Company Valuation: Aluminum Corporation of China Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 56,575 93,498 70,665 88,509 113,753 233,300 233,300 -
Change - 65.26% -24.42% 25.25% 28.52% 105.09% 0% -
Enterprise Value (EV) 1 129,904 146,057 126,226 125,891 146,675 251,639 232,665 210,907
Change - 12.43% -13.58% -0.27% 16.51% 71.56% -7.54% -9.35%
P/E ratio 82.4x 12.3x 12.3x 9.08x 5.84x 14.3x 11x 10.5x
PBR 0.72x 1.04x - 1x 1.04x 2.56x 2.13x 1.8x
PEG - 0x -0.7x 0.1x 0.1x 0.9x 0.4x 2.58x
Capitalization / Revenue 0.3x 0.35x 0.24x 0.39x 0.48x 0.99x 0.96x 0.95x
EV / Revenue 0.7x 0.54x 0.43x 0.56x 0.62x 1.07x 0.96x 0.86x
EV / EBITDA 9.51x 7.53x 4.65x 4.44x 4.05x 6.1x 4.59x 4.15x
EV / EBIT 21.6x 13x 7.7x 7.14x 6.09x 8.86x 6.63x 5.76x
EV / FCF 13.2x 5.37x 5.45x 6.25x 6.53x 13.6x 11.7x 7.94x
FCF Yield 7.58% 18.6% 18.3% 16% 15.3% 7.34% 8.51% 12.6%
Dividend per Share 2 - 0.032 - 0.08 0.217 0.2869 0.415 0.506
Rate of return - 0.91% - 2.26% 5.14% 2.39% 3.46% 4.22%
EPS 2 0.028 0.286 0.239 0.39 0.722 0.8387 1.094 1.138
Distribution rate - 11.2% - 20.5% 30.1% 34.2% 38% 44.5%
Net sales 1 185,994 269,748 290,988 225,071 237,066 234,547 242,493 245,917
EBITDA 1 13,659 19,392 27,122 28,340 36,247 41,223 50,703 50,775
EBIT 1 6,023 11,208 16,393 17,643 24,083 28,404 35,096 36,613
Net income 1 741 5,080 4,192 6,717 12,400 14,233 18,940 19,130
Net Debt 1 73,329 52,560 55,561 37,382 32,923 18,339 -635 -22,393
Reference price 2 2.31 3.51 2.94 3.54 4.22 11.99 11.99 11.99
Nbr of stocks (in thousands) 17,022,673 17,022,673 17,161,592 17,161,592 17,156,499 17,154,971 17,154,971 -
Announcement Date 23/03/21 22/03/22 21/03/23 27/03/24 26/03/25 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.3x1.07x6.1x2.39% 33.83B
13x0.97x7.59x0.62% 21.83B
13.82x0.95x6.23x4.09% 19.36B
11.02x1.2x5.97x0.63% 16.78B
17.77x3.17x12.24x2.2% 12.52B
15.56x2.09x8.54x2.41% 11.95B
13.44x - - 2.62% 10.92B
17.93x - - - 7.7B
12.88x3.67x8.13x2.65% 7.69B
Average 14.41x 1.88x 7.83x 2.2% 15.84B
Weighted average by Cap. 14.11x 1.52x 7.35x 2.15%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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