Financials Beijing Enterprises Holdings Limited

Equities

Delayed Hong Kong S.E. Other stock markets 04:47:06 07/05/2024 BST			5-day change	1st Jan Change
26.2 ^HKD	+1.35%		+4.38%	-3.50%

05-01	Beijing Enterprises Environment’s Profit Declines in 2023	MT
04-25	Beijing Yanjing Brewery's Q1 Profit Surges 59%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	45,118	31,930	33,949	31,505	34,215	32,519	-	-
Enterprise Value (EV) ¹	87,576	71,936	73,674	77,549	81,602	75,130	73,187	32,519
P/E ratio	5.6 x	6.04 x	3.42 x	4.17 x	6.23 x	4.57 x	4.17 x	3.68 x
Yield	3.19%	4.51%	4.65%	6.4%	5.89%	7.09%	8.12%	8.79%
Capitalization / Revenue	0.67 x	0.47 x	0.42 x	0.34 x	0.42 x	0.36 x	0.35 x	0.33 x
EV / Revenue	1.29 x	1.05 x	0.92 x	0.84 x	0.99 x	0.84 x	0.78 x	0.33 x
EV / EBITDA	10 x	9.01 x	6.19 x	4.81 x	5.82 x	4.43 x	4.46 x	1.64 x
EV / FCF	38.5 x	11.4 x	-38.1 x	-	-	19.6 x	15.9 x	5.98 x
FCF Yield	2.6%	8.78%	-2.62%	-	-	5.1%	6.29%	16.7%
Price to Book	0.6 x	0.38 x	0.35 x	0.35 x	0.42 x	0.32 x	0.31 x	0.31 x
Nbr of stocks (in thousands)	1,262,053	1,262,053	1,262,053	1,260,203	1,260,203	1,258,003	-	-
Reference price ²	35.75	25.30	26.90	25.00	27.15	25.85	25.85	25.85
Announcement Date	31/03/20	31/03/21	31/03/22	31/03/23	27/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	67,783	68,407	80,435	92,297	82,313	89,792	94,216	99,400
EBITDA ¹	8,740	7,987	11,894	16,130	14,020	16,954	16,414	19,787
EBIT ¹	4,780	3,676	6,978	5,525	4,605	4,758	5,421	5,152
Operating Margin	7.05%	5.37%	8.67%	5.99%	5.59%	5.3%	5.75%	5.18%
Earnings before Tax (EBT) ¹	9,596	6,653	11,634	9,357	7,267	9,132	9,766	11,596
Net income ¹	8,055	5,287	9,919	7,573	5,498	7,132	7,491	8,867
Net margin	11.88%	7.73%	12.33%	8.2%	6.68%	7.94%	7.95%	8.92%
EPS ²	6.380	4.190	7.860	6.000	4.360	5.660	6.200	7.034
Free Cash Flow ¹	2,273	6,316	-1,934	-	-	3,832	4,603	5,440
FCF margin	3.35%	9.23%	-2.4%	-	-	4.27%	4.89%	5.47%
FCF Conversion (EBITDA)	26.01%	79.08%	-	-	-	22.61%	28.04%	27.49%
FCF Conversion (Net income)	28.22%	119.46%	-	-	-	53.73%	61.45%	61.35%
Dividend per Share ²	1.140	1.140	1.250	1.600	1.600	1.832	2.099	2.271
Announcement Date	31/03/20	31/03/21	31/03/22	31/03/23	27/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	42,458	40,006	39,725	46,044	47,387	42,610	40,668	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.858 x	5.009 x	3.34 x	2.855 x	3.38 x	2.513 x	2.478 x	-
Free Cash Flow ¹	2,273	6,316	-1,934	-	-	3,832	4,603	5,440
ROE (net income / shareholders' equity)	9.59%	6.6%	9.53%	8.15%	6.87%	7.88%	7.76%	8.71%
ROA (Net income/ Total Assets)	4.47%	2.71%	4.03%	3.41%	2.76%	3.2%	3.32%	3.89%
Assets ¹	180,152	195,305	246,025	221,948	199,495	222,650	225,395	228,244
Book Value Per Share ²	59.70	67.30	76.00	71.40	64.30	79.70	83.90	83.10
Cash Flow per Share ²	5.170	6.130	6.420	4.890	-	7.930	8.030	9.290
Capex ¹	4,257	6,746	10,039	12,161	-	6,012	6,032	5,028
Capex / Sales	6.28%	9.86%	12.48%	13.18%	-	6.7%	6.4%	5.06%
Announcement Date	31/03/20	31/03/21	31/03/22	31/03/23	27/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

25.85 HKD

Average target price

33.35 HKD

Spread / Average Target

+29.01%

	1st Jan change	Capi.
BEIJING ENTERPRISES HOLDINGS LIMITED	-3.50%	4.07B
NATURGY ENERGY GROUP, S.A.	-11.11%	24.9B
ATMOS ENERGY CORPORATION	+3.06%	18B
GAIL INDIA LIMITED	+22.05%	16.07B
ADANI TOTAL GAS LIMITED	-7.50%	12.27B
TOKYO GAS CO., LTD.	+8.83%	9.33B
OSAKA GAS COMPANY., LTD.	+17.56%	9.31B
APA GROUP	-0.06%	7.11B
ALTAGAS LTD.	+8.55%	6.57B
CHINA GAS HOLDINGS LIMITED	-1.43%	5.18B