Financials DeHua TB New Decoration Material Co.,Ltd

Equities

End-of-day quote Shenzhen S.E. Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
10.66 ^CNY	-1.30%		+2.01%	+20.32%

25/04	DeHua TB New Decoration Material Co.,Ltd Proposes Final Cash Dividend for the Year 2023	CI
24/04	DeHua TB New Decoration Material Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,694	6,710	8,664	8,272	7,342	8,826	-	-
Enterprise Value (EV) ¹	5,694	6,710	8,664	8,272	7,342	8,826	8,826	8,826
P/E ratio	14.4 x	16.6 x	12.5 x	18.7 x	10.5 x	11.6 x	10 x	8.82 x
Yield	-	-	-	4.6%	6.21%	5.63%	6.75%	7.47%
Capitalization / Revenue	1.23 x	1.04 x	0.92 x	0.93 x	0.81 x	0.88 x	0.8 x	0.72 x
EV / Revenue	1.23 x	1.04 x	0.92 x	0.93 x	0.81 x	0.88 x	0.8 x	0.72 x
EV / EBITDA	11.4 x	-	8.63 x	12.4 x	7.58 x	8.01 x	7.08 x	6.32 x
EV / FCF	-	-	-	10.5 x	-	15.1 x	9.89 x	7.33 x
FCF Yield	-	-	-	9.56%	-	6.64%	10.1%	13.6%
Price to Book	3.09 x	3.74 x	4.22 x	3.55 x	2.32 x	2.52 x	2.27 x	2.04 x
Nbr of stocks (in thousands)	7,74,756	7,48,085	7,17,250	7,61,664	8,28,629	8,27,969	-	-
Reference price ²	7.350	8.970	12.08	10.86	8.860	10.66	10.66	10.66
Announcement Date	28/02/20	22/02/21	24/02/22	27/02/23	24/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,632	6,466	9,426	8,917	9,063	10,002	11,074	12,244
EBITDA ¹	501.5	-	1,004	668.4	968.5	1,101	1,247	1,397
EBIT ¹	468.6	560.9	944.1	601.8	900.9	1,015	1,173	1,332
Operating Margin	10.12%	8.68%	10.02%	6.75%	9.94%	10.15%	10.59%	10.88%
Earnings before Tax (EBT) ¹	475.8	564.7	954.3	611.8	907.5	1,023	1,181	1,339
Net income ¹	394.3	402.7	711.6	445.4	689.4	774.4	892.8	1,013
Net margin	8.51%	6.23%	7.55%	4.99%	7.61%	7.74%	8.06%	8.28%
EPS ²	0.5100	0.5400	0.9700	0.5800	0.8400	0.9229	1.064	1.209
Free Cash Flow ¹	-	-	-	790.6	-	586	892	1,204
FCF margin	-	-	-	8.87%	-	5.86%	8.06%	9.83%
FCF Conversion (EBITDA)	-	-	-	118.29%	-	53.21%	71.55%	86.18%
FCF Conversion (Net income)	-	-	-	177.52%	-	75.67%	99.91%	118.82%
Dividend per Share ²	-	-	-	0.5000	0.5500	0.6000	0.7200	0.7967
Announcement Date	28/02/20	22/02/21	24/02/22	27/02/23	24/04/24	-	-	-

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	-	-	-	791	-	586	892	1,204
ROE (net income / shareholders' equity)	22.9%	22.6%	37.5%	21%	23.8%	22.6%	23.5%	23.8%
ROA (Net income/ Total Assets)	-	9.28%	-	8.47%	-	11.4%	11.9%	12.3%
Assets ¹	-	4,340	-	5,256	-	6,785	7,477	8,213
Book Value Per Share ²	2.380	2.400	2.860	3.060	3.820	4.230	4.700	5.220
Cash Flow per Share ²	0.9000	1.050	1.160	1.210	2.270	1.080	1.260	1.590
Capex ¹	116	102	136	143	103	143	92.7	90.7
Capex / Sales	2.5%	1.58%	1.44%	1.6%	1.14%	1.42%	0.84%	0.74%
Announcement Date	28/02/20	22/02/21	24/02/22	27/02/23	24/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10.66 CNY

Average target price

12.99 CNY

Spread / Average Target

+21.83%

	1st Jan change	Capi.
DEHUA TB NEW DECORATION MATERIAL CO.,LTD	+20.32%	1.22B
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CENTURY PLYBOARDS (INDIA) LIMITED	-15.54%	1.75B
CORTICEIRA AMORIM, SGPS, S.A.	+4.92%	1.36B
DEXCO S.A.	-2.97%	1.19B
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OENEO	-17.44%	716M
STEICO SE	+7.73%	556M
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