Financials Metallurgical Corporation of China Ltd. Shanghai S.E.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
3.34 ^CNY	+0.91%		-3.75%	+9.15%

Apr. 15	MCC Logs Nearly 3% Decline in Newly Signed Contracts in Q1	MT
Apr. 15	Metallurgical Corporation of China Ltd Signs Contracts from January to March 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	60,943	61,814	89,643	69,147	64,547	68,952	-	-
Enterprise Value (EV) ¹	106,214	79,341	112,207	88,332	96,269	57,639	37,884	68,952
P/E ratio	5.92 x	-	-	-	-	3.2 x	2.95 x	2.75 x
Yield	4.5%	6.48%	-	-	-	8.1%	-	-
Capitalization / Revenue	0.16 x	0.13 x	0.15 x	0.1 x	0.09 x	0.09 x	0.08 x	0.08 x
EV / Revenue	0.29 x	0.17 x	0.18 x	0.13 x	0.14 x	0.08 x	0.05 x	0.08 x
EV / EBITDA	7.63 x	4.35 x	5.16 x	4.01 x	5 x	2.33 x	1.28 x	2.29 x
EV / FCF	-	-	-	5.4 x	53.1 x	17.6 x	2.65 x	4.6 x
FCF Yield	-	-	-	18.5%	1.88%	5.67%	37.7%	21.7%
Price to Book	0.34 x	-	-	-	-	0.2 x	0.19 x	0.18 x
Nbr of stocks (in thousands)	20,723,619	20,723,619	20,723,619	20,723,619	20,723,619	20,723,619	-	-
Reference price ²	1.750	1.370	1.990	1.730	1.520	1.580	1.580	1.580
Announcement Date	3/31/20	3/29/21	3/29/22	3/29/23	3/28/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	370,645	473,339	615,067	675,623	686,418	738,452	828,677	836,400
EBITDA ¹	13,930	18,259	21,751	22,020	19,255	24,767	29,684	30,126
EBIT ¹	10,225	13,975	17,402	17,538	14,853	16,326	20,807	19,922
Operating Margin	2.76%	2.95%	2.83%	2.6%	2.16%	2.21%	2.51%	2.38%
Earnings before Tax (EBT) ¹	10,707	14,098	17,217	17,547	14,906	18,838	20,766	19,904
Net income ¹	7,198	9,301	10,291	11,710	9,389	9,934	12,469	12,227
Net margin	1.94%	1.96%	1.67%	1.73%	1.37%	1.35%	1.5%	1.46%
EPS ²	0.2955	-	-	-	-	0.4930	0.5360	0.5740
Free Cash Flow ¹	-	-	-	16,351	1,813	3,269	14,290	14,986
FCF margin	-	-	-	2.42%	0.26%	0.44%	1.72%	1.79%
FCF Conversion (EBITDA)	-	-	-	74.26%	9.41%	13.2%	48.14%	49.74%
FCF Conversion (Net income)	-	-	-	139.63%	19.31%	32.91%	114.6%	122.57%
Dividend per Share ²	0.0788	0.0887	-	-	-	0.1280	-	-
Announcement Date	3/31/20	3/29/21	3/29/22	3/29/23	3/28/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	45,271	17,527	22,563	19,186	31,722	-	-	-
Net Cash position ¹	-	-	-	-	-	11,313	31,068	-
Leverage (Debt/EBITDA)	3.25 x	0.9599 x	1.037 x	0.8713 x	1.647 x	-	-	-
Free Cash Flow ¹	-	-	-	16,351	1,813	3,269	14,290	14,986
ROE (net income / shareholders' equity)	7.99%	8.93%	8.16%	10.5%	7.23%	6.18%	7.07%	6.55%
ROA (Net income/ Total Assets)	1.47%	1.63%	1.6%	1.82%	1.39%	1.66%	1.73%	1.87%
Assets ¹	489,358	570,616	644,998	643,415	675,480	599,311	719,708	655,587
Book Value Per Share ²	5.170	-	-	-	-	8.010	8.450	8.940
Cash Flow per Share ²	0.9300	1.600	-	-	-	1.490	-	-
Capex ¹	3,836	4,247	3,694	4,343	4,567	2,761	2,728	2,498
Capex / Sales	1.03%	0.9%	0.6%	0.64%	0.67%	0.37%	0.33%	0.3%
Announcement Date	3/31/20	3/29/21	3/29/22	3/29/23	3/28/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.58 HKD

Average target price

2.07 HKD

Spread / Average Target

+31.01%

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