Financials Cathay Media and Education Group Inc.

Equities

Delayed Hong Kong S.E. Other stock markets 09:47:03 2024-06-04 pm EDT			5-day change	1st Jan Change
0.94 ^HKD	-1.05%		-8.74%	+20.51%

May. 30	Cathay Media and Education Group Inc. Approves Special Dividend for the Year Ended 31 December 2023	CI
Apr. 30	Cathay Media and Education Swings to 2023 Loss	MT

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,485	2,705	1,863	1,151	1,429	-	-
Enterprise Value (EV) ²	10,176	2,455	1,342	1,151	415.8	280.8	100.8
P/E ratio	31.6 x	40.5 x	19.2 x	-5.96 x	8.84 x	6.24 x	6.13 x
Yield	0.97%	4.5%	4.62%	3.85%	4.53%	5.11%	5.68%
Capitalization / Revenue	14.5 x	4.68 x	2.84 x	1.52 x	1.72 x	1.54 x	1.32 x
EV / Revenue	12.9 x	4.25 x	2.04 x	1.52 x	0.5 x	0.3 x	0.09 x
EV / EBITDA	18.4 x	8.32 x	4.28 x	4.9 x	1.26 x	0.73 x	0.27 x
EV / FCF	142 x	-6.47 x	5.79 x	-	-0.53 x	-1.51 x	-0.48 x
FCF Yield	0.7%	-15.5%	17.3%	-	-189%	-66.2%	-210%
Price to Book	4.22 x	1.05 x	0.75 x	0.53 x	0.6 x	0.54 x	0.46 x
Nbr of stocks (in thousands)	1,660,000	1,660,000	1,622,937	1,622,937	1,622,937	-	-
Reference price ³	8.220	2.000	1.300	0.7800	0.9500	0.9500	0.9500
Announcement Date	3/29/21	3/31/22	3/31/23	3/27/24	-	-	-

¹HKD in Million²CNY in Million³HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	747.2	789.7	578.1	656.8	759	832	929.7	1,082
EBITDA ¹	-	553	295.1	313.9	234.6	331	385	370
EBIT ¹	-	368.3	140.3	241.8	156.8	246	254.7	286.5
Operating Margin	-	46.63%	24.27%	36.82%	20.65%	29.57%	27.39%	26.48%
Earnings before Tax (EBT) ¹	-	371.5	140.3	96.05	-181.2	164	255	285.5
Net income ¹	-	316.4	57.53	96.47	-196.3	151.7	231	233
Net margin	-	40.07%	9.95%	14.69%	-25.86%	18.23%	24.85%	21.53%
EPS ²	0.1646	0.2603	0.0494	0.0676	-0.1309	0.1075	0.1523	0.1550
Free Cash Flow ¹	-	71.52	-379.6	232	-	-787	-186	-212
FCF margin	-	9.06%	-65.67%	35.33%	-	-94.59%	-20.01%	-19.59%
FCF Conversion (EBITDA)	-	12.93%	-	73.91%	-	-	-	-
FCF Conversion (Net income)	-	22.6%	-	240.54%	-	-	-	-
Dividend per Share ²	-	0.0800	0.0900	0.0600	0.0300	0.0430	0.0485	0.0540
Announcement Date	6/30/20	3/29/21	3/31/22	3/31/23	3/27/24	-	-	-

¹CNY in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	1,309	250	521	-	1,013	1,148	1,328
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	71.5	-380	232	-	-787	-186	-212
ROE (net income / shareholders' equity)	-	15.9%	2.18%	3.86%	-8.4%	8.9%	10.9%	10.3%
ROA (Net income/ Total Assets)	-	12.2%	1.61%	2.78%	-6.23%	6.13%	7.23%	6.35%
Assets ¹	-	2,601	3,569	3,464	3,152	2,473	3,194	3,669
Book Value Per Share ²	-	1.950	1.900	1.720	1.480	1.590	1.770	2.060
Cash Flow per Share ²	-	0.1400	-0.0200	-	-	0.2100	0.2900	-
Capex ¹	-	93.6	357	108	299	179	180	159
Capex / Sales	-	11.85%	61.84%	16.41%	39.38%	21.55%	19.33%	14.65%
Announcement Date	6/30/20	3/29/21	3/31/22	3/31/23	3/27/24	-	-	-

¹CNY in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.95 HKD

Average target price

1.363 HKD

Spread / Average Target

+43.51%

	1st Jan change	Capi.
CATHAY MEDIA AND EDUCATION GROUP INC.	+20.51%	203M
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.	+5.12%	13.15B
TAL EDUCATION GROUP	-13.38%	6.92B
GRAND CANYON EDUCATION, INC.	+8.66%	4.21B
STRIDE, INC.	+15.61%	2.92B
STRATEGIC EDUCATION, INC.	+24.36%	2.79B
ADTALEM GLOBAL EDUCATION INC.	+10.60%	2.47B
LAUREATE EDUCATION, INC.	+9.01%	2.4B
PERDOCEO EDUCATION CORPORATION	+27.28%	1.48B
GAOTU TECHEDU INC.	+51.10%	1.47B