Financials CALB Group Co., Ltd.

Equities

3931

CNE100005LL8

Electrical Components & Equipment

Market Closed - Hong Kong S.E. Other stock markets 09:08:22 10/05/2024 BST			5-day change	1st Jan Change
15.06 ^HKD	-1.57%		+10.74%	-14.43%

05-08	Nio to Procure Batteries for Onvo EV Brand from BYD	MT
05-07	Exclusive-China's Nio turns to rival BYD to power new EV brand, sources say	RE

Valuation

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	28,300	28,351	17,036	-	-
Enterprise Value (EV) ¹	35,015	28,351	44,335	43,532	43,615
P/E ratio	36.2 x	96.3 x	22.6 x	15.8 x	9.88 x
Yield	-	-	0.05%	0.12%	0.65%
Capitalization / Revenue	1.39 x	1.05 x	0.51 x	0.28 x	0.36 x
EV / Revenue	1.72 x	1.05 x	1.32 x	0.71 x	0.91 x
EV / EBITDA	20.9 x	11.6 x	10.1 x	7.7 x	6.57 x
EV / FCF	-1.26 x	-	-3.24 x	-5.25 x	-
FCF Yield	-79.6%	-	-30.9%	-19%	-
Price to Book	0.82 x	-	0.53 x	0.45 x	0.7 x
Nbr of stocks (in thousands)	1,772,302	1,772,302	1,223,336	-	-
Reference price ²	15.97	16.00	13.93	13.93	13.93
Announcement Date	28/03/23	26/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	-	20,375	27,006	33,627	61,601	47,747
EBITDA ¹	-	1,674	2,449	4,396	5,653	6,642
EBIT ¹	-	711.7	764.2	1,779	3,691	3,174
Operating Margin	-	3.49%	2.83%	5.29%	5.99%	6.65%
Earnings before Tax (EBT) ¹	-	645.6	433.6	898	3,581	2,940
Net income ¹	140	691.6	294.4	837.1	3,734	2,499
Net margin	-	3.39%	1.09%	2.49%	6.06%	5.23%
EPS ²	0.1128	0.4408	0.1661	0.6161	0.8820	1.410
Free Cash Flow ¹	-	-27,880	-	-13,697	-8,286	-
FCF margin	-	-136.84%	-	-40.73%	-13.45%	-
FCF Conversion (EBITDA)	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share ²	-	-	-	0.007500	0.0167	0.0900
Announcement Date	22/09/22	28/03/23	26/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	12,295	14,711	14,621	17,870	18,855	23,045
EBITDA	-	-	-	-	-	-
EBIT ¹	587.6	176.6	791	966.8	1,080	1,357
Operating Margin	4.78%	1.2%	5.41%	5.41%	5.73%	5.89%
Earnings before Tax (EBT)	-	-	-	-	-	-
Net income	-	-	-	-	-	-
Net margin	-	-	-	-	-	-
EPS ²	0.0827	0.0834	0.1300	0.1600	0.2400	0.3000
Dividend per Share	-	-	-	-	-	-
Announcement Date	29/08/23	26/03/24	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	6,715	-	27,299	26,496	26,579
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	4.011 x	-	6.21 x	4.687 x	4.001 x
Free Cash Flow ¹	-	-27,880	-	-13,697	-8,286	-
ROE (net income / shareholders' equity)	-	2.36%	-	2.66%	3.56%	4.12%
ROA (Net income/ Total Assets)	-	1.07%	-	1.43%	1.82%	1.55%
Assets ¹	-	64,541	-	58,603	205,630	161,425
Book Value Per Share ²	-	19.40	-	26.40	31.20	19.80
Cash Flow per Share	-	1.340	-	-	-	-
Capex ¹	-	29,989	-	10,989	12,827	5,652
Capex / Sales	-	147.19%	-	32.68%	20.82%	11.84%
Announcement Date	22/09/22	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 CALB Group Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

13.93 CNY

Average target price

19.25 CNY

Spread / Average Target

+38.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Batteries & Uninterruptable Power Supplies

	1st Jan change	Capi.
CALB GROUP CO., LTD.	-14.43%	2.36B
CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED	+24.65%	124B
LG ENERGY SOLUTION, LTD.	-10.29%	65.52B
SAMSUNG SDI CO., LTD.	-9.11%	20.75B
TDK CORPORATION	+2.72%	16.79B
ECOPRO BM. CO., LTD.	-24.48%	15.51B
EVE ENERGY CO., LTD.	-7.70%	11B
GOTION HIGH-TECH CO.,LTD.	-10.60%	4.74B
VOLTRONIC POWER TECHNOLOGY CORP.	-7.02%	4.3B
TIANNENG BATTERY GROUP CO., LTD.	+6.02%	3.98B

Batteries & Uninterruptable Power Supplies