/22	11/28/22	4/27/23	11/27/23	4/26/24	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	770	1,750	5,008	4,098	3,429	4,666	4,719	5,377
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.6864 x	1.135 x	2.391 x	1.435 x	1.02 x	1.276 x	1.142 x	1.211 x
Free Cash Flow ¹	548	67.2	-311	779	1,028	74.5	2,434	3,152
ROE (net income / shareholders' equity)	9.31%	13.8%	14.8%	14.4%	9.33%	12.6%	12.9%	13.3%
ROA (Net income/ Total Assets)	4.92%	6.28%	6.46%	6.12%	3.98%	6.5%	6.91%	7.48%
Assets ¹	12,036	10,078	22,361	30,161	34,665	31,466	33,142	34,459
Book Value Per Share ²	3.260	4.240	4.920	5.600	6.230	6.490	7.270	7.950
Cash Flow per Share ²	0.5600	0.4500	1.050	1.100	1.540	1.380	1.620	1.750
Capex ¹	593	844	2,841	1,974	2,818	3,947	2,249	1,667
Capex / Sales	30.35%	31.51%	77.15%	41.51%	50.18%	60.21%	30.05%	19.73%
Announcement Date	11/26/19	11/24/20	11/24/21	11/28/22	11/27/23	-	-	-

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

Ratings for China Education Group Holdings Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.158 CNY

Average target price

6.677 CNY

Spread / Average Target

+29.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector School, College & University (NEC)

	1st Jan change	Capi.
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School, College & University (NEC)