Neutech Group Limited (9616.HK)

Industry: Specialty Business Services Sector: Industrials Currency Used: CN Live Price: $2.54

Enterprise Value

Metric	2025	2024	2023	2022	2021	2020	2019
Stock Price	3.07	2.66	2.66	3.27	4.55	5.22	5.50
Market Capitalization	1,955.93M	1,721.02M	1,733.09M	2,183.03M	3,138.77M	3,283.94M	3,197.76M
(-) Cash & Equivalents	1,456.44M	1,269.71M	1,282.07M	1,033.31M	1,053.67M	892.36M	205.49M
(+) Total Debt	3,171.57M	2,990.21M	2,636.76M	2,501.04M	2,152.92M	1,165.71M	519.22M
Enterprise Value	3,671.06M	3,441.52M	3,087.79M	3,650.76M	4,238.02M	3,557.29M	3,511.49M

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
Revenue	1,999M	1,856M	2,042M	1,806M	1,548M	1,363M	1,100M	958M	853M	731M
Cost of Revenue	1,143M	939M	1,074M	941M	882M	772M	679M	635M	581M	497M
Gross Profit	856M	916M	969M	865M	667M	591M	421M	323M	272M	234M
Gross Profit Margin	42.8%	49.4%	47.4%	47.9%	43.1%	43.4%	38.3%	33.7%	31.9%	32.1%
R&D Expenses	31M	40M	38M	52M	50M	59M	40M	26M	25M	26M
SG&A Expenses	261M	278M	262M	260M	190M	187M	267M	54M	35M	22M
Operating Expenses	986M	245M	301M	200M	69M	145M	214M	143M	122M	100M
Operating Income (EBIT)	-130M	671M	668M	665M	598M	446M	207M	180M	151M	134M
Operating Income Margin	-6.5%	36.2%	32.7%	36.8%	38.6%	32.7%	18.8%	18.7%	17.7%	18.3%
Interest Income	0M	-25M	15M	16M	12M	9M	5M	3M	2M	2M
Interest Expense	107M	0M	110M	104M	100M	68M	42M	40M	38M	36M
Net Interest Income	-107M	-25M	-95M	-88M	-88M	-59M	-37M	-36M	-36M	-35M
Unusual Items	768M	-64M	65M	1M	8M	-9M	-33M	56M	56M	62M
EBT Excluding Unusual Items	-237M	646M	573M	577M	509M	388M	170M	143M	115M	100M
Pre-Tax Income	530M	582M	638M	578M	518M	379M	137M	199M	171M	162M
Pre-Tax Margin	26.5%	31.4%	31.3%	32.0%	33.4%	27.8%	12.5%	20.8%	20.0%	22.1%
Income Tax Expense	137M	148M	171M	148M	132M	78M	34M	24M	7M	18M
Net Income	392M	433M	466M	430M	385M	284M	74M	139M	132M	115M
Net Income Margin	19.6%	23.3%	22.8%	23.8%	24.9%	20.9%	6.7%	14.5%	15.5%	15.7%
Depreciation & Amortization	189M	172M	161M	188M	171M	147M	140M	108M	107M	123M
EBITDA	59M	844M	829M	853M	769M	594M	346M	288M	258M	257M
EBITDA Margin	2.9%	45.5%	40.6%	47.2%	49.7%	43.6%	31.5%	30.1%	30.2%	35.2%
NOPAT	-96M	500M	489M	494M	445M	355M	155M	158M	144M	119M
NOPAT Margin	-4.8%	26.9%	24.0%	27.4%	28.8%	26.0%	14.1%	16.5%	16.9%	16.3%
Owner's Earnings	257M	228M	103M	73M	4M	-671M	-195M	-304M	167M	110M
Owner's Earnings Margin	12.9%	12.3%	5.1%	4.0%	0.3%	-49.2%	-17.7%	-31.7%	19.6%	15.1%
EPS (Basic)	0.62	0.66	0.72	0.66	0.59	0.43	0.14	0.21	0.20	0.17
EPS (Diluted)	0.61	0.67	0.72	0.66	0.58	0.41	0.14	0.21	0.20	0.17
Shares (Basic)	643M	649M	646M	651M	659M	667M	542M	667M	667M	667M
Shares (Diluted)	642M	646M	646M	646M	668M	686M	547M	667M	667M	667M

