Financials BYD Company Limited

Equities

1211

CNE100000296

Auto & Truck Manufacturers

Market Closed - Hong Kong S.E. Other stock markets 09:08:20 26/04/2024 BST			5-day change	1st Jan Change
212.8 ^HKD	+4.42%		+5.77%	-0.75%

04-26	Stellantis N.V. : Stellantis: A rolling business
04-25	Mercedes boss on competition in China: 'We are not standing still'	DP

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	118,176	508,619	724,739	650,552	572,350	612,416	-	-
Enterprise Value (EV) ¹	183,247	545,613	708,260	618,292	501,295	490,824	442,078	379,940
P/E ratio	69.4 x	116 x	205 x	29.8 x	18.9 x	16.6 x	13.4 x	11.1 x
Yield	0.17%	0.09%	0.05%	0.67%	1.59%	1.59%	1.89%	2.53%
Capitalization / Revenue	0.97 x	3.31 x	3.35 x	1.53 x	0.95 x	0.8 x	0.7 x	0.58 x
EV / Revenue	1.5 x	3.56 x	3.28 x	1.46 x	0.83 x	0.64 x	0.5 x	0.36 x
EV / EBITDA	10.9 x	24.4 x	38.4 x	15 x	6.25 x	5.76 x	3.95 x	3.07 x
EV / FCF	79.4 x	16.1 x	24.5 x	14.2 x	10.4 x	12.3 x	9 x	6.47 x
FCF Yield	1.26%	6.21%	4.09%	7.06%	9.6%	8.15%	11.1%	15.5%
Price to Book	1.67 x	8.6 x	6.65 x	4.46 x	4.08 x	3.42 x	2.83 x	2.5 x
Nbr of stocks (in thousands)	2,728,143	2,728,143	2,911,143	2,905,632	2,905,632	2,903,755	-	-
Reference price ²	34.72	171.0	217.2	170.1	194.9	197.0	197.0	197.0
Announcement Date	31/03/20	29/03/21	29/03/22	28/03/23	26/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	121,778	153,469	216,142	424,061	602,315	769,683	876,303	1,051,690
EBITDA ¹	16,806	22,381	18,465	41,328	80,265	85,242	112,019	123,705
EBIT ¹	7,337	10,193	4,632	21,542	38,103	40,646	56,833	61,566
Operating Margin	6.03%	6.64%	2.14%	5.08%	6.33%	5.28%	6.49%	5.85%
Earnings before Tax (EBT) ¹	2,431	6,883	4,518	21,080	37,269	43,075	56,885	65,790
Net income ¹	1,614	4,234	3,045	16,622	30,041	32,868	45,346	49,863
Net margin	1.33%	2.76%	1.41%	3.92%	4.99%	4.27%	5.17%	4.74%
EPS ²	0.5000	1.470	1.060	5.710	10.32	11.85	14.68	17.78
Free Cash Flow ¹	2,307	33,878	28,949	43,649	48,102	40,018	49,120	58,719
FCF margin	1.89%	22.07%	13.39%	10.29%	7.99%	5.2%	5.61%	5.58%
FCF Conversion (EBITDA)	13.73%	151.37%	156.78%	105.62%	59.93%	46.95%	43.85%	47.47%
FCF Conversion (Net income)	142.89%	800.08%	950.66%	262.59%	160.12%	121.75%	108.32%	117.76%
Dividend per Share ²	0.0600	0.1480	0.1050	1.142	3.096	3.130	3.724	4.983
Announcement Date	31/03/20	29/03/21	29/03/22	28/03/23	26/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	59,594	58,028	95,441	89,131	54,307	70,950	122,169	66,825	83,782	150,607	117,081	156,373	273,453	120,174	139,951	162,151	180,041	131,718	163,399	208,479	252,300	181,650
EBITDA	10,382	9,131	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,874	3,874	6,319	1,854	-	763.2	3,269	1,061	3,561	4,622	7,463	9,456	-	5,299	8,433	12,906	11,466	3,728	6,616	10,357	13,228	-
Operating Margin	8.18%	6.68%	6.62%	2.08%	-	1.08%	2.68%	1.59%	4.25%	3.07%	6.37%	6.05%	-	4.41%	6.03%	7.96%	6.37%	2.83%	4.05%	4.97%	5.24%	-
Earnings before Tax (EBT) ¹	565.2	2,928	3,955	-	1,722	-	2,314	-	-	4,641	-	8,961	16,438	5,217	8,183	12,665	11,203	21,376	19,469	103,481	-91,639	-
Net income ¹	157	1,662	2,572	-	1,270	602.1	1,872	-	2,787	3,595	5,716	7,311	13,027	4,130	6,824	10,413	8,674	4,753	8,288	11,982	12,098	-
Net margin	0.26%	2.86%	2.69%	-	2.34%	0.85%	1.53%	-	3.33%	2.39%	4.88%	4.68%	4.76%	3.44%	4.88%	6.42%	4.82%	3.61%	5.07%	5.75%	4.8%	-
EPS ²	0.0100	0.5600	0.9100	0.4100	-	-	0.6500	-	-	1.240	-	-	4.470	1.420	2.350	3.580	2.970	1.380	2.290	3.480	4.420	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	31/03/20	28/08/20	29/03/21	27/08/21	28/10/21	29/03/22	29/03/22	27/04/22	29/08/22	29/08/22	28/10/22	28/03/23	28/03/23	27/04/23	28/08/23	30/10/23	26/03/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	65,072	36,994	-	-	-	-	-	-
Net Cash position ¹	-	-	16,091	32,260	71,056	121,592	170,337	232,476
Leverage (Debt/EBITDA)	3.872 x	1.653 x	-	-	-	-	-	-
Free Cash Flow ¹	2,307	33,878	28,949	43,649	48,102	40,018	49,120	58,719
ROE (net income / shareholders' equity)	2.88%	7.43%	3.73%	16.1%	24.4%	21.8%	22.5%	23.5%
ROA (Net income/ Total Assets)	0.83%	2.14%	1.23%	4.21%	5.12%	4.71%	5.15%	5.53%
Assets ¹	195,100	198,326	248,404	394,820	586,700	697,203	880,535	901,172
Book Value Per Share ²	20.80	19.90	32.70	38.10	47.80	57.60	69.60	78.70
Cash Flow per Share ²	5.400	15.80	22.80	48.40	58.40	43.30	47.50	53.90
Capex ¹	12,434	11,515	36,517	97,189	121,623	102,926	91,083	98,169
Capex / Sales	10.21%	7.5%	16.89%	22.92%	20.19%	13.37%	10.39%	9.33%
Announcement Date	31/03/20	29/03/21	29/03/22	28/03/23	26/03/24	-	-	-

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 BYD Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

197 CNY

Average target price

269.2 CNY

Spread / Average Target

+36.68%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Automobiles & Multi Utility Vehicles

	1st Jan change	Capi.
BYD COMPANY LIMITED	-0.75%	84.51B
STELLANTIS N.V.	+8.96%	94.79B
PORSCHE AG	+12.39%	87.34B
FERRARI N.V.	+24.83%	76.07B
MARUTI SUZUKI INDIA LTD	+23.31%	47.89B
KIA CORPORATION	+18.20%	34.02B
SAIC MOTOR CORPORATION LIMITED	+12.34%	23.85B
CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED	-1.54%	19.82B
FORD OTOMOTIV SANAYI	+49.97%	11.99B
GUANGZHOU AUTOMOBILE GROUP CO., LTD.	-10.47%	10.13B

Automobiles & Multi Utility Vehicles