Chaoju Eye Care Holdings Limited (2219.HK)

Industry: Medical - Care Facilities Sector: Healthcare Currency Used: CN Live Price: $2.69

Enterprise Value

Metric	2024	2023	2022	2021	2020
Stock Price	2.74	4.11	3.90	8.46	12.36
Market Capitalization	1,932.39M	2,893.84M	2,751.33M	5,041.53M	6,893.91M
(-) Cash & Equivalents	588.26M	438.67M	1,179.58M	847.66M	85.96M
(+) Total Debt	199.18M	196.35M	187.18M	167.57M	71.18M
Enterprise Value	1,543.31M	2,651.52M	1,758.94M	4,361.44M	6,879.12M

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
Revenue	2,781M	2,180M	1,405M	1,370M	990M	998M	794M	715M	633M
Cost of Revenue	1,573M	1,201M	794M	748M	555M	549M	445M	437M	388M
Gross Profit	1,207M	979M	611M	621M	435M	449M	349M	278M	245M
Gross Profit Margin	43.4%	44.9%	43.5%	45.4%	43.9%	45.0%	44.0%	38.9%	38.7%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	684M	497M	362M	327M	223M	224M	76M	68M	73M
Operating Expenses	734M	458M	364M	332M	219M	222M	165M	151M	165M
Operating Income (EBIT)	473M	521M	247M	290M	216M	227M	185M	127M	80M
Operating Income Margin	17.0%	23.9%	17.6%	21.1%	21.8%	22.7%	23.2%	17.8%	12.7%
Interest Income	69M	30M	40M	41M	23M	8M	5M	7M	7M
Interest Expense	12M	0M	11M	12M	12M	11M	13M	23M	24M
Net Interest Income	58M	30M	29M	29M	11M	-2M	-8M	-16M	-18M
Unusual Items	0M	-23M	-13M	-19M	12M	-14M	-19M	-19M	-15M
EBT Excluding Unusual Items	531M	551M	276M	319M	227M	224M	176M	111M	63M
Pre-Tax Income	530M	528M	263M	299M	239M	211M	158M	92M	47M
Pre-Tax Margin	19.1%	24.2%	18.7%	21.9%	24.2%	21.1%	19.8%	12.9%	7.5%
Income Tax Expense	160M	119M	77M	79M	56M	53M	37M	21M	18M
Net Income	387M	419M	195M	229M	188M	162M	124M	76M	39M
Net Income Margin	13.9%	19.2%	13.9%	16.7%	19.0%	16.2%	15.6%	10.6%	6.1%
Depreciation & Amortization	171M	114M	88M	123M	56M	84M	44M	76M	72M
EBITDA	644M	635M	335M	413M	272M	310M	229M	203M	152M
EBITDA Margin	23.2%	29.1%	23.9%	30.2%	27.4%	31.1%	28.8%	28.5%	24.0%
NOPAT	331M	403M	175M	214M	165M	170M	141M	98M	49M
NOPAT Margin	11.9%	18.5%	12.5%	15.6%	16.7%	17.0%	17.8%	13.7%	7.8%
Owner's Earnings	410M	326M	219M	266M	119M	185M	116M	113M	13M
Owner's Earnings Margin	14.7%	15.0%	15.6%	19.4%	12.0%	18.5%	14.6%	15.8%	2.1%
EPS (Basic)	0.56	0.60	0.28	0.33	0.27	0.26	0.18	0.11	0.06
EPS (Diluted)	0.56	0.60	0.28	0.33	0.27	0.26	0.18	0.11	0.06
Shares (Basic)	704M	707M	697M	696M	706M	625M	688M	688M	688M
Shares (Diluted)	692M	703M	691M	697M	706M	625M	688M	688M	688M

