Financials Jiangxi Copper Company Limited

Equities

358 CNE1000003K3

Specialty Mining & Metals

Market Closed - Hong Kong S.E. Other stock markets 04:08:05 2024-05-31 am EDT			5-day change	1st Jan Change
16.88 ^HKD	-2.20%		-2.65%	+52.90%

May. 20	Tranche Update on Jiangxi Copper Company Limited's Equity Buyback Plan announced on February 19, 2024.	CI
May. 17	Jiangxi Copper Company Limited's Equity Buyback announced on February 19, 2024, has closed with 10,441,768 shares, representing 0.3% for CNY 258.52 million.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	48,416	55,606	60,457	50,232	51,035	74,321	-	-
Enterprise Value (EV) ¹	80,577	89,070	89,350	70,885	88,233	106,111	101,717	100,317
P/E ratio	13.7 x	16 x	6.09 x	5.88 x	5.15 x	7.13 x	6.74 x	6.87 x
Yield	1.04%	0.98%	4.92%	4.91%	5.98%	4.08%	4.34%	4.14%
Capitalization / Revenue	0.2 x	0.17 x	0.14 x	0.1 x	0.1 x	0.13 x	0.12 x	0.12 x
EV / Revenue	0.34 x	0.28 x	0.2 x	0.15 x	0.17 x	0.19 x	0.17 x	0.17 x
EV / EBITDA	11.1 x	11.2 x	7.6 x	6.54 x	8.53 x	7.96 x	7.34 x	7.09 x
EV / FCF	16,345,005 x	-42,598,036 x	14,504,463 x	13,309,610 x	21,416,925 x	-	-	-
FCF Yield	0%	-0%	0%	0%	0%	-	-	-
Price to Book	0.63 x	0.59 x	0.5 x	0.48 x	0.52 x	0.74 x	0.67 x	0.65 x
Nbr of stocks (in thousands)	3,462,729	3,462,729	3,462,729	3,462,729	3,462,729	3,452,288	-	-
Reference price ²	9.580	10.25	10.17	10.17	10.03	15.63	15.63	15.63
Announcement Date	3/30/20	3/29/21	3/25/22	3/24/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	239,585	317,756	441,614	479,938	520,338	564,389	604,115	595,064
EBITDA ¹	7,236	7,924	11,753	10,831	10,348	13,325	13,850	14,147
EBIT ¹	5,237	5,240	9,005	7,646	7,832	10,604	11,009	11,022
Operating Margin	2.19%	1.65%	2.04%	1.59%	1.51%	1.88%	1.82%	1.85%
Earnings before Tax (EBT) ¹	3,135	3,252	7,417	7,492	8,632	9,782	10,360	9,319
Net income ¹	2,438	2,320	5,773	5,994	6,746	7,696	8,131	7,279
Net margin	1.02%	0.73%	1.31%	1.25%	1.3%	1.36%	1.35%	1.22%
EPS ²	0.7000	0.6400	1.670	1.730	1.950	2.193	2.321	2.275
Free Cash Flow	4,930	-2,091	6,160	5,326	4,120	-	-	-
FCF margin	2.06%	-0.66%	1.39%	1.11%	0.79%	-	-	-
FCF Conversion (EBITDA)	68.13%	-	52.41%	49.17%	39.81%	-	-	-
FCF Conversion (Net income)	202.21%	-	106.72%	88.85%	61.07%	-	-	-
Dividend per Share ²	0.1000	0.1000	0.5000	0.5000	0.6000	0.6372	0.6788	0.6474
Announcement Date	3/30/20	3/29/21	3/25/22	3/24/23	3/27/24	-	-	-

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 S1	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales	134,891	146,625	171,131	226,237	-	215,378	-	-	254,588	-	-	224,690	-	-	267,526	253,589	-	-	273,240	-	-	271,722
EBITDA	-	-	4,989	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	3,551	4,150	-	3,401	-	-	3,565	-	-	2,928	-	-	4,335	4,084	-	-	6,050	-	-	6,830
Operating Margin	-	-	2.07%	1.83%	-	1.58%	-	-	1.4%	-	-	1.3%	-	-	1.62%	1.61%	-	-	2.21%	-	-	2.51%
Earnings before Tax (EBT)	-	-	2,043	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	787	1,441	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	0.54%	0.84%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS ¹	0.2900	0.2300	0.4100	0.9100	0.3300	0.7600	0.4300	0.6100	1.040	0.3700	0.3200	0.6900	0.5100	0.4900	1.000	0.9500	0.5000	0.5700	1.030	0.4900	0.4200	1.270
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/30/20	8/28/20	3/29/21	8/27/21	3/25/22	3/25/22	4/28/22	8/25/22	8/25/22	10/27/22	3/24/23	3/24/23	4/24/23	8/25/23	8/25/23	3/27/24	4/26/24	-	-	-	-	-

¹CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	32,161	33,464	28,893	20,654	37,198	31,790	27,396	25,996
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.445 x	4.223 x	2.458 x	1.907 x	3.595 x	2.386 x	1.978 x	1.838 x
Free Cash Flow	4,930	-2,091	6,160	5,326	4,120	-	-	-
ROE (net income / shareholders' equity)	4.76%	3.96%	8.9%	8.36%	9.57%	10.3%	9.13%	10%
ROA (Net income/ Total Assets)	2.05%	1.62%	3.82%	3.3%	4.02%	5.12%	3.62%	5.48%
Assets ¹	118,890	143,678	150,959	181,668	167,740	150,319	224,928	132,836
Book Value Per Share ²	15.20	17.30	20.20	21.20	19.50	21.10	23.40	24.20
Cash Flow per Share ²	2.380	-0.6500	2.610	3.070	3.160	2.400	3.570	2.910
Capex ¹	3,323	3,473	2,761	5,105	6,811	8,973	5,498	6,040
Capex / Sales	1.39%	1.09%	0.63%	1.06%	1.31%	1.59%	0.91%	1.02%
Announcement Date	3/30/20	3/29/21	3/25/22	3/24/23	3/27/24	-	-	-

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

Ratings for Jiangxi Copper Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

15.63 CNY

Average target price

17.36 CNY

Spread / Average Target

+11.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Specialty Mining & Metals

	1st Jan change	Capi.
JIANGXI COPPER COMPANY LIMITED	+52.90%	10.26B
SOUTHERN COPPER CORPORATION	+39.26%	92.67B
FREEPORT-MCMORAN INC.	+23.87%	75.75B
MINING AND METALLURGICAL COMPANY NORILSK NICKEL	-.--%	28.28B
BOLIDEN	+16.63%	9.52B
SUMITOMO METAL MINING CO., LTD.	+20.47%	8.94B
KOREA ZINC INC.	+5.82%	7.89B
WESTERN MINING CO.,LTD.	+30.27%	6.12B
JINDUICHENG MOLYBDENUM CO., LTD.	+23.28%	5.19B
PT PETRINDO JAYA KREASI TBK	-44.13%	5.19B

Other Specialty Mining & Metals