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
Cash & Cash Equivalents	1,634.54M	1,634.54M	1,664.80M	1,708.43M	1,183.81M	1,228.48M	1,426.06M	562.88M	214.83M	332.56M
Short-Term Investments	0.00M	0.00M	226.44M	76.22M	390.45M	134.57M	35.23M	0.05M	87.79M	2.08M
Cash & Short-Term Investments	1,634.54M	1,634.54M	1,891.24M	1,784.65M	1,574.26M	1,363.04M	1,461.30M	562.93M	302.63M	334.64M
Net Receivables	77.41M	77.41M	67.59M	74.15M	75.33M	30.41M	23.33M	6.15M	14.59M	24.10M
Inventory	13.76M	13.76M	8.67M	9.38M	4.30M	4.92M	8.45M	3.06M	2.78M	1.16M
Other Current Assets	174.81M	174.81M	136.85M	192.48M	109.69M	90.27M	57.26M	52.31M	50.14M	154.26M
Total Current Assets	1,900.52M	1,900.52M	2,104.36M	2,060.65M	1,763.58M	1,488.64M	1,550.34M	624.46M	370.14M	514.16M
Property, Plant & Equipment	4,720.14M	4,720.14M	4,550.21M	3,967.78M	2,975.23M	2,729.44M	1,597.57M	1,246.25M	1,128.16M	1,120.43M
Goodwill	330.95M	330.95M	330.95M	134.94M	134.94M	134.94M	134.94M	0.00M	0.00M	0.00M
Intangible Assets	197.14M	197.14M	204.64M	138.95M	739.34M	770.81M	775.08M	409.70M	270.23M	279.09M
Long-Term Investments	106.50M	106.50M	22.50M	8.39M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	80.21M	612.12M	38.04M	34.69M	33.35M	34.81M	36.46M	34.33M
Other Non-Current Assets	111.63M	111.63M	23.87M	-236.43M	323.83M	237.15M	11.50M	237.16M	1.20M	1.74M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	5,466.36M	5,466.36M	5,212.38M	4,625.74M	4,211.38M	3,907.03M	2,552.44M	1,927.91M	1,436.05M	1,435.59M
Total Assets	7,366.88M	7,366.88M	7,316.74M	6,686.40M	5,974.96M	5,395.67M	4,102.78M	2,552.36M	1,806.19M	1,949.75M
Accounts Payable	1,428.69M	1,428.69M	687.80M	10.65M	6.79M	13.70M	4.79M	1.90M	2.44M	32.14M
Short-Term Debt	688.45M	688.45M	629.73M	651.04M	244.93M	236.49M	648.38M	473.16M	222.08M	451.29M
Tax Payables	0.00M	0.00M	0.00M	65.22M	88.11M	75.63M	38.15M	9.21M	7.21M	5.43M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	7.21M	5.43M
Other Current Liabilities	284.67M	284.67M	1,045.18M	1,659.09M	1,625.85M	1,472.50M	915.12M	687.52M	595.65M	556.90M
Total Current Liabilities	2,401.81M	2,401.81M	2,362.71M	2,385.99M	1,965.68M	1,798.32M	1,606.45M	1,171.79M	834.59M	1,051.19M
Long-Term Debt	2,454.41M	2,454.41M	2,474.24M	2,073.86M	2,141.33M	1,930.68M	504.88M	525.63M	305.94M	188.00M
Capital Lease Obligations	28.71M	28.71M	32.52M	35.83M	41.31M	48.93M	56.43M	45.25M	52.16M	7.65M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	42.27M	41.26M	41.25M	42.41M	6.78M	8.71M	9.87M
Other Non-Current Liabilities	183.52M	183.52M	125.42M	0.68M	0.68M	0.68M	0.68M	0.00M	0.00M	40.52M
Total Non-Current Liabilities	2,666.64M	2,666.64M	2,632.19M	2,152.63M	2,224.57M	2,021.53M	604.40M	577.66M	366.80M	246.03M
Total Liabilities	5,068.46M	5,068.46M	4,994.90M	4,538.63M	4,190.25M	3,819.86M	2,210.85M	1,749.45M	1,201.39M	1,297.23M
Preferred Stock	0.00M	0.00M	0.00M	2,659.70M	2,121.76M	2,124.32M	1,744.03M	1,820.50M	0.00M	0.00M
Common Stock	0.11M	0.11M	0.11M	0.11M	0.11M	0.12M	0.12M	0.09M	290.23M	306.31M
Retained Earnings	1,975.06M	1,975.06M	1,771.14M	1,326.62M	909.43M	544.47M	277.17M	207.32M	80.88M	11.31M
Accumulated OCI	-1,909.37M	-1,909.37M	-2,126.89M	-2,124.49M	-2,121.76M	-2,124.32M	-1,744.03M	-1,820.50M	-63.81M	71.53M
Minority Interest	18.05M	18.05M	8.54M	8.60M	8.50M	8.62M	193.05M	137.97M	105.97M	125.37M
Total Shareholders’ Equity	65.81M	65.81M	-355.64M	1,861.95M	909.54M	544.59M	277.29M	207.40M	307.30M	389.15M
Total Equity	83.86M	83.86M	-347.10M	1,870.55M	918.04M	553.22M	470.33M	345.38M	413.27M	514.51M
Total Liabilities & Equity	5,152.31M	5,152.31M	4,647.79M	6,409.17M	5,108.29M	4,373.07M	2,681.18M	2,094.83M	1,614.66M	1,811.74M
Tangible Assets	6,838.79M	6,838.79M	6,781.15M	6,412.51M	5,100.68M	4,489.92M	3,192.76M	2,142.67M	1,535.96M	1,670.67M
Tangible Equity	-444.23M	-444.23M	-882.69M	1,596.67M	43.76M	-352.53M	-439.69M	-64.32M	143.04M	235.42M
Tangible Book Value	-444.23M	-444.23M	-882.69M	1,596.67M	43.76M	-352.53M	-439.69M	-64.32M	143.04M	235.42M
Total Investments	106.50M	106.50M	248.94M	22.50M	390.45M	134.57M	35.23M	0.05M	87.79M	2.08M
Net Debt	1,508.33M	1,508.33M	1,439.17M	1,016.48M	1,202.44M	938.69M	-272.80M	435.92M	313.19M	306.74M

