Dongfeng Motor Group

Dongfeng's net profit fell 64.7% yoy to CNY 1,509 mil in 2Q2020

By Helgi Analytics - September 28, 2020

Dongfeng Motor Group made a net profit of CNY 1,509 mil with revenues of CNY 25,288 mil in 2Q2020, down by 64.7% and up b...

Dongfeng's Cash & Cash Equivalents remain unchanged yoy at CNY mil in 2Q2020

By Helgi Analytics - October 12, 2020

Dongfeng Motor Group's total assets reached CNY 291,966 mil at the end of 2Q2020, up 21.8% compared to the previous year. ...

Dongfeng's Sales rose 3.82% yoy to CNY 25,288 mil in 2Q2020

By Helgi Analytics - September 28, 2020

Dongfeng Motor Group generated sales of CNY 25,288 mil in 2Q2020, up 3.82% compared to the previous year. Historically, bet...

Profit Statement 2017 2018 2019
Sales CNY mil 125,980 104,543 101,087
Gross Profit CNY mil 16,264 13,415 13,491
EBITDA CNY mil 1,425 173 1,134
EBIT CNY mil -425 -1,839 -1,078
Financing Cost CNY mil 164 214 604
Pre-Tax Profit CNY mil 15,775 14,239 14,605
Net Profit CNY mil 14,061 12,979 12,858
Dividends CNY mil 3,016 3,016 2,154
Balance Sheet 2017 2018 2019
Total Assets CNY mil 213,908 226,517 272,000
Non-Current Assets CNY mil 97,759 111,294 129,896
Current Assets CNY mil 116,149 115,223 142,104
Working Capital CNY mil 10,170 16,010 5,100
Shareholders' Equity CNY mil 115,324 124,925 133,968
Liabilities CNY mil 98,584 101,592 138,032
Total Debt CNY mil 39,342 46,071 72,780
Net Debt CNY mil 5,901 16,921 26,919
Ratios 2017 2018 2019
ROE % 12.8 10.8 9.93
ROCE % 13.7 11.0 9.80
Gross Margin % 12.9 12.8 13.3
EBITDA Margin % 1.13 0.165 1.12
EBIT Margin % -0.337 -1.76 -1.07
Net Margin % 11.2 12.4 12.7
Net Debt/EBITDA 4.14 97.8 23.7
Net Debt/Equity % 5.12 13.5 20.1
Cost of Financing % 0.478 0.501 1.02
Valuation 2017 2018 2019
Market Capitalisation USD mil 10,433 7,811 8,108
Enterprise Value (EV) USD mil 11,340 10,280 11,974
Number Of Shares mil 8,616 8,616 8,616
Share Price CNY 7.83 6.18 6.78
EV/EBITDA 53.6 397 73.1
EV/Sales 0.606 0.657 0.820
Price/Earnings (P/E) 4.80 4.10 4.55
Price/Book Value (P/BV) 0.585 0.426 0.436
Dividend Yield % 4.90 6.67 5.82

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overview Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                    
Sales CNY mil                       37,263 83,114 126,566 122,535 125,980    
Gross Profit CNY mil                       4,681 10,817 16,929 17,515 16,264    
EBIT CNY mil                       -1,096 717 1,378 1,720 -425    
Net Profit CNY mil                       10,528 12,797 11,550 13,345 14,061    
                                       
ROE % ...                     17.8 18.4 13.8 13.7 12.8    
EBIT Margin %                       -2.94 0.863 1.09 1.40 -0.337    
Net Margin %                       28.3 15.4 9.13 10.9 11.2    
Employees ... ... ...                 114,365 122,159 129,885 149,092 146,843    
balance sheet                                    
Total Assets CNY mil                       115,998 146,977 160,786 185,079 213,908    
Non-Current Assets CNY mil                       58,376 77,037 79,047 90,417 97,759    
Current Assets CNY mil                       57,622 69,940 81,739 94,662 116,149    
                                       
Shareholders' Equity CNY mil                       64,034 75,436 91,484 103,638 115,324    
Liabilities CNY mil                       51,964 71,541 69,302 81,441 98,584    
Non-Current Liabilities CNY mil                       3,275 3,826 10,666 11,255 6,814    
Current Liabilities CNY mil                       48,689 67,715 58,636 70,186 91,770    
                                       
