Q P Group Holdings Limited (1412.HK)

Industry: Paper, Lumber & Forest Products Sector: Basic Materials Currency Used: HK Live Price: $1.54

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2016
Stock Price	1.05	1.25	1.34	1.27	0.92	1.10	1.10	1.10
Market Capitalization	558.60M	665.01M	712.88M	672.98M	484.34M	585.20M	402.33M	585.20M
(-) Cash & Equivalents	211.39M	126.17M	214.43M	157.19M	215.44M	80.58M	-2.05M	0.00M
(+) Total Debt	77.21M	76.25M	109.67M	84.68M	111.23M	208.42M	117.02M	0.00M
Enterprise Value	424.42M	615.09M	608.13M	600.47M	380.13M	713.04M	521.39M	585.20M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Revenue	2,250M	2,666M	1,211M	1,039M	1,276M	1,390M	1,233M	1,194M	1,163M	1,080M	886M
Cost of Revenue	1,458M	1,844M	775M	683M	860M	960M	796M	828M	881M	804M	615M
Gross Profit	792M	822M	436M	356M	417M	430M	437M	366M	282M	275M	271M
Gross Profit Margin	35.2%	30.8%	36.0%	34.3%	32.7%	30.9%	35.4%	30.6%	24.3%	25.5%	30.6%
R&D Expenses	57M	59M	29M	28M	41M	37M	23M	27M	31M	24M	23M
SG&A Expenses	592M	592M	308M	284M	296M	321M	274M	282M	146M	192M	89M
Operating Expenses	556M	561M	291M	266M	276M	302M	256M	268M	230M	179M	163M
Operating Income (EBIT)	236M	261M	145M	90M	140M	128M	180M	98M	52M	97M	108M
Operating Income Margin	10.5%	9.8%	12.0%	8.7%	11.0%	9.2%	14.6%	8.2%	4.5%	9.0%	12.2%
Interest Income	11M	5M	7M	8M	2M	1M	2M	0M	0M	0M	1M
Interest Expense	4M	3M	4M	4M	2M	2M	5M	8M	6M	1M	1M
Net Interest Income	7M	1M	4M	4M	0M	-1M	-3M	-8M	-6M	-1M	0M
Unusual Items	0M	11M	0M	0M	3M	3M	-18M	11M	13M	0M	3M
EBT Excluding Unusual Items	243M	263M	149M	94M	141M	127M	177M	90M	46M	96M	108M
Pre-Tax Income	243M	274M	149M	94M	143M	131M	159M	101M	59M	96M	111M
Pre-Tax Margin	10.8%	10.3%	12.3%	9.1%	11.2%	9.4%	12.9%	8.5%	5.1%	8.9%	12.6%
Income Tax Expense	38M	28M	22M	16M	16M	12M	30M	17M	8M	17M	22M
Net Income	209M	246M	129M	80M	127M	119M	129M	84M	51M	79M	90M
Net Income Margin	9.3%	9.2%	10.7%	7.7%	9.9%	8.6%	10.5%	7.1%	4.4%	7.3%	10.1%
Depreciation & Amortization	105M	115M	62M	59M	61M	59M	52M	56M	54M	40M	41M
EBITDA	341M	377M	208M	149M	201M	187M	232M	154M	106M	136M	149M
EBITDA Margin	15.2%	14.1%	17.2%	14.4%	15.7%	13.4%	18.8%	12.9%	9.1%	12.6%	16.9%
NOPAT	199M	235M	124M	75M	124M	116M	146M	81M	45M	79M	87M
NOPAT Margin	8.9%	8.8%	10.3%	7.2%	9.8%	8.4%	11.9%	6.8%	3.9%	7.4%	9.8%
Owner's Earnings	121M	172M	117M	19M	119M	55M	136M	98M	29M	-41M	107M
Owner's Earnings Margin	5.4%	6.5%	9.7%	1.9%	9.4%	4.0%	11.0%	8.2%	2.5%	-3.8%	12.0%
EPS (Basic)	0.39	0.46	0.24	0.15	0.24	0.22	0.25	0.16	0.10	0.40	0.17
EPS (Diluted)	0.39	0.46	0.24	0.15	0.24	0.22	0.25	0.16	0.10	0.15	0.17
Shares (Basic)	532M	532M	532M	532M	532M	532M	527M	532M	532M	532M	532M
Shares (Diluted)	532M	532M	532M	532M	532M	532M	527M	532M	532M	532M	532M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Cash & Cash Equivalents	192.82M	246.48M	246.48M	160.37M	294.72M	158.78M	236.67M	104.78M	59.87M	63.97M	116.16M
