Binjiang Service Group Co. Ltd. (3316.HK)

Industry: Real Estate - Services Sector: Real Estate Currency Used: CN Live Price: $22.90

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Stock Price	17.60	16.96	18.84	22.91	11.79	6.37	6.30	6.22	6.41	5.96
Market Capitalization	4,864.75M	4,687.18M	5,206.21M	6,329.99M	3,259.67M	1,660.37M	1,259.48M	1,659.70M	1,709.29M	1,589.19M
(-) Cash & Equivalents	913.06M	1,737.50M	1,556.09M	854.30M	745.06M	455.34M	229.27M	151.97M	83.77M	23.09M
(+) Total Debt	2.92M	2.93M	0.85M	1.86M	2.67M	4.02M	0.00M	0.00M	0.00M	0.00M
Enterprise Value	3,954.60M	2,952.61M	3,650.98M	5,477.55M	2,517.28M	1,209.05M	1,030.21M	1,507.73M	1,625.51M	1,566.10M

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	2015-12-31
Revenue	7,239M	3,980M	3,595M	2,809M	1,983M	1,399M	960M	702M	509M	349M	226M	159M
Cost of Revenue	5,571M	2,816M	2,759M	2,113M	1,390M	949M	663M	505M	375M	259M	184M	133M
Gross Profit	1,668M	1,165M	835M	696M	592M	450M	297M	197M	135M	90M	42M	26M
Gross Profit Margin	23.0%	29.3%	23.2%	24.8%	29.9%	32.1%	31.0%	28.1%	26.5%	25.8%	18.6%	16.5%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	259M	181M	125M	94M	70M	57M	42M	57M	43M	6M	4M	3M
Operating Expenses	286M	147M	130M	119M	76M	60M	44M	62M	44M	15M	13M	11M
Operating Income (EBIT)	1,382M	1,018M	705M	577M	516M	390M	253M	135M	91M	76M	29M	15M
Operating Income Margin	19.1%	25.6%	19.6%	20.6%	26.0%	27.9%	26.3%	19.3%	17.9%	21.6%	13.0%	9.4%
Interest Income	111M	87M	80M	67M	45M	33M	31M	20M	1M	0M	0M	0M
Interest Expense	0M	0M	0M	1M	3M	1M	1M	2M	1M	0M	0M	0M
Net Interest Income	111M	87M	80M	67M	42M	32M	30M	18M	-1M	0M	0M	0M
Unusual Items	45M	0M	1M	8M	3M	1M	1M	0M	4M	2M	0M	0M
EBT Excluding Unusual Items	1,493M	1,105M	785M	644M	558M	422M	283M	153M	91M	76M	29M	15M
Pre-Tax Income	1,539M	1,105M	786M	653M	561M	423M	284M	153M	94M	77M	30M	15M
Pre-Tax Margin	21.3%	27.8%	21.9%	23.2%	28.3%	30.3%	29.6%	21.8%	18.5%	22.1%	13.1%	9.7%
Income Tax Expense	414M	270M	233M	150M	142M	98M	64M	38M	24M	20M	8M	4M
Net Income	1,106M	820M	547M	493M	412M	322M	220M	115M	70M	57M	22M	11M
Net Income Margin	15.3%	20.6%	15.2%	17.5%	20.8%	23.0%	22.9%	16.3%	13.8%	16.4%	9.9%	7.2%
Depreciation & Amortization	28M	13M	12M	14M	8M	6M	4M	5M	3M	3M	2M	1M
EBITDA	1,410M	1,032M	717M	591M	524M	396M	257M	141M	94M	78M	31M	16M
EBITDA Margin	19.5%	25.9%	19.9%	21.0%	26.4%	28.3%	26.7%	20.0%	18.5%	22.3%	13.8%	10.3%
NOPAT	1,010M	769M	496M	445M	385M	299M	196M	102M	68M	56M	22M	11M
NOPAT Margin	14.0%	19.3%	13.8%	15.8%	19.4%	21.4%	20.4%	14.5%	13.4%	16.1%	9.7%	7.0%
Owner's Earnings	1,080M	795M	533M	482M	398M	315M	215M	115M	69M	56M	20M	10M
Owner's Earnings Margin	14.9%	20.0%	14.8%	17.1%	20.1%	22.5%	22.4%	16.3%	13.6%	16.0%	8.9%	6.2%
EPS (Basic)	4.01	2.97	1.98	1.78	1.49	1.16	0.79	0.44	0.26	0.21	0.08	0.04
EPS (Diluted)	4.00	2.97	1.98	1.78	1.49	1.16	0.79	0.44	0.26	0.21	0.08	0.04
Shares (Basic)	276M	276M	276M	276M	276M	276M	276M	260M	267M	267M	267M	267M
Shares (Diluted)	276M	276M	276M	276M	276M	276M	276M	260M	267M	267M	267M	267M

