Financials CMOC Group Limited Shanghai S.E.

Equities

603993

CNE100001NR0

Specialty Mining & Metals

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
8.98 ^CNY	-0.33%		-2.29%	+72.69%

Apr. 29	CMOC Group Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 25	Analysis-BHP's proposed bid for Anglo American is a big bet on copper	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	88,742	126,809	110,936	91,829	106,182	183,815	-	-
Enterprise Value (EV) ¹	116,804	154,647	133,244	107,319	124,958	187,229	184,691	192,097
P/E ratio	33.2 x	38.7 x	14 x	11.4 x	10.2 x	13.8 x	11.1 x	10.6 x
Yield	1.44%	0.77%	2.13%	-	3.97%	2.93%	3.61%	3.84%
Capitalization / Revenue	1.29 x	1.12 x	0.64 x	0.53 x	0.57 x	0.89 x	0.85 x	0.84 x
EV / Revenue	1.7 x	1.37 x	0.77 x	0.62 x	0.67 x	0.9 x	0.86 x	0.87 x
EV / EBITDA	20 x	21.8 x	10.4 x	7.52 x	7.73 x	7.81 x	6.64 x	6.73 x
EV / FCF	-115 x	157 x	69 x	21.5 x	41.4 x	27.8 x	15.2 x	15.5 x
FCF Yield	-0.87%	0.64%	1.45%	4.64%	2.41%	3.6%	6.58%	6.44%
Price to Book	1.58 x	2.36 x	1.81 x	-	1.39 x	2.19 x	1.96 x	1.74 x
Nbr of stocks (in thousands)	21,599,241	21,550,727	21,450,727	21,394,310	21,394,310	21,394,310	-	-
Reference price ²	2.985	4.259	3.349	3.179	3.881	6.867	6.867	6.867
Announcement Date	3/29/20	3/22/21	3/15/22	3/17/23	3/12/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	68,677	112,981	173,863	172,991	186,269	207,160	215,912	219,567
EBITDA ¹	5,847	7,087	12,817	14,271	16,167	23,976	27,803	28,525
EBIT ¹	2,222	2,947	8,789	9,889	13,288	18,724	21,994	22,445
Operating Margin	3.23%	2.61%	5.05%	5.72%	7.13%	9.04%	10.19%	10.22%
Earnings before Tax (EBT) ¹	2,358	2,876	8,755	9,804	13,208	17,914	21,323	22,330
Net income ¹	1,857	2,329	5,106	6,067	8,250	10,809	12,708	13,417
Net margin	2.7%	2.06%	2.94%	3.51%	4.43%	5.22%	5.89%	6.11%
EPS ²	0.0900	0.1100	0.2400	0.2800	0.3800	0.4969	0.6187	0.6506
Free Cash Flow ¹	-1,014	984.8	1,930	4,984	3,015	6,740	12,162	12,375
FCF margin	-1.48%	0.87%	1.11%	2.88%	1.62%	3.25%	5.63%	5.64%
FCF Conversion (EBITDA)	-	13.89%	15.06%	34.92%	18.65%	28.11%	43.74%	43.38%
FCF Conversion (Net income)	-	42.29%	37.8%	82.15%	36.55%	62.36%	95.7%	92.23%
Dividend per Share ²	0.0430	0.0330	0.0712	-	0.1542	0.2015	0.2479	0.2634
Announcement Date	3/29/20	3/22/21	3/15/22	3/17/23	3/12/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 S1	2025 S2
Net sales ¹	46,744	-	44,525	47,242	91,767	40,702	40,522	81,224	-	42,443	86,726	44,956	54,587	99,543	46,121	54,363	103,190	56,628	61,158	106,947	118,219	115,809
EBITDA	1,441	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-512	-	3,268	4,682	7,949	1,506	433.4	1,940	-	1,213	-	3,451	8,188	11,639	3,526	3,665	9,197	3,817	4,123	12,564	19,741	17,910
Operating Margin	-1.1%	-	7.34%	9.91%	8.66%	3.7%	1.07%	2.39%	-	2.86%	-	7.68%	15%	11.69%	7.65%	6.74%	8.91%	6.74%	6.74%	11.75%	16.7%	15.47%
Earnings before Tax (EBT)	350.5	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	1,008	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	2.16%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS ²	-	0.0750	0.0840	0.1100	0.1900	0.0550	0.0350	0.0900	0.0150	0.0180	0.0330	-	0.2700	0.3500	-	0.1000	0.2100	0.1100	0.1200	0.2900	0.4600	0.4200
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/30/20	3/15/22	4/26/22	8/21/22	8/21/22	10/23/22	3/17/23	3/17/23	4/28/23	8/25/23	8/25/23	10/27/23	3/12/24	3/12/24	4/30/24	-	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	28,062	27,838	22,309	15,490	18,776	3,414	877	8,282
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.8 x	3.928 x	1.741 x	1.085 x	1.161 x	0.1424 x	0.0315 x	0.2903 x
Free Cash Flow ¹	-1,014	985	1,930	4,984	3,015	6,741	12,162	12,375
ROE (net income / shareholders' equity)	4.54%	5.83%	10.4%	13.4%	15%	17.2%	17.2%	16.1%
ROA (Net income/ Total Assets)	1.7%	1.95%	3.16%	4.01%	4.88%	6.1%	6.45%	6.75%
Assets ¹	109,044	119,670	161,685	151,235	168,997	177,193	196,973	198,825
Book Value Per Share ²	1.890	1.800	1.850	-	2.780	3.130	3.510	3.940
Cash Flow per Share ²	0.0800	0.3900	0.2900	-	0.7200	0.8900	0.8000	0.9400
Capex ¹	2,719	7,508	4,260	10,470	12,527	11,450	9,546	9,689
Capex / Sales	3.96%	6.65%	2.45%	6.05%	6.73%	5.53%	4.42%	4.41%
Announcement Date	3/29/20	3/22/21	3/15/22	3/17/23	3/12/24	-	-	-

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 CMOC Group Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.867 CNY

Average target price

7.751 CNY

Spread / Average Target

+12.88%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Specialty Mining & Metals Wholesale

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Specialty Mining & Metals Wholesale