Financials Western Mining Co.,Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
20.01 ^CNY	-2.96%		-4.80%	+40.22%

Apr. 25	Western Mining's Q1 Profit Jumps 8% Despite 5% Fall in Operating Income	MT
Apr. 19	Western Mining Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	15,775	29,502	32,433	24,307	34,005	47,684	-	-
Enterprise Value (EV) ¹	15,775	29,502	32,433	24,307	34,005	47,684	47,684	47,684
P/E ratio	15.8 x	32.6 x	11.1 x	7.03 x	12.2 x	13.6 x	11.9 x	11.7 x
Yield	1.51%	0.97%	1.47%	13.7%	3.5%	3.25%	2.91%	4.08%
Capitalization / Revenue	0.52 x	1.03 x	0.84 x	0.61 x	0.8 x	1.02 x	0.98 x	0.95 x
EV / Revenue	0.52 x	1.03 x	0.84 x	0.61 x	0.8 x	1.02 x	0.98 x	0.95 x
EV / EBITDA	-	-	-	-	-	6.04 x	5.23 x	5.24 x
EV / FCF	-	-	6.64 x	2.86 x	10.1 x	7.33 x	6.53 x	-
FCF Yield	-	-	15.1%	35%	9.88%	13.6%	15.3%	-
Price to Book	1.57 x	2.7 x	2.44 x	1.51 x	2.23 x	2.75 x	2.27 x	2.21 x
Nbr of stocks (in thousands)	2,383,000	2,383,000	2,383,000	2,383,000	2,383,000	2,383,000	-	-
Reference price ²	6.620	12.38	13.61	10.20	14.27	20.01	20.01	20.01
Announcement Date	3/12/20	4/28/21	4/22/22	3/24/23	3/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	30,567	28,550	38,401	39,762	42,748	46,755	48,430	50,174
EBITDA ¹	-	-	-	-	-	7,889	9,124	9,092
EBIT ¹	1,404	1,716	5,036	5,509	5,085	5,958	6,867	6,984
Operating Margin	4.59%	6.01%	13.11%	13.86%	11.9%	12.74%	14.18%	13.92%
Earnings before Tax (EBT) ¹	1,544	1,651	5,120	5,662	4,719	5,898	6,886	6,992
Net income ¹	1,007	907.8	2,932	3,446	2,789	3,509	4,009	4,069
Net margin	3.29%	3.18%	7.64%	8.67%	6.52%	7.5%	8.28%	8.11%
EPS ²	0.4200	0.3800	1.230	1.450	1.170	1.472	1.682	1.708
Free Cash Flow ¹	-	-	4,883	8,499	3,360	6,508	7,303	-
FCF margin	-	-	12.72%	21.38%	7.86%	13.92%	15.08%	-
FCF Conversion (EBITDA)	-	-	-	-	-	82.49%	80.04%	-
FCF Conversion (Net income)	-	-	166.52%	246.64%	120.48%	185.48%	182.14%	-
Dividend per Share ²	0.1000	0.1200	0.2000	1.400	0.5000	0.6500	0.5829	0.8167
Announcement Date	3/12/20	4/28/21	4/22/22	3/24/23	3/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	4,883	8,499	3,360	6,508	7,303	-
ROE (net income / shareholders' equity)	10.6%	8.67%	23.9%	23.4%	17.7%	20.7%	19.6%	19.1%
ROA (Net income/ Total Assets)	-	-	-	-	-	6.83%	7.05%	7.22%
Assets ¹	-	-	-	-	-	51,396	56,912	56,334
Book Value Per Share ²	4.210	4.580	5.580	6.770	6.410	7.290	8.830	9.060
Cash Flow per Share ²	1.630	1.380	-	-	2.620	3.280	3.820	3.480
Capex ¹	2,767	4,529	3,069	1,752	2,879	2,885	2,374	2,596
Capex / Sales	9.05%	15.86%	7.99%	4.41%	6.73%	6.17%	4.9%	5.17%
Announcement Date	3/12/20	4/28/21	4/22/22	3/24/23	3/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

20.01 CNY

Average target price

21.47 CNY

Spread / Average Target

+7.30%

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