WEST CHINA CEMENT LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1.03 HKD | -3.74% |
|
-5.50% | +51.47% |
| 05-24 | West China Cement Limited Approves Final Dividend for the Year Ended 31 December 2023, Payable on 31 July 2024 | CI |
| 04-16 | West China Cement Limited Announces Directorate Changes | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 6,217 | 5,264 | 6,160 | 4,419 | 3,362 | 5,226 | - | - |
| Enterprise Value (EV) 1 | 8,274 | 8,225 | 11,069 | 11,906 | 11,918 | 13,386 | 10,840 | 8,074 |
| P/E ratio | 3.46 x | 3.37 x | 3.89 x | 3.63 x | 8.03 x | 3.72 x | 2.51 x | 1.84 x |
| Yield | 8.65% | 8.89% | 7.68% | 8.25% | 3.72% | 8.35% | 13.2% | 18.1% |
| Capitalization / Revenue | 0.86 x | 0.74 x | 0.77 x | 0.52 x | 0.37 x | 0.46 x | 0.37 x | 0.31 x |
| EV / Revenue | 1.14 x | 1.15 x | 1.38 x | 1.4 x | 1.32 x | 1.17 x | 0.76 x | 0.48 x |
| EV / EBITDA | 2.68 x | 2.74 x | 3.46 x | 3.78 x | 4.04 x | 3.19 x | 2.05 x | 1.27 x |
| EV / FCF | 8.41 x | - | - | -13.1 x | -71.8 x | 125 x | 2.82 x | 2.04 x |
| FCF Yield | 11.9% | - | - | -7.62% | -1.39% | 0.8% | 35.5% | 49.1% |
| Price to Book | 0.68 x | 0.51 x | 0.54 x | 0.37 x | 0.27 x | 0.39 x | 0.35 x | 0.31 x |
| Nbr of stocks (in thousands) | 5,435,133 | 5,438,883 | 5,438,883 | 5,438,883 | 5,438,883 | 5,454,333 | - | - |
| Reference price 2 | 1.144 | 0.9679 | 1.133 | 0.8125 | 0.6181 | 0.9582 | 0.9582 | 0.9582 |
| Announcement Date | 3/31/20 | 3/29/21 | 3/27/22 | 3/27/23 | 3/18/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 7,247 | 7,131 | 8,003 | 8,489 | 9,021 | 11,454 | 14,202 | 16,885 |
| EBITDA 1 | 3,083 | 2,997 | 3,195 | 3,147 | 2,949 | 4,193 | 5,300 | 6,334 |
| EBIT 1 | 2,217 | 1,878 | 2,110 | 2,077 | 1,944 | 2,557 | 3,715 | 4,902 |
| Operating Margin | 30.59% | 26.34% | 26.37% | 24.47% | 21.55% | 22.33% | 26.16% | 29.03% |
| Earnings before Tax (EBT) 1 | 2,244 | 1,847 | 2,084 | 1,513 | 954.3 | 2,265 | 3,332 | 4,479 |
| Net income 1 | 1,801 | 1,560 | 1,585 | 1,215 | 421.3 | 1,402 | 2,083 | 2,828 |
| Net margin | 24.85% | 21.88% | 19.81% | 14.31% | 4.67% | 12.24% | 14.67% | 16.75% |
| EPS 2 | 0.3310 | 0.2870 | 0.2910 | 0.2240 | 0.0770 | 0.2575 | 0.3825 | 0.5200 |
| Free Cash Flow 1 | 984.2 | - | - | -907.6 | -165.9 | 107 | 3,849 | 3,961 |
| FCF margin | 13.58% | - | - | -10.69% | -1.84% | 0.93% | 27.1% | 23.46% |
| FCF Conversion (EBITDA) | 31.92% | - | - | - | - | 2.55% | 72.62% | 62.54% |
| FCF Conversion (Net income) | 54.64% | - | - | - | - | 7.63% | 184.77% | 140.06% |
| Dividend per Share 2 | 0.0990 | 0.0860 | 0.0870 | 0.0670 | 0.0230 | 0.0800 | 0.1267 | 0.1733 |
| Announcement Date | 3/31/20 | 3/29/21 | 3/27/22 | 3/27/23 | 3/18/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 | 2025 S1 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,937 | 3,009 | 4,122 | 4,233 | 3,770 | 4,152 | 4,337 | 4,398 | 4,623 | 5,447 | 5,909 | 7,088 | 7,737 |
| EBITDA | - | 1,360 | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | - | - | 1,162 | 947.6 | 1,110 | 967.1 | 822 | 1,122 | 969.3 | 1,126 | 1,484 | 1,656 |
| Operating Margin | - | - | - | 27.46% | 25.13% | 26.73% | 22.3% | 18.69% | 24.27% | 17.8% | 19.06% | 20.93% | 21.4% |
| Earnings before Tax (EBT) | - | 885.6 | - | - | - | - | - | - | - | - | - | - | - |
| Net income | - | 752.3 | - | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | 25% | - | - | - | - | - | - | - | - | - | - | - |
| EPS | - | - | - | - | - | 0.1210 | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 3/31/20 | 8/24/20 | 3/29/21 | 8/30/21 | 3/27/22 | 8/29/22 | 3/27/23 | 8/21/23 | 3/18/24 | - | - | - | - |
1CNY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 2,057 | 2,961 | 4,909 | 7,487 | 8,556 | 8,160 | 5,613 | 2,848 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.6672 x | 0.988 x | 1.536 x | 2.379 x | 2.902 x | 1.946 x | 1.059 x | 0.4496 x |
| Free Cash Flow 1 | 984 | - | - | -908 | -166 | 107 | 3,849 | 3,961 |
| ROE (net income / shareholders' equity) | 21.7% | 16.1% | 14.6% | 10.4% | 5.17% | 11.3% | 14.7% | 16.7% |
| ROA (Net income/ Total Assets) | 13.4% | 9.32% | 6.96% | 4.27% | 1.99% | 9% | 12% | 17% |
| Assets 1 | 13,486 | 16,743 | 22,777 | 28,444 | 21,160 | 15,578 | 17,359 | 16,635 |
| Book Value Per Share 2 | 1.670 | 1.900 | 2.080 | 2.210 | 2.260 | 2.470 | 2.750 | 3.140 |
| Cash Flow per Share | - | 0.4900 | 0.3600 | 0.3900 | - | - | - | - |
| Capex 1 | 1,615 | 2,675 | 3,562 | 2,905 | 2,866 | 3,117 | 3,117 | 2,617 |
| Capex / Sales | 22.28% | 37.51% | 44.52% | 34.22% | 31.77% | 27.21% | 21.95% | 15.5% |
| Announcement Date | 3/31/20 | 3/29/21 | 3/27/22 | 3/27/23 | 3/18/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
0.9582
CNY
Average target price
1.308
CNY
Spread / Average Target
+36.53%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +51.47% | 720M | |
| +19.21% | 49.44B | |
| +4.21% | 16.58B | |
| -17.10% | 13.4B | |
| -4.36% | 11.83B | |
| -0.57% | 8.06B | |
| +34.64% | 7.29B | |
| +105.28% | 7.42B | |
| +6.72% | 7.33B | |
| -18.86% | 6.47B |
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