Short-Term Investments	59.40M	7.73M	7.73M	3.90M	11.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	252.22M	254.21M	254.21M	164.27M	306.42M	158.78M	236.67M	104.78M	59.87M	63.97M	116.16M
Net Receivables	200.32M	208.07M	208.07M	165.35M	177.17M	264.01M	233.25M	167.01M	193.04M	173.22M	147.57M
Inventory	101.97M	76.31M	76.31M	65.13M	72.44M	116.55M	93.68M	85.71M	82.73M	89.67M	65.10M
Other Current Assets	1.53M	3.18M	3.18M	49.21M	24.20M	60.09M	39.08M	57.28M	42.00M	2.81M	23.51M
Total Current Assets	556.04M	541.77M	541.77M	443.95M	580.22M	599.43M	602.68M	414.77M	377.62M	329.66M	352.34M
Property, Plant & Equipment	632.94M	572.30M	572.30M	576.06M	546.49M	567.25M	505.21M	464.74M	479.51M	344.12M	219.05M
Goodwill	0.00M	23.08M	23.08M	23.87M	24.57M	26.66M	25.95M	24.28M	24.72M	0.00M	0.00M
Intangible Assets	27.41M	4.10M	4.10M	5.13M	4.51M	4.08M	2.45M	1.53M	1.63M	1.11M	0.98M
Long-Term Investments	0.50M	0.50M	0.50M	95.52M	-7.80M	2.14M	2.14M	2.14M	2.28M	2.03M	1.77M
Tax Assets	0.00M	6.54M	6.54M	5.93M	7.87M	8.87M	8.39M	9.02M	7.76M	8.52M	5.69M
Other Non-Current Assets	33.76M	29.13M	29.13M	-59.80M	23.39M	34.47M	33.84M	18.92M	32.02M	48.51M	9.77M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	694.61M	635.65M	635.65M	646.70M	599.02M	643.47M	577.99M	520.63M	547.91M	404.30M	237.25M
Total Assets	1,250.65M	1,177.43M	1,177.43M	1,090.66M	1,179.24M	1,242.89M	1,180.66M	935.40M	925.53M	733.97M	589.59M
Accounts Payable	76.61M	75.23M	75.23M	64.44M	68.16M	130.78M	122.42M	92.10M	109.75M	91.75M	81.70M
Short-Term Debt	150.45M	50.15M	50.15M	47.88M	116.32M	84.44M	80.08M	105.29M	134.59M	147.32M	10.00M
Tax Payables	0.00M	0.00M	0.00M	11.04M	25.22M	18.36M	28.88M	17.81M	15.17M	18.36M	20.79M
Deferred Revenue	0.00M	0.00M	0.00M	17.10M	17.15M	10.55M	9.49M	4.75M	2.32M	3.74M	4.52M
Other Current Liabilities	33.31M	47.21M	47.21M	58.62M	19.41M	30.37M	73.63M	40.30M	39.94M	24.99M	53.29M
Total Current Liabilities	260.37M	172.59M	172.59M	199.07M	246.26M	274.50M	314.50M	260.25M	301.76M	286.15M	170.29M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	7.46M	83.00M	93.44M	0.00M	0.00M
Capital Lease Obligations	3.85M	3.98M	3.98M	2.95M	2.86M	4.48M	5.41M	4.33M	6.00M	7.61M	8.05M
Deferred Tax Liabilities	6.72M	0.00M	0.00M	0.00M	9.36M	10.43M	16.60M	15.84M	14.03M	1.16M	0.58M
Other Non-Current Liabilities	0.00M	14.28M	14.28M	15.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.78M	0.78M
Total Non-Current Liabilities	10.56M	18.26M	18.26M	18.13M	12.22M	14.91M	29.46M	103.18M	113.48M	9.54M	9.40M
Total Liabilities	270.93M	190.85M	190.85M	217.21M	258.48M	289.41M	343.97M	363.42M	415.24M	295.69M	179.70M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	5.32M	5.32M	5.32M	5.32M	5.32M	5.32M	5.32M	0.00M	0.00M	0.08M	0.08M
Retained Earnings	723.00M	0.00M	0.00M	674.07M	667.00M	619.50M	580.01M	512.45M	442.37M	404.11M	341.40M
