Financials Pharmaron Beijing Co., Ltd. Hong Kong S.E.

Equities

3759

CNE100003PG4

Biotechnology & Medical Research

Market Closed - Hong Kong S.E. Other stock markets 01:38:05 31/05/2024 pm IST			5-day change	1st Jan Change
9.83 ^HKD	+2.50%		-4.00%	-37.86%

20/05	Pharmaron Beijing Unit to Sell Proteologix Stake to Johnson & Johnson	MT
16/05	Johnson & Johnson entered into a definitive agreement to acquire Proteologix, Inc. from Pharmaron Beijing Co., Ltd and other shareholders for approximately $100 million.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	39,247	94,292	1,06,395	76,952	47,371	33,272	-	-
Enterprise Value (EV) ¹	35,694	92,214	1,07,852	80,810	51,092	36,631	36,408	35,604
P/E ratio	62.2 x	81.5 x	68.8 x	58.6 x	32.1 x	21 x	17.5 x	16.3 x
Yield	0.29%	0.25%	0.32%	0.44%	0.69%	1.04%	1.39%	1.12%
Capitalization / Revenue	10.4 x	18.4 x	14.3 x	7.5 x	4.11 x	2.63 x	2.18 x	2.05 x
EV / Revenue	9.5 x	18 x	14.5 x	7.87 x	4.43 x	2.89 x	2.39 x	2.19 x
EV / EBITDA	37.5 x	54.5 x	45 x	34.8 x	18.7 x	11.9 x	9.44 x	8.78 x
EV / FCF	190 x	274 x	-3,252 x	-101 x	-493 x	-386 x	22 x	14.4 x
FCF Yield	0.53%	0.36%	-0.03%	-0.99%	-0.2%	-0.26%	4.54%	6.93%
Price to Book	5.27 x	10.8 x	11.1 x	7.83 x	4.12 x	2.66 x	2.34 x	2.08 x
Nbr of stocks (in thousands)	17,87,372	17,87,372	17,86,898	17,86,601	17,86,732	17,80,556	-	-
Reference price ²	22.91	53.51	62.79	45.33	28.98	20.64	20.64	20.64
Announcement Date	28/02/20	28/03/21	10/03/22	30/03/23	27/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,757	5,134	7,444	10,266	11,538	12,654	15,240	16,266
EBITDA ¹	951.3	1,692	2,399	2,321	2,730	3,086	3,855	4,054
EBIT ¹	652.2	874.8	1,914	1,690	1,722	1,929	2,514	2,617
Operating Margin	17.36%	17.04%	25.72%	16.46%	14.92%	15.25%	16.5%	16.09%
Earnings before Tax (EBT) ¹	632.6	1,319	1,911	1,666	1,838	1,827	2,498	2,553
Net income ¹	547.2	1,172	1,661	1,375	1,601	1,612	2,160	2,223
Net margin	14.56%	22.84%	22.31%	13.39%	13.88%	12.74%	14.17%	13.67%
EPS ²	0.3681	0.6569	0.9128	0.7739	0.9019	0.9806	1.182	1.269
Free Cash Flow ¹	187.4	336	-33.17	-803.9	-103.7	-95	1,653	2,468
FCF margin	4.99%	6.54%	-0.45%	-7.83%	-0.9%	-0.75%	10.85%	15.17%
FCF Conversion (EBITDA)	19.7%	19.86%	-	-	-	-	42.89%	60.88%
FCF Conversion (Net income)	34.25%	28.66%	-	-	-	-	76.54%	110.99%
Dividend per Share ²	0.0667	0.1333	0.2000	0.2000	0.2000	0.2156	0.2876	0.2312
Announcement Date	28/02/20	28/03/21	10/03/22	30/03/23	27/03/24	-	-	-

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 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	2,121	2,193	2,940	3,286	2,142	4,158	4,635	-	2,863	5,632	2,724	2,916	5,640	2,920	2,978	5,898	2,671	3,196	5,761	3,316	3,534	6,820	3,239	3,379
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	677.9	708.3	1,245	760.3	510.1	414.9	925	431.6	482.3	913.9	414.6	424.2	838.8	268.4	466	775	520.1	579.4	1,092	-	-
Operating Margin	-	-	-	20.63%	33.06%	29.93%	16.4%	-	14.49%	16.42%	15.84%	16.54%	16.2%	14.2%	14.25%	14.22%	10.05%	14.58%	13.45%	15.68%	16.39%	16.01%	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	708.4	1,245	-	464.8	458.9	-	426.6	481.9	908.5	412.4	516.9	929.4	-	497	765	485	613	1,098	-	-
Net income ¹	-	-	-	564.8	621	1,096	-	375.7	413.5	-	348.3	437.8	786.1	352.9	462.1	815	-	420	635	415	553	968	-	-
Net margin	-	-	-	17.19%	28.99%	26.36%	-	-	14.44%	-	12.78%	15.01%	13.94%	12.09%	15.52%	13.82%	-	13.14%	11.02%	12.51%	15.65%	14.19%	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	0.2000	0.2598	-	-	-	-	-	0.3200	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	28/02/20	26/08/20	28/03/21	29/08/21	10/03/22	10/03/22	29/08/22	27/10/22	30/03/23	30/03/23	27/04/23	27/08/23	27/08/23	29/10/23	27/03/24	27/03/24	25/04/24	-	-	-	-	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	1,457	3,859	3,721	3,359	3,136	2,332
Net Cash position ¹	3,553	2,077	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	0.6074 x	1.663 x	1.363 x	1.088 x	0.8134 x	0.5754 x
Free Cash Flow ¹	187	336	-33.2	-804	-104	-95	1,653	2,468
ROE (net income / shareholders' equity)	10.9%	14.1%	17.3%	13.3%	13.9%	12.2%	13.8%	13.3%
ROA (Net income/ Total Assets)	7.43%	10.7%	8.85%	-	6.82%	6.38%	8.2%	7.69%
Assets ¹	7,368	10,922	18,767	-	23,485	25,273	26,345	28,924
Book Value Per Share ²	4.350	4.960	5.670	5.790	7.030	7.750	8.800	9.940
Cash Flow per Share ²	0.5300	0.9200	1.130	1.200	1.540	1.390	1.710	1.810
Capex ¹	751	1,313	2,091	2,947	2,857	2,669	2,050	2,620
Capex / Sales	19.99%	25.57%	28.09%	28.7%	24.76%	21.1%	13.45%	16.11%
Announcement Date	28/02/20	28/03/21	10/03/22	30/03/23	27/03/24	-	-	-

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 Pharmaron Beijing Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

20.64 CNY

Average target price

24.15 CNY

Spread / Average Target

+16.99%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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