Financials North Industries Group Red Arrow Co., Ltd

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
13.39 ^CNY	-2.97%		-4.97%	-4.63%

Apr. 25	North Industries Group Red Arrow Co., Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 19	North Industries Group Red Arrow Co., Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,953	37,140	27,350	19,552	18,646	-	-
Enterprise Value (EV) ¹	13,953	37,140	27,350	19,552	18,646	18,646	18,646
P/E ratio	50.9 x	76.5 x	33.4 x	23.6 x	21.3 x	19.4 x	18.6 x
Yield	-	0.19%	0.28%	-	-	-	-
Capitalization / Revenue	-	4.94 x	4.07 x	3.2 x	2.8 x	2.55 x	2.34 x
EV / Revenue	-	4.94 x	4.07 x	3.2 x	2.8 x	2.55 x	2.34 x
EV / EBITDA	-	-	19.9 x	14.7 x	14.1 x	12.7 x	12.1 x
EV / FCF	-	34,445,167 x	-480,573,796 x	-	-	-	-
FCF Yield	-	0%	-0%	-	-	-	-
Price to Book	-	4.12 x	2.8 x	1.86 x	1.64 x	1.53 x	1.43 x
Nbr of stocks (in thousands)	1,392,559	1,392,559	1,392,559	1,392,559	1,392,559	-	-
Reference price ²	10.02	26.67	19.64	14.04	13.39	13.39	13.39
Announcement Date	4/19/21	3/31/22	4/10/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	7,514	6,714	6,116	6,652	7,306	7,968
EBITDA ¹	-	-	1,377	1,333	1,324	1,465	1,547
EBIT ¹	-	628.2	949	879.4	1,032	1,129	1,175
Operating Margin	-	8.36%	14.13%	14.38%	15.51%	15.45%	14.75%
Earnings before Tax (EBT) ¹	-	604	969.2	901.8	1,033	1,130	1,176
Net income ¹	274.6	485.3	819.1	828.3	878	960	999
Net margin	-	6.46%	12.2%	13.54%	13.2%	13.14%	12.54%
EPS ²	0.1970	0.3485	0.5882	0.5948	0.6300	0.6900	0.7200
Free Cash Flow	-	1,078	-56.91	-	-	-	-
FCF margin	-	14.35%	-0.85%	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	222.16%	-	-	-	-	-
Dividend per Share	-	0.0500	0.0550	-	-	-	-
Announcement Date	4/19/21	3/31/22	4/10/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	1,078	-56.9	-	-	-	-
ROE (net income / shareholders' equity)	-	5.54%	8.73%	8.17%	7.7%	7.9%	7.7%
ROA (Net income/ Total Assets)	-	-	5.64%	-	5.6%	5.8%	5.7%
Assets ¹	-	-	14,517	-	15,679	16,552	17,526
Book Value Per Share ²	-	6.470	7.000	7.560	8.140	8.730	9.350
Cash Flow per Share ²	-	-	0.2700	0.1700	1.170	-	-
Capex ¹	-	495	439	591	299	299	400
Capex / Sales	-	6.59%	6.54%	9.66%	4.49%	4.09%	5.02%
Announcement Date	4/19/21	3/31/22	4/10/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

13.39 CNY

Average target price

16 CNY

Spread / Average Target

+19.49%

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