Financials Yunnan Tin Company Limited

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-20 pm EDT			5-day change	1st Jan Change
17.47 ^CNY	-2.62%		-0.11%	+22.00%

May. 15	Yunnan Tin Company Limited Announces Cash Dividend for A Shares of 2023, Payable on 22 May 2024	CI
Apr. 25	Yunnan Tin Company Limited 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	17,247	18,433	32,143	23,206	23,568	28,752	-	-
Enterprise Value (EV) ¹	17,247	18,433	32,143	23,206	23,568	28,752	28,752	28,752
P/E ratio	20.4 x	26.7 x	11.4 x	17.2 x	16.7 x	13.7 x	11.5 x	10.6 x
Yield	-	-	-	-	1.82%	2.04%	2.29%	2.25%
Capitalization / Revenue	0.4 x	0.41 x	0.6 x	-	0.56 x	0.68 x	0.6 x	0.64 x
EV / Revenue	0.4 x	0.41 x	0.6 x	-	0.56 x	0.68 x	0.6 x	0.64 x
EV / EBITDA	7.02 x	-	6.44 x	-	6.98 x	6.67 x	6.13 x	5.63 x
EV / FCF	-	-	-	-	18 x	6.71 x	8.47 x	8.4 x
FCF Yield	-	-	-	-	5.57%	14.9%	11.8%	11.9%
Price to Book	1.38 x	-	2.1 x	-	1.32 x	1.48 x	1.33 x	1.22 x
Nbr of stocks (in thousands)	1,652,052	1,645,802	1,645,802	1,645,802	1,645,802	1,645,802	-	-
Reference price ²	10.44	11.20	19.53	14.10	14.32	17.47	17.47	17.47
Announcement Date	4/14/20	4/14/21	4/14/22	4/2/23	4/11/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	42,887	44,795	53,844	-	42,359	42,219	47,552	44,854
EBITDA ¹	2,458	-	4,991	-	3,378	4,313	4,691	5,104
EBIT ¹	1,361	1,064	3,688	-	1,852	2,715	3,142	3,450
Operating Margin	3.17%	2.38%	6.85%	-	4.37%	6.43%	6.61%	7.69%
Earnings before Tax (EBT) ¹	1,306	-	3,513	-	1,745	2,672	3,103	3,406
Net income ¹	849.4	690.4	2,817	1,316	1,408	2,095	2,509	2,711
Net margin	1.98%	1.54%	5.23%	-	3.32%	4.96%	5.28%	6.04%
EPS ²	0.5126	0.4195	1.712	0.8180	0.8557	1.272	1.524	1.649
Free Cash Flow ¹	-	-	-	-	1,312	4,284	3,396	3,421
FCF margin	-	-	-	-	3.1%	10.15%	7.14%	7.63%
FCF Conversion (EBITDA)	-	-	-	-	38.84%	99.33%	72.39%	67.03%
FCF Conversion (Net income)	-	-	-	-	93.17%	204.52%	135.35%	126.18%
Dividend per Share ²	-	-	-	-	0.2600	0.3560	0.4000	0.3933
Announcement Date	4/14/20	4/14/21	4/14/22	4/2/23	4/11/24	-	-	-

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	-	-	-	-	1,312	4,284	3,396	3,421
ROE (net income / shareholders' equity)	6.92%	-	20%	-	8.29%	10.9%	11.5%	11.5%
ROA (Net income/ Total Assets)	-	-	7.18%	-	-	5.5%	6.29%	5.95%
Assets ¹	-	-	39,223	-	-	38,113	39,920	45,593
Book Value Per Share ²	7.540	-	9.300	-	10.80	11.80	13.10	14.30
Cash Flow per Share ²	1.260	-	1.750	-	1.330	2.640	2.630	2.720
Capex ¹	1,947	1,961	1,990	-	881	1,325	1,215	1,437
Capex / Sales	4.54%	4.38%	3.7%	-	2.08%	3.14%	2.56%	3.2%
Announcement Date	4/14/20	4/14/21	4/14/22	4/2/23	4/11/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

17.47 CNY

Average target price

21.3 CNY

Spread / Average Target

+21.90%

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