Financials Shanghai Huace Navigation Technology Ltd

Equities

End-of-day quote Shenzhen S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
29.59 ^CNY	+1.89%		+5.75%	-4.61%

24/04	Shanghai Huace Navigation Technology Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
21/02	Shanghai Huace Navigation Technology Ltd 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	5,287	7,761	17,414	14,876	16,849	16,126	-	-
Enterprise Value (EV) ¹	5,287	7,761	17,414	14,876	16,849	16,126	16,126	16,126
P/E ratio	37.7 x	39.4 x	56.7 x	41.2 x	37.2 x	28.3 x	22 x	18.8 x
Yield	-	-	0.65%	0.97%	1.13%	1.35%	1.67%	2.01%
Capitalization / Revenue	4.62 x	5.51 x	9.15 x	6.65 x	6.29 x	4.81 x	3.64 x	3.21 x
EV / Revenue	4.62 x	5.51 x	9.15 x	6.65 x	6.29 x	4.81 x	3.64 x	3.21 x
EV / EBITDA	27.4 x	29.5 x	49.9 x	35 x	30.1 x	23.3 x	18.6 x	17.2 x
EV / FCF	-	-	165 x	41,977 x	55.1 x	46.7 x	27.2 x	27.7 x
FCF Yield	-	-	0.61%	0%	1.81%	2.14%	3.67%	3.62%
Price to Book	5.34 x	7.15 x	7.96 x	5.87 x	5.61 x	4.85 x	4.15 x	3.64 x
Nbr of stocks (in thousands)	4,78,005	4,78,005	5,29,977	5,35,121	5,43,168	5,44,976	-	-
Reference price ²	11.06	16.24	32.86	27.80	31.02	29.59	29.59	29.59
Announcement Date	28/02/20	28/01/21	20/02/22	03/02/23	21/02/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,146	1,410	1,903	2,236	2,678	3,353	4,428	5,022
EBITDA ¹	193.1	262.7	348.9	425.5	560	693.6	867.7	936
EBIT ¹	162	220.8	295.9	349.2	455.9	576.5	728.1	855.5
Operating Margin	14.14%	15.67%	15.55%	15.62%	17.02%	17.19%	16.44%	17.04%
Earnings before Tax (EBT) ¹	162.2	219	291.6	353.2	457.1	573.6	736.1	872.5
Net income ¹	138.7	196.9	294.3	361.1	449.1	569.5	729.8	857
Net margin	12.11%	13.97%	15.47%	16.15%	16.77%	16.98%	16.48%	17.06%
EPS ²	0.2934	0.4121	0.5793	0.6740	0.8330	1.047	1.342	1.572
Free Cash Flow ¹	-	-	105.6	0.3544	305.8	345	592	583
FCF margin	-	-	5.55%	0.02%	11.42%	10.29%	13.37%	11.61%
FCF Conversion (EBITDA)	-	-	30.26%	0.08%	54.61%	49.74%	68.23%	62.29%
FCF Conversion (Net income)	-	-	35.86%	0.1%	68.09%	60.58%	81.11%	68.03%
Dividend per Share ²	-	-	0.2143	0.2700	0.3500	0.4000	0.4933	0.5933
Announcement Date	28/02/20	28/01/21	20/02/22	03/02/23	21/02/24	-	-	-

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	-	-	106	0.35	306	345	592	583
ROE (net income / shareholders' equity)	14.8%	18.5%	17.8%	15.3%	16.3%	17.1%	18.8%	19.4%
ROA (Net income/ Total Assets)	-	11.6%	11.2%	9.73%	10.7%	11.6%	12.1%	12.9%
Assets ¹	-	1,698	2,639	3,711	4,215	4,911	6,026	6,625
Book Value Per Share ²	2.070	2.270	4.130	4.730	5.520	6.100	7.140	8.120
Cash Flow per Share ²	0.3500	0.4800	0.5100	0.6600	0.8200	0.9400	1.190	1.340
Capex ¹	117	116	166	353	140	160	129	188
Capex / Sales	10.25%	8.21%	8.72%	15.8%	5.21%	4.78%	2.92%	3.74%
Announcement Date	28/02/20	28/01/21	20/02/22	03/02/23	21/02/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

29.59 CNY

Average target price

38.05 CNY

Spread / Average Target

+28.58%

	1st Jan change	Capi.
SHANGHAI HUACE NAVIGATION TECHNOLOGY LTD	-4.61%	2.23B
THALES	+18.74%	35.01B
HENSOLDT AG	+56.80%	4.72B
CHINA SPACESAT CO.,LTD.	-4.73%	4.01B
NARUIDA TECHNOLOGY CO., LTD.	+17.32%	1.39B
OHB SE	+2.12%	885M
INSTITUTE FOR Q-SHU PIONEERS OF SPACE, INC.	+176.03%	808M
CHENGDU M&S ELECTRONICS TECHNOLOGY CO.,LTD.	-50.40%	557M
DCX SYSTEMS LIMITED	-4.91%	433M
SATREC INITIATIVE CO., LTD.	+62.84%	401M