Sunshine Insurance Group Company Limited (6963.HK)

Industry: Insurance - Diversified Sector: Financial Services Currency Used: CN Live Price: $4.11

Enterprise Value

Metric	2024	2023	2022
Stock Price	2.49	4.02	4.91
Market Capitalization	28,801.08M	47,406.09M	51,433.90M
(-) Cash & Equivalents	9,484.00M	12,904.00M	8,727.50M
(+) Total Debt	19,847.50M	16,599.00M	6,453.50M
Enterprise Value	39,164.58M	51,101.09M	49,159.90M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Revenue	150,792M	—	75,218M	72,045M	66,602M	119,650M	115,059M	88,818M
Cost of Revenue	0M	—	-8,043M	8,626M	-8,359M	0M	0M	0M
Gross Profit	150,792M	—	83,261M	63,419M	74,961M	119,650M	115,059M	88,818M
Gross Profit Margin	100.0%	—	110.7%	88.0%	112.6%	100.0%	100.0%	100.0%
R&D Expenses	0M	—	0M	0M	0M	0M	0M	0M
SG&A Expenses	17,707M	—	2,838M	3,476M	2,914M	17,856M	21,508M	18,123M
Operating Expenses	48,820M	—	8,830M	63,720M	4,673M	17,856M	21,070M	83,299M
Operating Income (EBIT)	101,972M	—	74,431M	-301M	70,288M	101,794M	93,989M	5,518M
Operating Income Margin	67.6%	—	99.0%	-0.4%	105.5%	85.1%	81.7%	6.2%
Interest Income	4,685M	—	0M	0M	0M	0M	0M	0M
Interest Expense	1,212M	—	1,309M	1,127M	998M	1,341M	1,446M	1,302M
Net Interest Income	3,473M	—	-1,309M	-1,127M	-998M	-1,341M	-1,446M	-1,302M
Unusual Items	-90,201M	—	-65,017M	7,202M	-64,485M	-94,728M	-86,125M	262M
EBT Excluding Unusual Items	105,445M	—	73,122M	-1,428M	69,290M	100,453M	92,543M	4,216M
Pre-Tax Income	15,244M	—	8,105M	5,774M	4,805M	5,725M	6,418M	4,478M
Pre-Tax Margin	10.1%	—	10.8%	8.0%	7.2%	4.8%	5.6%	5.0%
Income Tax Expense	5,323M	—	2,565M	1,908M	177M	-295M	737M	59M
Net Income	9,681M	—	5,449M	3,738M	4,494M	5,883M	5,619M	5,086M
Net Income Margin	6.4%	—	7.2%	5.2%	6.7%	4.9%	4.9%	5.7%
Depreciation & Amortization	2,642M	—	1,642M	1,701M	1,668M	1,740M	1,601M	-5,625M
EBITDA	104,614M	—	76,073M	1,400M	71,956M	103,534M	95,590M	-107M
EBITDA Margin	69.4%	—	101.1%	1.9%	108.0%	86.5%	83.1%	-0.1%
NOPAT	66,365M	—	50,876M	-202M	67,699M	107,039M	83,196M	5,446M
NOPAT Margin	44.0%	—	67.6%	-0.3%	101.6%	89.5%	72.3%	6.1%
Owner's Earnings	10,978M	—	6,489M	3,388M	4,727M	5,925M	4,852M	-2,187M
Owner's Earnings Margin	7.3%	—	8.6%	4.7%	7.1%	5.0%	4.2%	-2.5%
EPS (Basic)	0.85	—	0.47	0.32	0.47	0.57	0.54	0.39
EPS (Diluted)	0.84	—	0.47	0.32	0.43	0.57	0.54	0.44
Shares (Basic)	11,725M	—	11,594M	11,681M	10,421M	10,351M	10,406M	11,502M
Shares (Diluted)	11,502M	—	11,502M	11,502M	10,421M	10,351M	10,351M	11,502M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Cash & Cash Equivalents	10,797.00M	6,706.00M	6,706.00M	13,553.00M	17,455.00M	6,664.00M	6,280.00M	10,226.00M
Short-Term Investments	-10,797.00M	0.00M	0.00M	292,449.00M	169,489.00M	159,521.00M	109,872.00M	0.00M
