ORBUSNEICH MEDICAL GROUP HOLDINGS LIMITED

Financials OrbusNeich Medical Group Holdings Limited

Equities

6929

KYG6773B1005

Medical Equipment, Supplies & Distribution

Delayed Hong Kong S.E. Other stock markets 04:08:20 2024-05-14 am EDT			5-day change	1st Jan Change
4.51 ^HKD	0.00%		+9.73%	-36.03%

Mar. 07	OrbusNeich Medical Group’s Profit Up 144% in 2023	MT
Mar. 07	OrbusNeich Medical Group Holdings Limited Proposes Final Dividend for the Year Ended December 31, 2023, Payable on 28 June 2024	CI

Valuation

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	6,433	5,305	3,457	-	-
Enterprise Value (EV) ¹	4,868	3,519	1,543	1,126	729.9
P/E ratio	43.9 x	16.5 x	10.6 x	8.88 x	8.12 x
Yield	-	1.44%	2.16%	2.42%	3.78%
Capitalization / Revenue	6.77 x	4.79 x	2.71 x	2.33 x	2.14 x
EV / Revenue	5.12 x	3.18 x	1.21 x	0.76 x	0.45 x
EV / EBITDA	28.4 x	11.1 x	4.06 x	2.58 x	1.7 x
EV / FCF	34.5 x	-	4.56 x	3.07 x	2.25 x
FCF Yield	2.9%	-	21.9%	32.6%	44.4%
Price to Book	-	-	1.15 x	1.02 x	0.86 x
Nbr of stocks (in thousands)	827,770	827,968	827,968	-	-
Reference price ²	7.772	6.408	4.175	4.175	4.175
Announcement Date	3/8/23	3/7/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	-	950.9	1,107	1,277	1,483	1,616
EBITDA ¹	-	171.6	317.7	380.2	436.3	428.1
EBIT ¹	-	146.5	287.5	348.2	403.5	398.4
Operating Margin	-	15.4%	25.96%	27.27%	27.21%	24.66%
Earnings before Tax (EBT) ¹	-	151.4	357.2	427.9	510.6	626
Net income ¹	-31.01	128.5	324.4	335.8	385.9	419.9
Net margin	-	13.51%	29.29%	26.29%	26.03%	25.99%
EPS ²	-0.0105	0.1772	0.3894	0.3933	0.4700	0.5145
Free Cash Flow ¹	-	141.2	-	338.2	367	323.8
FCF margin	-	14.85%	-	26.48%	24.75%	20.04%
FCF Conversion (EBITDA)	-	82.28%	-	88.95%	84.11%	75.64%
FCF Conversion (Net income)	-	109.86%	-	100.73%	95.1%	77.12%
Dividend per Share ²	-	-	0.0921	0.0900	0.1010	0.1580
Announcement Date	12/12/22	3/8/23	3/7/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 S2	2023 S1	2023 S2
Net sales ¹	472.7	593.6	521.5
EBITDA	-	-	-
EBIT ¹	70.61	175.8	113.9
Operating Margin	14.94%	29.62%	21.85%
Earnings before Tax (EBT) ¹	84.15	204.4	155.5
Net income ¹	72.69	183.6	143.2
Net margin	15.38%	30.93%	27.45%
EPS	-	-	-
Dividend per Share	-	-	-
Announcement Date	3/8/23	8/17/23	3/7/24

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	-	1,565	1,786	1,914	2,331	2,727
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-	141	-	338	367	324
ROE (net income / shareholders' equity)	-	7.31%	13.4%	11.9%	12.2%	11.7%
ROA (Net income/ Total Assets)	-	5.97%	12.1%	11%	11.3%	10.9%
Assets ¹	-	2,153	2,675	3,066	3,408	3,870
Book Value Per Share ²	-	-	-	3.620	4.110	4.860
Cash Flow per Share ²	-	-	-	0.4300	0.4300	-
Capex ¹	-	19.9	-	102	96.9	27
Capex / Sales	-	2.1%	-	8%	6.53%	1.67%
Announcement Date	12/12/22	3/8/23	3/7/24	-	-	-

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 OrbusNeich Medical Group Holdings Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.175 CNY

Average target price

6.393 CNY

Spread / Average Target

+53.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Medical Devices & Implants

	1st Jan change	Capi.
ORBUSNEICH MEDICAL GROUP HOLDINGS LIMITED	-36.03%	478M
STRYKER CORPORATION	+8.29%	124B
SMITH & NEPHEW PLC	-5.61%	11.17B
IMEIK TECHNOLOGY DEVELOPMENT CO.,LTD.	+4.83%	9.17B
GLAUKOS CORPORATION	+39.60%	5.59B
INSPIRE MEDICAL SYSTEMS, INC.	-22.04%	4.71B
AXONICS, INC.	+8.39%	3.44B
ENOVIS CORPORATION	-6.28%	2.88B
BEIJING BALANCE MEDICAL TECHNOLOGY CO.,LTD.	-10.23%	2.11B
SHANGHAI MICROPORT ENDOVASCULAR MEDTECH CO., LTD.	-5.99%	2.09B

Medical Devices & Implants