Financials Beijing Kaiwen Education Technology Co., Ltd

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-27 pm EDT			5-day change	1st Jan Change
3.74 ^CNY	-1.58%		-5.56%	-13.63%

Apr. 26	Beijing Kaiwen Education Technology Co., Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 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	2,238	-	-
Enterprise Value (EV) ¹	3,111	2,920	2,405	2,722	2,591	2,238	2,238	2,238
P/E ratio	78 x	-20.3 x	-20.1 x	-28.4 x	-54.1 x	249 x	53.4 x	32.5 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	3.92 x	9.09 x	8.46 x	-	10.2 x	6.57 x	5.38 x	4.55 x
EV / Revenue	3.92 x	9.09 x	8.46 x	-	10.2 x	6.57 x	5.38 x	4.55 x
EV / EBITDA	-	-333 x	416 x	-	61.8 x	35.7 x	25.7 x	24.4 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	-	1.18 x	1.03 x	-	1.18 x	1.04 x	1.05 x	1.04 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	3.740	3.740	3.740
Announcement Date	2/28/20	4/14/21	4/19/22	4/27/23	4/26/24	-	-	-

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	2/28/20	4/14/21	4/19/22	4/27/23	4/26/24	-	-	-

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	2/28/20	4/14/21	4/19/22	4/27/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.74 CNY

Average target price

5.16 CNY

Spread / Average Target

+37.97%

	1st Jan change	Capi.
BEIJING KAIWEN EDUCATION TECHNOLOGY CO., LTD	-13.63%	314M
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.	+11.05%	12.93B
TAL EDUCATION GROUP	-7.21%	7.3B
GRAND CANYON EDUCATION, INC.	+9.69%	4.26B
STRIDE, INC.	+19.17%	3.01B
STRATEGIC EDUCATION, INC.	+22.46%	2.8B
LAUREATE EDUCATION, INC.	+16.41%	2.49B
ADTALEM GLOBAL EDUCATION INC.	+12.20%	2.46B
GAOTU TECHEDU INC.	+70.44%	1.61B
TIANLI INTERNATIONAL HOLDINGS LIMITED	+52.01%	1.36B