Financials BYD Company Limited OTC Markets

Equities

BYDDF

CNE100000296

Auto & Truck Manufacturers

Market Closed - OTC Markets Other stock markets 01:29:39 07/06/2024 am IST			5-day change	1st Jan Change
29.32 ^USD	-2.12%		+3.18%	+5.94%

06/06	BYD Company Limited Approves Final Ordinary Dividend for the Year Ended December 31, 2023, Payable on August 06, 2024	CI
06/06	BYD Battery Unit to Supply Cells to Tesla's Shanghai Factory	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,18,176	5,08,619	7,24,739	6,50,552	5,72,350	6,64,112	-	-
Enterprise Value (EV) ¹	1,83,247	5,45,613	7,08,260	6,18,292	5,01,295	5,73,923	4,97,138	4,40,128
P/E ratio	69.4 x	116 x	205 x	29.8 x	18.9 x	18 x	14.6 x	12.1 x
Yield	0.17%	0.09%	0.05%	0.67%	1.59%	1.48%	1.77%	2.21%
Capitalization / Revenue	0.97 x	3.31 x	3.35 x	1.53 x	0.95 x	0.87 x	0.73 x	0.64 x
EV / Revenue	1.5 x	3.56 x	3.28 x	1.46 x	0.83 x	0.75 x	0.55 x	0.42 x
EV / EBITDA	10.9 x	24.4 x	38.4 x	15 x	6.25 x	6.26 x	4.5 x	3.27 x
EV / FCF	79.4 x	16.1 x	24.5 x	14.2 x	10.4 x	11.6 x	10.7 x	6.22 x
FCF Yield	1.26%	6.21%	4.09%	7.06%	9.6%	8.59%	9.35%	16.1%
Price to Book	1.67 x	8.6 x	6.65 x	4.46 x	4.08 x	3.72 x	3.1 x	2.72 x
Nbr of stocks (in thousands)	27,28,143	27,28,143	29,11,143	29,05,632	29,05,632	29,03,755	-	-
Reference price ²	34.72	171.0	217.2	170.1	194.9	212.6	212.6	212.6
Announcement Date	31/03/20	29/03/21	29/03/22	28/03/23	26/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,21,778	1,53,469	2,16,142	4,24,061	6,02,315	7,63,478	9,08,397	10,44,117
EBITDA ¹	16,806	22,381	18,465	41,328	80,265	91,695	1,10,530	1,34,647
EBIT ¹	7,337	10,193	4,632	21,542	38,103	42,266	55,454	68,819
Operating Margin	6.03%	6.64%	2.14%	5.08%	6.33%	5.54%	6.1%	6.59%
Earnings before Tax (EBT) ¹	2,431	6,883	4,518	21,080	37,269	43,734	55,932	69,471
Net income ¹	1,614	4,234	3,045	16,622	30,041	34,954	44,343	55,388
Net margin	1.33%	2.76%	1.41%	3.92%	4.99%	4.58%	4.88%	5.3%
EPS ²	0.5000	1.470	1.060	5.710	10.32	11.83	14.55	17.64
Free Cash Flow ¹	2,307	33,878	28,949	43,649	48,102	49,308	46,483	70,713
FCF margin	1.89%	22.07%	13.39%	10.29%	7.99%	6.46%	5.12%	6.77%
FCF Conversion (EBITDA)	13.73%	151.37%	156.78%	105.62%	59.93%	53.77%	42.05%	52.52%
FCF Conversion (Net income)	142.89%	800.08%	950.66%	262.59%	160.12%	141.07%	104.83%	127.67%
Dividend per Share ²	0.0600	0.1480	0.1050	1.142	3.096	3.138	3.770	4.703
Announcement Date	31/03/20	29/03/21	29/03/22	28/03/23	26/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	59,594	58,028	95,441	89,131	70,950	1,22,169	66,825	83,782	1,50,607	1,17,081	1,56,373	2,73,453	1,20,174	1,39,951	1,62,151	1,80,041	1,24,944	1,69,836	2,06,479	2,42,484	1,77,263	2,06,435
EBITDA	10,382	9,131	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,874	3,874	6,319	1,854	763.2	3,269	1,061	3,561	4,622	7,463	9,456	-	5,299	8,433	12,906	11,466	5,798	6,794	11,363	13,422	-	-
Operating Margin	8.18%	6.68%	6.62%	2.08%	1.08%	2.68%	1.59%	4.25%	3.07%	6.37%	6.05%	-	4.41%	6.03%	7.96%	6.37%	4.64%	4%	5.5%	5.54%	-	-
Earnings before Tax (EBT) ¹	565.2	2,928	3,955	-	-	2,314	-	-	4,641	-	8,961	16,438	5,217	8,183	12,665	11,203	5,717	19,469	1,03,481	-91,639	-	-
Net income ¹	157	1,662	2,572	-	602.1	1,872	-	2,787	3,595	5,716	7,311	13,027	4,130	6,824	10,413	8,674	4,569	7,615	11,559	13,253	-	-
Net margin	0.26%	2.86%	2.69%	-	0.85%	1.53%	-	3.33%	2.39%	4.88%	4.68%	4.76%	3.44%	4.88%	6.42%	4.82%	3.66%	4.48%	5.6%	5.47%	-	-
EPS ²	0.0100	0.5600	0.9100	0.4100	-	0.6500	-	-	1.240	-	-	4.470	1.420	2.350	3.580	2.970	1.570	2.590	4.090	3.760	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	31/03/20	28/08/20	29/03/21	27/08/21	29/03/22	29/03/22	27/04/22	29/08/22	29/08/22	28/10/22	28/03/23	28/03/23	27/04/23	28/08/23	30/10/23	26/03/24	29/04/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	65,072	36,994	-	-	-	-	-	-
Net Cash position ¹	-	-	16,091	32,260	71,056	90,188	1,66,973	2,23,984
Leverage (Debt/EBITDA)	3.872 x	1.653 x	-	-	-	-	-	-
Free Cash Flow ¹	2,307	33,878	28,949	43,649	48,102	49,308	46,483	70,713
ROE (net income / shareholders' equity)	2.88%	7.43%	3.73%	16.1%	24.4%	21.7%	22.4%	22.5%
ROA (Net income/ Total Assets)	0.83%	2.14%	1.23%	4.21%	5.12%	4.62%	5.15%	5.49%
Assets ¹	1,95,100	1,98,326	2,48,404	3,94,820	5,86,700	7,55,774	8,61,231	10,09,029
Book Value Per Share ²	20.80	19.90	32.70	38.10	47.80	57.20	68.60	78.10
Cash Flow per Share ²	5.400	15.80	22.80	48.40	58.40	38.70	46.30	50.20
Capex ¹	12,434	11,515	36,517	97,189	1,21,623	1,01,727	88,166	93,353
Capex / Sales	10.21%	7.5%	16.89%	22.92%	20.19%	13.32%	9.71%	8.94%
Announcement Date	31/03/20	29/03/21	29/03/22	28/03/23	26/03/24	-	-	-

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 BYD Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

212.6 CNY

Average target price

267 CNY

Spread / Average Target

+25.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Automobiles & Multi Utility Vehicles

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Automobiles & Multi Utility Vehicles