Financials Zhejiang Expressway Co., Ltd. London S.E.

Equities

Delayed London S.E. Other stock markets 06:34:13 2021-02-23 am EST			5-day change	1st Jan Change
64.29 ^GBX	+0.33%		-.--%	-.--%

Apr. 02	Zhejiang Expressway's Unit to Acquire Over 19% Stake in Asset Manager	MT
Mar. 27	Zhejiang Expressway Co., Ltd. Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 05 July 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	27,557	23,943	24,595	23,053	28,382	28,517	-	-
Enterprise Value (EV) ¹	66,932	55,664	41,846	48,373	55,407	51,672	48,002	33,817
P/E ratio	7.7 x	8.07 x	5.52 x	4.51 x	4.5 x	5.26 x	4.95 x	4.74 x
Yield	5.59%	6.44%	6.62%	7.06%	6.76%	6.73%	6.73%	6.73%
Capitalization / Revenue	2.31 x	2 x	1.51 x	1.55 x	1.67 x	1.61 x	1.54 x	1.49 x
EV / Revenue	5.6 x	4.66 x	2.57 x	3.25 x	3.27 x	2.92 x	2.59 x	1.76 x
EV / EBITDA	8.72 x	7.72 x	4.02 x	4.18 x	4.43 x	4.13 x	3.64 x	2.46 x
EV / FCF	-112 x	-87.4 x	21.6 x	-	-	7.86 x	9.08 x	4.75 x
FCF Yield	-0.9%	-1.14%	4.63%	-	-	12.7%	11%	21.1%
Price to Book	1.28 x	0.99 x	0.91 x	0.75 x	0.55 x	0.65 x	0.6 x	0.55 x
Nbr of stocks (in thousands)	4,343,115	4,343,115	4,343,115	4,343,115	5,993,498	5,993,498	-	-
Reference price ²	6.345	5.513	5.663	5.308	4.735	4.758	4.758	4.758
Announcement Date	3/20/20	3/23/21	3/24/22	3/27/23	3/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,955	11,943	16,263	14,899	16,965	17,717	18,528	19,195
EBITDA ¹	7,675	7,210	10,402	11,564	12,497	12,515	13,201	13,721
EBIT ¹	5,271	4,727	7,183	8,510	8,792	8,579	9,057	9,509
Operating Margin	44.09%	39.58%	44.17%	57.12%	51.83%	48.42%	48.88%	49.54%
Earnings before Tax (EBT) ¹	5,767	5,115	8,164	7,542	7,852	8,508	9,161	9,552
Net income ¹	3,711	2,997	4,762	5,379	5,224	5,577	5,938	6,179
Net margin	31.04%	25.1%	29.28%	36.1%	30.79%	31.48%	32.05%	32.19%
EPS ²	0.8237	0.6832	1.025	1.176	1.053	0.9039	0.9617	1.003
Free Cash Flow ¹	-599.3	-637.1	1,938	-	-	6,570	5,287	7,123
FCF margin	-5.01%	-5.33%	11.92%	-	-	37.08%	28.54%	37.11%
FCF Conversion (EBITDA)	-	-	18.64%	-	-	52.5%	40.05%	51.91%
FCF Conversion (Net income)	-	-	40.7%	-	-	117.81%	89.03%	115.28%
Dividend per Share ²	0.3550	0.3550	0.3750	0.3750	0.3200	0.3200	0.3200	0.3200
Announcement Date	3/20/20	3/23/21	3/24/22	3/27/23	3/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	39,374	31,722	17,251	25,321	27,026	23,155	19,485	5,300
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.13 x	4.399 x	1.658 x	2.19 x	2.163 x	1.85 x	1.476 x	0.3863 x
Free Cash Flow ¹	-599	-637	1,938	-	-	6,570	5,287	7,123
ROE (net income / shareholders' equity)	16.5%	13.1%	15.4%	17.4%	-	12%	11.6%	11.2%
ROA (Net income/ Total Assets)	3.74%	2.55%	2.71%	2.97%	2.62%	2.73%	2.78%	2.73%
Assets ¹	99,228	117,322	175,735	181,351	199,301	204,579	213,343	226,378
Book Value Per Share ²	4.970	5.550	6.250	7.120	8.600	7.290	7.940	8.630
Cash Flow per Share ²	0.0800	0.0500	-	1.760	-	4.490	1.870	1.960
Capex ¹	982	848	885	1,585	-	791	816	837
Capex / Sales	8.21%	7.1%	5.44%	10.64%	-	4.46%	4.4%	4.36%
Announcement Date	3/20/20	3/23/21	3/24/22	3/27/23	3/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.758 CNY

Average target price

5.834 CNY

Spread / Average Target

+22.61%

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