Anhui Conch Material Technology Co Ltd (2560.HK)

Industry: Industrial - Distribution Sector: Industrials Currency Used: CN Live Price: $1.69

Enterprise Value

Metric	2024	2023	2022
Stock Price	1.47	1.50	1.57
Market Capitalization	850.89M	632.47M	739.04M
(-) Cash & Equivalents	137.45M	174.01M	73.96M
(+) Total Debt	950.82M	1,006.18M	621.76M
Enterprise Value	1,664.26M	1,464.64M	1,286.84M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Revenue	5,216M	—	2,384M	2,395M	1,840M	1,538M	1,463M
Cost of Revenue	4,225M	—	1,924M	1,936M	1,476M	1,199M	1,103M
Gross Profit	991M	—	460M	459M	364M	338M	361M
Gross Profit Margin	19.0%	—	19.3%	19.2%	19.8%	22.0%	24.7%
R&D Expenses	107M	—	55M	46M	45M	39M	32M
SG&A Expenses	456M	—	214M	212M	42M	32M	119M
Operating Expenses	593M	—	253M	259M	230M	178M	160M
Operating Income (EBIT)	398M	—	207M	200M	133M	160M	201M
Operating Income Margin	7.6%	—	8.7%	8.4%	7.3%	10.4%	13.7%
Interest Income	11M	—	1M	2M	2M	3M	5M
Interest Expense	56M	—	26M	30M	24M	10M	15M
Net Interest Income	-46M	—	-25M	-28M	-22M	-7M	-10M
Unusual Items	43M	—	-1M	-2M	-2M	-3M	6M
EBT Excluding Unusual Items	352M	—	182M	172M	112M	153M	191M
Pre-Tax Income	395M	—	180M	170M	110M	150M	197M
Pre-Tax Margin	7.6%	—	7.6%	7.1%	6.0%	9.8%	13.5%
Income Tax Expense	65M	—	32M	26M	17M	23M	38M
Net Income	277M	—	126M	117M	76M	130M	154M
Net Income Margin	5.3%	—	5.3%	4.9%	4.1%	8.4%	10.6%
Depreciation & Amortization	157M	—	74M	69M	47M	20M	17M
EBITDA	555M	—	280M	270M	180M	180M	218M
EBITDA Margin	10.6%	—	11.8%	11.3%	9.8%	11.7%	14.9%
NOPAT	332M	—	170M	170M	112M	135M	162M
NOPAT Margin	6.4%	—	7.1%	7.1%	6.1%	8.8%	11.1%
Owner's Earnings	236M	—	103M	95M	-155M	-467M	3M
Owner's Earnings Margin	4.5%	—	4.3%	3.9%	-8.4%	-30.4%	0.2%
EPS (Basic)	0.54	—	0.31	0.20	0.13	0.36	0.43
EPS (Diluted)	0.51	—	0.29	0.20	0.13	0.36	0.43
Shares (Basic)	541M	—	435M	580M	580M	362M	362M
Shares (Diluted)	541M	—	435M	580M	580M	362M	362M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Cash & Cash Equivalents	131.39M	143.52M	131.39M	166.10M	131.76M	214.31M	120.47M
Short-Term Investments	40.00M	0.00M	40.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	171.39M	143.52M	171.39M	166.10M	131.76M	214.31M	120.47M
Net Receivables	873.20M	836.21M	873.20M	775.97M	710.48M	312.30M	495.90M
Inventory	101.52M	135.94M	101.52M	102.90M	118.60M	52.94M	46.66M
Other Current Assets	7.22M	1.09M	7.22M	7.65M	-99.75M	35.02M	0.00M
Total Current Assets	1,153.32M	1,116.75M	1,153.32M	1,052.62M	861.09M	614.57M	663.02M
Property, Plant & Equipment	1,195.84M	1,182.90M	1,195.84M	1,194.27M	1,168.79M	938.18M	413.63M
Goodwill	28.69M	28.69M	28.69M	28.69M	28.69M	28.69M	34.02M
Intangible Assets	11.32M	12.59M	11.32M	13.85M	11.44M	13.49M	18.42M
Long-Term Investments	9.08M	3.99M	0.00M	0.00M	27.01M	0.00M	47.00M
