Financials Beijing Cuiwei Tower Co., Ltd.

Equities

603123

CNE100001FT2

Business Support Services

End-of-day quote Shanghai S.E. 06:00:00 2024-04-29 pm EDT 5-day change 1st Jan Change
7.47 CNY -2.86% Intraday chart for Beijing Cuiwei Tower Co., Ltd. +1.49% -29.86%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 3,092 3,580 5,414 6,510 11,334 8,132
Enterprise Value (EV) 1 1,804 2,604 3,921 5,991 11,541 8,642
P/E ratio 17.9 x 20.1 x 55.7 x 38.8 x -25.8 x -14.6 x
Yield 2.03% 1.61% 0.44% 0.8% 0.46% -
Capitalization / Revenue 0.62 x 0.73 x 1.32 x 1.86 x 2.86 x 2.22 x
EV / Revenue 0.36 x 0.53 x 0.96 x 1.71 x 2.91 x 2.36 x
EV / EBITDA 6.64 x 9.6 x 17.8 x 20.1 x 60 x 163 x
EV / FCF 14.3 x 17.9 x 55.4 x -11.8 x 15.2 x -52.2 x
FCF Yield 7.01% 5.59% 1.81% -8.47% 6.57% -1.91%
Price to Book 0.99 x 1.1 x 1.52 x 1.67 x 3.33 x 3.04 x
Nbr of stocks (in thousands) 524,144 524,144 747,743 798,737 798,737 763,585
Reference price 2 5.900 6.830 7.240 8.150 14.19 10.65
Announcement Date 4/19/19 4/28/20 4/29/21 4/29/22 4/28/23 4/29/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 5,007 4,936 4,093 3,497 3,966 3,660
EBITDA 1 271.7 271.1 219.8 297.6 192.3 53.05
EBIT 1 162.4 164 82.66 158 47.53 -86.85
Operating Margin 3.24% 3.32% 2.02% 4.52% 1.2% -2.37%
Earnings before Tax (EBT) 1 235.4 236.4 243.6 179 -471.3 -564.9
Net income 1 174.6 176.2 81.32 165.3 -439.1 -584.4
Net margin 3.49% 3.57% 1.99% 4.73% -11.07% -15.97%
EPS 2 0.3300 0.3400 0.1300 0.2100 -0.5500 -0.7300
Free Cash Flow 1 126.4 145.5 70.8 -507.5 757.7 -165.5
FCF margin 2.52% 2.95% 1.73% -14.51% 19.1% -4.52%
FCF Conversion (EBITDA) 46.51% 53.67% 32.21% - 394.08% -
FCF Conversion (Net income) 72.36% 82.59% 87.06% - - -
Dividend per Share 2 0.1200 0.1100 0.0320 0.0650 0.0650 -
Announcement Date 4/19/19 4/28/20 4/29/21 4/29/22 4/28/23 4/29/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - 207 510
Net Cash position 1 1,289 976 1,492 519 - -
Leverage (Debt/EBITDA) - - - - 1.076 x 9.61 x
Free Cash Flow 1 126 146 70.8 -507 758 -165
ROE (net income / shareholders' equity) 5.69% 5.52% 5.29% 4.46% -12% -18.8%
ROA (Net income/ Total Assets) 1.9% 1.87% 0.72% 1.33% 0.38% -0.73%
Assets 1 9,191 9,431 11,230 12,387 -116,471 80,071
Book Value Per Share 2 5.980 6.190 4.770 4.880 4.270 3.510
Cash Flow per Share 2 3.300 2.960 3.130 2.950 2.610 2.320
Capex 1 10.9 35.2 66.7 380 150 95.1
Capex / Sales 0.22% 0.71% 1.63% 10.87% 3.78% 2.6%
Announcement Date 4/19/19 4/28/20 4/29/21 4/29/22 4/28/23 4/29/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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