Maike Tube Industry Holdings Limited (1553.HK)

Industry: Steel Sector: Basic Materials Currency Used: CN Live Price: $1.49

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Stock Price	1.30	1.17	1.07	1.24	1.48	1.60	1.83	1.83	1.86
Market Capitalization	561.65M	507.96M	466.31M	536.02M	639.81M	452.60M	655.77M	792.91M	807.19M
(-) Cash & Equivalents	73.41M	88.69M	62.60M	96.60M	97.76M	59.57M	23.23M	26.89M	17.62M
(+) Total Debt	91.47M	86.82M	112.09M	178.26M	83.61M	255.75M	151.30M	150.34M	100.03M
Enterprise Value	579.71M	506.09M	515.80M	617.68M	625.66M	648.78M	783.84M	916.35M	889.60M

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	4,977M	4,201M	2,574M	2,191M	2,107M	1,776M	1,255M	1,125M	1,215M	938M	452M
Cost of Revenue	4,181M	3,433M	2,196M	1,807M	1,716M	1,447M	988M	864M	936M	723M	372M
Gross Profit	795M	768M	378M	384M	391M	329M	267M	261M	279M	215M	80M
Gross Profit Margin	16.0%	18.3%	14.7%	17.5%	18.6%	18.5%	21.3%	23.2%	23.0%	22.9%	17.7%
R&D Expenses	142M	152M	70M	68M	76M	67M	53M	46M	50M	34M	22M
SG&A Expenses	341M	344M	159M	146M	170M	159M	107M	112M	77M	53M	22M
Operating Expenses	483M	461M	242M	220M	252M	229M	164M	149M	139M	100M	51M
Operating Income (EBIT)	312M	307M	137M	164M	139M	100M	104M	112M	140M	115M	29M
Operating Income Margin	6.3%	7.3%	5.3%	7.5%	6.6%	5.6%	8.3%	10.0%	11.5%	12.3%	6.5%
Interest Income	0M	9M	5M	2M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	4M	0M	8M	7M	5M	5M	5M	13M	14M	15M	1M
Net Interest Income	-4M	9M	-4M	-5M	-5M	-5M	-5M	-12M	-14M	-15M	-1M
Unusual Items	57M	-19M	38M	14M	19M	35M	5M	4M	-6M	-9M	1M
EBT Excluding Unusual Items	308M	317M	133M	159M	134M	95M	99M	100M	126M	100M	28M
Pre-Tax Income	365M	298M	171M	173M	153M	130M	104M	104M	119M	91M	29M
Pre-Tax Margin	7.3%	7.1%	6.6%	7.9%	7.3%	7.3%	8.3%	9.3%	9.8%	9.7%	6.4%
Income Tax Expense	55M	35M	29M	20M	14M	15M	5M	14M	18M	14M	5M
Net Income	310M	265M	142M	154M	140M	116M	100M	77M	52M	40M	5M
Net Income Margin	6.2%	6.3%	5.5%	7.0%	6.6%	6.5%	7.9%	6.9%	4.3%	4.2%	1.0%
Depreciation & Amortization	67M	57M	35M	35M	31M	23M	21M	20M	18M	18M	11M
EBITDA	380M	364M	172M	199M	170M	123M	125M	132M	158M	133M	40M
EBITDA Margin	7.6%	8.7%	6.7%	9.1%	8.1%	6.9%	10.0%	11.7%	13.0%	14.2%	8.9%
NOPAT	265M	271M	113M	145M	126M	89M	99M	97M	119M	98M	24M
NOPAT Margin	5.3%	6.5%	4.4%	6.6%	6.0%	5.0%	7.9%	8.6%	9.8%	10.4%	5.4%
Owner's Earnings	250M	146M	78M	163M	120M	-44M	88M	58M	41M	48M	1M
Owner's Earnings Margin	5.0%	3.5%	3.0%	7.4%	5.7%	-2.5%	7.0%	5.1%	3.4%	5.1%	0.2%
EPS (Basic)	0.72	0.61	0.33	0.35	0.32	0.27	0.23	0.27	0.12	0.09	0.01
EPS (Diluted)	0.72	0.61	0.33	0.35	0.32	0.27	0.23	0.27	0.12	0.09	0.01
Shares (Basic)	434M	434M	434M	434M	434M	434M	434M	291M	434M	434M	434M
Shares (Diluted)	434M	434M	434M	434M	434M	434M	434M	291M	434M	434M	434M