Cash & Short-Term Investments	0.00M	6,706.00M	6,706.00M	306,002.00M	186,944.00M	166,185.00M	116,152.00M	10,226.00M
Net Receivables	0.00M	2,529.00M	2,529.00M	2,363.00M	6,645.00M	21,950.00M	22,825.00M	0.00M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Assets	0.00M	-2,529.00M	-2,529.00M	-2,363.00M	-6,645.00M	-21,950.00M	-22,825.00M	0.00M
Total Current Assets	0.00M	6,706.00M	6,706.00M	306,002.00M	186,944.00M	166,185.00M	116,152.00M	10,226.00M
Property, Plant & Equipment	21,121.00M	19,677.00M	19,677.00M	20,548.00M	19,856.00M	19,403.00M	22,690.00M	21,221.00M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	0.00M	138.00M	138.00M	1,923.00M	2,240.00M	2,201.00M	2,308.00M	29.00M
Long-Term Investments	0.00M	510,440.00M	510,440.00M	428,292.00M	318,232.00M	282,522.00M	244,158.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	0.00M	2,548.00M	2,128.00M	169.00M	0.00M
Other Non-Current Assets	604,442.00M	44,829.00M	44,829.00M	477,843.00M	0.00M	0.00M	-2,271.00M	304,505.00M
Other Assets	0.00M	0.00M	581,790.00M	-720,922.00M	-76,251.00M	-59,959.00M	23,288.00M	-3,423.00M
Total Non-Current Assets	625,563.00M	575,084.00M	1,156,874.00M	207,684.00M	266,625.00M	246,295.00M	290,342.00M	322,332.00M
Total Assets	625,563.00M	581,790.00M	1,163,580.00M	513,686.00M	453,569.00M	412,480.00M	406,494.00M	332,558.00M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	4,639.00M	4,685.00M	4,774.00M	4,782.00M
Short-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Payables	0.00M	0.00M	0.00M	637.00M	1,036.00M	880.00M	1,171.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	0.00M	-8,925.00M	-8,925.00M	-15,882.00M	1,397.00M	3,805.00M	-13,983.00M	-10,023.00M
Total Current Liabilities	0.00M	-8,925.00M	-8,925.00M	-15,245.00M	7,072.00M	9,370.00M	-8,038.00M	-5,241.00M
Long-Term Debt	19,665.00M	19,507.00M	19,507.00M	19,414.00M	12,125.00M	12,923.00M	16,509.00M	16,945.00M
Capital Lease Obligations	0.00M	594.00M	594.00M	650.00M	782.00M	922.00M	987.00M	0.00M
Deferred Tax Liabilities	0.00M	0.00M	1,492.00M	101.00M	61.00M	192.00M	0.00M	0.00M
Other Non-Current Liabilities	543,695.00M	498,870.00M	496,120.00M	428,659.00M	0.00M	0.00M	333,038.00M	0.00M
Total Non-Current Liabilities	563,360.00M	518,971.00M	517,713.00M	448,824.00M	12,968.00M	14,037.00M	350,534.00M	16,945.00M
Total Liabilities	563,360.00M	510,046.00M	508,788.00M	433,579.00M	20,040.00M	23,407.00M	342,496.00M	11,704.00M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	11,502.00M	11,502.00M	11,502.00M	11,502.00M	11,502.00M	10,351.00M	10,351.00M	10,351.00M
Retained Earnings	37,619.00M	26,725.00M	26,725.00M	31,837.00M	17,841.00M	16,198.00M	18,852.00M	14,164.00M
Accumulated OCI	6,716.00M	14,567.00M	14,567.00M	17,107.00M	22,419.00M	24,161.00M	4,883.00M	3,859.00M
