Financials China National Building Material Company Limited

Equities

3323

CNE1000002N9

Construction Materials

Delayed Hong Kong S.E. 11:45:57 2024-05-07 pm EDT 5-day change 1st Jan Change
2.97 HKD 0.00% Intraday chart for China National Building Material Company Limited -6.60% -11.08%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 65,580 66,164 65,703 47,751 25,606 23,114 - -
Enterprise Value (EV) 1 225,429 214,846 199,994 198,014 185,206 195,033 187,913 192,650
P/E ratio 5.98 x 5.27 x 4.05 x 6 x 6.75 x 5.67 x 3.88 x 3.73 x
Yield 4.5% 5.99% 8.9% 6.68% 7.54% 9.22% 12.3% 13.4%
Capitalization / Revenue 0.26 x 0.26 x 0.24 x 0.21 x 0.12 x 0.11 x 0.1 x 0.1 x
EV / Revenue 0.89 x 0.84 x 0.73 x 0.86 x 0.88 x 0.92 x 0.84 x 0.84 x
EV / EBITDA 4.72 x 4.46 x 3.88 x 5.55 x 5.77 x 5.86 x 4.92 x 5.25 x
EV / FCF 5.51 x 4.78 x 8.9 x 274 x 24.1 x 18.8 x 11.4 x -
FCF Yield 18.1% 20.9% 11.2% 0.37% 4.16% 5.33% 8.78% -
Price to Book 0.81 x 0.61 x 0.55 x 0.39 x 0.21 x 0.21 x 0.21 x 0.2 x
Nbr of stocks (in thousands) 8,434,771 8,434,771 8,434,771 8,434,771 8,434,771 8,434,771 - -
Reference price 2 7.775 7.844 7.790 5.661 3.036 2.740 2.740 2.740
Announcement Date 3/23/20 3/26/21 3/25/22 3/24/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 253,403 254,762 273,683 230,168 210,216 213,113 223,607 228,001
EBITDA 1 47,767 48,225 51,506 35,656 32,092 33,266 38,158 36,663
EBIT 1 33,743 36,858 38,452 20,326 12,630 16,893 22,468 21,777
Operating Margin 13.32% 14.47% 14.05% 8.83% 6.01% 7.93% 10.05% 9.55%
Earnings before Tax (EBT) 1 27,448 30,035 33,588 17,433 12,520 13,335 17,284 17,572
Net income 1 10,974 12,553 16,218 7,962 3,863 4,043 6,723 6,452
Net margin 4.33% 4.93% 5.93% 3.46% 1.84% 1.9% 3.01% 2.83%
EPS 2 1.301 1.488 1.923 0.9440 0.4500 0.4837 0.7061 0.7340
Free Cash Flow 1 40,882 44,941 22,465 723.1 7,697 10,392 16,493 -
FCF margin 16.13% 17.64% 8.21% 0.31% 3.66% 4.88% 7.38% -
FCF Conversion (EBITDA) 85.59% 93.19% 43.62% 2.03% 23.99% 31.24% 43.22% -
FCF Conversion (Net income) 372.53% 358.02% 138.51% 9.08% 199.25% 257.06% 245.33% -
Dividend per Share 2 0.3500 0.4700 0.6930 0.3780 0.2290 0.2527 0.3372 0.3680
Announcement Date 3/23/20 3/26/21 3/25/22 3/24/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 141,240 106,788 147,974 121,870 151,813 48,154 - 108,963 121,205 - - 102,374 107,843 97,999 116,231 103,213 122,466
EBITDA - 22,671 25,554 - - - - - - - - - - - - - -
EBIT 17,450 - - 19,540 18,912 3,689 - 12,517 7,809 - - 7,470 6,316 6,779 7,989 8,189 13,169
Operating Margin 12.35% - - 16.03% 12.46% 7.66% - 11.49% 6.44% - - 7.3% 5.86% 6.92% 6.87% 7.93% 10.75%
Earnings before Tax (EBT) 14,788 13,444 16,591 - - - - - - 244.3 - - - - - - -
Net income 1 5,207 5,387 7,166 7,959 - 1,761 3,687 5,448 - -527.7 1,932 1,404 - - - - -
Net margin 3.69% 5.04% 4.84% 6.53% - 3.66% - 5% - - - 1.37% - - - - -
EPS 0.6170 0.6390 0.8490 0.9440 0.9790 - - 0.6460 0.2980 - - 0.1660 0.2840 0.1500 0.3500 0.3400 0.5600
Dividend per Share - - - - - - - - - - - - - - - - -
Announcement Date 3/23/20 8/28/20 3/26/21 8/27/21 3/25/22 4/29/22 8/26/22 8/26/22 3/24/23 4/28/23 8/25/23 8/25/23 3/28/24 - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 159,849 148,682 134,291 150,263 159,600 171,919 164,799 169,536
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.346 x 3.083 x 2.607 x 4.214 x 4.973 x 5.168 x 4.319 x 4.624 x
Free Cash Flow 1 40,882 44,941 22,465 723 7,697 10,392 16,493 -
ROE (net income / shareholders' equity) 14.4% 11.9% 14.2% 6.61% 3.14% 4.08% 5.35% 5.28%
ROA (Net income/ Total Assets) 2.49% 2.78% 3.53% 1.68% 0.79% 1.85% 2.21% 1.91%
Assets 1 441,528 451,401 459,592 473,233 489,117 218,500 304,453 337,823
Book Value Per Share 2 9.560 12.90 14.10 14.40 14.60 13.00 13.30 13.60
Cash Flow per Share 2 7.510 7.610 5.940 3.120 3.440 3.600 4.330 -
Capex 1 22,466 19,288 27,625 25,627 21,328 21,408 22,780 24,965
Capex / Sales 8.87% 7.57% 10.09% 11.13% 10.15% 10.05% 10.19% 10.95%
Announcement Date 3/23/20 3/26/21 3/25/22 3/24/23 3/28/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
2.74 CNY
Average target price
4.414 CNY
Spread / Average Target
+61.06%
Consensus
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