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	104.07M	77.29M	77.29M	71.94M	57.76M	86.55M	87.25M	80.74M	46.45M	53.79M	52.86M
Short-Term Investments	239.74M	211.08M	211.08M	18.48M	0.00M	0.00M	87.50M	143.87M	86.84M	4.00M	1.00M
Cash & Short-Term Investments	343.81M	288.38M	288.38M	90.43M	57.76M	86.55M	174.75M	224.61M	133.29M	57.79M	53.86M
Net Receivables	704.52M	852.14M	852.14M	588.62M	386.32M	359.41M	256.05M	285.00M	238.52M	227.76M	150.26M
Inventory	358.01M	274.74M	274.74M	420.88M	363.35M	351.87M	289.23M	194.86M	177.83M	181.76M	114.24M
Other Current Assets	278.89M	247.19M	247.19M	179.51M	46.77M	19.83M	30.57M	71.90M	8.31M	248.29M	22.63M
Total Current Assets	1,685.23M	1,662.44M	1,662.44M	1,279.44M	854.19M	817.65M	750.60M	776.37M	557.94M	715.60M	340.99M
Property, Plant & Equipment	460.89M	465.27M	465.27M	408.92M	421.31M	406.66M	234.66M	233.60M	212.61M	200.89M	210.01M
Goodwill	0.00M	0.00M	0.00M	-153.55M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	0.00M	0.63M	0.63M	0.88M	0.57M	1.65M	2.75M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	5.05M	4.65M	5.73M	1.91M	1.54M	1.23M	1.80M	1.25M	2.85M
Other Non-Current Assets	7.50M	5.82M	0.77M	154.96M	-5.73M	-1.91M	-1.54M	0.00M	0.00M	0.00M	0.00M
Other Assets	0.00M	0.00M	0.00M	0.00M	6.38M	2.38M	6.25M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	468.38M	471.72M	471.72M	415.86M	428.26M	410.69M	243.66M	234.83M	214.41M	202.14M	212.86M
Total Assets	2,153.61M	2,134.16M	2,134.16M	1,695.30M	1,282.45M	1,228.34M	994.26M	1,011.20M	772.35M	917.73M	553.85M
Accounts Payable	697.06M	631.79M	631.79M	415.23M	95.52M	93.66M	72.86M	42.88M	63.13M	111.87M	50.48M
Short-Term Debt	56.44M	69.13M	69.13M	38.36M	75.95M	166.35M	64.08M	237.49M	300.25M	300.67M	300.08M
Tax Payables	0.00M	0.00M	0.00M	19.43M	10.81M	9.26M	14.02M	8.01M	9.06M	3.53M	2.23M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	-79.49M	-169.64M	0.00M	65.04M	59.57M	54.35M	0.00M
Other Current Liabilities	138.21M	262.80M	262.80M	84.17M	151.24M	240.83M	67.51M	-17.23M	45.65M	21.80M	11.89M
Total Current Liabilities	891.71M	963.71M	963.71M	557.19M	254.03M	340.47M	218.47M	336.19M	477.65M	492.22M	364.67M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	2.63M	3.17M	3.17M	4.60M	7.45M	9.92M	0.81M	1.62M	2.35M	0.00M	0.00M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	14.86M	14.14M	7.87M	2.69M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	22.97M	25.95M	25.95M	0.00M	0.00M	7.87M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	25.61M	29.11M	29.11M	19.45M	21.59M	25.66M	3.51M	1.62M	2.35M	0.00M	0.00M
Total Liabilities	917.32M	992.82M	992.82M	576.65M	275.62M	366.12M	221.97M	337.81M	480.00M	492.22M	364.67M
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	0.30M	0.30M	0.30M	0.30M	0.30M	0.30M	0.30M	0.30M	86.30M	86.15M	86.00M
Retained Earnings	0.00M	737.81M	737.81M	673.27M	519.53M	379.84M	270.51M	170.98M	93.64M	43.03M	3.19M
Accumulated OCI	1,175.03M	1,137.12M	1,137.12M	123.85M	126.32M	120.97M	122.47M	123.91M	-76.07M	-59.35M	-41.70M
Minority Interest	4.28M	3.92M	3.92M	4.43M	5.31M	5.72M	0.00M	0.00M	183.74M	136.19M	98.65M
Total Shareholders’ Equity	1,175.34M	1,875.23M	1,875.23M	797.42M	646.16M	501.11M	393.28M	295.19M	103.86M	69.83M	47.49M
Total Equity	1,179.62M	1,879.15M	1,879.15M	801.85M	651.46M	506.83M	393.28M	295.19M	287.60M	206.02M	146.14M
Total Liabilities & Equity	2,096.94M	2,871.97M	2,871.97M	1,378.50M	927.08M	872.95M	615.25M	633.00M	767.61M	698.24M	510.81M
Tangible Assets	2,153.61M	2,133.53M	2,133.53M	1,847.97M	1,281.89M	1,226.69M	991.51M	1,011.20M	772.35M	917.73M	553.85M
Tangible Equity	1,179.62M	1,878.52M	1,878.52M	954.52M	650.90M	505.18M	390.52M	295.19M	287.60M	206.02M	146.14M
Tangible Book Value	1,179.62M	1,878.52M	1,878.52M	954.52M	650.90M	505.18M	390.52M	295.19M	287.60M	206.02M	146.14M
Total Investments	239.74M	13.82M	13.82M	18.48M	0.00M	0.00M	87.50M	143.87M	86.84M	4.00M	1.00M
Net Debt	-47.63M	-8.17M	-8.17M	-33.58M	18.19M	79.80M	-23.18M	156.75M	253.80M	246.89M	247.22M

