Financials CMOC Group Limited Shanghai S.E.

Equities

603993

CNE100001NR0

Specialty Mining & Metals

End-of-day quote Shanghai S.E. Other stock markets 18:00:00 2024-04-25 EDT			5-day change	1st Jan Change
9.28 ^CNY	+4.62%		-2.11%	+78.46%

04-25	Analysis-BHP's proposed bid for Anglo American is a big bet on copper	RE
03-22	CMOC Group Limited Proposes Final Dividend for the Year Ended 31 December 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	88,742	126,809	110,936	91,829	106,182	189,818	-	-
Enterprise Value (EV) ¹	116,804	154,647	133,244	107,319	124,958	193,651	191,332	194,824
P/E ratio	33.2 x	38.7 x	14 x	11.4 x	10.2 x	14.1 x	11.5 x	11 x
Yield	1.44%	0.77%	2.13%	-	3.97%	2.83%	3.67%	3.65%
Capitalization / Revenue	1.29 x	1.12 x	0.64 x	0.53 x	0.57 x	0.92 x	0.88 x	0.87 x
EV / Revenue	1.7 x	1.37 x	0.77 x	0.62 x	0.67 x	0.94 x	0.89 x	0.89 x
EV / EBITDA	20 x	21.8 x	10.4 x	7.52 x	7.73 x	8.22 x	6.96 x	6.99 x
EV / FCF	-115 x	157 x	69 x	21.5 x	41.4 x	28.7 x	15.7 x	15.7 x
FCF Yield	-0.87%	0.64%	1.45%	4.64%	2.41%	3.48%	6.36%	6.35%
Price to Book	1.58 x	2.36 x	1.81 x	-	1.39 x	2.31 x	2.08 x	1.8 x
Nbr of stocks (in thousands)	21,599,241	21,550,727	21,450,727	21,394,310	21,394,310	21,394,310	-	-
Reference price ²	2.985	4.259	3.349	3.179	3.881	7.063	7.063	7.063
Announcement Date	20-03-29	21-03-22	22-03-15	23-03-17	24-03-12	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	68,677	112,981	173,863	172,991	186,269	206,124	214,993	217,843
EBITDA ¹	5,847	7,087	12,817	14,271	16,167	23,555	27,490	27,864
EBIT ¹	2,222	2,947	8,789	9,889	13,288	18,571	21,915	22,136
Operating Margin	3.23%	2.61%	5.05%	5.72%	7.13%	9.01%	10.19%	10.16%
Earnings before Tax (EBT) ¹	2,358	2,876	8,755	9,804	13,208	17,732	21,243	22,039
Net income ¹	1,857	2,329	5,106	6,067	8,250	10,701	12,630	13,196
Net margin	2.7%	2.06%	2.94%	3.51%	4.43%	5.19%	5.87%	6.06%
EPS ²	0.0900	0.1100	0.2400	0.2800	0.3800	0.5001	0.6124	0.6408
Free Cash Flow ¹	-1,014	984.8	1,930	4,984	3,015	6,740	12,162	12,375
FCF margin	-1.48%	0.87%	1.11%	2.88%	1.62%	3.27%	5.66%	5.68%
FCF Conversion (EBITDA)	-	13.89%	15.06%	34.92%	18.65%	28.62%	44.24%	44.41%
FCF Conversion (Net income)	-	42.29%	37.8%	82.15%	36.55%	62.99%	96.29%	93.78%
Dividend per Share ²	0.0430	0.0330	0.0712	-	0.1542	0.1995	0.2592	0.2579
Announcement Date	20-03-29	21-03-22	22-03-15	23-03-17	24-03-12	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 S1	2025 S2
Net sales ¹	46,744	41,743	-	44,525	47,242	91,767	40,702	40,522	81,224	-	42,443	86,726	44,956	54,587	99,543	54,363	54,363	103,190	56,628	61,158	106,947	118,219	115,809
EBITDA	1,441	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-512	2,024	-	3,268	4,682	7,949	1,506	433.4	1,940	-	1,213	-	3,451	8,188	11,639	3,665	3,665	9,197	3,817	4,123	12,564	19,741	17,910
Operating Margin	-1.1%	4.85%	-	7.34%	9.91%	8.66%	3.7%	1.07%	2.39%	-	2.86%	-	7.68%	15%	11.69%	6.74%	6.74%	8.91%	6.74%	6.74%	11.75%	16.7%	15.47%
Earnings before Tax (EBT)	350.5	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	1,008	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	2.16%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS ²	-	0.0530	0.0750	0.0840	0.1100	0.1900	0.0550	0.0350	0.0900	0.0150	0.0180	0.0330	-	0.2700	0.3500	0.1400	0.1000	0.2100	0.1100	0.1200	0.2900	0.4600	0.4200
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	20-08-30	21-10-27	22-03-15	22-04-26	22-08-21	22-08-21	22-10-23	23-03-17	23-03-17	23-04-28	23-08-25	23-08-25	23-10-27	24-03-12	24-03-12	-	-	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	28,062	27,838	22,309	15,490	18,776	3,833	1,514	5,006
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.8 x	3.928 x	1.741 x	1.085 x	1.161 x	0.1627 x	0.0551 x	0.1796 x
Free Cash Flow ¹	-1,014	985	1,930	4,984	3,015	6,741	12,162	12,375
ROE (net income / shareholders' equity)	4.54%	5.83%	10.4%	13.4%	15%	17.2%	17.2%	16%
ROA (Net income/ Total Assets)	1.7%	1.95%	3.16%	4.01%	4.88%	6.15%	6.64%	6.9%
Assets ¹	109,044	119,670	161,685	151,235	168,997	174,117	190,094	191,250
Book Value Per Share ²	1.890	1.800	1.850	-	2.780	3.050	3.400	3.920
Cash Flow per Share ²	0.0800	0.3900	0.2900	-	0.7200	0.8800	0.8000	0.8900
Capex ¹	2,719	7,508	4,260	10,470	12,527	11,402	8,970	9,174
Capex / Sales	3.96%	6.65%	2.45%	6.05%	6.73%	5.53%	4.17%	4.21%
Announcement Date	20-03-29	21-03-22	22-03-15	23-03-17	24-03-12	-	-	-

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 CMOC Group Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.063 CNY

Average target price

7.418 CNY

Spread / Average Target

+5.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Specialty Mining & Metals Wholesale

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Specialty Mining & Metals Wholesale