CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED

Financials China Communications Construction Company Limited Shanghai S.E.

Equities

601800

CNE100001FN5

Construction & Engineering

End-of-day quote Shanghai S.E. Other stock markets 18:00:00 2024-05-09 EDT			5-day change	1st Jan Change
9.17 ^CNY	+1.33%		+3.15%	+20.66%

05-01	China Communications Construction's Q1 Profit Rises 10%	MT
04-30	China Communications Construction Declares Final Dividend for 2023	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	132,699	97,704	116,073	109,051	104,118	127,593	-	-
Enterprise Value (EV) ¹	352,687	380,588	449,475	466,171	503,976	518,762	515,953	494,672
P/E ratio	4.89 x	3.06 x	3.32 x	2.91 x	2.18 x	2.73 x	2.49 x	2.24 x
Yield	4.1%	6.42%	5.9%	-	9.25%	7.56%	8.17%	9.3%
Capitalization / Revenue	0.24 x	0.16 x	0.17 x	0.15 x	0.14 x	0.16 x	0.14 x	0.14 x
EV / Revenue	0.64 x	0.61 x	0.66 x	0.65 x	0.66 x	0.64 x	0.59 x	0.53 x
EV / EBITDA	9.43 x	10.5 x	9.63 x	10.9 x	10.6 x	9.27 x	8.75 x	7.92 x
EV / FCF	-6.26 x	-5.29 x	-9.31 x	-14.8 x	-19.9 x	-63.8 x	271 x	44.1 x
FCF Yield	-16%	-18.9%	-10.7%	-6.74%	-5.02%	-1.57%	0.37%	2.27%
Price to Book	0.4 x	0.19 x	0.21 x	-	0.17 x	0.22 x	0.2 x	0.18 x
Nbr of stocks (in thousands)	16,174,735	16,165,711	16,165,711	16,165,711	16,263,661	16,278,611	-	-
Reference price ²	5.675	2.820	3.455	3.312	3.163	4.263	4.263	4.263
Announcement Date	20-03-31	21-03-30	22-03-30	23-03-30	24-03-28	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	554,792	627,586	685,639	720,275	758,676	812,763	880,565	938,231
EBITDA ¹	37,392	36,142	46,680	42,937	47,767	55,985	58,995	62,445
EBIT ¹	26,593	25,383	28,489	30,945	36,383	41,694	43,826	48,207
Operating Margin	4.79%	4.04%	4.16%	4.3%	4.8%	5.13%	4.98%	5.14%
Earnings before Tax (EBT) ¹	26,714	25,450	28,744	30,968	36,364	40,321	43,315	47,546
Net income ¹	20,108	16,206	17,993	19,104	23,812	25,849	27,351	30,430
Net margin	3.62%	2.58%	2.62%	2.65%	3.14%	3.18%	3.11%	3.24%
EPS ²	1.160	0.9200	1.040	1.140	1.450	1.563	1.713	1.901
Free Cash Flow ¹	-56,382	-71,985	-48,268	-31,401	-25,313	-8,128	1,907	11,226
FCF margin	-10.16%	-11.47%	-7.04%	-4.36%	-3.34%	-1%	0.22%	1.2%
FCF Conversion (EBITDA)	-	-	-	-	-	-	3.23%	17.98%
FCF Conversion (Net income)	-	-	-	-	-	-	6.97%	36.89%
Dividend per Share ²	0.2328	0.1809	0.2037	-	0.2925	0.3224	0.3483	0.3963
Announcement Date	20-03-31	21-03-30	22-03-30	23-03-30	24-03-28	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3
Net sales ¹	313,455	245,410	379,085	340,627	169,422	341,972	172,095	191,828	363,924	178,055	178,296	353,549	176,591	189,197	181,913
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	15,002	5,652	19,537	8,008	9,119	21,057	7,534	6,283	12,659	8,470	9,066	7,629
Operating Margin	-	-	-	4.4%	3.34%	5.71%	4.65%	4.75%	5.79%	4.23%	3.52%	3.58%	4.8%	4.79%	4.19%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS ²	0.6800	0.2800	0.6400	0.5600	-	0.4000	-	-	0.6400	-	0.2300	0.5000	0.3200	0.4000	0.2800
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	20-03-31	20-08-28	21-03-30	21-08-30	22-03-30	22-03-30	22-04-28	22-08-30	22-08-30	22-10-28	23-03-30	23-03-30	23-04-28	23-08-28	23-10-30

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	219,975	285,867	333,401	357,120	399,858	391,169	388,360	367,079
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.751 x	6.115 x	7.142 x	8.317 x	8.371 x	6.987 x	6.583 x	5.878 x
Free Cash Flow ¹	-57,828	-34,965	-48,268	-31,401	-25,313	-8,128	1,907	11,226
ROE (net income / shareholders' equity)	9.4%	7.12%	7.26%	7.54%	8.87%	8.12%	8.05%	8.48%
ROA (Net income/ Total Assets)	1.93%	1.36%	1.36%	1.32%	1.55%	1.61%	1.55%	1.62%
Assets ¹	1,040,439	1,213,807	1,321,078	1,451,219	1,540,806	1,605,538	1,767,417	1,882,274
Book Value Per Share ²	14.20	15.20	16.10	-	18.70	19.60	21.20	23.10
Cash Flow per Share ²	0.3700	0.8600	-0.7800	-	0.7500	3.670	3.670	3.980
Capex ¹	63,706	48,816	35,625	31,844	37,387	27,145	23,897	39,021
Capex / Sales	11.53%	7.82%	5.2%	4.42%	4.93%	3.34%	2.71%	4.16%
Announcement Date	20-03-31	21-03-30	22-03-30	23-03-30	24-03-28	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Communications Construction Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.263 CNY

Average target price

5.221 CNY

Spread / Average Target

+22.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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