Minority Interest	6,366.00M	1,331.00M	1,331.00M	1,343.00M	1,278.00M	1,208.00M	1,151.00M	1,174.00M
Total Shareholders’ Equity	55,837.00M	52,794.00M	52,794.00M	60,446.00M	51,762.00M	50,710.00M	34,086.00M	28,374.00M
Total Equity	62,203.00M	54,125.00M	54,125.00M	61,789.00M	53,040.00M	51,918.00M	35,237.00M	29,548.00M
Total Liabilities & Equity	625,563.00M	564,171.00M	562,913.00M	495,368.00M	73,080.00M	75,325.00M	377,733.00M	41,252.00M
Tangible Assets	625,563.00M	581,652.00M	1,163,442.00M	511,763.00M	451,329.00M	410,279.00M	404,186.00M	332,529.00M
Tangible Equity	62,203.00M	53,987.00M	53,987.00M	59,866.00M	50,800.00M	49,717.00M	32,929.00M	29,519.00M
Tangible Book Value	62,203.00M	53,987.00M	53,987.00M	59,866.00M	50,800.00M	49,717.00M	32,929.00M	29,519.00M
Total Investments	0.00M	510,440.00M	510,440.00M	720,741.00M	487,721.00M	442,043.00M	354,030.00M	0.00M
Net Debt	8,868.00M	12,801.00M	12,801.00M	5,861.00M	-5,330.00M	6,259.00M	10,229.00M	6,719.00M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Working Capital	0.0M	6,706.0M	6,706.0M	313,943.0M	180,908.0M	161,500.0M	111,378.0M	5,444.0M
Total Capital	75,502.0M	82,183.0M	82,183.0M	80,510.0M	70,982.0M	64,395.0M	73,292.0M	66,914.0M
Capital Employed	625,563.0M	581,790.0M	581,790.0M	521,627.0M	447,533.0M	407,795.0M	401,720.0M	327,776.0M
Invested Capital	64,705.0M	75,477.0M	75,477.0M	66,957.0M	53,527.0M	57,731.0M	67,012.0M	56,688.0M

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
Net Income	9,681.00M	—	5,449.00M	5,774.00M	1,577.00M	5,725.00M	5,619.00M	5,086.00M
Depreciation & Amortization	3,291.00M	—	1,642.00M	1,701.00M	1,668.00M	1,740.00M	1,601.00M	1,564.00M
Deferred Income Tax	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
Change in Working Capital	30,894.00M	—	30,894.00M	16,464.00M	37,873.00M	54,791.00M	49,325.00M	34,631.00M
Accounts Receivable	0.00M	—	0.00M	0.00M	664.00M	-1,297.00M	529.00M	-4,068.00M
Inventory	0.00M	—	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	0.00M	—	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	30,894.00M	—	30,894.00M	16,464.00M	37,209.00M	56,088.00M	48,796.00M	38,699.00M
Other Non-Cash Items	23,475.00M	—	-5,382.00M	-3,605.00M	-15,201.00M	-17,683.00M	-17,378.00M	-13,452.00M
Net Cash from Operating Activities	67,341.00M	—	32,603.00M	20,334.00M	25,917.00M	44,573.00M	39,167.00M	27,829.00M
Capital Expenditures (PPE)	-1,345.00M	—	-602.00M	-2,051.00M	-1,435.00M	-1,698.00M	-2,368.00M	-1,648.00M
Acquisitions (Net)	0.00M	—	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	0.00M	—	0.00M	-274,479.00M	-278,453.00M	0.00M	-236,741.00M	0.00M
Sales / Maturities of Investments	0.00M	—	0.00M	228,186.00M	238,037.00M	0.00M	169,001.00M	0.00M
