Financials Great Wall Motor Company Limited OTC Markets

Equities

GWLLY

US39137B1098

Auto & Truck Manufacturers

Market Closed - OTC Markets Other stock markets 20:30:16 20/05/2024 BST			5-day change	1st Jan Change
18.52 ^USD	-0.70%		+2.89%	+45.25%

05-20	BYD, Chery in Advanced Negotiations for Construction of EV Factories in Turkey	MT
05-13	Great Wall Motor to Use Direct Sales Approach	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	69,285	299,036	365,573	203,945	176,374	197,645	-	-
Enterprise Value (EV) ¹	65,128	303,126	353,530	197,915	167,377	186,035	181,819	171,582
P/E ratio	10.5 x	38.6 x	29.9 x	9.86 x	11.2 x	11.4 x	10 x	8.58 x
Yield	4.86%	1.25%	1.69%	3.34%	3.26%	3.81%	4%	4.74%
Capitalization / Revenue	0.73 x	2.89 x	2.68 x	1.48 x	1.02 x	0.91 x	0.78 x	0.69 x
EV / Revenue	0.68 x	2.93 x	2.59 x	1.44 x	0.97 x	0.86 x	0.72 x	0.6 x
EV / EBITDA	6.94 x	28.9 x	30.1 x	14 x	11.5 x	10.4 x	8.96 x	7.49 x
EV / FCF	9.26 x	-117 x	15.5 x	-49.6 x	110 x	19.1 x	12.9 x	9.72 x
FCF Yield	10.8%	-0.86%	6.46%	-2.02%	0.91%	5.23%	7.76%	10.3%
Price to Book	0.87 x	3.58 x	3.25 x	1.12 x	1.14 x	1.48 x	1.35 x	1.21 x
Nbr of stocks (in thousands)	9,127,269	9,175,953	9,235,467	8,645,413	8,456,737	8,501,933	-	-
Reference price ²	5.148	22.39	21.84	8.973	9.216	13.13	13.13	13.13
Announcement Date	21/02/20	25/01/21	08/02/22	02/02/23	24/01/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	95,108	103,308	136,405	137,340	173,212	217,053	252,868	286,401
EBITDA ¹	9,391	10,503	11,727	14,128	14,518	17,840	20,300	22,923
EBIT ¹	4,777	5,752	6,369	7,967	7,201	9,883	11,804	13,738
Operating Margin	5.02%	5.57%	4.67%	5.8%	4.16%	4.55%	4.67%	4.8%
Earnings before Tax (EBT) ¹	5,101	6,227	7,482	8,807	7,824	11,116	12,737	14,860
Net income ¹	4,497	5,362	6,726	8,266	7,022	9,764	11,413	13,376
Net margin	4.73%	5.19%	4.93%	6.02%	4.05%	4.5%	4.51%	4.67%
EPS ²	0.4922	0.5800	0.7300	0.9100	0.8200	1.153	1.311	1.530
Free Cash Flow ¹	7,032	-2,599	22,843	-3,990	1,525	9,736	14,103	17,647
FCF margin	7.39%	-2.52%	16.75%	-2.9%	0.88%	4.49%	5.58%	6.16%
FCF Conversion (EBITDA)	74.88%	-	194.79%	-	10.5%	54.57%	69.48%	76.98%
FCF Conversion (Net income)	156.37%	-	339.61%	-	21.71%	99.71%	123.57%	131.92%
Dividend per Share ²	0.2500	0.2800	0.3700	0.3000	0.3000	0.5008	0.5258	0.6223
Announcement Date	21/02/20	25/01/21	08/02/22	02/02/23	24/01/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	54,791	35,929	67,378	61,928	45,607	74,476	-	28,515	62,134	37,346	37,860	75,206	29,039	40,933	69,971	49,532	53,709	103,241	42,860	38,178	55,710	87,481
