Stock 600681 BESTSUN ENERGY CO., LTD.
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Financials Bestsun Energy Co., Ltd.

Equities

600681

CNE0000003J7

Natural Gas Utilities

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-28 pm EDT 		5-day change 1st Jan Change
3.91 CNY +1.30% Intraday chart for Bestsun Energy Co., Ltd. +1.03% -0.51%
Apr. 29 Bestsun Energy Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Apr. 17 Bestsun Energy Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 12,213 9,686 7,056 7,537 5,803 5,270
Enterprise Value (EV) 1 12,330 9,927 7,498 8,020 6,866 6,403
P/E ratio 12.1 x 13.3 x 14.1 x 14.2 x 14.7 x 14.3 x
Yield 4.22% 6.25% 6.51% 7.78% 7.03% 7.12%
Capitalization / Revenue 2.57 x 1.98 x 1.64 x 1.63 x 1.16 x 1.01 x
EV / Revenue 2.59 x 2.03 x 1.75 x 1.73 x 1.37 x 1.23 x
EV / EBITDA 9.16 x 8.01 x 7.51 x 8.23 x 8.21 x 7.99 x
EV / FCF 18.1 x 13.3 x 16.3 x 10.7 x 33.4 x 31 x
FCF Yield 5.52% 7.5% 6.13% 9.36% 3% 3.22%
Price to Book 2.72 x 2.14 x 1.66 x 1.92 x 1.56 x 1.45 x
Nbr of stocks (in thousands) 1,444,119 1,424,374 1,391,793 1,363,011 1,358,908 1,340,855
Reference price 2 8.457 6.800 5.070 5.530 4.270 3.930
Announcement Date 2/28/19 4/15/20 3/5/21 3/7/22 3/6/23 4/17/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 4,753 4,882 4,296 4,625 5,010 5,223
EBITDA 1 1,345 1,240 998.1 974.2 836 801.6
EBIT 1 1,193 1,020 755.4 772.5 632.2 583.2
Operating Margin 25.11% 20.89% 17.58% 16.7% 12.62% 11.17%
Earnings before Tax (EBT) 1 1,178 963.3 692.9 743.4 585.8 533.5
Net income 1 1,006 728.3 507.5 537.4 391.2 368.4
Net margin 21.18% 14.92% 11.81% 11.62% 7.81% 7.05%
EPS 2 0.7000 0.5100 0.3600 0.3900 0.2898 0.2748
Free Cash Flow 1 680.9 744.9 459.2 750.5 205.8 206.4
FCF margin 14.33% 15.26% 10.69% 16.23% 4.11% 3.95%
FCF Conversion (EBITDA) 50.61% 60.07% 46.01% 77.03% 24.62% 25.75%
FCF Conversion (Net income) 67.65% 102.28% 90.5% 139.66% 52.61% 56.02%
Dividend per Share 2 0.3571 0.4250 0.3300 0.4300 0.3000 0.2800
Announcement Date 2/28/19 4/15/20 3/5/21 3/7/22 3/6/23 4/17/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 116 242 441 483 1,063 1,133
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 0.0866 x 0.1948 x 0.4421 x 0.4956 x 1.272 x 1.414 x
Free Cash Flow 1 681 745 459 750 206 206
ROE (net income / shareholders' equity) 23.7% 16% 11.6% 13.1% 10.3% 10.1%
ROA (Net income/ Total Assets) 9.35% 7.06% 5.5% 5.97% 4.95% 4.64%
Assets 1 10,761 10,309 9,223 8,996 7,910 7,933
Book Value Per Share 2 3.100 3.180 3.050 2.880 2.740 2.710
Cash Flow per Share 2 0.6200 0.9500 0.4400 0.8100 0.4400 0.5100
Capex 1 561 416 219 232 239 353
Capex / Sales 11.8% 8.51% 5.09% 5.02% 4.77% 6.76%
Announcement Date 2/28/19 4/15/20 3/5/21 3/7/22 3/6/23 4/17/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Natural Gas Distribution

1st Jan change Capi.
BESTSUN ENERGY CO., LTD. Stock Bestsun Energy Co., Ltd.
-0.51% 724M
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+17.81% 5.35B
UGI CORPORATION Stock UGI Corporation
+4.55% 5.39B
GUJARAT GAS LIMITED Stock Gujarat Gas Limited
+19.62% 4.55B
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