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	734.8M	697.6M	697.6M	663.6M	541.2M	436.2M	514.5M	423.3M	165.7M	77.9M	-10.4M
Total Capital	1,234.4M	1,209.7M	1,209.7M	1,089.5M	1,018.0M	1,002.9M	820.3M	896.5M	497.4M	444.5M	403.9M
Capital Employed	1,203.2M	1,169.3M	1,169.3M	1,079.4M	969.4M	846.9M	758.1M	658.1M	380.2M	280.1M	202.5M
Invested Capital	1,130.3M	1,132.4M	1,132.4M	1,017.5M	960.2M	916.4M	733.1M	815.7M	450.9M	390.7M	351.1M

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	310.23M	265.13M	170.84M	173.33M	139.70M	116.02M	99.53M	104.12M	119.42M	91.23M	29.14M
Depreciation & Amortization	42.69M	66.96M	42.90M	40.82M	37.10M	27.06M	22.89M	19.57M	17.78M	17.80M	10.98M
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	-585.32M	-162.73M	-362.26M	-233.70M	11.74M	-186.21M	7.84M	-107.87M	-30.41M	-76.97M	-64.82M
Accounts Receivable	-475.55M	-136.44M	-276.17M	-197.01M	-29.31M	-107.12M	25.51M	-44.66M	-16.78M	-103.67M	-53.47M
Inventory	-31.15M	-38.03M	3.30M	-34.44M	41.05M	-79.08M	-17.67M	-17.40M	0.48M	-68.52M	14.14M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	23.53M	-35.27M	-0.14M	44.66M	16.78M	103.67M	53.47M
Other Working Capital	-78.63M	11.74M	-89.39M	-2.26M	-23.53M	35.27M	0.14M	-90.48M	-30.88M	95.22M	-25.49M
Other Non-Cash Items	-86.60M	191.84M	-10.42M	-0.83M	-10.68M	65.80M	54.20M	-2.77M	4.38M	7.33M	0.61M
Net Cash from Operating Activities	-319.01M	361.21M	-158.94M	-20.39M	177.85M	22.67M	184.46M	13.05M	111.16M	39.38M	-24.09M
Capital Expenditures (PPE)	-89.28M	-176.09M	-99.29M	-25.93M	-50.17M	-182.95M	-32.66M	-39.06M	-28.95M	-9.52M	-14.78M
Acquisitions (Net)	0.00M	0.00M	0.00M	0.00M	-0.03M	-88.14M	76.40M	0.47M	0.12M	0.15M	-91.42M
Purchases of Investments	0.00M	0.00M	-393.83M	-230.17M	-141.85M	-255.40M	-943.61M	-214.80M	-233.45M	-91.80M	-267.85M
Sales / Maturities of Investments	0.00M	0.00M	398.63M	211.83M	141.88M	343.54M	867.21M	292.68M	151.52M	89.08M	320.91M
Other Investing Activities	-218.02M	-47.24M	-63.96M	-136.48M	-24.43M	102.52M	-98.25M	2.28M	8.73M	-12.01M	0.36M
Net Cash from Investing Activities	-307.30M	-223.32M	-158.46M	-180.76M	-74.60M	-80.43M	-130.91M	41.57M	-102.04M	-24.09M	-52.79M
Net Debt Issuance	-1.56M	-3.97M	31.00M	-2.66M	-91.00M	103.00M	-0.81M	-0.79M	-0.07M	0.00M	0.00M
Long-Term Debt Issuance	-1.56M	-3.97M	-1.59M	-2.66M	-3.63M	103.00M	-173.20M	-0.79M	-0.07M	0.00M	300.00M