Net Debt/EBITDA                       11.9 2.55 -2.25 -0.459 4.14    
Net Debt/Equity %                       -6.47 7.02 -6.91 -1.53 5.12    
Cost of Financing % ...                     1.68 1.48 0.925 0.895 0.478    
cash flow                                    
Total Cash From Operations CNY mil                       -217 9,833 10,498 13,842 15,119    
Total Cash From Investing CNY mil                       8,505 -11,502 -5,694 -8,801 -9,765    
Total Cash From Financing CNY mil                       -1,906 8,223 695 -4,155 -3,495    
Net Change In Cash CNY mil                       6,382 6,554 5,499 886 1,859    
valuation                                    
Market Capitalisation USD mil ... ... ...                 13,490 12,201 11,518 5,903 10,433    
Enterprise Value (EV) USD mil ... ... ...                 12,806 13,054 10,545 5,674 11,340    
Number Of Shares mil                       8,616 8,616 8,616 8,616 8,616    
Share Price CNY ... ... ...                 9.01 8.28 8.00 6.02 7.83    
Price/Earnings (P/E) ... ... ...                 7.38 5.58 5.97 3.89 4.80    
Price/Cash Earnings (P/CE) ... ... ...                 6.89 5.04 5.31 3.44 4.24    
EV/EBITDA ... ... ...                 -226 38.5 23.8 11.0 53.6    
Price/Book Value (P/BV) ... ... ...                 1.21 0.946 0.754 0.501 0.585    
Dividend Yield % ... ... ...                 2.10 2.71 3.12 3.88 4.90    
income statement Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                    
Sales CNY mil                       37,263 83,114 126,566 122,535 125,980    
Cost of Goods & Services CNY mil                       32,582 72,297 109,637 105,020 109,716    
Gross Profit CNY mil                       4,681 10,817 16,929 17,515 16,264    
Selling, General & Admin CNY mil ... ... ...                 4,447 7,527 10,835 11,401 12,070    
Research & Development CNY mil                       1,634 2,432 2,894 3,004 3,391   ...
Other Operating Expense CNY mil ... ... ... ... ... ... ...         2,024 3,401 5,665 2,636 5,699    
Staff Cost CNY mil                       3,356 5,409 5,592 6,178 7,287    
Other Operating Cost (Income) CNY mil                       737 875 995 1,246 4,471    
EBITDA CNY mil                       -349 2,079 2,812 3,458 1,425    
Depreciation CNY mil                       747 1,362 1,434 1,738 1,850    
EBIT CNY mil                       -1,096 717 1,378 1,720 -425    
Net Financing Cost CNY mil ... ... ...                 -374 -333 -643 -589 -871    
Financing Cost CNY mil                       170 357 259 245 164    
Financing Income CNY mil                       544 690 902 834 1,035    
FX (Gain) Loss CNY mil                       -5.00 -818 -325 140 463    
(Income) / Loss from Affiliates CNY mil                       -11,429 -12,753 -11,719 -13,562 -15,781    
Extraordinary Cost CNY mil                       -11,978 -14,261 -12,946 -14,256 -16,364    
Pre-Tax Profit CNY mil                       10,712 14,621 14,065 15,731 15,775    
Tax CNY mil                       109 1,364 1,353 1,276 1,148    
Minorities CNY mil                       75.0 460 1,162 1,110 566    
Net Profit CNY mil                       10,528 12,797 11,550 13,345 14,061    
Net Profit Avail. to Common CNY mil                       10,528 12,797 11,550 13,345 14,061    
Dividends CNY mil                       1,551 1,723 1,723 1,982 3,016    
growth rates                                    
Total Revenue Growth % ...                     512 123 52.3 -3.18 2.81    
Operating Cost Growth % ...                     195 68.5 50.8 2.99 24.2    
Staff Cost Growth % ...                     381 61.2 3.38 10.5 18.0    
EBITDA Growth % ...                     -69.0 -696 35.3 23.0 -58.8    
EBIT Growth % ...                     -17.4 -165 92.2 24.8 -125    
Pre-Tax Profit Growth % ...                     17.0 36.5 -3.80 11.8 0.280    
Net Profit Growth % ...                     15.8 21.6 -9.74 15.5 5.37    
ratios                                    
ROE % ...                     17.8 18.4 13.8 13.7 12.8    
ROA % ...                     11.8 9.73 7.51 7.72 7.05    
ROCE % ...                     20.7 17.0 13.3 14.5 13.7    
Gross Margin %                       12.6 13.0 13.4 14.3 12.9    
EBITDA Margin %                       -0.937 2.50 2.22 2.82 1.13    
EBIT Margin %                       -2.94 0.863 1.09 1.40 -0.337    
Net Margin %                       28.3 15.4 9.13 10.9 11.2    
Payout Ratio %                       14.7 13.5 14.9 14.9 21.4    
Cost of Financing % ...                     1.68 1.48 0.925 0.895 0.478    
Net Debt/EBITDA                       11.9 2.55 -2.25 -0.459 4.14    
balance sheet Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                    
Cash & Cash Equivalents CNY mil                       21,739 25,233 31,806 30,851 33,441    
Receivables CNY mil                       14,738 16,156 16,679 19,554 21,084    
Inventories CNY mil                       4,245 9,874 8,665 8,735 10,657    
Other ST Assets CNY mil                       16,900 18,677 24,589 35,522 50,967    
Current Assets CNY mil                       57,622 69,940 81,739 94,662 116,149    
Property, Plant & Equipment CNY mil                       10,342 12,846 13,865 15,169 16,312    
LT Investments & Receivables CNY mil                       286 191 190 174 174    
Intangible Assets CNY mil                       4,019 4,414 4,590 5,416 6,000    
Goodwill CNY mil                       1,587 1,792 1,792 1,798 1,763    
Non-Current Assets CNY mil                       58,376 77,037 79,047 90,417 97,759    
Total Assets CNY mil                       115,998 146,977 160,786 185,079 213,908    
                                       