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	2015-12-31
Cash & Cash Equivalents	1,180.83M	958.99M	958.99M	1,455.38M	1,949.89M	905.75M	805.39M	516.71M	458.54M	303.95M	167.55M	69.26M
Short-Term Investments	2,136.88M	1,242.70M	1,242.70M	335.83M	173.33M	267.06M	382.36M	453.30M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	3,317.71M	2,201.68M	2,201.68M	1,791.22M	2,123.22M	1,172.81M	1,187.76M	970.01M	458.54M	303.95M	167.55M	69.26M
Net Receivables	624.82M	343.94M	343.94M	393.21M	273.03M	143.16M	58.31M	22.94M	22.67M	27.02M	25.93M	22.63M
Inventory	317.80M	290.05M	290.05M	244.75M	147.50M	79.03M	52.04M	33.38M	0.48M	0.34M	0.40M	0.64M
Other Current Assets	187.86M	177.48M	177.48M	176.01M	96.32M	87.25M	70.00M	33.37M	38.83M	40.84M	28.42M	23.01M
Total Current Assets	4,448.19M	3,013.15M	3,013.15M	2,605.19M	2,640.07M	1,482.25M	1,368.12M	1,059.70M	520.51M	372.15M	222.30M	115.53M
Property, Plant & Equipment	47.30M	43.41M	43.41M	43.42M	26.49M	19.03M	14.60M	12.90M	8.49M	8.03M	7.40M	5.68M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	3.41M	3.21M	3.21M	4.15M	273.03M	143.16M	58.31M	22.94M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	438.87M	1,090.71M	1,090.71M	1,366.32M	292.91M	159.86M	105.23M	100.92M	4.99M	5.24M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	0.00M	25.68M	18.95M	12.52M	5.32M	2.90M	2.57M	1.84M	0.88M
Other Non-Current Assets	47.06M	39.33M	39.33M	35.83M	-319.40M	-178.89M	-119.83M	-113.83M	13.48M	13.27M	0.00M	0.00M
Other Assets	0.00M	0.00M	0.00M	0.00M	34.53M	23.50M	14.64M	5.32M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	536.64M	1,176.65M	1,176.65M	1,449.71M	333.24M	185.61M	85.48M	33.57M	29.85M	29.11M	9.23M	6.56M
Total Assets	4,984.82M	4,189.80M	4,189.80M	4,054.90M	2,973.31M	1,667.86M	1,453.60M	1,093.27M	550.36M	401.26M	231.53M	122.09M
Accounts Payable	405.33M	275.05M	275.05M	194.74M	130.40M	59.17M	31.11M	15.43M	6.69M	4.47M	0.00M	0.00M
Short-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Payables	0.00M	0.00M	0.00M	231.81M	182.31M	84.73M	66.08M	46.95M	27.76M	31.34M	14.60M	6.25M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	-0.45M	-1.59M	-1.20M	-2.23M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	2,566.98M	2,034.39M	2,034.39M	1,950.19M	1,294.19M	471.13M	486.95M	346.96M	280.18M	211.15M	118.40M	18.86M
Total Current Liabilities	2,972.31M	2,309.44M	2,309.44M	2,376.73M	1,606.44M	613.44M	582.94M	407.12M	314.63M	246.97M	133.00M	25.11M
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	0.00M
Capital Lease Obligations	2.31M	2.65M	2.65M	4.02M	0.45M	1.71M	2.51M	2.99M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	20.00M	26.88M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	31.30M	13.10M	13.10M	20.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.81M	0.00M
Total Non-Current Liabilities	33.61M	15.75M	15.75M	44.02M	27.34M	1.71M	2.51M	2.99M	0.00M	0.00M	0.81M	0.00M
Total Liabilities	3,005.92M	2,325.19M	2,325.19M	2,420.76M	1,633.78M	615.14M	585.44M	410.11M	314.63M	246.97M	133.81M	25.11M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	65.94M	0.00M	66.43M	0.00M	0.00M	0.00M
Common Stock	0.18M	0.18M	0.18M	0.18M	0.18M	0.18M	0.18M	0.18M	0.13M	0.07M	0.00M	0.00M
Retained Earnings	1,587.83M	1,511.94M	1,511.94M	1,470.24M	1,228.60M	816.60M	469.40M	275.30M	150.62M	90.44M	48.27M	25.97M
Accumulated OCI	-77.82M	-66.01M	-66.01M	-64.82M	-65.37M	-69.10M	-65.94M	-46.30M	-66.43M	0.00M	0.00M	0.00M
Minority Interest	68.93M	62.91M	62.91M	53.14M	40.05M	31.97M	16.71M	4.71M	3.37M	0.68M	0.30M	0.00M
Total Shareholders’ Equity	1,510.19M	1,446.11M	1,446.11M	1,405.60M	1,163.41M	747.68M	469.58M	229.19M	150.75M	90.51M	48.27M	25.97M
Total Equity	1,579.11M	1,509.03M	1,509.03M	1,458.74M	1,203.46M	779.65M	486.29M	233.90M	154.12M	91.19M	48.57M	25.97M
Total Liabilities & Equity	4,585.04M	3,834.22M	3,834.22M	3,879.49M	2,837.24M	1,394.79M	1,071.73M	644.01M	468.76M	338.15M	182.38M	51.08M
Tangible Assets	4,981.41M	4,186.59M	4,186.59M	4,050.76M	2,700.27M	1,524.70M	1,395.28M	1,070.33M	550.36M	401.26M	231.53M	122.09M
Tangible Equity	1,575.70M	1,505.82M	1,505.82M	1,454.59M	930.43M	636.49M	427.98M	210.96M	154.12M	91.19M	48.57M	25.97M
Tangible Book Value	1,575.70M	1,505.82M	1,505.82M	1,454.59M	930.43M	636.49M	427.98M	210.96M	154.12M	91.19M	48.57M	25.97M
Total Investments	2,074.04M	2,333.40M	2,333.40M	1,702.15M	466.24M	423.43M	487.59M	554.22M	4.99M	5.24M	0.00M	0.00M
Net Debt	-1,180.83M	-958.99M	-958.99M	-1,455.38M	-1,949.89M	-905.75M	-805.39M	-516.71M	-458.54M	-303.95M	-167.55M	-69.26M

