FUSEN PHARMACEUTICAL COMPANY LIMITED

Financials Fusen Pharmaceutical Company Limited

Equities

1652

KYG370981030

Pharmaceuticals

Market Closed - Hong Kong S.E. Other stock markets 01:38:22 10/05/2024 pm IST			5-day change	1st Jan Change
0.89 ^HKD	+3.49%		0.00%	-35.04%

04/04	Fusen Pharmaceutical's Type 2 Diabetes Drug Application Accepted by Chinese Regulator	MT
03/04	Jiaheng (Zhuhai Hengqin) Pharmaceutical Technology Company Limited Announces National Medical Products Administration of the People's Republic of China Accepts the Application for Launching Metformin Empagliflozin Tablets (I)	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	1,728	3,432	2,950	768.6	957.6	927.7
Enterprise Value (EV) ¹	1,359	3,311	2,836	927.6	1,058	1,242
P/E ratio	14.7 x	64.2 x	42.9 x	50.5 x	-25.3 x	-24.9 x
Yield	0.59%	0.16%	0.24%	0.9%	-	-
Capitalization / Revenue	3.74 x	8.42 x	6.06 x	1.99 x	1.95 x	1.64 x
EV / Revenue	2.94 x	8.13 x	5.83 x	2.41 x	2.15 x	2.2 x
EV / EBITDA	9.66 x	51.4 x	29 x	11.1 x	14.6 x	25.1 x
EV / FCF	-17 x	-30.5 x	23.6 x	-5.38 x	7.01 x	-7.81 x
FCF Yield	-5.89%	-3.28%	4.24%	-18.6%	14.3%	-12.8%
Price to Book	2.81 x	5.1 x	4.47 x	1.17 x	1.56 x	1.65 x
Nbr of stocks (in thousands)	8,00,000	8,00,000	7,70,434	7,60,744	7,58,210	7,45,034
Reference price ²	2.160	4.290	3.830	1.010	1.263	1.245
Announcement Date	29/04/19	14/05/20	23/04/21	28/04/22	28/04/23	26/04/24

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	462.1	407.4	486.9	385.7	491.8	565.6
EBITDA ¹	140.7	64.38	97.96	83.35	72.33	49.56
EBIT ¹	124.6	48.24	81.55	65.92	45.41	21.45
Operating Margin	26.96%	11.84%	16.75%	17.09%	9.23%	3.79%
Earnings before Tax (EBT) ¹	123.8	63.81	78.4	23.79	-30.99	-29.45
Net income ¹	101.9	53.43	70.13	16.64	-34.6	-36.28
Net margin	22.05%	13.12%	14.4%	4.32%	-7.04%	-6.41%
EPS ²	0.1466	0.0668	0.0892	0.0200	-0.0500	-0.0500
Free Cash Flow ¹	-79.97	-108.6	120.3	-172.6	150.9	-159
FCF margin	-17.31%	-26.67%	24.72%	-44.75%	30.68%	-28.11%
FCF Conversion (EBITDA)	-	-	122.84%	-	208.6%	-
FCF Conversion (Net income)	-	-	171.58%	-	-	-
Dividend per Share ²	0.0128	0.006700	0.009100	0.009100	-	-
Announcement Date	29/04/19	14/05/20	23/04/21	28/04/22	28/04/23	26/04/24

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	-	159	100	314
Net Cash position ¹	370	121	114	-	-	-
Leverage (Debt/EBITDA)	-	-	-	1.908 x	1.387 x	6.334 x
Free Cash Flow ¹	-80	-109	120	-173	151	-159
ROE (net income / shareholders' equity)	25.5%	8.05%	9.35%	2.53%	-5.46%	-6.18%
ROA (Net income/ Total Assets)	7.37%	2.58%	4.22%	3.32%	2.19%	1%
Assets ¹	1,383	2,073	1,663	501.1	-1,579	-3,645
Book Value Per Share ²	0.7700	0.8400	0.8600	0.8600	0.8100	0.7600
Cash Flow per Share ²	0.7000	0.4100	0.3900	0.1100	0.1700	0.0500
Capex ¹	104	57.8	58.6	110	23.9	66.2
Capex / Sales	22.58%	14.19%	12.05%	28.56%	4.85%	11.71%
Announcement Date	29/04/19	14/05/20	23/04/21	28/04/22	28/04/23	26/04/24

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Generic Pharmaceuticals

	1st Jan change	Capi.
FUSEN PHARMACEUTICAL COMPANY LIMITED	-35.04%	84.21M
SUN PHARMACEUTICAL INDUSTRIES LTD.	+19.62%	43.27B
OTSUKA HOLDINGS CO., LTD.	+24.52%	22.92B
SANDOZ GROUP AG	+20.29%	15.43B
CIPLA LIMITED	+7.48%	12.95B
ZYDUS LIFESCIENCES LIMITED	+42.51%	11.83B
ONO PHARMACEUTICAL CO., LTD.	-8.84%	6.91B
THE MEDICINES COMPANY	-0.05%	6.79B
STADA ARZNEIMITTEL	-8.87%	5.73B
ASPEN PHARMACARE HOLDINGS LIMITED	+13.13%	5.55B

Generic Pharmaceuticals

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Financials Fusen Pharmaceutical Company Limited

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