Financials Beijing Kaiwen Education Technology Co., Ltd

Equities

End-of-day quote Shenzhen S.E. Other stock markets 23:00:00 19/05/2024 BST			5-day change	1st Jan Change
3.96 ^CNY	-1.00%		+1.80%	-8.55%

04-26	Beijing Kaiwen Education Technology Co., Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-26	Beijing Kaiwen Education Technology Co., Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,111	2,920	2,405	2,722	2,591	2,369	-	-
Enterprise Value (EV) ¹	3,111	2,920	2,405	2,722	2,591	2,369	2,369	2,369
P/E ratio	78 x	-20.3 x	-20.1 x	-28.4 x	-54.1 x	264 x	56.6 x	34.4 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	3.92 x	9.09 x	8.46 x	-	10.2 x	6.96 x	5.7 x	4.82 x
EV / Revenue	3.92 x	9.09 x	8.46 x	-	10.2 x	6.96 x	5.7 x	4.82 x
EV / EBITDA	-	-333 x	416 x	-	61.8 x	37.8 x	27.3 x	25.8 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	-	1.18 x	1.03 x	-	1.18 x	1.1 x	1.11 x	1.11 x
Nbr of stocks (in thousands)	498,567	598,280	598,280	598,280	598,280	598,280	-	-
Reference price ²	6.240	4.880	4.020	4.550	4.330	3.960	3.960	3.960
Announcement Date	28/02/20	14/04/21	19/04/22	27/04/23	26/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	794.6	321	284.3	-	253.9	340.6	415.8	491.7
EBITDA ¹	-	-8.779	5.775	-	41.95	62.74	86.91	91.88
EBIT ¹	-	-169.9	-160.1	-	-44.58	9.24	46.38	77.52
Operating Margin	-	-52.93%	-56.31%	-	-17.56%	2.71%	11.15%	15.77%
Earnings before Tax (EBT) ¹	-	-169.9	-160.1	-	-44.58	8.74	45.88	77.02
Net income ¹	-	-129.6	-120.6	-96.59	-49.72	7.88	41.22	70.28
Net margin	-	-40.37%	-42.43%	-	-19.58%	2.31%	9.91%	14.29%
EPS ²	0.0800	-0.2400	-0.2000	-0.1600	-0.0800	0.0150	0.0700	0.1150
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	28/02/20	14/04/21	19/04/22	27/04/23	26/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	-5.61%	-4.98%	-	-2.23%	0.36%	1.97%	3.39%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	-	4.140	3.920	-	3.680	3.590	3.560	3.580
Cash Flow per Share ²	-	0.0100	0.2000	-	0.1100	0.0100	0.2000	0.2200
Capex ¹	-	26.7	60	-	13.1	61.5	58.5	37
Capex / Sales	-	8.33%	21.12%	-	5.17%	18.06%	14.07%	7.53%
Announcement Date	28/02/20	14/04/21	19/04/22	27/04/23	26/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.96 CNY

Average target price

5.16 CNY

Spread / Average Target

+30.30%

	1st Jan change	Capi.
BEIJING KAIWEN EDUCATION TECHNOLOGY CO., LTD	-8.55%	327M
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.	+11.04%	13.47B
TAL EDUCATION GROUP	-0.08%	8.06B
GRAND CANYON EDUCATION, INC.	+11.85%	4.33B
STRIDE, INC.	+17.99%	2.98B
STRATEGIC EDUCATION, INC.	+27.70%	2.87B
LAUREATE EDUCATION, INC.	+19.47%	2.54B
ADTALEM GLOBAL EDUCATION INC.	+11.06%	2.46B
GAOTU TECHEDU INC.	+125.97%	2.11B
BENESSE HOLDINGS, INC.	-0.58%	1.6B