Tax Assets	28.07M	29.58M	28.07M	24.10M	22.93M	15.19M	12.71M
Other Non-Current Assets	-0.55M	-0.28M	8.53M	2.50M	-2.95M	37.85M	0.00M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	1,272.46M	1,257.46M	1,272.46M	1,263.41M	1,255.90M	1,033.39M	525.77M
Total Assets	2,425.78M	2,374.21M	2,425.78M	2,316.04M	2,116.98M	1,647.96M	1,188.79M
Accounts Payable	211.55M	217.43M	211.55M	195.71M	154.45M	148.10M	164.29M
Short-Term Debt	720.21M	736.46M	720.21M	701.64M	712.08M	312.00M	320.89M
Tax Payables	29.83M	21.05M	29.83M	17.74M	14.50M	13.59M	0.00M
Deferred Revenue	13.28M	20.01M	13.28M	0.00M	0.00M	0.00M	4.28M
Other Current Liabilities	6.35M	3.08M	6.35M	67.15M	63.63M	47.59M	81.55M
Total Current Liabilities	981.24M	998.04M	981.24M	982.25M	944.66M	521.28M	571.01M
Long-Term Debt	198.49M	222.07M	198.49M	245.64M	391.70M	441.09M	0.00M
Capital Lease Obligations	13.97M	10.44M	13.97M	5.79M	3.80M	5.47M	0.00M
Deferred Tax Liabilities	11.28M	12.06M	11.28M	12.33M	13.90M	15.27M	18.15M
Other Non-Current Liabilities	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	223.74M	244.57M	223.74M	263.77M	409.40M	461.82M	18.15M
Total Liabilities	1,204.98M	1,242.60M	1,204.98M	1,246.02M	1,354.06M	983.10M	589.16M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	434.92M	434.92M	434.92M	434.92M	361.56M	138.00M	0.00M
Retained Earnings	316.21M	248.47M	316.21M	202.57M	133.81M	342.53M	327.28M
Accumulated OCI	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	37.57M
Minority Interest	105.76M	91.04M	105.76M	83.51M	55.54M	29.09M	28.38M
Total Shareholders’ Equity	751.13M	683.39M	751.13M	637.49M	495.37M	480.53M	364.84M
Total Equity	856.89M	774.43M	856.89M	721.00M	550.90M	509.61M	393.23M
Total Liabilities & Equity	2,061.87M	2,017.03M	2,061.87M	1,967.02M	1,904.96M	1,492.71M	982.39M
Tangible Assets	2,385.77M	2,332.94M	2,385.77M	2,273.50M	2,076.86M	1,605.78M	1,136.35M
Tangible Equity	816.88M	733.16M	816.88M	678.46M	510.78M	467.43M	340.79M
Tangible Book Value	816.88M	733.16M	816.88M	678.46M	510.78M	467.43M	340.79M
Total Investments	49.08M	3.99M	40.00M	0.00M	27.01M	0.00M	47.00M
Net Debt	787.32M	815.02M	787.32M	781.18M	972.02M	538.78M	200.43M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Working Capital	82.9M	36.6M	82.9M	-16.5M	-192.1M	-7.7M	53.5M
Total Capital	1,923.3M	1,886.6M	1,923.3M	1,818.0M	1,698.5M	1,289.9M	851.3M
Capital Employed	1,355.3M	1,294.0M	1,355.3M	1,246.9M	1,063.8M	1,025.7M	579.2M
Invested Capital	1,791.9M	1,743.1M	1,791.9M	1,651.9M	1,566.8M	1,075.6M	730.8M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Net Income	277.40M	—	180.18M	170.03M	109.64M	150.30M	154.49M
Depreciation & Amortization	156.86M	—	73.54M	69.41M	46.77M	19.99M	17.18M
Deferred Income Tax	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
Change in Working Capital	-91.98M	—	-84.79M	-82.56M	-277.47M	109.64M	14.91M