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
Cash & Cash Equivalents	283.79M	780.79M	780.79M	463.44M	944.73M	1,257.14M	413.25M	239.82M	157.23M
Short-Term Investments	1,190.87M	759.48M	759.48M	1,089.18M	736.41M	520.04M	0.00M	3.50M	3.50M
Cash & Short-Term Investments	1,474.66M	1,540.26M	1,540.26M	1,552.62M	1,681.14M	1,777.18M	413.25M	243.32M	160.73M
Net Receivables	70.29M	74.43M	74.43M	125.93M	81.58M	76.68M	75.36M	72.25M	247.75M
Inventory	47.10M	40.31M	40.31M	51.11M	52.42M	34.90M	38.00M	36.06M	46.55M
Other Current Assets	51.21M	52.98M	52.98M	0.00M	-28.81M	0.00M	0.00M	46.99M	9.62M
Total Current Assets	1,643.26M	1,707.98M	1,707.98M	1,729.67M	1,786.31M	1,888.76M	526.61M	398.62M	464.66M
Property, Plant & Equipment	730.17M	633.19M	633.19M	592.10M	593.05M	504.31M	458.05M	498.16M	498.01M
Goodwill	167.23M	185.60M	185.60M	205.99M	115.21M	28.23M	28.23M	28.23M	28.23M
Intangible Assets	155.97M	165.64M	165.64M	166.96M	91.20M	53.82M	56.48M	59.13M	62.12M
Long-Term Investments	195.43M	145.68M	145.68M	187.01M	82.00M	-24.13M	0.00M	583.98M	-2.00M
Tax Assets	0.00M	0.00M	0.00M	0.00M	6.01M	5.73M	4.76M	4.81M	4.79M
Other Non-Current Assets	108.38M	42.83M	42.83M	41.09M	20.54M	24.13M	0.00M	-583.98M	3.50M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	1,357.17M	1,172.93M	1,172.93M	1,193.14M	908.02M	592.08M	547.52M	590.33M	594.64M
Total Assets	3,000.43M	2,880.92M	2,880.92M	2,922.81M	2,694.34M	2,480.84M	1,074.12M	988.95M	1,059.30M
Accounts Payable	64.10M	53.61M	53.61M	55.36M	44.03M	36.80M	39.29M	50.54M	62.66M
Short-Term Debt	6.70M	7.07M	7.07M	7.15M	12.01M	5.52M	6.00M	45.79M	126.34M
Tax Payables	0.00M	0.00M	0.00M	16.97M	6.25M	18.42M	17.47M	8.81M	30.73M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	30.73M
Other Current Liabilities	285.12M	244.35M	244.35M	0.00M	0.00M	0.00M	0.00M	0.00M	1.68M
Total Current Liabilities	355.93M	305.03M	305.03M	79.47M	62.29M	60.75M	62.76M	105.13M	252.13M
Long-Term Debt	34.28M	33.56M	33.56M	0.00M	0.00M	0.72M	0.68M	24.27M	44.96M
Capital Lease Obligations	212.78M	177.38M	177.38M	193.64M	184.14M	172.41M	135.68M	175.26M	190.98M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	41.78M	28.37M	22.87M	20.20M	14.29M	15.37M
Other Non-Current Liabilities	35.55M	38.80M	38.80M	8.04M	8.54M	1.00M	0.80M	0.70M	0.00M
Total Non-Current Liabilities	282.61M	249.73M	249.73M	243.46M	221.05M	196.99M	157.37M	214.53M	251.32M
Total Liabilities	638.54M	554.77M	554.77M	322.94M	283.34M	257.74M	220.12M	319.66M	503.45M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	0.15M	0.15M	0.15M	0.15M	0.15M	0.15M	0.09M	0.00M	0.00M
Retained Earnings	411.69M	374.02M	374.02M	448.62M	329.46M	204.44M	155.69M	65.55M	-10.10M
Accumulated OCI	1,987.65M	2,380.00M	2,380.00M	1,988.18M	1,961.78M	1,901.63M	581.47M	456.08M	420.89M
Minority Interest	7.46M	9.96M	9.96M	18.37M	25.76M	22.19M	26.30M	32.66M	38.55M
Total Shareholders’ Equity	2,399.48M	2,754.18M	2,754.18M	2,436.96M	2,291.38M	2,106.22M	737.25M	521.63M	410.79M
Total Equity	2,406.94M	2,764.14M	2,764.14M	2,455.33M	2,317.14M	2,128.41M	763.55M	554.29M	449.34M
Total Liabilities & Equity	3,045.48M	3,318.90M	3,318.90M	2,778.26M	2,600.48M	2,386.14M	983.67M	873.95M	952.78M
Tangible Assets	2,677.23M	2,529.68M	2,529.68M	2,549.86M	2,487.92M	2,398.79M	989.42M	901.59M	968.96M
Tangible Equity	2,083.74M	2,412.90M	2,412.90M	2,082.38M	2,110.72M	2,046.36M	678.84M	466.93M	358.99M
Tangible Book Value	2,083.74M	2,412.90M	2,412.90M	2,082.38M	2,110.72M	2,046.36M	678.84M	466.93M	358.99M
Total Investments	970.92M	432.99M	432.99M	1,276.19M	435.62M	495.91M	0.00M	587.48M	1.50M
Net Debt	-242.81M	-740.16M	-740.16M	-456.28M	-932.71M	-1,250.90M	-406.57M	-169.76M	14.07M