Accumulated OCI	14.70M	0.00M	-4.81M	14.66M	30.93M	81.91M	59.45M	18.28M	-454.01M	-441.04M	-379.90M
Minority Interest	-1.02M	-0.75M	-0.75M	1.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	743.02M	5.32M	0.51M	694.06M	703.25M	706.72M	644.77M	530.74M	-11.63M	-36.85M	-38.42M
Total Equity	742.00M	4.57M	-0.24M	695.13M	703.25M	706.72M	644.77M	530.74M	-11.63M	-36.85M	-38.42M
Total Liabilities & Equity	1,012.93M	195.42M	190.61M	912.33M	961.73M	996.13M	988.74M	894.16M	403.60M	258.84M	141.27M
Tangible Assets	1,223.24M	1,150.24M	1,150.24M	1,061.66M	1,150.16M	1,212.15M	1,152.26M	909.58M	899.19M	732.85M	588.61M
Tangible Equity	714.59M	-22.62M	-27.43M	666.13M	674.18M	675.98M	616.37M	504.92M	-37.98M	-37.97M	-39.40M
Tangible Book Value	714.59M	-22.62M	-27.43M	666.13M	674.18M	675.98M	616.37M	504.92M	-37.98M	-37.97M	-39.40M
Total Investments	59.90M	64.72M	64.72M	99.42M	3.89M	2.14M	2.14M	2.14M	2.28M	2.03M	1.77M
Net Debt	-42.37M	-196.33M	-196.33M	-112.49M	-178.40M	-74.34M	-149.13M	83.51M	168.17M	83.35M	-106.16M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Working Capital	195.1M	269.0M	269.0M	204.3M	253.8M	214.9M	232.5M	114.6M	30.8M	54.0M	131.4M
Total Capital	1,036.9M	937.1M	937.1M	884.5M	962.0M	935.2M	877.3M	727.1M	703.5M	598.2M	383.2M
Capital Employed	889.7M	898.1M	898.1M	851.0M	852.8M	858.4M	810.5M	635.2M	578.7M	458.3M	368.6M
Invested Capital	844.1M	690.6M	690.6M	724.1M	667.3M	776.5M	640.6M	622.3M	643.6M	534.2M	267.1M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Net Income	229.20M	245.88M	149.10M	80.10M	143.13M	130.83M	159.48M	84.29M	59.15M	78.89M	89.84M
Depreciation & Amortization	57.82M	118.56M	0.00M	58.71M	60.50M	58.54M	51.84M	56.20M	53.86M	47.21M	47.88M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	13.26M	121.28M	33.37M	-20.11M	82.22M	-22.16M	-33.16M	9.78M	17.30M	-92.94M	-34.99M
Accounts Receivable	-19.02M	88.53M	0.00M	-19.02M	96.26M	-7.73M	-65.92M	26.10M	-19.96M	-25.65M	-19.68M
Inventory	4.02M	10.41M	0.00M	4.02M	26.74M	-16.33M	-3.40M	-4.85M	2.96M	-40.77M	-15.65M
Accounts Payable	-2.17M	-119.47M	0.00M	-2.17M	-55.88M	5.69M	24.44M	-18.86M	19.02M	0.00M	0.00M
Other Working Capital	28.25M	3.26M	33.37M	-2.95M	15.11M	-3.79M	11.72M	7.39M	14.34M	-26.52M	0.34M
Other Non-Cash Items	16.81M	108.63M	22.48M	-6.56M	-16.87M	-50.99M	15.47M	2.36M	-16.04M	25.62M	14.12M
Net Cash from Operating Activities	317.09M	384.66M	204.95M	112.14M	268.99M	116.23M	193.63M	152.62M	114.28M	58.78M	116.84M
Capital Expenditures (PPE)	-119.33M	-189.02M	0.00M	-121.22M	-67.89M	-122.21M	-45.20M	-42.84M	-75.78M	-159.20M	-24.50M
Acquisitions (Net)	0.73M	0.70M	0.00M	0.00M	0.14M	0.51M	-20.00M	0.42M	-44.56M	-33.79M	0.00M
Purchases of Investments	-0.50M	-27.27M	0.00M	-0.50M	-15.58M	-0.51M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	11.72M	3.53M	0.00M	11.72M	-0.14M	8.02M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-75.66M	-12.15M	0.00M	-84.99M	1.47M	1.60M	17.48M	0.10M	-10.46M	-17.16M	-30.16M