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
Working Capital	-510.9M	-510.9M	-275.5M	-381.1M	-225.2M	-354.7M	-139.4M	-616.1M	-509.0M	-575.7M
Total Capital	5,451.9M	5,451.9M	5,441.9M	4,818.3M	4,154.8M	3,714.4M	2,807.9M	1,619.0M	1,016.2M	935.5M
Capital Employed	4,955.4M	4,955.4M	4,936.9M	4,244.6M	3,986.2M	3,552.3M	2,413.1M	1,311.9M	927.1M	859.9M
Invested Capital	3,817.4M	3,817.4M	3,777.1M	3,109.9M	2,971.0M	2,485.9M	1,381.9M	1,056.1M	801.4M	603.0M

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	2018-12-31	2017-12-31
Net Income	392.13M	432.82M	638.20M	577.78M	517.54M	378.83M	136.97M	198.97M	171.01M	161.58M
Depreciation & Amortization	118.36M	199.48M	216.07M	188.45M	171.13M	147.50M	139.85M	108.35M	106.90M	123.04M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	-52.37M	-20.41M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	3.79M	18.44M	111.14M	0.00M	0.00M	0.00M
Change in Working Capital	16.77M	35.94M	-97.68M	40.42M	139.70M	162.28M	138.02M	59.94M	38.67M	28.03M
Accounts Receivable	-16.12M	1.04M	20.44M	-1.40M	-50.09M	-7.11M	-11.09M	8.44M	9.51M	-20.24M
Inventory	-2.78M	-5.90M	2.31M	-5.08M	0.62M	3.53M	-5.14M	-0.28M	-1.62M	-0.02M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	50.09M	7.11M	11.09M	-8.44M	0.00M	0.00M
Other Working Capital	35.67M	40.80M	-120.43M	46.90M	139.08M	158.75M	143.16M	60.22M	40.29M	28.05M
Other Non-Cash Items	269.17M	-17.96M	-54.23M	-70.74M	-34.91M	67.01M	69.25M	13.72M	26.62M	31.08M
Net Cash from Operating Activities	796.43M	650.28M	702.36M	735.90M	797.24M	721.68M	574.82M	380.97M	343.20M	343.72M
Capital Expenditures (PPE)	-261.07M	-377.54M	-244.38M	-543.59M	-552.53M	-1,102.26M	-408.63M	-551.65M	-71.97M	-127.48M
Acquisitions (Net)	0.00M	3.07M	-46.93M	50.00M	0.00M	-50.00M	-320.74M	-370.13M	3.46M	27.56M
Purchases of Investments	0.00M	0.00M	-330.00M	-102.50M	-1,057.00M	-1,009.30M	-691.43M	-312.60M	-939.80M	-642.20M
Sales / Maturities of Investments	0.00M	0.00M	185.43M	397.37M	806.75M	913.79M	749.75M	401.42M	860.21M	645.39M
Other Investing Activities	-438.89M	-237.41M	-233.02M	-121.59M	12.43M	13.75M	13.57M	377.52M	-11.70M	29.43M
Net Cash from Investing Activities	-699.97M	-611.88M	-668.90M	-320.31M	-790.35M	-1,234.02M	-657.47M	-455.43M	-159.81M	-67.30M
Net Debt Issuance	0.00M	0.00M	280.32M	338.43M	213.81M	1,014.00M	154.32M	472.08M	-115.02M	-75.64M
Long-Term Debt Issuance	0.00M	0.00M	280.32M	338.43M	213.81M	1,014.00M	154.32M	472.08M	-115.02M	-75.64M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	200.00M	0.00M	348.30M
