NYSE: NOAH - Noah Holdings Limited

Yield per half year: +0.5348%
Dividend yield: +5.22%
Sector: Financials

Reporting Noah Holdings Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥	1.59	1.5	1.89	2.93	2.42	1.88	2.85	1.36	1.05	0.982	1.91	-15.38
Выручка, млрд ¥	2.12	2.51	2.83	2.83	3.39	3.31	4.29	3.1	3.29	3.29	3.48	-0.60
Чистая прибыль, млрд ¥	0.5358	0.6438	0.7702	0.7629	0.8292	-0.8438	1	0.9766	1.01	1.01	0.5944	4.02
EV, млрд ¥	0.3443	-0.832	-0.2595	0.0842	-1.73	-1.77	1.38	2.7	1.56	1.56	0.4280	-197.95
EBIT, млрд ¥	0.5645	0.7043	0.8255	0.8254	0.9969	1.23	1.01	1.09	1.1	1.16	1.09	1.99
EBITDA, млрд ¥	0.5989	0.7043	0.8256	0.8256	0.997	1.33	1.15	1.24	1.26	1.32	1.20	4.79
Баланс стоимость, млрд ¥	2.53	3.39	4.51	6.18	7.87	7.28	8.14	9.41	10.31	10.31	8.60	5.55
FCF, млрд ¥	0.5388	0.5849	0.4757	0.9012	1.22	0.7447	-0.7494	0.5702	1.16	1.16	0.5891	-1.00
Операционный денежный поток, млрд ¥	0.6751	0.6862	0.6284	1.03	1.29	0.7964	1.52	0.6329	1.32	1.32	1.11	0.46
Операционная прибыль, млрд ¥	0.5588	0.6673	0.777	0.777	0.915	1.26	1.2	1.09	1.1	1.1	1.11	3.75
Операционные расходы, млрд ¥	0.3967	0.5459	0.6425	0.6425	0.8661	0.5433	0.9253	2.01	0.74	0.74	1.02	-3.10
CAPEX, млрд ¥	0.1363	0.1014	0.1527	0.1282	0.0653	0.0516	2.27	0.0627	0.1579	0.1579	0.5215	19.31

	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Капитализация, млрд ¥			2.68	2.54	1.9	1.26	1.18	1.02	2.58	2.17	0.9513	0.8818				1.52	-2.87
Выручка, млрд ¥						0.7381	0.6845	0.8035	0.9418	0.75	0.7995	0.6495	0.6159	0.6159	0.6837	0.6729	-3.08
Чистая прибыль, млрд ¥						0.349	0.1824	0.2442	0.3154	0.2333	0.2165	0.1315	0.0998	0.0998	0.1344	0.1364	-9.09
EV, млрд ¥						0.8409	0.3552	0.4134	0.5709	9.28	1.09	1.58	0.7016	0.7805	40.31	8.89	105.87
EBIT, млрд ¥					0.128	0.1963	0.239	0.2924	0.3144	0.2003	0.1812	0.082	0.134	0.134		0.1463	-7.72
EBITDA, млрд ¥						0.318	0.239	0.2925	0.3534	0.2392	0.2207	0.1215	0.1121	0.134	0.2408	0.1658	1.76
Баланс стоимость, млрд ¥						8.78	9.3	9.63	9.97	9.97	10.31	10.51	9.61	9.67	9.69	9.96	-1.23
FCF, млрд ¥	0.4842			0.4971	0.4971	0	0.0264	0.0855	0.0244	0.0559	0.0028		0.0028			0.0343	-49.53
Операционный денежный поток, млрд ¥		0.5012	0.5012	0.5012	0.5012		0.0264	0.0855	0.0244	0.0559	0.0028		0.0028			0.0343	-49.53
Операционная прибыль, млрд ¥						0.1963	0.2318	0.2789	0.3494	0.2489	0.2207	0.1215	0.134	0.134	0.2408	0.1702	1.76
Операционные расходы, млрд ¥						0.0572	0.1097	0.1545	0.2072	0.1003	0.278	0.1393	0.3503	0.3503	0.3058	0.2847	1.92
CAPEX, млрд ¥			0.0041	0.0041	0.0041	0	0	0	0.0586	0	0.0028		0.0028			0.0145	-7.34