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	2015-12-31
Working Capital	1,157.8M	429.4M	429.4M	113.5M	959.3M	771.3M	725.2M	608.2M	168.4M	95.3M	45.2M	24.4M
Total Capital	1,595.3M	1,531.6M	1,531.6M	1,492.5M	1,246.7M	943.3M	844.1M	724.8M	181.4M	110.5M	53.3M	31.0M
Capital Employed	1,694.4M	1,606.1M	1,606.1M	1,563.2M	1,313.2M	973.7M	859.6M	727.3M	184.7M	111.2M	54.4M	31.0M
Invested Capital	414.5M	572.6M	572.6M	37.1M	-703.2M	37.5M	38.7M	208.1M	-277.2M	-193.4M	-114.3M	-38.3M

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	2015-12-31
Net Income	1,105.79M	819.71M	786.39M	652.54M	412.00M	321.75M	219.55M	114.68M	94.44M	77.21M	29.62M	15.39M
Depreciation & Amortization	26.48M	16.24M	18.10M	13.99M	7.94M	6.10M	5.93M	5.08M	2.67M	2.51M	1.90M	1.41M
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	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	0.00M
Change in Working Capital	-428.12M	-396.48M	69.79M	483.55M	-268.10M	-127.39M	-50.12M	-46.06M	77.39M	74.63M	72.44M	-10.58M
Accounts Receivable	-275.25M	-289.48M	-33.21M	-242.04M	-199.64M	-89.84M	-24.58M	-13.16M	-9.57M	-2.23M	-7.04M	-16.25M
Inventory	-142.55M	-95.46M	-45.30M	-97.25M	-68.47M	-26.99M	-18.67M	-32.90M	-0.14M	0.07M	0.23M	-0.34M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	9.57M	2.23M	7.04M	16.25M
Other Working Capital	-10.32M	-11.55M	148.30M	822.85M	-0.99M	-10.56M	-6.88M	0.00M	77.54M	76.79M	79.24M	6.00M
Other Non-Cash Items	531.24M	1,483.84M	-313.06M	-221.19M	971.09M	41.92M	142.38M	84.88M	-24.35M	-11.64M	-3.16M	-2.47M
Net Cash from Operating Activities	1,235.38M	1,923.31M	561.21M	928.89M	1,122.92M	242.39M	317.74M	158.57M	150.15M	142.71M	100.79M	3.75M
Capital Expenditures (PPE)	-38.13M	-38.51M	-26.00M	-24.85M	-21.76M	-12.96M	-8.20M	-5.14M	-3.55M	-3.79M	-4.19M	-3.03M
Acquisitions (Net)	-1.59M	-0.82M	-1.88M	-0.34M	-0.57M	-0.76M	-2.45M	644.59M	0.00M	-6.00M	0.00M	0.00M
Purchases of Investments	0.00M	0.00M	-1,674.79M	-1,317.19M	-468.73M	-486.49M	-557.51M	-1,602.75M	-1,406.00M	-495.50M	-227.25M	-166.22M
Sales / Maturities of Investments	0.00M	0.00M	1,029.52M	130.00M	474.27M	546.17M	594.10M	958.16M	1,410.27M	498.78M	228.20M	167.09M
Other Investing Activities	-1,263.07M	-479.14M	64.99M	44.25M	48.83M	19.59M	14.66M	-515.45M	0.60M	0.21M	0.24M	0.19M
Net Cash from Investing Activities	-1,302.78M	-518.47M	-608.17M	-1,168.13M	32.04M	65.55M	40.61M	-520.58M	1.32M	-6.31M	-3.00M	-1.97M
