Great Wall Motor's Frustrating Results; Margin Recovery No Longer in Sight; FVE Lowered to HKD 4.60
No-moat Great Wall Motors posted another disappointing fourth-quarter result with the top line and bottom line missing our estimates by 18% and 53%, respectively. A 550-basis-point drop in the core vehicle business’ gross margin was to blame. We moved our fair value estimate to HKD 4.60 from HKD 6.10, putting shares of the company at 11.6 times forward price to earnings and 5.7 times forward EV to EBITDA. Our lowered valuation reflects not only weaker long-term margin assumptions, but also the r...
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