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥			2.13	2.98	1.91	2.7	4.39	5.01	3.4	4.4	5.19	5.19	4.48	3.40
Short Term Investments ¥			0.5601	0.2992	0.1603	0.4505	0.6713	0.1149	0.0928	0.316	0.3795	0.3795	0.3149	-10.78
Long term investments ¥		0.2835	0.0137	0.8861	1.96	2.4	2.15	1.8	2.07	2.27	2.34		2.13	1.71
Total Receivables ¥			0.4927	0.7569	1.71	1.49	1.46	1.37	1.86	0.9123	0.8263	1.18	1.29	-10.76
Total Current Assets ¥			3.26	4.73	4.04	5.1	6.77	6.7	5.52	6.32	7.12	7.12	6.49	1.01
Чистые активы, млрд ¥			0.1965	0.2435	0.3033	0.3467	0.6485	0.5228	2.8	2.65	0.8815	0.8822	1.50	6.33
Активы, млрд ¥			4.1	5.96	6.5	8.01	9.8	9.4	10.89	11.8	12.69	12.69	10.92	5.30
Short Term Debt ¥		0.05	0.3682	0.0973	0.488		0.0117	0.0865	0.0913	0.0844	0.0618	0.0618	0.0671	39.50
Long Term Debt ¥	0.518	0.518	0.5182	0.5554		0.145							0.4509	-22.48
Задолженность, млрд ¥			1.56	2.57	1.99	1.84	1.93	2.12	2.75	2.3	2.26	2.26	2.27	3.21
Чистый долг, млрд ¥			-1.61	-2.43	-1.42	-2.56	-4.02	-4.73	-3.27	-4.24	-5.05	-5.05	-4.2620	4.67
Долг, млрд ¥			0.8864	0.6527	0.4918	0.1392	0.3536	0.2477	0.0183	0.1675	0.1384	0.1384	0.1851	-17.11
Interest income ¥			0.0236	0.0395	0.045	0.0698	0.0891	0.0673	0.0719	0.0614	0.1619		0.0903	12.69
Расходы на обслуживание долга ¥			0.0161	0.0193	0.0241	0.0241	0.00043	1.72	0.6013	0.1552	0.0093	0.0212	0.4972	84.93
Чист. проц. доходы, млрд ¥				0.0202	0.0209	0.0598	0.0887	0.0673	0.0719	0.0614	0.1619	0.0227	0.0902	12.79
Амортизация, млрд ¥			0.0344	0.0000	0.0001	0.000161	0.000172	0.0985	0.1466	0.156	0.1581	0.1581	0.1119	291.45
Себестоимость, млрд ¥			1.16	1.3	1.41	1.41	1.61	1.5	2.17	1.56	1.46	1.46	1.66	-1.94
Товарно материальные запасы ¥		0.0228	0.001	0.001		0.0025	0.0066	0.01	0.00051	0.0232	0	0	0.0086	56.14