Net Stock Issuance	0.00M	0.00M	0.01M	0.00M	-85.16M	5.22M	911.87M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.01M	0.00M	3.40M	5.22M	911.87M	0.00M	0.00M	0.00M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	-85.16M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	-3.40M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-216.07M	-97.72M	-216.07M	-99.24M	-81.30M	-13.27M	-0.47M	-3.54M	-142.94M	-27.86M
Common Dividends Paid	-216.07M	-97.72M	-216.07M	-99.24M	-81.30M	-13.27M	-0.47M	-3.54M	-142.94M	-27.86M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	701.07M	78.42M	-142.56M	-131.10M	-107.50M	-682.74M	-87.63M	-46.05M	-43.16M	99.42M
Net Cash from Financing Activities	485.00M	-19.31M	-78.31M	108.09M	-60.14M	323.22M	978.10M	422.50M	-301.13M	-4.07M
Effect of FX on Cash	0.13M	-0.18M	1.23M	0.93M	8.59M	-8.47M	-32.27M	0.00M	0.01M	-0.03M
Net Change in Cash	-874.62M	18.92M	-43.63M	524.62M	-44.67M	-197.59M	863.18M	348.05M	-117.72M	272.33M
Cash at Beginning of Period	0.00M	435.82M	1,708.43M	1,183.81M	1,228.48M	1,426.06M	562.88M	214.83M	332.56M	60.23M
Cash at End of Period	0.00M	18.92M	1,664.80M	1,708.43M	1,183.81M	1,228.48M	1,426.06M	562.88M	214.83M	332.56M
Operating Cash Flow	796.43M	650.28M	702.36M	735.90M	797.24M	721.68M	574.82M	380.97M	343.20M	343.72M
Capital Expenditure	-323.61M	-377.54M	-523.27M	-545.29M	-552.53M	-1,102.26M	-408.63M	-551.65M	-71.97M	-127.48M
Free Cash Flow	472.82M	272.74M	179.09M	190.62M	244.70M	-380.57M	166.20M	-170.68M	271.23M	216.24M

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
EBITDA	753.53M	770.15M	828.86M	740.84M	598.39M	493.06M	254.01M	351.58M	318.98M	308.93M
(-) Tax Adjustment	194.17M	196.44M	221.93M	189.95M	152.76M	101.01M	63.11M	42.33M	13.67M	35.12M
(-) Change In Working Capital	16.77M	35.94M	-97.68M	40.42M	139.70M	162.28M	138.02M	59.94M	38.67M	28.03M
(-) Capital Expenditure	-323.61M	-377.54M	-523.27M	-545.29M	-552.53M	-1,102.26M	-408.63M	-551.65M	-71.97M	-127.48M
Unlevered Free Cash Flow	218.98M	160.23M	181.34M	-34.81M	-246.60M	-872.48M	-355.75M	-302.32M	194.67M	118.30M
(-) Net Interest Income After Taxes	-79.63M	-18.79M	-69.62M	-65.30M	-65.78M	-46.55M	-27.79M	-31.85M	-34.31M	-30.61M
Net Debt Issuance	0.00M	0.00M	280.32M	338.43M	213.81M	1,014.00M	154.32M	472.08M	-115.02M	-75.64M
Levered Free Cash Flow	298.61M	179.02M	531.29M	368.92M	32.99M	188.07M	-173.64M	201.61M	113.95M	73.28M