Financials Noah Holdings Limited

Equities

NOAH

US65487X1028

Investment Management & Fund Operators

Market Closed - Nyse 21:00:02 26/04/2024 BST 5-day change 1st Jan Change
12.72 USD +6.71% Intraday chart for Noah Holdings Limited +9.47% -7.89%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 11,128 14,559 8,768 6,830 6,430 6,085 - -
Enterprise Value (EV) 1 6,734 9,439 5,363 2,403 1,084 1,088 520.7 1,309
P/E ratio 18.3 x -26 x 10 x 7.49 x 6.75 x 5.57 x 4.89 x 5.02 x
Yield - - - 5.14% - 9.2% 9.7% 10.6%
Capitalization / Revenue 3.28 x 4.4 x 2.04 x 2.2 x 1.95 x 1.68 x 1.51 x 1.51 x
EV / Revenue 1.99 x 2.86 x 1.25 x 0.78 x 0.33 x 0.3 x 0.13 x 0.32 x
EV / EBITDA 6.6 x 6.96 x 3.99 x 1.93 x - 0.85 x 0.35 x 0.86 x
EV / FCF 5,506,638 x 12,673,648 x 4,385,344 x 4,214,847 x - - - -
FCF Yield 0% 0% 0% 0% - - - -
Price to Book 1.93 x 1.33 x 1.46 x - 0.62 x 0.57 x 0.52 x 0.53 x
Nbr of stocks (in thousands) 45,193 46,668 44,976 63,891 65,607 66,016 - -
Reference price 2 246.2 312.0 194.9 106.9 98.01 92.17 92.17 92.17
Announcement Date 24/03/20 15/03/21 14/03/22 27/03/23 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 3,392 3,306 4,293 3,100 3,295 3,614 4,031 4,036
EBITDA 1 1,020 1,357 1,345 1,244 - 1,278 1,478 1,514
EBIT 1 915 1,258 1,199 1,088 1,098 1,187 1,365 1,532
Operating Margin 26.98% 38.07% 27.93% 35.11% 33.32% 32.85% 33.86% 37.97%
Earnings before Tax (EBT) 1 968 -585.3 1,298 1,150 1,209 1,429 1,642 1,874
Net income 1 829.2 -745.2 1,314 976.6 1,009 1,119 1,277 1,243
Net margin 24.45% -22.54% 30.61% 31.5% 30.64% 30.97% 31.67% 30.8%
EPS 2 13.42 -12.01 19.45 14.28 14.53 16.54 18.85 18.38
Free Cash Flow 1,223 744.7 1,223 570.2 - - - -
FCF margin 36.05% 22.53% 28.49% 18.39% - - - -
FCF Conversion (EBITDA) 119.85% 54.88% 90.89% 45.82% - - - -
FCF Conversion (Net income) 147.49% - 93.06% 58.39% - - - -
Dividend per Share 2 - - - 5.500 - 8.476 8.944 9.784
Announcement Date 24/03/20 15/03/21 14/03/22 27/03/23 26/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2022 Q4 2023 Q1 2023 Q2 2023 Q3
Net sales - - - -
EBITDA - - - -
EBIT - - - -
Operating Margin - - - -
Earnings before Tax (EBT) 1 188.7 - 400.9 304.4
Net income 1 139.9 244.2 315.4 233.3
Net margin - - - -
EPS - 7.020 - -
Dividend per Share - - - -
Announcement Date 27/03/23 30/05/23 28/08/23 29/11/23
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 4,394 5,120 3,405 4,427 5,347 4,997 5,564 4,775
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1,223 745 1,223 570 - - - -
ROE (net income / shareholders' equity) 10.7% 15.8% 17.8% 11.4% 10.3% 10.8% 11.6% 11.9%
ROA (Net income/ Total Assets) 8.73% 11.8% 13.5% 8.89% 8.32% 9.01% 9.34% 11.1%
Assets 1 9,494 -6,334 9,712 10,984 12,130 12,426 13,674 11,160
Book Value Per Share 2 128.0 235.0 133.0 - 158.0 162.0 176.0 173.0
Cash Flow per Share - - - - - - - -
Capex 65.3 51.6 - - - - - -
Capex / Sales 1.93% 1.56% - - - - - -
Announcement Date 24/03/20 15/03/21 14/03/22 27/03/23 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

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
92.17 CNY
Average target price
137 CNY
Spread / Average Target
+48.60%
Consensus

Annual profits - Rate of surprise

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