标题:Zhejiang WanmaSwitching to charging pole manufacturing & operation
发布日期:2016-01-08 7:39:45
内容: We value traditional business at Rmb5.5bn assuming cable and material business’ revenue and net profit of Rmb7.7bn and Rmb310mn in 2015 and giving 18x 2016e P/E. We value charging facility business at Rmb23.9bn based on DCF, assuming free cash flow would turn positive in 2017 and based on 6.8% WACC and 4.2% terminal growth rate. Based on SOTP method, we value Wanma at Rmb29.4bn, imply TP at Rmb31.30. Initiate with BUY.
发布日期:2016-01-08 7:39:45
内容: We value traditional business at Rmb5.5bn assuming cable and material business’ revenue and net profit of Rmb7.7bn and Rmb310mn in 2015 and giving 18x 2016e P/E. We value charging facility business at Rmb23.9bn based on DCF, assuming free cash flow would turn positive in 2017 and based on 6.8% WACC and 4.2% terminal growth rate. Based on SOTP method, we value Wanma at Rmb29.4bn, imply TP at Rmb31.30. Initiate with BUY.