Trade Payables CNY mil                       13,480 16,279 17,170 21,501 21,571    
Short-Term Debt CNY mil                       17,597 30,175 17,930 22,177 36,944    
Other ST Liabilities CNY mil                       3,544 5,147 5,329 5,049 4,248    
Current Liabilities CNY mil                       48,689 67,715 58,636 70,186 91,770    
Long-Term Debt CNY mil                       0 350 7,559 7,087 2,398    
Other LT Liabilities CNY mil                       3,275 3,476 3,107 4,168 4,416    
Non-Current Liabilities CNY mil                       3,275 3,826 10,666 11,255 6,814    
Liabilities CNY mil                       51,964 71,541 69,302 81,441 98,584    
Preferred Equity and Hybrid Capital CNY mil                       0 0 0 0 0    
Share Capital CNY mil                       8,616 8,616 8,616 8,616 8,616    
Treasury Stock CNY mil                       0 0 0 0 0    
Equity Before Minority Interest CNY mil                       63,135 73,815 84,650 96,726 108,515    
Minority Interest CNY mil                       899 1,621 6,834 6,912 6,809    
Equity CNY mil                       64,034 75,436 91,484 103,638 115,324    
growth rates                                    
Total Asset Growth % ...                     86.0 26.7 9.40 15.1 15.6    
Shareholders' Equity Growth % ...                     18.6 17.8 21.3 13.3 11.3    
Net Debt Growth % ...                     -72.8 -228 -219 -74.9 -472    
Total Debt Growth % ...                     552 73.5 -16.5 14.8 34.4    
ratios                                    
Total Debt CNY mil                       17,597 30,525 25,489 29,264 39,342    
Net Debt CNY mil                       -4,142 5,292 -6,317 -1,587 5,901    
Working Capital CNY mil                       5,503 9,751 8,174 6,788 10,170    
Capital Employed CNY mil                       63,879 86,788 87,221 97,205 107,929    
Net Debt/Equity %                       -6.47 7.02 -6.91 -1.53 5.12    
Current Ratio                       1.18 1.03 1.39 1.35 1.27    
Quick Ratio                       0.749 0.611 0.827 0.718 0.594    
cash flow Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                                    
Net Profit CNY mil                       10,528 12,797 11,550 13,345 14,061    
Depreciation CNY mil                       747 1,362 1,434 1,738 1,850    
Non-Cash Items CNY mil                       -2,683 -3,047 -2,294 -2,526 -4,453    
Change in Working Capital CNY mil                       -8,825 -1,485 -458 964 3,244    
Total Cash From Operations CNY mil                       -217 9,833 10,498 13,842 15,119    
                                       