	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2018Q1	2018Q2	2018Q3	2018Q4	2020Q1	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥																		3.61	4.31	4.71	4.74	4.74	5.19	5.13	4.6	4.6	3.44	4.59	-7.90
Short Term Investments ¥																		0.0859	0.0988	0.3162	0.4455	0.4455	0.3795	0.7471	1.29	1.29	1.3	1.00	27.92
Long term investments ¥															1.96	2.07	2.13	2.22	2.24	2.27	2.33	2.44	2.49	2.34				2.37	0.61
Total Receivables ¥																		1.69	1.42	1.24	1.31	1.31	0.8263	0.9434	1.08	0.84	1.11	0.9599	6.08
Total Current Assets ¥																		5.59	6.03	6.61	6.83	6.83	7.12	7.22	7.2	7.2	6.09	6.97	-3.08
Чистые активы, млрд ¥														2.9	2.86	2.8	2.76	2.7	2.69	2.65	2.66	2.68	2.66					2.67	-0.22
Активы, млрд ¥																		11.02	11.45	12.18	12.56	12.56	12.69	12.74	12.47	12.47	11.52	12.38	-1.92
Short Term Debt ¥											0.0117	0.0865	0.0865			0.0899	0.0913			0.0844	-0.1511	0.1511	0.0618		0.0159			0.0324	-28.38
Long Term Debt ¥	0.08	0.08	0.08	0.08	0.08	0.08	0.0749	0.0496	0.0332	0.0031																		0.0482	-47.80
Задолженность, млрд ¥																		2.14	2.05	2.46	2.49	2.49	2.26	2.11	2.74	2.74	1.72	2.31	-5.31
Чистый долг, млрд ¥																		-3.51	-4.21	-4.62	-4.66	-4.66	-5.05	-5.06	-4.55	-4.55	-3.36	-4.5140	-7.83
Долг, млрд ¥																		0.0134	0.0141	0.0116	0.0231	0.0793	0.1384	0.0703	0.055	0.055	0.0777	0.0793	-10.90
Interest income ¥															0.0162	0.0146	0.0126	0.0177	0.0168	0.0143	0.0344	0.0397	0.0435	0.0444				0.0353	25.43
Расходы на обслуживание долга ¥												0.0225	0.0225	0.0182	0.0162	0.0126	0.0146	0.0177	0.0168	0.0349	0.0193							0.0207	5.74
Чист. проц. доходы, млрд ¥																0.0146	0.0126	0.0177	0.0168	0.0143	0.0344	0.0397	0.0435	0.0444	0.0065			0.0337	-28.34
Амортизация, млрд ¥																	0.0001	0.1217	0.0000	0.0000	0.039	0.039	0.0395	0.0395	-0.0219	-0.0219		0.0148	-189.10
Себестоимость, млрд ¥																		0.3578	0.343	0.3701	0.3851	0.4008	0.3008	0.3888	0.1315	0.1315	0.1371	0.2179	-14.54
Товарно материальные запасы ¥															0.0032	0.000512	0.00051		0.0103	0.1361	0.1433	0.1433	0	0.0023	0.0046			0.0859	-49.21

Share

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	1.63	1.74	6.51	3.59	1.82	1.68	14.51	14.28	14.53			14.53	9.36	51.51
Цена акции ао			46.28	43.32	35.37	47.81	30.69	15.5	13.81	11.71	11.28	11.28	16.60	-18.14
Число акций ао, млн	60.2	60.33	61.15	61.15	61.9	63.15	67.48	68.4	69.48			69.48	66.08	2.34
FCF/акцию	8.95	9.69	7.78	14.74	19.76	11.79	-11.11	8.34	16.7			16.7	9.10	-3.31

	2020Q4	2021Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	5 quarters average	CAGR 5
EPS						5.28	0.37	0.29	0.51	1.68	3.12	1.88	1.42	1.41	0.2664		1.62	-38.87
Цена акции ао				37.67	28.12	18.65	16.99	14.61	18.53	15.63	13.69	12.64				11.28	14.35	-9.45
Число акций ао, млн			67.64	67.48	67.7	67.31	69.26	69.52	138.99	138.99	69.5	69.79					97.36	0.08
FCF/акцию	7.67	7.67		7.37	7.34		0.381	1.23	0.1752	0.4025	0.0399		0.0394				0.3774	-49.75

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %			21.15	18.98	17.08	12.35	10.53	-11.59	12.33	11.13	10.24			9.79	10.84	6.53	-0.56
ROA, %			13.08	10.81	11.86	9.52	8.46	-8.98	9.22	8.61	8.25			7.96	3.71	5.11	-0.50
ROIC, %		12.79	19.37	18.32	17.08	14.49	11.37	-10.71	16	12.06				14.17	8.01	8.64	-3.60
ROS, %					27.24	26.99	24.45	-25.52	23.39	31.5	30.64	30.64	30.64	30.64	23.12	29.36	5.55
ROCE, %				20.77	18.31	13.37	12.66	16.92	12.37	11	10.17		11.12	11.12	-0.57	12.32	-8.05
Ebit margin, %							29.39	38.07	27.93	35.11	33.32		35.19	35.19		33.92	-1.56
Рентаб EBITDA, %				28.02	29.2	29.2	29.4	40.23	26.87	40.14	38.12		39.99	39.99	33.45	37.07	-0.12
Чистая рентаб, %			25.28	25.61	27.24	26.99	24.45	-25.52	23.39	31.5	30.64			30.64	23.02	16.89	4.62
Operation Margin, %					27.49	27.49	26.98	38.07	27.93	35.11	33.32	33.32	33.32	33.32	34.35	32.60	3.59
Чистая процентная маржа, %	31.41	29.21	25.28	25.61	26.99	24.66	24.45	-22.54	30.61					30.16	25.36	16.83	2.55
Доходность FCF, %		61.15	33.87	39.05	25.22	30.72	50.52	39.6	-26.33	41.95	110.08					43.16	16.86

