Financials Ningbo Boway Alloy Material Company Limited

Equities

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 03/07/2024 am IST			5-day change	1st Jan Change
15.35 ^CNY	-0.90%		+0.13%	-1.16%

29/04	Ningbo Boway Alloy Material Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
22/04	Ningbo Boway Alloy Material Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,557	8,916	18,614	11,681	12,122	11,981	-	-
Enterprise Value (EV) ¹	7,557	8,916	18,614	11,681	12,122	11,981	11,981	11,981
P/E ratio	17.6 x	20.1 x	60.5 x	21.8 x	10.9 x	7.94 x	6.6 x	6.01 x
Yield	-	1.48%	0.51%	1.42%	2.9%	3.75%	4.63%	5.15%
Capitalization / Revenue	1 x	1.17 x	1.85 x	0.87 x	0.68 x	0.59 x	0.51 x	0.47 x
EV / Revenue	1 x	1.17 x	1.85 x	0.87 x	0.68 x	0.59 x	0.51 x	0.47 x
EV / EBITDA	-	12.1 x	31 x	12.1 x	6.97 x	5.13 x	4.37 x	4 x
EV / FCF	-	-	-	-	-	26.4 x	5.36 x	7.85 x
FCF Yield	-	-	-	-	-	3.79%	18.7%	12.7%
Price to Book	2.05 x	1.75 x	3.44 x	1.94 x	1.73 x	1.46 x	1.25 x	1.09 x
Nbr of stocks (in thousands)	6,71,174	7,76,697	7,88,711	7,88,711	7,80,532	7,80,533	-	-
Reference price ²	11.26	11.48	23.60	14.81	15.53	15.35	15.35	15.35
Announcement Date	20/04/20	12/04/21	18/04/22	24/04/23	22/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,592	7,589	10,038	13,448	17,756	20,414	23,269	25,352
EBITDA ¹	-	736.2	600.1	966.9	1,740	2,337	2,741	2,996
EBIT ¹	-	468.7	301	614	1,295	1,739	2,094	2,300
Operating Margin	-	6.18%	3%	4.57%	7.29%	8.52%	9%	9.07%
Earnings before Tax (EBT) ¹	-	463.2	338.1	600.4	1,286	1,739	2,091	2,298
Net income ¹	440.1	428.9	310.3	537.1	1,124	1,512	1,818	1,998
Net margin	5.8%	5.65%	3.09%	3.99%	6.33%	7.41%	7.81%	7.88%
EPS ²	0.6400	0.5700	0.3900	0.6800	1.430	1.934	2.326	2.556
Free Cash Flow ¹	-	-	-	-	-	454	2,236	1,526
FCF margin	-	-	-	-	-	2.22%	9.61%	6.02%
FCF Conversion (EBITDA)	-	-	-	-	-	19.42%	81.59%	50.93%
FCF Conversion (Net income)	-	-	-	-	-	30.03%	122.97%	76.37%
Dividend per Share ²	-	0.1700	0.1200	0.2100	0.4500	0.5750	0.7100	0.7900
Announcement Date	20/04/20	12/04/21	18/04/22	24/04/23	22/04/24	-	-	-

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	-	-	-	-	-	454	2,236	1,526
ROE (net income / shareholders' equity)	-	10.1%	5.83%	9.41%	17.3%	18.3%	19%	18.1%
ROA (Net income/ Total Assets)	-	5.14%	-	3.71%	7.29%	8.07%	8.84%	9%
Assets ¹	-	8,348	-	14,484	15,418	18,734	20,582	22,202
Book Value Per Share ²	5.480	6.550	6.860	7.620	8.950	10.50	12.20	14.10
Cash Flow per Share ²	-	0.4000	0.1600	0.6700	1.850	1.870	2.620	3.710
Capex ¹	-	1,234	998	931	877	963	845	781
Capex / Sales	-	16.26%	9.94%	6.92%	4.94%	4.72%	3.63%	3.08%
Announcement Date	20/04/20	12/04/21	18/04/22	24/04/23	22/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

15.35 CNY

Average target price

22.28 CNY

Spread / Average Target

+45.18%

	1st Jan change	Capi.
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