Other Investing Activities	-47,704.00M	—	-37,016.00M	11,933.00M	13,436.00M	-2,988.00M	14,139.00M	-14,153.00M
Net Cash from Investing Activities	-49,049.00M	—	-37,618.00M	-36,411.00M	-28,415.00M	-4,686.00M	-55,969.00M	-15,801.00M
Net Debt Issuance	0.00M	—	-498.00M	7,000.00M	-1,000.00M	-4,041.00M	-476.00M	-5,313.00M
Long-Term Debt Issuance	0.00M	—	-498.00M	7,000.00M	-1,000.00M	-3,570.00M	-476.00M	-4,856.00M
Short-Term Debt Issuance	0.00M	—	0.00M	0.00M	0.00M	-471.00M	0.00M	-457.00M
Net Stock Issuance	0.00M	—	0.00M	0.00M	5,772.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	—	0.00M	0.00M	5,772.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	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
Net Dividends Paid	-4,064.00M	—	-1,919.00M	-2,025.00M	-1,708.00M	-1,513.00M	-391.00M	-759.00M
Common Dividends Paid	-4,064.00M	—	-1,919.00M	-2,025.00M	-1,708.00M	-1,513.00M	-391.00M	-759.00M
Preferred Dividends Paid	0.00M	—	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-3,015.00M	—	-7,267.00M	13,151.00M	-1,189.00M	-20,809.00M	18,321.00M	-3,770.00M
Net Cash from Financing Activities	-7,079.00M	—	-9,684.00M	18,126.00M	1,875.00M	-26,363.00M	17,454.00M	-9,842.00M
Effect of FX on Cash	23.00M	—	9.00M	-184.00M	171.00M	-64.00M	-75.00M	5.00M
Net Change in Cash	-17,344.50M	—	-14,690.00M	1,865.00M	-452.00M	13,460.00M	577.00M	2,191.00M
Cash at Beginning of Period	3,233.00M	—	26,695.00M	24,830.00M	25,282.00M	11,822.00M	11,245.00M	9,054.00M
Cash at End of Period	-2,884.50M	—	12,005.00M	26,695.00M	24,830.00M	25,282.00M	11,822.00M	11,245.00M
Operating Cash Flow	67,341.00M	—	32,603.00M	20,334.00M	25,917.00M	44,573.00M	39,167.00M	27,829.00M
Capital Expenditure	-1,345.00M	—	-602.00M	-2,051.00M	-1,435.00M	-1,698.00M	-2,368.00M	-1,648.00M
Free Cash Flow	65,996.00M	—	32,001.00M	18,283.00M	24,482.00M	42,875.00M	36,799.00M	26,181.00M

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
EBITDA	135,727.00M	—	82,065.00M	61,644.00M	73,715.00M	103,534.00M	95,152.00M	65,070.19M
(-) Tax Adjustment	47,394.04M	—	25,971.22M	20,370.06M	2,715.41M	0.00M	10,926.62M	857.54M
(-) Change In Working Capital	30,894.00M	—	30,894.00M	16,464.00M	37,873.00M	54,791.00M	49,325.00M	34,631.00M
(-) Capital Expenditure	-1,345.00M	—	-602.00M	-2,051.00M	-1,435.00M	-1,698.00M	-2,368.00M	-1,648.00M
Unlevered Free Cash Flow	56,093.96M	—	24,597.78M	22,758.94M	31,691.59M	47,045.00M	32,532.38M	27,933.66M
(-) Net Interest Income After Taxes	2,260.28M	—	-894.74M	-754.59M	-961.24M	-1,341.00M	-1,279.95M	-1,284.84M
Net Debt Issuance	0.00M	—	-498.00M	7,000.00M	-1,000.00M	-4,041.00M	-476.00M	-5,313.00M
Levered Free Cash Flow	53,833.68M	—	24,994.52M	30,513.52M	31,652.82M	44,345.00M	33,336.33M	23,905.50M