Financials Jiangxi Wannianqing Cement Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 18:00:00 2024-06-23 EDT			5-day change	1st Jan Change
4.45 ^CNY	-4.91%		-2.84%	-35.13%

05-24	Jiangxi Wannianqing Cement Co., Ltd. Implements Final Cash Dividend Plan on A Shares for the Year 2023, Payable on 30 May 2024	CI
04-25	Jiangxi Wannianqing Cement Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2023	2024	2025	2026
Capitalization ¹	9,736	10,605	9,744	5,470	3,596	-	-
Enterprise Value (EV) ¹	7,873	8,542	9,744	5,470	3,596	3,596	3,596
P/E ratio	7.11 x	7.52 x	6.41 x	23.4 x	11.9 x	10.6 x	9.91 x
Yield	5.73%	5.26%	6.55%	-	-	-	-
Capitalization / Revenue	0.85 x	0.85 x	0.69 x	0.67 x	0.45 x	0.44 x	0.44 x
EV / Revenue	0.85 x	0.85 x	0.69 x	0.67 x	0.45 x	0.44 x	0.44 x
EV / EBITDA	3.03 x	3.19 x	2.72 x	4.57 x	2.33 x	2.09 x	1.99 x
EV / FCF	6,602,030 x	14,367,211 x	13,649,234 x	-	-	-	-
FCF Yield	0%	0%	0%	-	-	-	-
Price to Book	1.92 x	1.7 x	1.34 x	0.78 x	0.5 x	0.48 x	0.47 x
Nbr of stocks (in thousands)	797,374	797,374	797,401	797,403	797,403	-	-
Reference price ²	12.21	13.30	12.22	6.860	4.510	4.510	4.510
Announcement Date	20-03-25	21-03-26	22-03-25	24-03-27	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2023	2024	2025	2026
Net sales ¹	11,390	12,529	14,205	8,190	7,947	8,088	8,216
EBITDA ¹	3,210	3,324	3,588	1,196	1,542	1,722	1,805
EBIT ¹	2,804	2,907	3,054	510.4	587.4	650.1	713.1
Operating Margin	24.62%	23.2%	21.5%	6.23%	7.39%	8.04%	8.68%
Earnings before Tax (EBT) ¹	2,673	2,861	3,035	508.5	614.6	680.8	742
Net income ¹	1,369	1,481	1,593	228.6	304.7	335.4	363.9
Net margin	12.02%	11.82%	11.22%	2.79%	3.83%	4.15%	4.43%
EPS ²	1.717	1.768	1.906	0.2936	0.3800	0.4250	0.4550
Free Cash Flow	1,475	738.1	713.9	-	-	-	-
FCF margin	12.95%	5.89%	5.03%	-	-	-	-
FCF Conversion (EBITDA)	45.93%	22.2%	19.89%	-	-	-	-
FCF Conversion (Net income)	107.72%	49.86%	44.81%	-	-	-	-
Dividend per Share	0.7000	0.7000	0.8000	-	-	-	-
Announcement Date	20-03-25	21-03-26	22-03-25	24-03-27	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	1,863	2,063	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	1,475	738	714	-	-	-	-
ROE (net income / shareholders' equity)	30%	26%	23.2%	3.3%	4.07%	4.35%	4.55%
ROA (Net income/ Total Assets)	12.5%	11%	-	-	-	-	-
Assets ¹	10,930	13,472	-	-	-	-	-
Book Value Per Share ²	6.350	7.830	9.120	8.750	9.070	9.340	9.690
Cash Flow per Share ²	3.080	-	2.350	0.9600	1.620	0.4800	2.140
Capex ¹	1,018	1,499	1,159	601	1,339	775	754
Capex / Sales	8.93%	11.96%	8.16%	7.34%	16.85%	9.59%	9.18%
Announcement Date	20-03-25	21-03-26	22-03-25	24-03-27	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4.51 CNY

Average target price

7.165 CNY

Spread / Average Target

+58.87%

	1st Jan change	Capi.
JIANGXI WANNIANQING CEMENT CO., LTD.	-35.13%	495M
HOLCIM LTD	+18.30%	49.16B
ANHUI CONCH CEMENT COMPANY LIMITED	+5.21%	16.05B
JAMES HARDIE INDUSTRIES PLC	-14.85%	14.21B
SHREE CEMENT LIMITED	-4.03%	11.77B
TCC GROUP HOLDINGS CO., LTD.	-1.00%	7.99B
DANGOTE CEMENT PLC	+105.28%	7.11B
BUZZI S.P.A.	+32.53%	7.34B
EAGLE MATERIALS INC.	+5.15%	7.22B
TIANSHAN MATERIAL CO., LTD.	-17.51%	6.66B