	2013Q1	2013Q4	2014Q4	2015Q4	2016Q4	2020Q4	2021Q1	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %										3.98	1.96	2.54	3.16	2.34	2.2	1.3	0.9833	0.9915	1.35	10.84	1.36	-9.31
ROA, %										3.17	1.59	2	2.51	1.86	1.72	1.03	0.7916	0.8004	1.12	3.71	1.09	-8.22
ROIC, %		4.19	3.32	2.82	3.02										2.31		1.29			8.01	2.55	-17.23
ROS, %										47.28	26.65	30.39	33.49	31.11	27.08	20.24	16.2	16.2	19.66	23.12	19.88	-6.20
ROCE, %									1.57	2.21	2.54	3.01	3.12	1.99	1.74	0.7687	1.27	1.28		-0.57	1.41	-8.45
Ebit margin, %															22.66	12.62	21.76	21.76			19.70	-1.01
Рентаб EBITDA, %										43.08	34.92	36.4	37.53	31.9	27.61	18.7	18.21	21.76	35.22	33.45	24.30	4.99
Чистая рентаб, %										47.28	26.65	30.39	33.49	31.11	27.08	20.24	16.2	16.2	19.66	23.02	19.88	-6.20
Operation Margin, %										26.59	33.86	34.71	37.1	33.19	27.61	18.7	21.76	21.76	35.22	34.35	25.01	4.99
Доходность FCF, %	45.83					23.73	16.14	19.55	26.11		2.24	8.42	0.9455	2.58	0.2918						2.90	-33.48

Coefficients

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	2.97	2.33	2.45	3.85	2.92	-2.23	2.83	7.1	6.55			6.55	22.00	3.43	17.54
P/BV	0.6278	0.4417	0.4183	0.4751	0.3074	0.2584	0.3495	0.7298	0.6344			0.6344	2.50	0.4559	15.59
P/S	0.7504	0.5959	0.6671	1.04	0.7137	0.5689	0.6629	2.24	2.01			2.01	4.83	1.24	23.01
P/FCF			3.96	3.26	1.98	2.53	-3.8	2.38	0.9085	0.8463	0.8463	0.8463	7.77	0.2362	-174.05
E/P			0.4084	0.26	0.3425	-0.4486	0.3528	0.7185	0.9576	1.03	1.03	1.03	1.16	0.8178	23.90
EV/EBITDA	0.5748	-1.18	15.56	0.0772	-1.78	-1.46	8.55	2.17	1.24			1.19	29.48	1.74	-193.03
EV/EBIT					11.77	11.66	8.28	2.48	1.42	1.35	1.35	1.35		2.98	-30.42
EV/S	0.1624	-0.331			3.46	4.44	2.31	0.8699	0.4739	0.4739	0.4739	0.4739	5.45	0.9203	-27.15
EV/FCF	0.6389	-1.42			9.6	19.7	-13.25	4.73	1.35	1.35	1.35	1.35	11.12	-0.8940	-163.33
Debt/EBITDA			0.4605	0.1277	0.3638	0.2047	0.1135	0.1346	0.1102	0.105	0.105	0.105	-6.06	0.1137	-1.54
Netdebt/Ebitda			-1.72	-3.1	-4.04	-3.56	-2.84	-3.4	-4.02	-3.84	-3.84	-3.84	-6.58	-3.5880	6.22
Debt/Ratio			0.31	0.23	0.2	0.23	0.25	0.0142	0.0109	0.0109	0.0109	0.0109	0.19	0.0594	-46.56
Debt/Equity			0.45	0.32	0.27	0.3	0.34	0.0178	0.0134	0.1568	0.1568	0.1568	22.00	0.1370	-14.34
Debt/Net Income	1.65	1.01			0.4375	-0.3226	0.1304	0.1715	0.1371	0.1371	0.1371	0.1371	20.98	0.1426	1.01
Бета						1.45	1.29	1.07	1.42	7.76	1.59	1.59	0.94	2.63	4.27
Индекс Альтмана			1.24	1.18	0.9997	0.8668	0.6724	0.4492	1.89	0.6187	0.6187	0.6187	4.38	0.8498	-1.65