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
Working Capital	1,249.7M	1,368.7M	1,368.7M	1,386.9M	1,570.1M	1,692.6M	342.8M	142.0M	70.3M
Total Capital	2,608.2M	2,534.2M	2,534.2M	2,560.9M	2,468.9M	2,284.9M	879.6M	766.9M	773.1M
Capital Employed	2,606.8M	2,541.6M	2,541.6M	2,580.1M	2,478.2M	2,284.7M	890.4M	732.3M	664.9M
Invested Capital	2,324.4M	1,753.4M	1,753.4M	2,097.4M	1,524.1M	1,027.7M	466.4M	527.1M	615.8M

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
Net Income	387.02M	419.17M	195.08M	299.24M	239.14M	210.58M	157.62M	92.06M	47.40M
Depreciation & Amortization	280.75M	198.67M	144.16M	123.36M	99.37M	83.52M	77.25M	76.24M	71.82M
Deferred Income Tax	0.00M	-1.56M	0.00M	0.00M	0.00M	-40.64M	-16.20M	-19.87M	-19.65M
Stock-Based Compensation	36.92M	9.80M	16.52M	14.44M	2.98M	11.36M	9.44M	2.85M	2.76M
Change in Working Capital	0.83M	-0.84M	23.65M	19.70M	19.95M	-17.65M	13.19M	-11.18M	-29.42M
Accounts Receivable	12.91M	3.35M	-20.84M	-10.74M	13.48M	1.30M	7.80M	-12.58M	-40.69M
Inventory	5.87M	-19.57M	10.38M	6.91M	-13.98M	3.10M	-1.96M	10.50M	-3.13M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	-13.48M	-1.30M	-7.80M	12.58M	0.00M
Other Working Capital	-17.94M	15.38M	34.12M	23.53M	33.93M	-20.75M	15.15M	-21.68M	-26.29M
Other Non-Cash Items	8.17M	-36.46M	-25.05M	-84.18M	-88.03M	2.22M	7.45M	15.79M	17.52M
Net Cash from Operating Activities	713.69M	590.34M	354.36M	372.57M	273.41M	249.39M	248.75M	155.89M	90.43M
Capital Expenditures (PPE)	-147.82M	-207.27M	0.00M	-80.01M	-125.12M	-60.21M	-52.58M	-38.64M	-97.40M
Acquisitions (Net)	-133.65M	-108.46M	0.00M	-160.17M	-80.96M	0.00M	-4.07M	2.32M	-71.76M
Purchases of Investments	0.00M	0.00M	0.00M	-1,875.45M	-2,236.28M	-520.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	1,466.56M	1,977.44M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-117.13M	-1,302.52M	245.36M	-5.03M	0.15M	1.70M	21.20M	131.06M	22.36M
Net Cash from Investing Activities	-398.60M	-1,618.26M	245.36M	-654.10M	-464.77M	-578.51M	-35.45M	94.75M	-146.80M
Net Debt Issuance	0.00M	0.00M	34.43M	-11.41M	-83.31M	-0.90M	-65.54M	-110.82M	50.38M
Long-Term Debt Issuance	0.00M	0.00M	34.80M	0.00M	-31.69M	-29.11M	21.93M	91.00M	158.82M
Short-Term Debt Issuance	0.00M	0.00M	-0.37M	-11.41M	-31.69M	-0.90M	-87.47M	-201.82M	-108.43M