Capital Expenditures CNY mil ... ... ... ... ... ... ...         -1,149 -3,468 -3,459 -3,888 -4,458    
Net Change in LT Investment CNY mil               ... ... ... ... ... ... ... 34.0 0    
Net Cash From Acquisitions CNY mil ... ... ... ... ... ... ...         8,341 -10,232 -1,424 -1,203 -117    
Other Investing Activities CNY mil                       1,313 2,198 -811 -3,744 -5,190    
Total Cash From Investing CNY mil                       8,505 -11,502 -5,694 -8,801 -9,765    
                                       
Dividends Paid CNY mil     ...                 -1,504 -1,551 -1,723 -1,762 -2,843    
Issuance Of Shares CNY mil                       0 0 0 0 0    
Issuance Of Debt CNY mil                       -145 9,704 -2,701 -1,375 62.0    
Other Financing Activities CNY mil                       -257 70.0 5,119 -1,018 -714    
Total Cash From Financing CNY mil                       -1,906 8,223 695 -4,155 -3,495    
                                       
Effect of FX Rates CNY mil ... ... ... ... ... ... ...         0 0 0 0 0    
Net Change In Cash CNY mil                       6,382 6,554 5,499 886 1,859    
ratios                                    
Days Sales Outstanding days                       144 71.0 48.1 58.2 61.1    
Days Sales Of Inventory days                       47.6 49.9 28.8 30.4 35.5    
Days Payable Outstanding days                       151 82.2 57.2 74.7 71.8    
Cash Conversion Cycle days                       40.9 38.6 19.8 13.9 24.8    
Cash Earnings CNY mil                       11,275 14,159 12,984 15,083 15,911    
Free Cash Flow CNY mil                       8,288 -1,669 4,804 5,041 5,354    
Capital Expenditures (As % of Sales) %                       3.08 4.17 2.73 3.17 3.54    
other ratios Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                     
Employees ... ... ...                 114,365 122,159 129,885 149,092 146,843    
Cost Per Employee USD per month ... ... ...                 398 602 565 514 614    
Cost Per Employee (Local Currency) CNY per month ... ... ...                 2,445 3,690 3,588 3,453 4,135    
Employee Turnover % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Women (As % of Workforce) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 18.6 18.4    
Operating Cost (As % of Sales) %                       17.5 13.2 13.1 13.9 16.8    
Research & Development (As % of Sales) %                       4.39 2.93 2.29 2.45 2.69   ...
Staff Cost (As % of Sales) %                       9.01 6.51 4.42 5.04 5.78    
Effective Tax Rate %                       1.02 9.33 9.62 8.11 7.28    
Total Revenue Growth (5-year average) % ... ... ... ... ...             -12.0 -1.96 0.672 -1.39 83.3    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...   0.192 9.76 11.7 9.76 7.82    
valuation Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                     
Market Capitalisation USD mil ... ... ...                 13,490 12,201 11,518 5,903 10,433    
Enterprise Value (EV) USD mil ... ... ...                 12,806 13,054 10,545 5,674 11,340    
Number Of Shares mil                       8,616 8,616 8,616 8,616 8,616    
Share Price CNY ... ... ...                 9.01 8.28 8.00 6.02 7.83    
EV/EBITDA ... ... ...                 -226 38.5 23.8 11.0 53.6    
Price/Earnings (P/E) ... ... ...                 7.38 5.58 5.97 3.89 4.80    
Price/Cash Earnings (P/CE) ... ... ...                 6.89 5.04 5.31 3.44 4.24    
P/FCF ... ... ...                 9.37 -42.8 14.4 10.3 12.6    
Price/Book Value (P/BV) ... ... ...                 1.21 0.946 0.754 0.501 0.585    
Dividend Yield % ... ... ...                 2.10 2.71 3.12 3.88 4.90    
Free Cash Flow Yield % ... ... ...                 9.99 -2.23 6.57 12.7 7.62    
Earnings Per Share (EPS) CNY                       1.22 1.49 1.34 1.55 1.63    
Cash Earnings Per Share CNY                       1.31 1.64 1.51 1.75 1.85    
Free Cash Flow Per Share CNY                       0.962 -0.194 0.558 0.585 0.621    
Book Value Per Share CNY                       7.43 8.76 10.6 12.0 13.4    
Dividend Per Share CNY                       0.189 0.224 0.250 0.233 0.384    
EV/Sales ... ... ...                 2.11 0.963 0.529 0.311 0.606    
EV/EBIT ... ... ...                 -71.8 112 48.6 22.2 -180    
EV/Free Cash Flow ... ... ...                 9.50 -47.9 13.9 7.56 14.3    
EV/Capital Employed ... ... ...                 1.21 0.933 0.785 0.406 0.684    
Earnings Per Share Growth % ...                     15.8 21.6 -9.75 15.5 5.37    
Cash Earnings Per Share Growth % ...                     21.3 25.6 -8.30 16.2 5.49    
Book Value Per Share Growth % ...                     18.6 17.8 21.3 13.3 11.3    
sales of vehicles Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                     
Price Per Vehicle Sold CNY ... ... ...                 19,349 30,406 44,145 38,816 38,359    
EBIT Per Vehicle Sold CNY ... ... ...                 -569 262 481 545 -129    
Net Profit Per Vehicle Sold CNY ... ... ...                 5,467 4,682 4,029 4,227 4,281    
Price Per Vehicle Sold (USD) USD ... ... ...                 3,148 4,960 6,954 5,776 5,699    
EBIT Per Vehicle Sold (USD) USD ... ... ...                 -92.6 42.8 75.7 81.1 -19.2    
Net Profit Per Vehicle Sold (USD) USD ... ... ...                 889 764 635 629 636    
Market Value per Vehicle Sold (USD) USD ... ... ...                 7,005 4,463 4,017 1,870 3,177    
Production of Vehicles vehicles ... ... ...                 2,572,440 2,762,410 2,821,660 3,149,910 3,306,110    
Sales of Vehicles vehicles ... ... ...                 1,925,820 2,733,510 2,867,040 3,156,810 3,284,240    
Sales of Commercial Vehicles vehicles ... ... ...                 860,784 808,030 673,738 745,390 938,000 ... ...
Sales of Passenger Cars vehicles ... ... ...                 1,454,570 1,482,680 1,352,990 1,387,480 1,291,370 ... ...
Sales of MPVs vehicles ... ... ...                 270,647 357,139 235,852 245,416 192,571 ... ...
Sales of SUVs vehicles ... ... ...                 387,981 496,844 931,808 1,154,860 1,345,280 ... ...
Sales of Light Commercial Vehicles vehicles ... ... ...                 430,392 404,015 336,869 372,695 469,000 ... ...
Sales of Heavy Commercial Vehicles vehicles ... ... ...                 386,132 359,470 288,636 330,587 427,698 ... ...
Sales of Buses vehicles ... ... ...                 44,260 44,545 48,233 42,108 41,302 ... ...