Net Debt Issuance	-2.23M	-0.83M	-1.86M	-1.15M	-1.90M	-2.32M	-3.03M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Debt Issuance	-2.23M	-0.83M	-1.86M	-1.15M	-1.90M	-2.32M	-3.03M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	429.89M	87.11M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	429.89M	87.11M	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	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	0.00M
Net Dividends Paid	-764.04M	-198.06M	-504.83M	-259.21M	-111.06M	-218.63M	-80.11M	-24.24M	0.00M	0.00M	0.00M	0.00M
Common Dividends Paid	-764.04M	-198.06M	-504.83M	-259.21M	-111.06M	-218.63M	-80.11M	-24.24M	0.00M	0.00M	0.00M	0.00M
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	0.00M
Other Financing Activities	9.25M	11.06M	3.58M	4.54M	1.61M	12.82M	11.10M	-1.28M	-84.03M	0.00M	0.49M	0.00M
Net Cash from Financing Activities	-757.02M	-187.82M	-503.11M	-255.82M	-111.35M	-208.13M	-72.05M	404.38M	3.07M	0.00M	0.49M	0.00M
Effect of FX on Cash	-14.37M	-0.25M	-14.67M	0.55M	0.53M	0.54M	2.39M	15.79M	0.05M	0.00M	0.00M	0.00M
Net Change in Cash	-838.79M	1,216.77M	-564.73M	-494.51M	1,044.15M	100.35M	288.69M	58.16M	154.59M	136.40M	98.29M	1.78M
Cash at Beginning of Period	2,886.76M	4,820.77M	1,455.38M	1,949.89M	905.75M	805.39M	516.71M	458.54M	303.95M	167.55M	69.26M	67.48M
Cash at End of Period	4,067.59M	6,037.54M	890.66M	1,455.38M	1,949.89M	905.75M	805.39M	516.71M	458.54M	303.95M	167.55M	69.26M
Operating Cash Flow	1,235.38M	1,923.31M	561.21M	928.89M	1,122.92M	242.39M	317.74M	158.57M	150.15M	142.71M	100.79M	3.75M
Capital Expenditure	-53.59M	-38.51M	-26.00M	-24.85M	-21.76M	-12.96M	-8.20M	-5.14M	-3.55M	-3.79M	-4.19M	-3.03M
Free Cash Flow	1,181.79M	1,884.80M	535.21M	904.04M	1,101.16M	229.43M	309.55M	153.44M	146.60M	138.92M	96.60M	0.72M

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	2015-12-31
EBITDA	1,437.19M	996.73M	722.86M	615.48M	529.84M	398.42M	258.64M	144.71M	94.99M	86.85M	40.08M	24.63M
(-) Tax Adjustment	386.74M	243.85M	214.07M	141.02M	134.19M	92.44M	58.00M	36.23M	24.15M	22.11M	10.16M	6.27M
(-) Change In Working Capital	-428.12M	-396.48M	69.79M	483.55M	-268.10M	-127.39M	-50.12M	-46.06M	77.39M	74.63M	72.44M	-10.58M
(-) Capital Expenditure	-53.59M	-38.51M	-26.00M	-24.85M	-21.76M	-12.96M	-8.20M	-5.14M	-3.55M	-3.79M	-4.19M	-3.03M
Unlevered Free Cash Flow	1,424.98M	1,110.85M	413.00M	-33.94M	641.99M	420.40M	242.56M	149.41M	-10.11M	-13.68M	-46.71M	25.91M
(-) Net Interest Income After Taxes	81.17M	65.95M	56.41M	51.46M	31.25M	24.71M	23.61M	13.37M	-0.59M	0.10M	0.11M	0.11M
Net Debt Issuance	-2.23M	-0.83M	-1.86M	-1.15M	-1.90M	-2.32M	-3.03M	0.00M	0.00M	0.00M	0.00M	0.00M
Levered Free Cash Flow	1,341.58M	1,044.07M	354.73M	-86.55M	608.85M	393.37M	215.92M	136.04M	-9.52M	-13.78M	-46.82M	25.80M