Financials Anhui Conch Cement Company Limited Shanghai S.E.

Equities

600585

CNE0000019V8

Construction Materials

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
22.77 ^CNY	+0.93%		-1.98%	+0.93%

Apr. 26	Anhui Conch Cement Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 23	Anhui Conch Cement Company Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 03 July 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	285,089	259,475	202,461	140,675	111,321	112,052	-	-
Enterprise Value (EV) ¹	241,399	207,751	144,780	104,889	65,883	70,966	75,814	78,104
P/E ratio	7.99 x	6.16 x	5.05 x	8.06 x	8.32 x	8.64 x	7.36 x	8.03 x
Yield	3.94%	5.19%	7.5%	-	5.85%	5.78%	6.55%	6.09%
Capitalization / Revenue	1.82 x	1.47 x	1.21 x	1.07 x	0.79 x	0.8 x	0.8 x	0.79 x
EV / Revenue	1.54 x	1.18 x	0.86 x	0.79 x	0.47 x	0.51 x	0.54 x	0.55 x
EV / EBITDA	4.89 x	4.02 x	2.91 x	3.9 x	3.2 x	3.73 x	3.37 x	3.59 x
EV / FCF	7.85 x	8.08 x	7.5 x	-6.27 x	13.4 x	7.8 x	8.27 x	10.8 x
FCF Yield	12.7%	12.4%	13.3%	-16%	7.45%	12.8%	12.1%	9.29%
Price to Book	1.96 x	1.34 x	0.92 x	-	0.47 x	0.46 x	0.44 x	0.44 x
Nbr of stocks (in thousands)	5,299,303	5,299,303	5,299,303	5,299,303	5,284,238	5,277,060	-	-
Reference price ²	50.76	40.86	31.74	24.11	16.40	16.53	16.53	16.53
Announcement Date	3/20/20	3/5/21	3/25/22	3/27/23	3/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	157,030	176,243	167,953	132,022	140,999	140,220	140,879	141,179
EBITDA ¹	49,328	51,700	49,784	26,881	20,583	19,046	22,528	21,759
EBIT ¹	44,057	46,271	43,827	20,092	13,138	12,301	14,707	13,864
Operating Margin	28.06%	26.25%	26.1%	15.22%	9.32%	8.77%	10.44%	9.82%
Earnings before Tax (EBT) ¹	44,557	47,108	44,152	20,015	13,600	13,241	16,839	15,124
Net income ¹	33,593	35,130	33,267	15,661	10,430	11,115	12,954	11,637
Net margin	21.39%	19.93%	19.81%	11.86%	7.4%	7.93%	9.2%	8.24%
EPS ²	6.350	6.630	6.280	2.990	1.970	1.914	2.246	2.060
Free Cash Flow ¹	30,738	25,717	19,313	-16,739	4,910	9,101	9,167	7,258
FCF margin	19.57%	14.59%	11.5%	-12.68%	3.48%	6.49%	6.51%	5.14%
FCF Conversion (EBITDA)	62.31%	49.74%	38.79%	-	23.85%	47.78%	40.69%	33.36%
FCF Conversion (Net income)	91.5%	73.21%	58.05%	-	47.07%	81.88%	70.76%	62.37%
Dividend per Share ²	2.000	2.120	2.380	-	0.9600	0.9559	1.083	1.007
Announcement Date	3/20/20	3/5/21	3/25/22	3/27/23	3/19/24	-	-	-

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 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 S1	2025 S2
Net sales ¹	85,387	74,007	102,236	80,433	46,242	87,520	25,462	30,814	56,276	29,052	46,693	75,746	31,368	34,068	65,436	33,607	41,956	21,328	32,938	64,750	32,492	40,564	71,919	65,553	71,038
EBITDA	-	-	27,262	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	25,126	19,702	14,870	24,544	6,434	6,542	12,976	3,189	4,252	6,823	2,996	5,936	-	-	13,127	1,708	2,078	2,098	1,127	4,265	4,067	2,985	4,316
Operating Margin	-	-	24.58%	24.49%	32.16%	28.04%	25.27%	21.23%	23.06%	10.98%	9.11%	9.01%	9.55%	17.43%	-	-	31.29%	8.01%	6.31%	3.24%	3.47%	10.51%	5.66%	4.55%	6.08%
Earnings before Tax (EBT) ¹	-	-	32,280	-	14,432	-	6,684	7,440	-	3,362	3,677	-	-	-	-	-	-	1,916	2,674	-	1,723	4,861	-	-	-
Net income ¹	-	-	19,060	-	10,877	-	4,925	4,915	-	2,579	3,242	-	-	4,205	6,756	2,204	1,758	1,502	2,110	-	1,266	3,762	-	-	-
Net margin	-	-	18.64%	-	23.52%	-	19.34%	15.95%	-	8.88%	6.94%	-	-	12.34%	10.32%	6.56%	4.19%	7.04%	6.41%	-	3.9%	9.27%	-	-	-
EPS ²	3.470	3.040	3.590	2.820	-	3.460	-	-	1.860	-	-	1.130	0.4800	0.7900	-	-	0.3300	-	0.5000	0.4600	0.4100	0.4200	0.8000	0.6200	0.8300
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/20/20	8/21/20	3/5/21	8/27/21	3/25/22	3/25/22	4/28/22	8/25/22	8/25/22	10/27/22	3/27/23	3/27/23	4/26/23	8/21/23	8/21/23	10/27/23	3/19/24	4/26/24	-	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	43,690	51,723	57,681	35,787	45,438	41,086	36,238	33,949
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	30,738	25,717	19,313	-16,739	4,910	9,101	9,167	7,259
ROE (net income / shareholders' equity)	26.9%	23.5%	19.3%	8.5%	5.8%	5.3%	6.13%	5.78%
ROA (Net income/ Total Assets)	20.5%	18.5%	15.4%	6.34%	4.36%	4.06%	5.19%	4.43%
Assets ¹	164,344	189,880	215,965	247,128	239,141	273,760	249,485	262,987
Book Value Per Share ²	25.90	30.50	34.60	-	35.00	36.00	37.50	37.80
Cash Flow per Share ²	7.690	6.570	6.400	-	3.600	3.850	4.150	3.830
Capex ¹	10,000	9,080	14,587	26,388	14,167	15,860	14,584	12,833
Capex / Sales	6.37%	5.15%	8.69%	19.99%	10.05%	11.31%	10.35%	9.09%
Announcement Date	3/20/20	3/5/21	3/25/22	3/27/23	3/19/24	-	-	-

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 Anhui Conch Cement Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

16.53 CNY

Average target price

20.17 CNY

Spread / Average Target

+22.00%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Cement & Concrete Manufacturing

	1st Jan change	Capi.
HOLCIM LTD	+19.81%	48.58B
JAMES HARDIE INDUSTRIES PLC	-2.89%	15.52B
SHREE CEMENT LIMITED	-15.75%	10.44B
EAGLE MATERIALS INC.	+26.55%	8.84B
DANGOTE CEMENT PLC	+105.28%	8.27B
XINJIANGTIANSHAN CEMENT CO.,LTD	-0.30%	7.96B
TAIWAN CEMENT CORP.	-8.75%	7.34B
BUZZI S.P.A.	+23.60%	6.73B
ACC LTD	+14.55%	5.7B

Cement & Concrete Manufacturing