Financials Metallurgical Corporation of China Ltd.

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:07 2024-05-09 am EDT			5-day change	1st Jan Change
1.58 ^HKD	+3.27%		+3.27%	+3.95%

Apr. 29	Metallurgical Corporation of China Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 15	MCC Logs Nearly 3% Decline in Newly Signed Contracts in Q1	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	60,943	61,814	89,643	69,147	64,547	68,302	-	-
Enterprise Value (EV) ¹	106,214	79,341	112,207	88,332	96,269	56,989	37,234	68,302
P/E ratio	5.92 x	-	-	-	-	3.2 x	2.95 x	2.75 x
Yield	4.5%	6.48%	-	-	-	-	-	-
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	0.04 x	0.08 x
EV / EBITDA	7.63 x	4.35 x	5.16 x	4.01 x	5 x	2.3 x	1.25 x	2.27 x
EV / FCF	-	-	-	5.4 x	53.1 x	17.4 x	2.61 x	4.56 x
FCF Yield	-	-	-	18.5%	1.88%	5.74%	38.4%	21.9%
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	738,623	828,818	836,640
EBITDA ¹	13,930	18,259	21,751	22,020	19,255	24,776	29,691	30,142
EBIT ¹	10,225	13,975	17,402	17,538	14,853	16,317	20,802	19,911
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	18,842	20,769	19,910
Net income ¹	7,198	9,301	10,291	11,710	9,389	9,936	12,471	12,230
Net margin	1.94%	1.96%	1.67%	1.73%	1.37%	1.35%	1.5%	1.46%
EPS ²	0.2955	-	-	-	-	0.4935	0.5365	0.5750
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%	13.19%	48.13%	49.72%
FCF Conversion (Net income)	-	-	-	139.63%	19.31%	32.9%	114.58%	122.53%
Dividend per Share	0.0788	0.0887	-	-	-	-	-	-
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	599,479	719,842	655,788
Book Value Per Share ²	5.170	-	-	-	-	8.030	8.470	8.960
Cash Flow per Share	0.9300	1.600	-	-	-	-	-	-
Capex ¹	3,836	4,247	3,694	4,343	4,567	2,762	2,728	2,499
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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