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Dongfeng's Total Cash From Operations rose 230% yoy to CNY 2,225 mil in 2Q2020

By Helgi Analytics - September 28, 2020

Dongfeng Motor Group's operating cash flow stood at CNY 2,225 mil in 2Q2020, up 230% when compared to the previous year. Historically, between 1Q2002 - 2Q2020, the firm’s operating cash flow reached a high of CNY 6,441 mil in 3Q2010 and a low of CNY -4...

Dongfeng's net profit fell 0.932% yoy to CNY 12,858 mil in 2019

By Helgi Analytics - September 28, 2020

Dongfeng Motor Group made a net profit of CNY 12,858 mil with revenues of CNY 101,087 mil in 2019, down by 0.932% and down by 3.31%, respectively, compared to the previous year. This translates into a net margin of 12.7%. On the operating level, EBITDA re...

Dongfeng's employees fell 2.19% yoy to 136,549 in 2019

By Helgi Analytics - September 28, 2020

Dongfeng Motor Group employed 136,549 employees in 2019, down 2.19% compared to the previous year. Historically, between 2005 and 2019, the firm's workforce hit a high of 149,092 employees in 2016 and a low of 77,708 employees in 2005. Average person...

Dongfeng's price/earnings (P/E) rose 10.8% yoy to 4.55 in 2019

By Helgi Analytics - September 28, 2020

Dongfeng Motor Group stock traded at CNY 6.78 per share at the end 2019 translating into a market capitalization of USD 8,108 mil. Since the end of 2014, stock has depreciated by 18.1% representing an annual average growth of -3.92%. In absolute terms, ...