	2013Q1	2016Q3	2016Q4	2018Q1	2018Q2	2020Q4	2021Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	Industry average	5 quarters average	CAGR 5
P/E											3.6	6.45	4.16	8.17	9.94	8.36	10.64	9.21	9.65	17.37		22.00	11.05	15.75
P/BV											0.143	0.1265	0.1055	0.2582	1.38	0.5892	0.6249	0.5397	0.5478	4.45		2.50	1.35	49.84
P/S											1.7	1.72	1.26	2.73	2.98	2.51	2.89	2.13	1.97	3.08		4.83	2.52	4.18
P/FCF	2.18					4.21	6.19		5.11	3.83		44.6	11.88	105.77	38.83	342.75						7.77	108.77	50.36
E/P								0.102	0.1201	0.1478	0.278	0.155	0.2404	0.1225	0.1074	0.2276	0.1491					1.16	0.1694	-9.11
EV/EBITDA											4.54	2.09	2.59	3.74	38.79	0.9773	1.68	0.9976	1.33	66.24		29.48	14.24	132.39
EV/EBIT																6.02	19.34	5.24	5.82				9.11	-0.84
EV/S		0.7179	-2.1	2.21	1.79										12.38	1.36	2.44	1.14	1.27	58.95		5.45	13.03	112.51
EV/FCF															165.91	392.77		252.76				11.12	270.48	15.07
Debt/EBITDA											0.3019	0.423	0.3243	0.6531	0.3313	0.6268	0.579	0.4908	0.4107	0.3225		-6.06	0.4860	-12.45
Netdebt/Ebitda											-11.05	-17.62	-15.79	-13.19	-19.48	-22.9	-41.64	-40.57	-33.95	-13.94		-6.58	-30.6000	-9.45
Debt/Ratio		0.1265	0.0298	0.0867	0.0126										0.0063	0.0109	0.0055	0.0044	0.0044	0.0067		0.19	0.0064	-9.27
Debt/Equity		0.2017	0.0523	0.1248	0.0166										0.0079	0.0134	0.0067	0.0057	0.0057	0.008		22.00	0.0079	-9.80
Debt/Net Income		3.95	1.65	3.51	0.4715										0.3397	0.639	0.5349	0.5516	0.5516	0.5777		20.98	0.5710	-2.00
Бета																					1.59	0.94	1.59	0.00
Индекс Альтмана								-0.1289	0.0298	-0.1049	-0.1186	-0.1084	-0.0715	0.1061	0.0113	-0.0671					0.6187	4.38	0.1195	-253.97

Dividends

IFRS

Reporting Annual Quarterly

	2007	2012	2013	2014	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.0046	0.049	0.0465	0.0016							0.1775	0.1775				0.0904	29.36
Дивиденд		0.14	0.14									0.4	2.13	2.13		0.7025	97.50
Див доход, ао, %					0	0	0	0	0	0	0	2.68	5.22	5.22	2.37	3.95	39.56
Дивиденды / прибыль, %	180.37	34.42	14.92	0.5115					0	0	18.18	17.58		17.58	44.83	17.12	-12.57

	2012Q1	2012Q4	2013Q1	2013Q4	2014Q4	2015Q4	2016Q4	2017Q4	2023Q2	2023Q3	2024Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд		0.0079		0.0077	0.000263	0.000616	0.000303	0.000303		0.0251	0.0251		0.0103	109.90
Дивиденд	0.14		0.14						0.4				0.2267	41.90
Див доход, ао, %	1.96		2.01						2.56			2.37	2.18	9.31
Дивиденды / прибыль, %		19.83		9.45	0.3166	0.7374	0.2822	0.1891		11.57	25.11	44.83	7.58	102.50

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2018	2019	2020	2021	2022	2023	CAGR 5
Всего задолженность	1.59	1.51	1.88				5.74
Персонал, чел				2960	2960	3148	2.07

	CAGR 5

	CAGR 5