Net Cash from Investing Activities	-194.99M	-195.94M	0.00M	-194.99M	-82.00M	-112.58M	-47.72M	-42.33M	-130.81M	-210.15M	-54.66M
Net Debt Issuance	0.00M	0.00M	0.00M	-70.74M	31.88M	-6.94M	-101.32M	-44.10M	49.68M	120.28M	-16.92M
Long-Term Debt Issuance	0.00M	0.00M	0.00M	-68.47M	31.88M	-3.31M	-105.03M	-40.31M	49.68M	120.28M	-16.92M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	-2.27M	0.00M	-3.63M	3.72M	-3.79M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	156.94M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	156.94M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-69.16M	-148.96M	0.00M	-69.16M	-74.48M	-74.48M	-58.52M	-10.00M	-10.00M	-15.00M	-30.00M
Common Dividends Paid	-69.16M	-82.46M	0.00M	-69.16M	-74.48M	-74.48M	-58.52M	-10.00M	-10.00M	-15.00M	-30.00M
Preferred Dividends Paid	0.00M	-61.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-74.44M	16.54M	0.00M	-3.70M	-5.26M	-1.51M	-15.04M	-11.79M	-24.74M	-11.06M	4.40M
Net Cash from Financing Activities	-143.60M	-128.88M	0.00M	-143.60M	-47.86M	-82.93M	-17.94M	-65.90M	14.94M	94.22M	-42.53M
Effect of FX on Cash	-0.79M	-1.77M	0.00M	-0.79M	-3.19M	1.40M	3.93M	0.50M	-2.51M	4.96M	-2.66M
Net Change in Cash	-141.64M	58.05M	91.93M	-227.24M	135.94M	-77.89M	131.90M	44.91M	-4.10M	-52.19M	17.00M
Cash at Beginning of Period	547.06M	685.18M	67.48M	294.72M	158.78M	236.67M	104.78M	59.87M	63.97M	116.16M	99.16M
Cash at End of Period	246.01M	743.23M	0.00M	67.48M	294.72M	158.78M	236.67M	104.78M	59.87M	63.97M	116.16M
Operating Cash Flow	317.09M	384.66M	204.95M	112.14M	268.99M	116.23M	193.63M	152.62M	114.28M	58.78M	116.84M
Capital Expenditure	-193.82M	-189.02M	-74.48M	-119.33M	-67.89M	-122.21M	-45.20M	-42.84M	-75.78M	-159.20M	-24.50M
Free Cash Flow	121.98M	195.64M	129.18M	-9.09M	201.10M	-5.98M	148.43M	109.78M	38.50M	-100.42M	92.34M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
EBITDA	248.93M	286.31M	161.93M	102.52M	140.81M	130.65M	191.36M	112.54M	158.89M	99.04M	200.35M
(-) Tax Adjustment	38.64M	29.35M	23.70M	17.35M	16.03M	11.77M	36.15M	19.03M	21.92M	17.87M	38.91M
(-) Change In Working Capital	13.26M	121.28M	33.37M	-20.11M	82.22M	-22.16M	-33.16M	9.78M	17.30M	-92.94M	-34.99M
(-) Capital Expenditure	-193.82M	-189.02M	-74.48M	-119.33M	-67.89M	-122.21M	-45.20M	-42.84M	-75.78M	-159.20M	-24.50M
Unlevered Free Cash Flow	3.22M	-53.34M	30.38M	-14.06M	-25.34M	18.83M	143.17M	40.88M	43.89M	14.90M	171.93M
(-) Net Interest Income After Taxes	5.92M	1.20M	3.11M	3.15M	0.08M	-0.58M	-2.34M	-6.25M	-5.06M	-0.52M	0.32M
Net Debt Issuance	0.00M	0.00M	0.00M	-70.74M	31.88M	-6.94M	-101.32M	-44.10M	49.68M	120.28M	-16.92M
Levered Free Cash Flow	-2.70M	-54.54M	27.27M	-87.95M	6.47M	12.46M	44.19M	3.02M	98.63M	135.70M	154.68M