EBITDA ¹	-	-	-	-	926	-	-	-	-	4,329	-	-	-	-	-	-	-	-	-	2,667	5,620	5,976
EBIT ¹	2,998	-	4,591	3,859	1,090	2,510	-	585.2	1,761	2,404	-78.79	2,664	-70.66	725.6	655	4,130	1,846	5,976	3,633	1,018	3,972	4,328
Operating Margin	5.47%	-	6.81%	6.23%	2.39%	3.37%	-	2.05%	2.83%	6.44%	-0.21%	3.54%	-0.24%	1.77%	0.94%	8.34%	3.44%	5.79%	8.48%	2.67%	7.13%	4.95%
Earnings before Tax (EBT) ¹	3,196	-	4,909	3,936	2,044	-	-	-	5,866	2,935	5.618	2,940	62.22	1,330	1,392	4,210	2,222	6,432	3,758	1,427	4,476	5,800
Net income ¹	2,980	1,146	4,216	3,529	1,781	3,197	-	3,967	5,601	2,560	105.7	2,666	174.2	1,187	1,361	3,634	2,027	5,660	3,228	1,231	3,564	5,134
Net margin	5.44%	3.19%	6.26%	5.7%	3.91%	4.29%	-	13.91%	9.01%	6.85%	0.28%	3.54%	0.6%	2.9%	1.95%	7.34%	3.77%	5.48%	7.53%	3.22%	6.4%	5.87%
EPS	0.3260	0.1242	0.4560	0.3800	0.2000	0.3500	0.1800	-	0.6000	0.2800	0.0300	0.3100	-	0.1400	0.1600	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	21/02/20	24/07/20	25/01/21	20/07/21	08/02/22	08/02/22	22/04/22	30/08/22	30/08/22	21/10/22	02/02/23	02/02/23	21/04/23	30/08/23	30/08/23	27/10/23	24/01/24	24/01/24	24/04/24	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	4,090	-	-	-	-	-	-
Net Cash position ¹	4,157	-	12,043	6,030	8,997	11,611	15,826	26,063
Leverage (Debt/EBITDA)	-	0.3894 x	-	-	-	-	-	-
Free Cash Flow ¹	7,032	-2,599	22,843	-3,990	1,525	9,736	14,103	17,647
ROE (net income / shareholders' equity)	8.45%	9.58%	11.3%	12.7%	10.6%	13.2%	13.9%	14.5%
ROA (Net income/ Total Assets)	3.99%	4.02%	4.08%	4.58%	3.63%	4.32%	4.5%	4.6%
Assets ¹	112,735	133,561	164,710	180,383	193,314	225,926	253,617	290,541
Book Value Per Share ²	5.950	6.250	6.730	8.010	8.060	8.860	9.700	10.90
Cash Flow per Share ²	1.530	0.5600	3.820	1.360	2.070	2.290	2.320	2.940
Capex ¹	6,785	7,780	12,473	15,859	16,229	12,855	11,061	10,461
Capex / Sales	7.13%	7.53%	9.14%	11.55%	9.37%	5.92%	4.37%	3.65%
Announcement Date	21/02/20	25/01/21	08/02/22	02/02/23	24/01/24	-	-	-

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 Great Wall Motor Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

13.13 CNY

Average target price

12.75 CNY

Spread / Average Target

-2.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Auto & Truck Manufacturers

	1st Jan change	Capi.
TOYOTA MOTOR CORPORATION	+31.36%	292B
MERCEDES-BENZ GROUP AG	+4.65%	72.46B
BMW AG	-7.68%	63.56B
HONDA MOTOR CO., LTD.	+18.11%	53.25B
GENERAL MOTORS COMPANY	+22.41%	50.14B
FORD MOTOR COMPANY	-1.31%	48.03B
TATA MOTORS LIMITED	+22.84%	41.72B
HYUNDAI MOTOR COMPANY	+36.12%	44.01B
MAHINDRA & MAHINDRA LIMITED	+50.45%	33.72B

Other Auto & Truck Manufacturers