Financials WuXi AppTec Co., Ltd.

Equities

603259

CNE1000031K4

Biotechnology & Medical Research

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
44.85 ^CNY	-1.15%		+2.70%	-38.36%

10:13am	WuXi Shares Volatile as U.S. Bill Revised to Set Deadline for Decoupling	DJ
May. 10	U.S. bill to restrict WuXi AppTec, other Chinese biotech cos revised to give more time to cut ties	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	149,934	326,828	347,115	236,612	215,748	127,037	-	-
Enterprise Value (EV) ¹	147,283	319,817	342,141	233,509	206,634	116,990	111,223	104,588
P/E ratio	82.2 x	108 x	68.5 x	28.7 x	22.5 x	13.6 x	11.4 x	10.6 x
Yield	0.37%	0.27%	0.44%	1.1%	1.35%	2.24%	2.38%	2.5%
Capitalization / Revenue	11.6 x	19.8 x	15.2 x	6.01 x	5.35 x	3.21 x	2.75 x	2.56 x
EV / Revenue	11.4 x	19.3 x	14.9 x	5.93 x	5.12 x	2.96 x	2.41 x	2.11 x
EV / EBITDA	42.7 x	73.6 x	46.8 x	18.9 x	14.6 x	8.39 x	6.81 x	6.29 x
EV / FCF	566 x	336 x	-146 x	246 x	26.2 x	16.1 x	12.6 x	5.83 x
FCF Yield	0.18%	0.3%	-0.69%	0.41%	3.82%	6.21%	7.93%	17.2%
Price to Book	8.79 x	10.1 x	9.11 x	5.15 x	3.92 x	2.12 x	1.83 x	1.64 x
Nbr of stocks (in thousands)	2,752,159	2,930,032	2,955,700	2,960,507	2,968,761	2,915,505	-	-
Reference price ²	54.83	112.3	118.6	81.00	72.76	44.85	44.85	44.85
Announcement Date	3/24/20	3/5/21	2/15/22	3/20/23	3/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	12,872	16,535	22,902	39,355	40,341	39,525	46,232	49,571
EBITDA ¹	3,449	4,348	7,308	12,370	14,194	13,950	16,324	16,639
EBIT ¹	2,486	3,656	6,038	10,652	11,872	11,668	13,750	13,388
Operating Margin	19.31%	22.11%	26.36%	27.07%	29.43%	29.52%	29.74%	27.01%
Earnings before Tax (EBT) ¹	2,337	3,369	6,016	10,618	11,832	11,749	14,002	15,311
Net income ¹	1,855	2,960	5,097	8,814	10,690	9,607	11,505	12,403
Net margin	14.41%	17.9%	22.26%	22.4%	26.5%	24.31%	24.89%	25.02%
EPS ²	0.6667	1.042	1.730	2.820	3.240	3.296	3.945	4.237
Free Cash Flow ¹	260.3	951.3	-2,345	948	7,886	7,270	8,817	17,939
FCF margin	2.02%	5.75%	-10.24%	2.41%	19.55%	18.39%	19.07%	36.19%
FCF Conversion (EBITDA)	7.55%	21.88%	-	7.66%	55.56%	52.12%	54.01%	107.82%
FCF Conversion (Net income)	14.03%	32.14%	-	10.76%	73.77%	75.67%	76.64%	144.64%
Dividend per Share ²	0.2006	0.3025	0.5174	0.8927	0.9834	1.007	1.068	1.122
Announcement Date	3/24/20	3/5/21	2/15/22	3/20/23	3/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	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 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	6,978	9,304	10,537	6,381	21,849	8,474	-	17,756	10,638	10,960	21,598	8,964	9,908	18,871	10,670	10,799	21,470	7,982	9,304	17,286	10,161	12,621	22,781	9,920	10,964
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	1,725	2,955	1,522	3,142	2,224	2,978	5,202	2,728	3,453	6,181	-	3,797	6,412	3,395	2,065	6,877	2,325	2,809	4,718	2,774	3,545	6,319	-	-
Operating Margin	-	18.54%	28.04%	23.85%	14.38%	26.24%	-	29.29%	25.65%	31.51%	28.62%	-	38.33%	33.98%	31.82%	19.12%	32.03%	29.13%	30.19%	27.3%	27.3%	28.09%	27.74%	-	-
Earnings before Tax (EBT) ¹	-	1,447	-	5,587	-	1,999	-	-	-	1,799	5,078	2,609	3,786	6,395	3,387	2,050	6,534	2,297	2,928	-	3,285	3,670	-	-	-
Net income ¹	-	1,243	-	1,535	4,830	1,643	2,993	-	2,742	1,436	4,178	2,168	3,145	5,313	2,763	2,614	5,377	1,942	2,396	-	2,716	3,012	-	-	-
Net margin	-	13.36%	-	24.05%	22.1%	19.39%	-	-	25.78%	13.1%	19.34%	24.19%	31.74%	28.15%	25.9%	24.2%	25.05%	24.33%	25.75%	-	26.73%	23.87%	-	-	-
EPS ²	-	-	-	0.5200	-	0.5300	0.9500	-	0.8200	0.5200	-	0.7200	1.070	-	0.9400	0.5100	-	0.6600	0.9100	-	0.8600	1.070	-	0.7000	1.210
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/24/20	3/5/21	8/12/21	2/15/22	2/15/22	4/25/22	7/26/22	7/26/22	10/26/22	3/20/23	3/20/23	4/24/23	7/31/23	7/31/23	10/30/23	3/18/24	3/18/24	4/29/24	-	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	638	7,011	4,974	3,103	9,115	10,048	15,814	22,449
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	260	951	-2,345	948	7,886	7,270	8,817	17,939
ROE (net income / shareholders' equity)	10.6%	11.9%	14.4%	20.6%	19%	16.2%	16.3%	15.5%
ROA (Net income/ Total Assets)	7.15%	7.84%	10.1%	15.2%	15.5%	12.8%	13.1%	12.8%
Assets ¹	25,952	37,763	50,709	57,966	69,180	74,984	87,592	91,534
Book Value Per Share ²	6.240	11.10	13.00	15.70	18.60	21.20	24.50	27.30
Cash Flow per Share ²	1.050	1.360	1.560	3.590	4.510	4.140	4.640	5.220
Capex ¹	2,269	3,022	6,934	9,668	5,500	5,720	5,592	4,996
Capex / Sales	17.63%	18.28%	30.28%	24.57%	13.63%	14.47%	12.1%	10.08%
Announcement Date	3/24/20	3/5/21	2/15/22	3/20/23	3/18/24	-	-	-

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 WuXi AppTec Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

44.85 CNY

Average target price

68.82 CNY

Spread / Average Target

+53.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Bio Therapeutic Drugs

	1st Jan change	Capi.
WUXI APPTEC CO., LTD.	-38.36%	17.58B
VERTEX PHARMACEUTICALS INCORPORATED	+3.91%	109B
REGENERON PHARMACEUTICALS, INC.	+10.87%	105B
ARGENX SE	-0.15%	22.25B
BIONTECH SE	-13.14%	22.09B
GENMAB A/S	-7.84%	18.68B
BEIGENE, LTD.	-10.66%	16.85B
NEUROCRINE BIOSCIENCES, INC.	+3.75%	13.76B
SAREPTA THERAPEUTICS, INC.	+36.70%	12.46B
VIKING THERAPEUTICS, INC.	+295.70%	8.12B

Bio Therapeutic Drugs