Stock 601390 CHINA RAILWAY GROUP LIMITED
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Financials China Railway Group Limited

Equities

601390

CNE100000866

Construction & Engineering

End-of-day quote Shanghai S.E.
Other stock markets
 18:00:00 2024-04-29 EDT 		5-day change 1st Jan Change
6.57 CNY -4.09% Intraday chart for China Railway Group Limited -7.46% +15.67%
05-01 Traffic Control Technology's Unit Signs 150 Million Yuan Railway Equipment Installation Deal MT
04-29 China Railway Group Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 139,050 119,432 132,027 129,563 129,985 149,737 - -
Enterprise Value (EV) 1 204,993 184,721 247,724 280,201 315,647 390,419 441,683 460,283
P/E ratio 6.25 x 5.47 x 5.58 x 4.64 x 4.4 x 4.46 x 4.04 x 3.87 x
Yield 2.85% 3.42% 3.39% 3.6% 3.7% 3.72% 4.03% 4.33%
Capitalization / Revenue 0.16 x 0.12 x 0.12 x 0.11 x 0.1 x 0.11 x 0.11 x 0.1 x
EV / Revenue 0.24 x 0.19 x 0.23 x 0.24 x 0.25 x 0.29 x 0.31 x 0.31 x
EV / EBITDA 4.91 x 4.3 x 5.1 x 5.25 x 5.45 x 5.72 x 5.87 x 5.74 x
EV / FCF -11.4 x -17.4 x -6.1 x -17.3 x -17.4 x 22.4 x 20.5 x -225 x
FCF Yield -8.77% -5.75% -16.4% -5.78% -5.75% 4.46% 4.87% -0.44%
Price to Book 0.77 x 0.62 x 0.52 x 0.54 x - 0.45 x 0.41 x 0.38 x
Nbr of stocks (in thousands) 24,570,929 24,570,929 24,570,929 24,752,196 24,752,196 24,750,630 - -
Reference price 2 5.940 5.270 5.790 5.560 5.680 6.570 6.570 6.570
Announcement Date 20-03-30 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 1 848,440 971,405 1,070,417 1,151,501 1,260,841 1,341,307 1,414,893 1,504,895
EBITDA 1 41,709 42,926 48,559 53,324 57,962 68,275 75,248 80,239
EBIT 1 31,882 33,578 38,782 43,049 46,282 52,941 56,701 59,166
Operating Margin 3.76% 3.46% 3.62% 3.74% 3.67% 3.95% 4.01% 3.93%
Earnings before Tax (EBT) 1 31,332 33,383 37,586 42,583 46,070 50,705 55,397 57,600
Net income 1 23,678 25,188 27,618 31,276 33,483 37,487 40,608 42,156
Net margin 2.79% 2.59% 2.58% 2.72% 2.66% 2.79% 2.87% 2.8%
EPS 2 0.9500 0.9630 1.037 1.198 1.292 1.475 1.626 1.696
Free Cash Flow 1 -17,981 -10,627 -40,643 -16,192 -18,154 17,424 21,511 -2,047
FCF margin -2.12% -1.09% -3.8% -1.41% -1.44% 1.3% 1.52% -0.14%
FCF Conversion (EBITDA) - - - - - 25.52% 28.59% -
FCF Conversion (Net income) - - - - - 46.48% 52.97% -
Dividend per Share 2 0.1690 0.1800 0.1960 0.2000 0.2100 0.2442 0.2650 0.2845
Announcement Date 20-03-30 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 2023 Q1 2023 Q2 2023 Q3 2023 Q4
Net sales 488,956 416,303 558,429 498,227 302,492 575,045 266,537 292,867 559,405 288,780 303,316 271,974 317,499 - -
EBITDA - - - - - - - - - - - - - - -
EBIT - - 19,751 18,205 11,318 19,640 10,203 10,789 20,992 9,521 12,535 10,751 11,546 - -
Operating Margin - - 3.54% 3.65% 3.74% 3.42% 3.83% 3.68% 3.75% 3.3% 4.13% 3.95% 3.64% - -
Earnings before Tax (EBT) - - 19,514 - - - - - - - - - - - -
Net income - - 13,491 - - - - - - - - - - - -
Net margin - - 2.42% - - - - - - - - - - - -
EPS 1 - - - - 0.3100 - 0.2940 0.2600 - 0.3200 0.3300 0.3050 0.3000 0.3080 0.3800
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 20-03-30 20-08-28 21-03-30 21-08-30 22-03-30 22-03-30 22-04-30 22-08-30 22-08-30 22-10-28 23-03-30 23-04-28 23-08-30 23-10-30 24-03-28
1CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 65,943 65,289 115,697 150,639 185,662 240,682 291,946 310,546
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.581 x 1.521 x 2.383 x 2.825 x 3.203 x 3.525 x 3.88 x 3.87 x
Free Cash Flow 1 -17,981 -10,627 -40,643 -16,192 -18,154 17,424 21,511 -2,047
ROE (net income / shareholders' equity) 11.5% 11.9% 10.4% 12.1% 11.8% 10.5% 10.3% 10.1%
ROA (Net income/ Total Assets) 2.37% 2.23% 2.2% 2.1% 1.95% 2.02% 2% 1.99%
Assets 1 999,264 1,127,980 1,255,346 1,487,412 1,721,214 1,853,349 2,025,941 2,115,994
Book Value Per Share 2 7.730 8.490 11.20 10.30 - 14.70 16.00 17.30
Cash Flow per Share 2 0.9000 1.260 0.5300 1.760 1.550 2.260 3.040 2.920
Capex 1 18,258 41,622 53,713 59,744 56,518 63,258 71,059 66,702
Capex / Sales 2.15% 4.28% 5.02% 5.19% 4.48% 4.72% 5.02% 4.43%
Announcement Date 20-03-30 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 Railway Group Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
14
Last Close Price
6.57 CNY
Average target price
9.164 CNY
Spread / Average Target
+39.49%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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