Short-Term Debt Issuance	0.00M	0.00M	31.00M	0.00M	-91.00M	103.00M	172.39M	-62.01M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	201.79M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	201.79M	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	-375.68M	0.00M	0.00M	0.00M
Net Dividends Paid	-86.63M	-80.42M	-47.31M	-39.31M	-37.10M	-43.32M	0.00M	0.00M	0.00M	0.00M	-22.60M
Common Dividends Paid	-86.63M	-80.42M	-47.31M	-39.31M	-37.10M	-43.32M	0.00M	0.00M	0.00M	0.00M	-22.60M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	713.50M	-62.75M	338.62M	256.51M	-7.99M	-1.87M	-178.52M	-86.96M	-16.39M	-14.36M	147.92M
Net Cash from Financing Activities	625.32M	-147.14M	322.30M	214.55M	-136.09M	57.81M	-179.33M	114.04M	-16.46M	-14.36M	125.32M
Effect of FX on Cash	-0.39M	8.05M	0.44M	0.78M	4.06M	-0.76M	-2.07M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	70.57M	-1.21M	5.35M	14.18M	-28.79M	-0.71M	-127.85M	168.66M	-7.34M	0.93M	48.44M
Cash at Beginning of Period	174.97M	318.40M	71.94M	57.76M	86.55M	87.25M	215.11M	46.45M	53.79M	52.86M	4.42M
Cash at End of Period	245.53M	317.19M	77.29M	71.94M	57.76M	86.55M	87.25M	215.11M	46.45M	53.79M	52.86M
Operating Cash Flow	-319.01M	361.21M	-158.94M	-20.39M	177.85M	22.67M	184.46M	13.05M	111.16M	39.38M	-24.09M
Capital Expenditure	-128.07M	-176.09M	-99.29M	-25.93M	-50.17M	-182.95M	-32.66M	-39.06M	-28.95M	-9.52M	-14.78M
Free Cash Flow	-447.07M	185.12M	-258.23M	-46.32M	127.68M	-160.28M	151.79M	-26.01M	82.21M	29.87M	-38.87M

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	379.60M	328.58M	184.35M	204.15M	174.92M	125.65M	127.76M	123.08M	169.61M	145.45M	47.11M
(-) Tax Adjustment	57.42M	38.12M	31.31M	24.10M	16.51M	14.33M	5.76M	17.08M	25.49M	21.76M	8.01M
(-) Change In Working Capital	-585.32M	-162.73M	-362.26M	-233.70M	11.74M	-186.21M	7.84M	-107.87M	-30.41M	-76.97M	-64.82M
(-) Capital Expenditure	-128.07M	-176.09M	-99.29M	-25.93M	-50.17M	-182.95M	-32.66M	-39.06M	-28.95M	-9.52M	-14.78M
Unlevered Free Cash Flow	779.43M	277.10M	416.00M	387.82M	96.50M	114.57M	81.50M	174.81M	145.58M	191.14M	89.14M
(-) Net Interest Income After Taxes	-3.74M	8.36M	-3.03M	-4.41M	-4.60M	-4.29M	-4.57M	-10.65M	-12.19M	-12.68M	-0.67M
Net Debt Issuance	-1.56M	-3.97M	31.00M	-2.66M	-91.00M	103.00M	-0.81M	-0.79M	-0.07M	0.00M	0.00M
Levered Free Cash Flow	781.60M	264.76M	450.04M	389.58M	10.10M	221.87M	85.25M	184.67M	157.70M	203.82M	89.80M