Accounts Receivable	-106.44M	—	-98.12M	-175.82M	-265.56M	19.05M	-21.97M
Inventory	1.49M	—	1.38M	15.70M	-65.65M	-13.59M	30.98M
Accounts Payable	10.61M	—	0.00M	0.00M	0.00M	0.00M	3.65M
Other Working Capital	2.35M	—	11.95M	77.56M	53.75M	104.18M	2.26M
Other Non-Cash Items	-39.65M	—	-2.15M	6.81M	-1.17M	-17.43M	1.59M
Net Cash from Operating Activities	302.64M	—	166.78M	163.69M	-122.23M	262.49M	188.17M
Capital Expenditures (PPE)	-198.35M	—	-96.57M	-86.98M	-277.83M	-616.98M	-169.00M
Acquisitions (Net)	0.10M	—	0.14M	0.00M	0.00M	0.00M	3.23M
Purchases of Investments	-194.54M	—	-130.00M	-60.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	194.76M	—	90.00M	60.00M	0.00M	0.00M	0.00M
Other Investing Activities	10.12M	—	0.10M	-4.57M	5.10M	39.78M	0.00M
Net Cash from Investing Activities	-187.91M	—	-136.33M	-91.54M	-272.72M	-577.20M	-165.77M
Net Debt Issuance	-39.02M	—	-28.58M	-156.50M	357.90M	485.89M	-99.47M
Long-Term Debt Issuance	0.00M	—	-28.58M	-156.50M	357.90M	485.89M	0.00M
Short-Term Debt Issuance	-39.02M	—	0.00M	0.00M	0.00M	0.00M	-99.47M
Net Stock Issuance	-39.81M	—	-8.45M	202.89M	0.00M	0.00M	39.56M
Common Stock Issuance	-39.81M	—	0.00M	202.89M	0.00M	0.00M	39.56M
Common Stock Repurchased	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
Net Dividends Paid	-138.12M	—	0.00M	-29.83M	-23.46M	-49.39M	-30.44M
Common Dividends Paid	-138.12M	—	0.00M	-29.83M	-23.46M	-49.39M	-30.44M
Preferred Dividends Paid	0.00M	—	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	445.31M	—	-28.14M	-54.37M	-22.03M	-8.25M	-0.42M
Net Cash from Financing Activities	228.36M	—	-65.17M	-37.80M	312.41M	428.24M	-90.76M
Effect of FX on Cash	11.94M	—	0.00M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	355.03M	—	-34.72M	34.35M	-82.55M	113.53M	0.00M
Cash at Beginning of Period	658.83M	—	166.10M	131.76M	214.31M	100.78M	0.00M
Cash at End of Period	1,013.86M	—	131.39M	166.10M	131.76M	214.31M	120.47M
Operating Cash Flow	302.64M	—	166.78M	163.69M	-122.23M	262.49M	188.17M
Capital Expenditure	-198.59M	—	-96.57M	-91.76M	-277.83M	-616.98M	-168.55M
Free Cash Flow	104.04M	—	70.21M	71.93M	-400.06M	-354.49M	19.62M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
EBITDA	584.31M	—	264.22M	270.68M	323.82M	287.23M	227.50M
(-) Tax Adjustment	95.84M	—	47.36M	41.54M	50.98M	44.73M	44.06M
(-) Change In Working Capital	-91.98M	—	-84.79M	-82.56M	-277.47M	109.64M	14.91M
(-) Capital Expenditure	-198.59M	—	-96.57M	-91.76M	-277.83M	-616.98M	-168.55M
Unlevered Free Cash Flow	381.85M	—	205.09M	219.93M	272.49M	-484.13M	-0.02M
(-) Net Interest Income After Taxes	-38.39M	—	-20.53M	-24.12M	-18.37M	-6.00M	-7.86M
Net Debt Issuance	-39.02M	—	-28.58M	-156.50M	357.90M	485.89M	-99.47M
Levered Free Cash Flow	381.22M	—	197.04M	87.55M	648.75M	7.76M	-91.63M