Financials NWS Holdings Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
6.57 ^HKD	-0.76%		+3.96%	-10.73%

Mar. 27	NWS Holdings' 2023 Profit Rises 18% on Higher Revenue	MT
Mar. 22	NSW Holdings Issues 100 Million Yuan Green Bonds Due 2027	MT

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	62,813	26,166	32,306	29,138	34,764	26,264	-	-
Enterprise Value (EV) ¹	62,823	43,899	46,849	39,276	39,305	30,343	20,271	11,909
P/E ratio	15.4 x	112 x	28.5 x	18.2 x	16.2 x	9.42 x	8.15 x	7.3 x
Yield	3.61%	8.67%	7.14%	8.19%	6.86%	23.1%	9.68%	9.93%
Capitalization / Revenue	2.34 x	1.01 x	1.15 x	0.94 x	0.77 x	0.54 x	0.5 x	0.46 x
EV / Revenue	2.34 x	1.69 x	1.66 x	1.26 x	0.87 x	0.62 x	0.38 x	0.21 x
EV / EBITDA	15.2 x	25.4 x	16 x	10.1 x	10.5 x	16.7 x	10.3 x	6.6 x
EV / FCF	42.8 x	-7.09 x	4.85 x	10.2 x	8.24 x	1.03 x	0.59 x	0.39 x
FCF Yield	2.34%	-14.1%	20.6%	9.85%	12.1%	97.4%	169%	258%
Price to Book	1.28 x	0.56 x	0.67 x	0.54 x	0.69 x	0.69 x	0.69 x	0.68 x
Nbr of stocks (in thousands)	3,911,138	3,911,138	3,911,138	3,911,138	3,910,482	3,997,540	-	-
Reference price ²	16.06	6.690	8.260	7.450	8.890	6.570	6.570	6.570
Announcement Date	9/24/19	9/30/20	9/30/21	9/30/22	9/29/23	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	26,834	25,920	28,197	31,139	45,214	48,709	52,925	56,697
EBITDA ¹	4,137	1,731	2,927	3,888	3,749	1,820	1,962	1,804
EBIT ¹	2,655	751.6	1,768	3,133	3,428	1,566	1,659	1,561
Operating Margin	9.89%	2.9%	6.27%	10.06%	7.58%	3.21%	3.14%	2.75%
Earnings before Tax (EBT) ¹	4,910	1,285	2,476	2,458	3,420	3,994	4,583	5,275
Net income ¹	4,043	253.2	1,146	1,587	2,027	2,554	2,994	3,579
Net margin	15.07%	0.98%	4.07%	5.1%	4.48%	5.24%	5.66%	6.31%
EPS ²	1.040	0.0600	0.2900	0.4100	0.5500	0.6973	0.8063	0.9005
Free Cash Flow ¹	1,469	-6,191	9,657	3,868	4,769	29,541	34,223	30,671
FCF margin	5.47%	-23.88%	34.25%	12.42%	10.55%	60.65%	64.66%	54.1%
FCF Conversion (EBITDA)	35.51%	-	329.9%	99.5%	127.18%	1,622.74%	1,744.1%	1,699.75%
FCF Conversion (Net income)	36.34%	-	842.29%	243.78%	235.29%	1,156.66%	1,142.94%	857.03%
Dividend per Share ²	0.5800	0.5800	0.5900	0.6100	0.6100	1.515	0.6361	0.6523
Announcement Date	9/24/19	9/30/20	9/30/21	9/30/22	9/29/23	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10.5	17,734	14,543	10,138	4,541	4,079	-	-
Net Cash position ¹	-	-	-	-	-	-	5,993	14,354
Leverage (Debt/EBITDA)	0.002538 x	10.24 x	4.968 x	2.608 x	1.211 x	2.241 x	-	-
Free Cash Flow ¹	1,469	-6,191	9,657	3,868	4,769	29,541	34,223	30,671
ROE (net income / shareholders' equity)	6.96%	0.44%	1.98%	4.43%	4.72%	7.1%	8.56%	9.48%
ROA (Net income/ Total Assets)	4.92%	0.21%	0.76%	1.65%	1.58%	-	-	-
Assets ¹	82,102	118,058	151,313	96,001	128,264	-	-	-
Book Value Per Share ²	12.60	11.90	12.30	13.80	12.80	9.570	9.570	9.660
Cash Flow per Share ²	0.5400	-0.0600	2.570	1.160	1.350	7.720	8.920	8.010
Capex ¹	648	5,962	404	680	517	486	494	502
Capex / Sales	2.41%	23%	1.43%	2.18%	1.14%	1%	0.93%	0.89%
Announcement Date	9/24/19	9/30/20	9/30/21	9/30/22	9/29/23	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6.57 HKD

Average target price

8.45 HKD

Spread / Average Target

+28.61%

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