Financials Rainbow Digital Commercial Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
4.86 ^CNY	-1.02%		-0.82%	-12.12%

Apr. 26	Rainbow Digital Commercial Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 09	Rainbow Digital Commercial Co., Ltd. Approves Cash Dividend for the Year 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,663	9,170	7,449	8,042	6,464	5,681	-	-
Enterprise Value (EV) ¹	8,286	4,896	4,480	4,836	2,873	755.9	421.9	2.659
P/E ratio	14.7 x	36.2 x	32.2 x	67 x	28.5 x	25.4 x	20.6 x	19.2 x
Yield	3.98%	2.75%	2.55%	0.73%	2.89%	2.42%	2.76%	3.17%
Capitalization / Revenue	0.65 x	0.78 x	0.61 x	0.66 x	0.53 x	0.46 x	0.43 x	0.43 x
EV / Revenue	0.43 x	0.41 x	0.37 x	0.4 x	0.24 x	0.06 x	0.03 x	0 x
EV / EBITDA	5.29 x	5.47 x	5.43 x	6.49 x	3.13 x	0.81 x	0.43 x	0 x
EV / FCF	10.9 x	24.8 x	2.25 x	2.57 x	1.26 x	0.93 x	0.58 x	-
FCF Yield	9.18%	4.03%	44.5%	38.9%	79.1%	108%	171%	-
Price to Book	1.82 x	1.37 x	1.78 x	1.99 x	1.54 x	1.34 x	1.33 x	1.26 x
Nbr of stocks (in thousands)	1,200,300	1,200,300	1,186,211	1,168,848	1,168,848	1,168,848	-	-
Reference price ²	10.55	7.640	6.280	6.880	5.530	4.860	4.860	4.860
Announcement Date	2/28/20	3/11/21	3/10/22	3/17/23	3/14/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	19,393	11,800	12,268	12,125	12,086	12,407	13,069	13,215
EBITDA ¹	1,568	895	824.5	744.9	919.1	928.5	985.3	1,070
EBIT ¹	1,090	335.1	357.8	233.4	394.1	328.8	411.8	431.8
Operating Margin	5.62%	2.84%	2.92%	1.92%	3.26%	2.65%	3.15%	3.27%
Earnings before Tax (EBT) ¹	1,105	371.3	332.2	201.8	304.8	308.7	399	356.7
Net income ¹	859.3	253.4	232.1	120.1	226.7	224.3	276.9	293.2
Net margin	4.43%	2.15%	1.89%	0.99%	1.88%	1.81%	2.12%	2.22%
EPS ²	0.7159	0.2111	0.1948	0.1027	0.1939	0.1917	0.2358	0.2530
Free Cash Flow ¹	760.4	197.2	1,992	1,881	2,272	815	723.5	-
FCF margin	3.92%	1.67%	16.23%	15.51%	18.8%	6.57%	5.54%	-
FCF Conversion (EBITDA)	48.51%	22.03%	241.56%	252.46%	247.16%	87.78%	73.43%	-
FCF Conversion (Net income)	88.49%	77.81%	858.03%	1,565.95%	1,002.15%	363.4%	261.24%	-
Dividend per Share ²	0.4200	0.2100	0.1600	0.0500	0.1600	0.1177	0.1343	0.1543
Announcement Date	2/28/20	3/11/21	3/10/22	3/17/23	3/14/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	4,377	4,274	2,969	3,206	3,591	4,925	5,259	5,678
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	760	197	1,992	1,881	2,272	815	724	-
ROE (net income / shareholders' equity)	12.9%	3.74%	4.3%	2.97%	5.51%	5.26%	6.61%	6.56%
ROA (Net income/ Total Assets)	5.23%	1.47%	0.93%	-	0.77%	0.78%	0.91%	1.06%
Assets ¹	16,443	17,216	24,958	-	29,454	28,818	30,450	27,533
Book Value Per Share ²	5.790	5.580	3.520	3.460	3.600	3.630	3.650	3.850
Cash Flow per Share ²	1.220	0.8600	2.290	2.060	2.350	1.500	2.140	1.610
Capex ¹	699	834	742	523	475	423	541	465
Capex / Sales	3.6%	7.07%	6.05%	4.31%	3.93%	3.41%	4.14%	3.52%
Announcement Date	2/28/20	3/11/21	3/10/22	3/17/23	3/14/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.86 CNY

Average target price

6.233 CNY

Spread / Average Target

+28.26%

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