Financials CSD Water Service Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
8.4 ^CNY	-1.98%		+2.19%	-14.98%

Apr. 29	CSD Water Service Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 29	CSD Water Service Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	2,007	2,225	2,286	2,308	2,523	2,145	-
Enterprise Value (EV) ¹	2,007	2,225	2,286	2,308	2,523	2,145	2,145
P/E ratio	18 x	16.2 x	14 x	18.4 x	15.4 x	10.6 x	8.94 x
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	-	1.37 x	-	-	1.58 x	1.03 x	0.92 x
EV / Revenue	-	1.37 x	-	-	1.58 x	1.03 x	0.92 x
EV / EBITDA	-	8.85 x	-	-	9.43 x	5.17 x	4.6 x
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	-	2.15 x	-	-	1.42 x	1.12 x	1.03 x
Nbr of stocks (in thousands)	202,460	202,304	202,304	255,319	255,319	255,319	-
Reference price ²	9.914	11.00	11.30	9.040	9.880	8.400	8.400
Announcement Date	4/16/20	3/25/21	4/26/22	4/21/23	4/29/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	-	1,625	-	-	1,599	2,079	2,334
EBITDA ¹	-	251.5	-	-	267.5	414.6	466
EBIT ¹	-	190.8	-	-	200.2	261	307.9
Operating Margin	-	11.74%	-	-	12.52%	12.56%	13.19%
Earnings before Tax (EBT) ¹	-	192.1	-	-	204.7	257.4	304.3
Net income ¹	111.1	137.6	164.2	120.3	163.4	202.8	239.8
Net margin	-	8.47%	-	-	10.22%	9.76%	10.27%
EPS ²	0.5500	0.6800	0.8100	0.4900	0.6400	0.7900	0.9400
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	4/16/20	3/25/21	4/26/22	4/21/23	4/29/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	14.2%	-	-	9.53%	10.9%	12%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-
Book Value Per Share ²	-	5.110	-	-	6.960	7.530	8.150
Cash Flow per Share ²	-	1.580	-	-	0.7800	1.950	2.450
Capex ¹	-	266	-	-	50.4	153	156
Capex / Sales	-	16.4%	-	-	3.15%	7.38%	6.68%
Announcement Date	4/16/20	3/25/21	4/26/22	4/21/23	4/29/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.4 CNY

Average target price

13.63 CNY

Spread / Average Target

+62.26%

	1st Jan change	Capi.
CSD WATER SERVICE CO., LTD.	-14.98%	296M
CHONGQING WATER GROUP CO.,LTD.	-10.23%	3.38B
JIANGXI HONGCHENG ENVIRONMENT CO.,LTD.	+11.71%	1.73B
TIANJIN CAPITAL ENVIRONMENTAL PROTECTION GROUP COMPANY LIMITED	+7.93%	1.16B
CENTRAL PLAINS ENVIRONMENT PROTECTION CO.,LTD.	+13.26%	1.06B
SUNTAR ENVIRONMENTAL TECHNOLOGY CO., LTD.	-0.59%	614M
WUHAN SANZHEN INDUSTRY HOLDING CO.,LTD	-8.42%	608M
SHANGHAI EMPEROR OF CLEANING HI-TECH CO., LTD	+14.04%	588M
WUHAN TIANYUAN ENVIRONMENTAL PROTECTION CO.,LTD	-14.10%	548M
GUANGXI NANNING WATERWORKS CO.,LTD.	-18.13%	534M