Dongfeng's ROCE fell 11.2% yoy to 9.80% in 2019

By Helgi Analytics - September 28, 2020

Dongfeng Motor Group made a net profit of CNY 12,858 mil in 2019, down 0.932% compared to the previous year. Historically, between 2002 and 2019, the company's net profit reached a high of CNY 14,061 mil in 2017 and a low of CNY 1,601 mil in 2005. The res...

Dongfeng's Cash & Cash Equivalents rose 57.3% yoy to CNY 45,861 mil in 2019

By Helgi Analytics - September 28, 2020

Dongfeng Motor Group's total assets reached CNY 272,000 mil at the end of 2019, up 20.1% compared to the previous year. Current assets amounted to CNY 142,104 mil, or 52.2% of total assets while cash stood at CNY 45,861 mil at the end of 20...

Dongfeng's Net Debt/EBITDA fell 75.7% yoy to 23.7 in 2019

By Helgi Analytics - September 28, 2020

Dongfeng Motor Group's net debt stood at CNY 26,919 mil and accounted for 20.1% of equity at the end of 2019. The ratio is up 6.55 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 31.4% in 2004 and a...

Dongfeng's Total Cash From Operations rose 129% yoy to CNY 2,857 mil in 2019

By Helgi Analytics - September 28, 2020

Dongfeng Motor Group's operating cash flow stood at CNY 2,857 mil in 2019, up 129% when compared to the previous year. Historically, between 2002 - 2019, the firm’s operating cash flow reached a high of CNY 21,162 mil in 2009 and a low of CNY -9,800 mi...

Dongfeng's Capital Expenditures fell 5.30% yoy to CNY 4,927 mil in 2019

By Helgi Analytics - September 28, 2020

Dongfeng Motor Group invested a total of CNY 4,927 mil in 2019, up 5.3% compared to the previous year. Historically, between 2009 - 2019, the company's investments stood at a high of CNY 6,939 mil in 2011 and a low of CNY 536 mil in 2012. ...

Dongfeng's Share Price rose 9.79% yoy to CNY 6.78 in 2019

By Helgi Analytics - September 28, 2020

Dongfeng Motor Group stock traded at CNY 6.78 per share at the end 2019 implying a market capitalization of USD 8,108 mil. Since the end of 2014, stock has appreciated by -18.1% implying an annual average growth of -3.92% In absolute terms, the value of the comp...

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Dongfeng Motor Group Co is one of two listed subsidiaries of the Dongfeng Motor Corporation (DMC). DMC is a Chinese state-owned automobile manufacturer headquartered in Wuhan, China. Along with Chang'an Motors, FAW Group, and SAIC Motor, Dongfeng belongs among the four largest car producers in China now. In 2012, it produced 3.76 mil of motor vehicles. In addition to commercial and consumer vehicles, it also manufactures parts and cooperates with foreign car makers. Counting four global automakers as partners, it has more Sino-foreign joint ventures than do most other Chinese automakers. These partnerships allow it to produce and sell a variety of foreign-branded products in China including those of Citroën, Honda, Kia, Peugeot, and Nissan. Other brand names associated with Dongfeng include Fengshen, Infiniti, Luxgen, and Venucia.

Dongfeng Motor Group Logo

Finance

Dongfeng Motor Group has been growing its sales by 3.99% a year on average in the last 5 years. EBITDA has fallen on average by 11.4% a year during that time to total of CNY 1,134 mil in 2019, or 1.12% of sales. That’s compared to 1.49% average margin seen in last five years.

The company netted CNY 12,858 mil in 2019 implying ROE of 9.93% and ROCE of 9.80%. Again, the average figures were 12.2% and 12.5%, respectively when looking at the previous 5 years.

Dongfeng Motor Group’s net debt amounted to CNY 26,919 mil at the end of 2019, or 20.1% of equity. When compared to EBITDA, net debt was 23.7x, down when compared to average of 24.6x seen in the last 5 years.

Valuation

Dongfeng Motor Group stock traded at CNY 6.78 per share at the end of 2019 resulting in a market capitalization of USD 8,108 mil. Over the previous five years, stock price fell by 18.1% or -3.92% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 73.1x and price to earnings (PE) of 4.55x as of 2019.