Financials Wasion Holdings Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
6.5 ^HKD	+4.33%		+2.52%	+65.82%

Apr. 11	Wasion Holdings Units Land State Grid Contracts Worth 412 Million Yuan; Shares Up 5%	MT
Apr. 10	Wasion Group Limited Wins Contracts on Procurement of Metering Equipment in 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,405	1,911	2,783	2,287	3,548	5,992	-	-
Enterprise Value (EV) ¹	3,701	1,946	3,041	2,287	3,418	6,216	6,586	7,002
P/E ratio	12.2 x	8.17 x	10.3 x	6.98 x	6.76 x	8.12 x	6.64 x	4.87 x
Yield	6.93%	8.86%	5.83%	10%	7.86%	7.38%	9.05%	12.3%
Capitalization / Revenue	0.93 x	0.48 x	0.61 x	0.39 x	0.49 x	0.66 x	0.52 x	0.4 x
EV / Revenue	1.01 x	0.49 x	0.66 x	0.39 x	0.47 x	0.68 x	0.57 x	0.47 x
EV / EBITDA	5.1 x	2.61 x	5.41 x	2.79 x	2.92 x	4.82 x	4.35 x	3.85 x
EV / FCF	40.6 x	21.8 x	86.9 x	3.71 x	3.25 x	13.5 x	11 x	9.27 x
FCF Yield	2.46%	4.58%	1.15%	27%	30.7%	7.43%	9.06%	10.8%
Price to Book	0.8 x	0.42 x	0.59 x	0.49 x	0.68 x	0.94 x	0.84 x	0.75 x
Nbr of stocks (in thousands)	999,962	995,880	995,880	995,880	995,880	995,880	-	-
Reference price ²	3.405	1.919	2.795	2.296	3.563	6.017	6.017	6.017
Announcement Date	3/30/20	3/30/21	3/28/22	3/27/23	3/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,656	3,949	4,591	5,856	7,252	9,123	11,611	14,840
EBITDA ¹	725	746.5	562.4	820	1,171	1,289	1,514	1,819
EBIT ¹	526.3	548.1	459.2	694.9	922.5	1,118	1,323	1,607
Operating Margin	14.4%	13.88%	10%	11.87%	12.72%	12.25%	11.39%	10.83%
Earnings before Tax (EBT) ¹	494.6	395.9	472.7	582.4	860.7	1,104	1,434	1,660
Net income ¹	280.6	231.2	268.1	323.8	521.2	732	894.5	1,221
Net margin	7.68%	5.85%	5.84%	5.53%	7.19%	8.02%	7.7%	8.23%
EPS ²	0.2800	0.2350	0.2720	0.3290	0.5270	0.7410	0.9062	1.235
Free Cash Flow ¹	91.18	89.08	35.01	616.9	1,050	462	597	755
FCF margin	2.49%	2.26%	0.76%	10.53%	14.48%	5.06%	5.14%	5.09%
FCF Conversion (EBITDA)	12.58%	11.93%	6.23%	75.23%	89.68%	35.84%	39.43%	41.51%
FCF Conversion (Net income)	32.5%	38.53%	13.06%	190.52%	201.5%	63.11%	66.74%	61.83%
Dividend per Share ²	0.2360	0.1700	0.1630	0.2300	0.2800	0.4440	0.5443	0.7410
Announcement Date	3/30/20	3/30/21	3/28/22	3/27/23	3/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	296	34.7	258	-	-	224	594	1,010
Net Cash position ¹	-	-	-	-	130	-	-	-
Leverage (Debt/EBITDA)	0.4079 x	0.0464 x	0.4587 x	-	-	0.1738 x	0.3923 x	0.5553 x
Free Cash Flow ¹	91.2	89.1	35	617	1,050	462	597	755
ROE (net income / shareholders' equity)	6.68%	5.3%	5.86%	6.97%	10.6%	12.7%	15%	16.3%
ROA (Net income/ Total Assets)	4.28%	2.9%	2.24%	-	3.87%	5%	6%	-
Assets ¹	6,558	7,972	11,971	-	13,453	14,640	14,908	-
Book Value Per Share ²	4.260	4.600	4.700	4.730	5.230	6.440	7.140	8.020
Cash Flow per Share	0.1500	-	-	-	-	-	-	-
Capex ¹	61.4	98.2	217	246	446	300	425	300
Capex / Sales	1.68%	2.49%	4.72%	4.21%	6.15%	3.29%	3.66%	2.02%
Announcement Date	3/30/20	3/30/21	3/28/22	3/27/23	3/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.017 CNY

Average target price

5.171 CNY

Spread / Average Target

-14.06%

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