Financials Zhejiang Expressway Co., Ltd.

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:22 2024-05-10 am EDT			5-day change	1st Jan Change
5.2 ^HKD	0.00%		+3.79%	-0.19%

May. 09	Zhejiang Expressway to Pay Final Dividend in July	MT
May. 08	Zhejiang Expressway Co., Ltd. Approves Dividend in Respect of the Year Ended December 31, 2023, Payable on July 5, 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	28,819	-	-
Enterprise Value (EV) ¹	66,932	55,664	41,846	48,373	55,407	51,974	48,304	34,097
P/E ratio	7.7 x	8.07 x	5.52 x	4.51 x	4.5 x	5.3 x	5.02 x	4.81 x
Yield	5.59%	6.44%	6.62%	7.06%	6.76%	6.65%	6.65%	6.65%
Capitalization / Revenue	2.31 x	2 x	1.51 x	1.55 x	1.67 x	1.63 x	1.56 x	1.5 x
EV / Revenue	5.6 x	4.66 x	2.57 x	3.25 x	3.27 x	2.93 x	2.61 x	1.78 x
EV / EBITDA	8.72 x	7.72 x	4.02 x	4.18 x	4.43 x	4.13 x	3.66 x	2.49 x
EV / FCF	-112 x	-87.4 x	21.6 x	-	-	7.91 x	9.14 x	4.79 x
FCF Yield	-0.9%	-1.14%	4.63%	-	-	12.6%	10.9%	20.9%
Price to Book	1.28 x	0.99 x	0.91 x	0.75 x	0.55 x	0.66 x	0.61 x	0.56 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	4.808	4.808	4.808
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	17,715	18,511	19,178
EBITDA ¹	7,675	7,210	10,402	11,564	12,497	12,579	13,200	13,720
EBIT ¹	5,271	4,727	7,183	8,510	8,792	8,610	8,999	9,449
Operating Margin	44.09%	39.58%	44.17%	57.12%	51.83%	48.6%	48.62%	49.27%
Earnings before Tax (EBT) ¹	5,767	5,115	8,164	7,542	7,852	8,548	9,082	9,468
Net income ¹	3,711	2,997	4,762	5,379	5,224	5,597	5,900	6,151
Net margin	31.04%	25.1%	29.28%	36.1%	30.79%	31.6%	31.87%	32.07%
EPS ²	0.8237	0.6832	1.025	1.176	1.053	0.9065	0.9569	0.9995
Free Cash Flow ¹	-599.3	-637.1	1,938	-	-	6,570	5,287	7,123
FCF margin	-5.01%	-5.33%	11.92%	-	-	37.09%	28.56%	37.14%
FCF Conversion (EBITDA)	-	-	18.64%	-	-	52.23%	40.05%	51.92%
FCF Conversion (Net income)	-	-	40.7%	-	-	117.38%	89.61%	115.81%
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	5,278
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.13 x	4.399 x	1.658 x	2.19 x	2.163 x	1.841 x	1.476 x	0.3847 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%	11.1%
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	205,335	211,971	225,338
Book Value Per Share ²	4.970	5.550	6.250	7.120	8.600	7.300	7.940	8.620
Cash Flow per Share ²	0.0800	0.0500	-	1.760	-	4.930	1.870	1.960
Capex ¹	982	848	885	1,585	-	787	811	832
Capex / Sales	8.21%	7.1%	5.44%	10.64%	-	4.44%	4.38%	4.34%
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

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.808 CNY

Average target price

5.882 CNY

Spread / Average Target

+22.33%

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