Financials KBC Corporation, Ltd.

Equities

688598

CNE100004033

Industrial Machinery & Equipment

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-06-03 pm EDT			5-day change	1st Jan Change
33.45 ^CNY	-2.62%		-3.85%	-52.15%

Apr. 28	KBC Corporation, Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 23	Tranche Update on KBC Corporation, Ltd.'s Equity Buyback Plan announced on February 27, 2024.	CI

Valuation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,302	28,474	20,552	9,732	4,604	-	-
Enterprise Value (EV) ¹	17,302	28,474	20,552	9,772	4,773	4,899	4,921
P/E ratio	92.1 x	57.2 x	34.3 x	48.2 x	19.7 x	10.7 x	12.1 x
Yield	-	0.14%	0.11%	-	1.73%	2.3%	0.25%
Capitalization / Revenue	40.6 x	21.3 x	14.2 x	9.08 x	2.59 x	1.77 x	1.46 x
EV / Revenue	40.6 x	21.3 x	14.2 x	9.12 x	2.68 x	1.89 x	1.56 x
EV / EBITDA	82.6 x	45.4 x	30.1 x	28.3 x	10.5 x	8.14 x	7.25 x
EV / FCF	-	-	-	-9.57 x	20 x	12.7 x	-
FCF Yield	-	-	-	-10.4%	5.01%	7.86%	-
Price to Book	13.4 x	15.1 x	3.45 x	1.61 x	0.74 x	0.68 x	0.67 x
Nbr of stocks (in thousands)	118,400	118,696	138,589	139,230	137,630	-	-
Reference price ²	146.1	239.9	148.3	69.90	33.45	33.45	33.45
Announcement Date	2/24/21	2/25/22	2/27/23	2/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	426.5	1,338	1,450	1,072	1,780	2,598	3,144
EBITDA ¹	209.5	627.3	681.7	345.3	453.2	602	678.5
EBIT ¹	194.5	571.3	607.8	230.4	271.6	548.9	463
Operating Margin	45.62%	42.7%	41.92%	21.5%	15.26%	21.13%	14.73%
Earnings before Tax (EBT) ¹	197.8	574.6	619.6	226.2	256.1	488.3	417.4
Net income ¹	168.6	501.1	551.2	202.5	234.5	431.9	380.3
Net margin	39.53%	37.45%	38.01%	18.89%	13.17%	16.63%	12.1%
EPS ²	1.587	4.196	4.325	1.450	1.698	3.122	2.755
Free Cash Flow ¹	-	-	-	-1,021	239	385	-
FCF margin	-	-	-	-95.29%	13.43%	14.82%	-
FCF Conversion (EBITDA)	-	-	-	-	52.73%	63.95%	-
FCF Conversion (Net income)	-	-	-	-	101.91%	89.13%	-
Dividend per Share ²	-	0.3378	0.1689	-	0.5800	0.7700	0.0840
Announcement Date	2/24/21	2/25/22	2/27/23	2/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	304.6	271.1	193.9	-	441.1	441.1	389.5	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-
EBIT	-	145	-	-	-	-	-	-	-	-
Operating Margin	-	47.59%	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	180.9	34.46	-130.6	-	63.41	62.91	131.7	-	-
Net income ¹	118	165.1	28.83	-109.4	-54.7	62.8	62.3	136.9	-	-
Net margin	-	54.18%	10.64%	-56.46%	-	14.24%	14.12%	35.15%	-	-
EPS ²	0.8446	0.7900	0.2000	-0.7900	-0.3900	0.4510	0.4474	0.9834	-	-
Dividend per Share ²	-	-	-	-	-	-	-	0.0542	-	-
Announcement Date	4/28/23	8/14/23	10/23/23	2/24/24	4/28/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	39.4	169	295	317
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.114 x	0.3737 x	0.4897 x	0.4676 x
Free Cash Flow ¹	-	-	-	-1,021	239	385	-
ROE (net income / shareholders' equity)	19.7%	31.5%	15.5%	3.35%	3.72%	6.05%	5.48%
ROA (Net income/ Total Assets)	-	22.6%	11.3%	-	3.2%	3.9%	3.9%
Assets ¹	-	2,213	4,889	-	7,329	11,075	9,752
Book Value Per Share ²	10.90	15.90	43.00	43.50	45.20	49.30	49.60
Cash Flow per Share ²	0.3500	0.5600	3.550	1.490	1.910	3.800	-
Capex ¹	225	640	1,204	1,229	372	272	259
Capex / Sales	52.83%	47.85%	83.06%	114.7%	20.9%	10.46%	8.23%
Announcement Date	2/24/21	2/25/22	2/27/23	2/24/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for KBC Corporation, Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

33.45 CNY

Average target price

43.81 CNY

Spread / Average Target

+30.98%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Parts & Components

	1st Jan change	Capi.
KBC CORPORATION, LTD.	-52.15%	653M
TRELLEBORG AB	+21.50%	9.46B
MUELLER INDUSTRIES, INC.	+19.05%	6.5B
SFS GROUP AG	+16.31%	5.31B
MISUMI GROUP INC.	+9.92%	4.65B
GATES INDUSTRIAL CORPORATION PLC	+20.94%	4.52B
SHANGHAI MOONS' ELECTRIC CO., LTD.	-20.88%	3.02B
HARMONIC DRIVE SYSTEMS INC.	+5.05%	2.74B
LEADER HARMONIOUS DRIVE SYSTEMS CO., LTD.	-24.17%	2.72B
HIWIN TECHNOLOGIES CORPORATION	-6.60%	2.46B

Industrial Parts & Components