Stock 38 FIRST TRACTOR COMPANY LIMITED
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Financials First Tractor Company Limited

Equities

38

CNE100000320

Heavy Machinery & Vehicles

Market Closed - Hong Kong S.E.
Other stock markets
 01:38:42 28/06/2024 pm IST 		5-day change 1st Jan Change
7.39 HKD +3.65% Intraday chart for First Tractor Company Limited -8.31% +48.99%
25/06 First Tractor Yet to Name Buyer for Unit's Minority Stake; Shares Up 3% MT
29/05 First Tractor Company Limited Approves Final Ordinary for the Financial Year End 31 December 2023, Payable on July 5, 2024 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 3,502 4,737 8,488 11,573 9,533 12,442
Enterprise Value (EV) 1 2,966 3,767 6,751 7,906 4,282 9,111
P/E ratio -1.19 x 25.2 x 11.3 x 8.17 x 5.38 x 5.08 x
Yield - - 2.33% 3.64% 6.93% 7.08%
Capitalization / Revenue 0.62 x 0.81 x 1.12 x 1.24 x 0.76 x 1.08 x
EV / Revenue 0.52 x 0.65 x 0.89 x 0.85 x 0.34 x 0.79 x
EV / EBITDA -3.27 x 28.5 x 22.9 x 12.1 x 4 x 9.13 x
EV / FCF 7.71 x -18.5 x 13.8 x 6.8 x 1.86 x 43.8 x
FCF Yield 13% -5.42% 7.22% 14.7% 53.9% 2.28%
Price to Book 0.39 x 0.38 x 0.73 x 0.67 x 0.61 x 0.76 x
Nbr of stocks (in thousands) 9,85,850 9,85,850 9,85,850 11,23,645 11,23,645 11,23,645
Reference price 2 1.572 1.573 3.224 3.219 3.259 4.508
Announcement Date 29/03/19 23/04/20 29/03/21 29/03/22 20/04/23 27/03/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 5,682 5,830 7,582 9,334 12,564 11,534
EBITDA 1 -907.7 132.2 295 652.4 1,070 997.8
EBIT 1 -1,235 -187.7 -22.5 340 771.9 713.8
Operating Margin -21.75% -3.22% -0.3% 3.64% 6.14% 6.19%
Earnings before Tax (EBT) 1 -1,315 182.6 307.3 460.3 611.9 1,003
Net income 1 -1,300 61.48 280.2 438.2 681.1 997
Net margin -22.88% 1.05% 3.69% 4.69% 5.42% 8.64%
EPS 2 -1.319 0.0624 0.2842 0.3940 0.6061 0.8873
Free Cash Flow 1 384.5 -204.1 487.7 1,162 2,306 208
FCF margin 6.77% -3.5% 6.43% 12.45% 18.35% 1.8%
FCF Conversion (EBITDA) - - 165.34% 178.09% 215.47% 20.84%
FCF Conversion (Net income) - - 174.08% 265.13% 338.59% 20.86%
Dividend per Share - - 0.0750 0.1170 0.2257 0.3194
Announcement Date 29/03/19 23/04/20 29/03/21 29/03/22 20/04/23 27/03/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 536 970 1,737 3,667 5,251 3,331
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 384 -204 488 1,162 2,306 208
ROE (net income / shareholders' equity) -27% 2.68% 5.76% 7.91% 10.3% 14.4%
ROA (Net income/ Total Assets) -5.67% -0.95% -0.12% 1.72% 3.81% 3.33%
Assets 1 22,936 -6,491 -2,38,833 25,448 17,877 29,957
Book Value Per Share 2 4.060 4.130 4.400 4.810 5.300 5.960
Cash Flow per Share 2 1.580 1.430 1.730 2.890 3.880 2.460
Capex 1 268 249 81.2 67.8 94.2 89.1
Capex / Sales 4.72% 4.27% 1.07% 0.73% 0.75% 0.77%
Announcement Date 29/03/19 23/04/20 29/03/21 29/03/22 20/04/23 27/03/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
6.878 CNY
Average target price
5.499 CNY
Spread / Average Target
-20.05%
Consensus

Chiffre d''affaires - Rate of surprise

Company calendar

Sector Agricultural Machinery

1st Jan change Capi.
FIRST TRACTOR COMPANY LIMITED Stock First Tractor Company Limited
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Agricultural Machinery
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