Financials Ningbo Boway Alloy Material Company Limited

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-19 pm EDT			5-day change	1st Jan Change
17.48 ^CNY	+0.29%		-3.85%	+12.56%

Apr. 29	Ningbo Boway Alloy Material Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 22	Ningbo Boway Alloy Material Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,557	8,916	18,614	11,681	12,122	13,644	-	-
Enterprise Value (EV) ¹	7,557	8,916	18,614	11,681	12,122	13,644	13,644	13,644
P/E ratio	17.6 x	20.1 x	60.5 x	21.8 x	10.9 x	9.04 x	8.15 x	6.84 x
Yield	-	1.48%	0.51%	1.42%	2.9%	3.29%	3.7%	4.52%
Capitalization / Revenue	1 x	1.17 x	1.85 x	0.87 x	0.68 x	0.66 x	0.59 x	0.54 x
EV / Revenue	1 x	1.17 x	1.85 x	0.87 x	0.68 x	0.66 x	0.59 x	0.54 x
EV / EBITDA	-	12.1 x	31 x	12.1 x	6.97 x	5.84 x	4.88 x	4.55 x
EV / FCF	-	-	-	-	-	30.1 x	6.1 x	8.94 x
FCF Yield	-	-	-	-	-	3.33%	16.4%	11.2%
Price to Book	2.05 x	1.75 x	3.44 x	1.94 x	1.73 x	1.66 x	1.47 x	1.24 x
Nbr of stocks (in thousands)	671,174	776,697	788,711	788,711	780,532	780,532	-	-
Reference price ²	11.26	11.48	23.60	14.81	15.53	17.48	17.48	17.48
Announcement Date	4/20/20	4/12/21	4/18/22	4/24/23	4/22/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,592	7,589	10,038	13,448	17,756	20,703	23,193	25,352
EBITDA ¹	-	736.2	600.1	966.9	1,740	2,337	2,796	2,996
EBIT ¹	-	468.7	301	614	1,295	1,739	1,997	2,300
Operating Margin	-	6.18%	3%	4.57%	7.29%	8.4%	8.61%	9.07%
Earnings before Tax (EBT) ¹	-	463.2	338.1	600.4	1,286	1,739	1,992	2,298
Net income ¹	440.1	428.9	310.3	537.1	1,124	1,512	1,677	1,998
Net margin	5.8%	5.65%	3.09%	3.99%	6.33%	7.3%	7.23%	7.88%
EPS ²	0.6400	0.5700	0.3900	0.6800	1.430	1.934	2.145	2.556
Free Cash Flow ¹	-	-	-	-	-	454	2,236	1,526
FCF margin	-	-	-	-	-	2.19%	9.64%	6.02%
FCF Conversion (EBITDA)	-	-	-	-	-	19.42%	79.96%	50.93%
FCF Conversion (Net income)	-	-	-	-	-	30.03%	133.33%	76.37%
Dividend per Share ²	-	0.1700	0.1200	0.2100	0.4500	0.5750	0.6467	0.7900
Announcement Date	4/20/20	4/12/21	4/18/22	4/24/23	4/22/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	-	-	454	2,236	1,526
ROE (net income / shareholders' equity)	-	10.1%	5.83%	9.41%	17.3%	18.3%	17.9%	18.1%
ROA (Net income/ Total Assets)	-	5.14%	-	3.71%	-	8.07%	8.84%	9%
Assets ¹	-	8,348	-	14,484	-	18,734	18,982	22,202
Book Value Per Share ²	5.480	6.550	6.860	7.620	8.950	10.50	11.90	14.10
Cash Flow per Share ²	-	0.4000	0.1600	0.6700	1.850	1.810	2.720	3.710
Capex ¹	-	1,234	998	931	877	970	876	781
Capex / Sales	-	16.26%	9.94%	6.92%	4.94%	4.69%	3.78%	3.08%
Announcement Date	4/20/20	4/12/21	4/18/22	4/24/23	4/22/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

17.48 CNY

Average target price

22.07 CNY

Spread / Average Target

+26.26%

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