Net Stock Issuance	-7.70M	0.00M	-2.90M	-47.51M	-18.67M	1,392.49M	116.05M	26.93M	121.25M
Common Stock Issuance	0.00M	0.00M	0.00M	-47.51M	-18.67M	1,392.49M	116.05M	26.93M	121.25M
Common Stock Repurchased	-35.08M	-49.52M	-2.90M	0.00M	-18.67M	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
Net Dividends Paid	-373.95M	-215.48M	-269.67M	-109.75M	-62.73M	-113.00M	-34.00M	0.00M	0.00M
Common Dividends Paid	-325.70M	-215.48M	-221.43M	-109.75M	-62.73M	-113.00M	-34.00M	0.00M	0.00M
Preferred Dividends Paid	-48.25M	0.00M	-48.25M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-53.80M	1,171.29M	-54.15M	-35.35M	-0.72M	-91.62M	-56.12M	-82.03M	-40.51M
Net Cash from Financing Activities	-435.45M	955.81M	-292.30M	-204.02M	-165.43M	1,186.97M	-39.61M	-165.92M	131.13M
Effect of FX on Cash	-9.76M	47.84M	9.93M	4.25M	44.38M	-13.96M	-0.25M	-2.14M	-0.28M
Net Change in Cash	-370.97M	-12.14M	317.35M	-481.29M	-312.41M	843.89M	173.43M	82.58M	74.48M
Cash at Beginning of Period	0.00M	1,852.61M	463.44M	944.73M	1,257.14M	413.25M	239.82M	157.23M	82.76M
Cash at End of Period	24.77M	1,840.47M	780.79M	463.44M	-312.41M	1,257.14M	413.25M	239.82M	157.23M
Operating Cash Flow	713.69M	590.34M	354.36M	372.57M	273.41M	249.39M	248.75M	155.89M	90.43M
Capital Expenditure	-147.82M	-207.27M	-64.47M	-86.55M	-125.12M	-60.21M	-52.58M	-38.64M	-97.40M
Free Cash Flow	565.87M	383.07M	354.36M	286.02M	148.29M	189.18M	196.16M	117.25M	-6.97M

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
EBITDA	693.99M	596.36M	337.53M	417.05M	267.24M	307.77M	317.12M	286.58M	243.62M
(-) Tax Adjustment	208.94M	134.56M	98.30M	109.41M	62.52M	77.37M	74.62M	66.12M	85.27M
(-) Change In Working Capital	0.83M	-0.84M	23.65M	19.70M	19.95M	-17.65M	13.19M	-11.18M	-29.42M
(-) Capital Expenditure	-147.82M	-207.27M	-64.47M	-86.55M	-125.12M	-60.21M	-52.58M	-38.64M	-97.40M
Unlevered Free Cash Flow	275.67M	255.36M	151.11M	201.39M	59.66M	187.84M	176.72M	193.01M	90.37M
(-) Net Interest Income After Taxes	40.27M	23.45M	20.50M	21.45M	8.49M	-1.66M	-6.23M	-12.43M	-11.39M
Net Debt Issuance	0.00M	0.00M	34.43M	-11.41M	-83.31M	-0.90M	-65.54M	-110.82M	50.38M
Levered Free Cash Flow	235.40M	231.91M	165.03M	168.52M	-32.14M	188.59M	117.42M	94.63M	152.14M