Financials Shaanxi Coal Industry Company Limited

Equities

601225

CNE100001T64

Coal

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
25.06 ^CNY	-0.63%		-7.97%	+19.96%

Apr. 25	Shaanxi Coal Industry Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 11	Shaanxi Coal Industry's Coal Sales Fall 12.8% in February; Shares Drop 4%	MT

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	74,400	87,158	90,551	118,279	180,133	242,957	242,957	-
Enterprise Value (EV) ¹	78,800	83,427	79,357	72,174	139,622	185,306	125,564	151,824
P/E ratio	6.76 x	7.62 x	6.06 x	5.6 x	5.13 x	9.54 x	10.7 x	10 x
Yield	4.44%	4%	8.57%	11.1%	11.7%	6.29%	5.66%	5.75%
Capitalization / Revenue	1.3 x	1.19 x	0.95 x	0.78 x	1.08 x	1.19 x	1.46 x	1.47 x
EV / Revenue	1.38 x	1.14 x	0.84 x	0.47 x	0.84 x	1.08 x	0.76 x	0.92 x
EV / EBITDA	3.3 x	3.27 x	2.6 x	1.57 x	1.86 x	3.43 x	2.16 x	2.58 x
EV / FCF	5.13 x	5.8 x	6.08 x	1.67 x	3.04 x	6.66 x	4 x	4.69 x
FCF Yield	19.5%	17.2%	16.5%	59.8%	32.9%	15%	25%	21.3%
Price to Book	1.47 x	1.54 x	1.33 x	1.39 x	1.75 x	2.27 x	2.1 x	1.89 x
Nbr of stocks (in thousands)	10,000,000	9,695,000	9,695,000	9,695,000	9,695,000	9,695,000	9,695,000	-
Reference price ²	7.440	8.990	9.340	12.20	18.58	25.06	25.06	25.06
Announcement Date	1/24/19	2/26/20	2/25/21	2/23/22	3/6/23	3/14/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	57,224	73,403	94,860	152,266	166,848	170,872	166,125	165,282
EBITDA ¹	23,849	25,523	30,536	46,054	75,210	53,979	58,165	58,818
EBIT ¹	19,061	19,674	24,030	41,394	64,582	42,508	44,135	46,467
Operating Margin	33.31%	26.8%	25.33%	27.19%	38.71%	24.88%	26.57%	28.11%
Earnings before Tax (EBT) ¹	18,748	19,390	24,008	40,689	64,063	42,274	45,210	46,417
Net income ¹	10,993	11,643	14,883	21,140	35,123	21,239	22,747	24,300
Net margin	19.21%	15.86%	15.69%	13.88%	21.05%	12.43%	13.69%	14.7%
EPS ²	1.100	1.180	1.540	2.180	3.620	2.190	2.345	2.507
Free Cash Flow ¹	15,348	14,376	13,061	43,177	45,973	27,812	31,363	32,383
FCF margin	26.82%	19.58%	13.77%	28.36%	27.55%	16.28%	18.88%	19.59%
FCF Conversion (EBITDA)	64.35%	56.33%	42.77%	93.75%	61.13%	51.53%	53.92%	55.06%
FCF Conversion (Net income)	139.62%	123.47%	87.76%	204.25%	130.89%	130.95%	137.88%	133.26%
Dividend per Share ²	0.3300	0.3600	0.8000	1.350	2.180	1.315	1.419	1.441
Announcement Date	1/24/19	2/26/20	2/25/21	2/23/22	3/6/23	3/14/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	30,956	39,569	44,121	47,049	36,109	44,809	45,853	36,771	43,440	40,449	39,815	43,411	42,479	-	-
EBITDA ¹	-	17,200	14,512	15,743	15,410	29,545	-	-	-	-	-	10,508	10,900	22,101	-	-
EBIT ¹	-	14,115	11,256	29,571	9,112	14,642	13,109	9,636	9,064	10,699	9,280	7,574	7,854	18,969	-	-
Operating Margin	-	45.6%	28.45%	67.02%	19.37%	40.55%	29.26%	21.01%	24.65%	24.63%	22.94%	19.02%	18.09%	44.66%	-	-
Earnings before Tax (EBT) ¹	-	13,536	11,246	29,553	9,067	14,197	13,073	9,607	9,053	10,541	9,274	8,275	8,554	18,246	-	-
Net income ¹	5,871	6,882	5,694	18,904	3,709	6,816	6,911	4,668	4,601	5,059	4,652	3,992	4,233	9,252	-	-
Net margin	-	22.23%	14.39%	42.85%	7.88%	18.88%	15.42%	10.18%	12.51%	11.65%	11.5%	10.03%	9.75%	21.78%	-	-
EPS ²	-	0.7100	0.5900	1.950	0.3800	0.7000	0.7100	0.4800	0.4800	0.5200	0.4800	0.4118	0.4367	-	-	-
Dividend per Share ²	-	0.1350	-	-	-	2.180	-	-	-	-	-	0.3260	0.3260	0.3260	0.3011	0.3011
Announcement Date	8/15/19	2/23/22	4/27/22	8/30/22	10/28/22	3/6/23	4/26/23	8/30/23	10/27/23	3/14/24	4/25/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	4,400	-	-	-	-	-	-	-
Net Cash position ¹	-	3,731	11,194	46,105	40,511	17,223	117,393	91,133
Leverage (Debt/EBITDA)	0.1845 x	-	-	-	-	-	-	-
Free Cash Flow ¹	15,348	14,376	13,061	43,177	45,973	27,812	31,363	32,383
ROE (net income / shareholders' equity)	22.9%	21.5%	23.2%	27.2%	35.3%	20.7%	22.4%	18.3%
ROA (Net income/ Total Assets)	9.74%	9.42%	10.7%	12.6%	-	10.6%	10.4%	9.96%
Assets ¹	112,889	123,603	138,456	167,271	-	216,605	218,593	244,016
Book Value Per Share ²	5.070	5.830	7.020	8.810	10.60	9.210	12.00	13.20
Cash Flow per Share ²	1.980	1.920	2.110	5.270	5.790	3.980	5.730	4.780
Capex ¹	4,410	4,824	8,079	7,943	10,166	10,786	12,423	11,480
Capex / Sales	7.71%	6.57%	8.52%	5.22%	6.09%	6.31%	7.48%	6.95%
Announcement Date	1/24/19	2/26/20	2/25/21	2/23/22	3/6/23	3/14/24	-	-

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 Shaanxi Coal Industry Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

25.06 CNY

Average target price

24.66 CNY

Spread / Average Target

-1.58%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Coal

	1st Jan change	Capi.
SHAANXI COAL INDUSTRY COMPANY LIMITED	+19.96%	33.53B
CHINA SHENHUA ENERGY COMPANY LIMITED	+19.44%	104B
PT BAYAN RESOURCES TBK.	-5.15%	38.78B
COAL INDIA LIMITED	+21.22%	33.68B
YANKUANG ENERGY GROUP COMPANY LIMITED	+11.73%	20.45B
CHINA COAL ENERGY COMPANY LIMITED	+7.75%	18.4B
SHANXI LU'AN ENVIRONMENTAL ENERGY DEVELOPMENT CO., LTD.	-4.70%	8.62B
SHANXI COKING COAL ENERGY GROUP CO., LTD.	+6.48%	8.24B
HUAIBEI MINING HOLDINGS CO.,LTD.	+7.46%	6.64B
INNER MONGOLIA YITAI COAL CO.,LTD	+19.73%	5.4B

Other Coal