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BYD Company Limited
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== Financials == === Historical & Forward financials <ref name=":0">https://stockanalysis.com/stocks/byddf/forecast/</ref> === The revenue has grown rapidly since 2018 with the exception of 2019 where negative revenue (CNY -127.74B) and growth rate was observed (-1.78%). Analysts expect the revenue on average to be CNY 645.5B (2023), CNY 814.6B (2024) and CNY 938.0B (2025). This translates to average revenue growth of 52.2%, 26.2% and 15.2% respectively. [[File:26 -1.png|none|thumb|1187x1187px]] Analysts predict that the revenue can optimistically grow up to 1.4T in 2024 and 2025. However, more pessimistic forecasts suggest that 2024 and 2025 may witness a negative growth of -10.6% and -23.7% respectively for the first time since 2019. On average, the revenue is expected to grow for the next three years but at a slower rate compared to the previous three years. [[File:26 -2.png|none|thumb|1116x1116px]] The earnings per share and the respective growth rate has been very volatile since 2018. Analyst expect a more controlled constant growth over the next three years. Analysts expect the EPS, on average, to be CNY 8.77 (2023), CNY 12.07 (2024) and CNY 15.68 (2025). This translates to an average revenue growth of 53.7%, 37.5% and 30.0% respectively. [[File:26-3.png|none|thumb|1154x1154px]] For 2025, high EPS growth forecasts can be as steep as 90.9% whereas conservative EPS growth forecasts can be as low as -46.0%. The spread in analysts' expectations remains high for all the forecasted years just as with the revenue. [[File:26 -4.png|none|thumb|1212x1212px]] === Financial Ratios === The following table summarises how the evolution of the key financial ratios since 2013. <ref name=":0" /> {| class="wikitable" !Year !2022 !2021 !2020 !2019 !2018 !2017 !2016 !2015 !2014 !2013 |- |Debt / Equity Ratio |0.2 |0.37 |0.92 |1.26 |1.07 |1.03 |0.82 |1.17 |1.19 |1.14 |- |Debt / EBITDA Ratio |0.49 |1.63 |2.12 |4.22 |3.67 |3.98 |2.82 |3.61 |4.8 |4.73 |- |Debt / FCF Ratio |0.5 |1.26 |1.56 | -12.15 | -11.13 | -6.72 | -2.84 | -4.46 | -3.53 | -7.46 |- |Quick Ratio |0.44 |0.66 |0.67 |0.67 |0.11 |0.09 |0.1 |0.1 |0.09 |0.13 |- |Current Ratio |0.72 |0.97 |1.05 |0.99 |0.99 |0.98 |1 |0.82 |0.77 |0.68 |- |Asset Turnover |0.86 |0.73 |0.78 |0.65 |0.67 |0.59 |0.71 |0.69 |0.62 |0.69 |- |Interest Coverage |16.36 |3.98 |3.91 |2.05 |1.36 |2.31 |3.33 |2.09 | -0.13 |0.1 |- |Return on Equity (ROE) |14.97% |3.20% |10.57% |2.84% |5.04% |7.39% |9.86% |8.74% |1.71% |2.55% |- |Return on Assets (ROA) |3.37% |1.03% |2.99% |0.83% |1.43% |2.28% |3.48% |2.44% |0.46% |0.72% |- |Return on Capital (ROIC) |13.36% |5.05% |9.70% |4.83% |3.01% |4.24% |5.34% |3.76% | -0.27% |0.21% |} Between 2021 and 2022, some of the financial ratios have changed drastically. The Debt/EBITDA ratio has decreased by 70% from 1.63 to 0.49 as the company's earnings has increased significantly in relation to its debt, putting the business in a better position to pay off the incurred debt. <ref>[https://www.investopedia.com/terms/d/debt_edbitda.asp#:~:text=Debt%2FEBITDA%E2%80%94earnings%20before%20interest,pay%20off%20its%20incurred%20debt. https://www.investopedia.com/terms/d/debt_edbitda.asp#:~:text=Debt%2FEBITDA%E2%80%94earnings%20before%20interest,pay%20off%20its%20incurred%20debt.]</ref> The Debt/FCF ratio has also plummeted from 1.26 to 0.5 by 60%. This is another coverage ratios which reinforces that the cash generated by the company puts it in a healthy position to cover all its debt. <ref>https://www.investopedia.com/terms/c/cash-flowtodebt-ratio.asp</ref> The return on equity has increased by 11.77% in 2022. Return on equity is the ratio of net income to shareholder's equity. Higher net income stems from the growth in revenue which ultimately increases the return on equity. <ref>https://www.investopedia.com/terms/r/returnonequity.asp</ref> The significant growth in revenue over last year fuels the optimistic forecasts (for revenue and EPS) and the substantial changes observed in the financial ratios. The new product range offered by BYD to its customers that are looking for an affordable transition to electric vehicles, entry into the European market and government policies promoting the transition to sustainable transportation have been the fundamental driving factors in revenue growth observed since 2021.
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