Financials Ganfeng Lithium Group Co., Ltd.

Equities

002460

CNE100000SF6

Commodity Chemicals

End-of-day quote Shenzhen S.E. Other stock markets 23:00:00 29/04/2024 BST			5-day change	1st Jan Change
35.26 ^CNY	-3.63%		-3.13%	-17.62%

04-29	Ganfeng Lithium Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-26	Ganfeng Lithium’s Profit Down in 2023	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	41,520	129,309	192,980	132,957	79,826	65,776	-	-
Enterprise Value (EV) ¹	43,987	133,226	194,114	135,811	95,565	83,756	83,061	86,846
P/E ratio	124 x	128 x	38.4 x	6.83 x	17.4 x	20.6 x	11.9 x	10.9 x
Yield	0.86%	0.3%	0.21%	1.44%	1.87%	1.24%	1.4%	1.73%
Capitalization / Revenue	7.77 x	23.4 x	17.5 x	3.21 x	2.42 x	2.29 x	1.85 x	1.67 x
EV / Revenue	8.23 x	24.1 x	17.6 x	3.28 x	2.9 x	2.91 x	2.33 x	2.2 x
EV / EBITDA	62.7 x	94.6 x	52.1 x	5.84 x	15.7 x	16.7 x	10.5 x	10 x
EV / FCF	-304 x	-288 x	-246 x	17.9 x	-11.2 x	-12.2 x	-24.3 x	-31.4 x
FCF Yield	-0.33%	-0.35%	-0.41%	5.57%	-8.89%	-8.22%	-4.12%	-3.18%
Price to Book	5.39 x	13.4 x	9.39 x	3.18 x	1.84 x	1.32 x	1.26 x	1.16 x
Nbr of stocks (in thousands)	1,809,640	1,866,044	2,012,470	2,016,939	2,015,572	2,004,896	-	-
Reference price ²	24.88	72.29	102.0	69.51	42.80	35.26	35.26	35.26
Announcement Date	28/02/20	26/02/21	14/03/22	16/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,342	5,524	11,043	41,371	32,972	28,755	35,646	39,452
EBITDA ¹	701.9	1,408	3,729	23,274	6,103	5,021	7,906	8,679
EBIT ¹	475.3	1,135	3,345	22,763	5,218	3,657	5,313	7,157
Operating Margin	8.9%	20.55%	30.29%	55.02%	15.83%	12.72%	14.9%	18.14%
Earnings before Tax (EBT) ¹	474.5	1,127	5,771	22,779	5,259	3,927	5,338	6,384
Net income ¹	358.1	1,025	5,226	20,504	4,947	3,284	4,918	5,279
Net margin	6.7%	18.55%	47.32%	49.56%	15%	11.42%	13.8%	13.38%
EPS ²	0.2000	0.5643	2.657	10.17	2.460	1.714	2.968	3.225
Free Cash Flow ¹	-144.9	-462.1	-790.6	7,569	-8,495	-6,884	-3,424	-2,764
FCF margin	-2.71%	-8.36%	-7.16%	18.29%	-25.76%	-23.94%	-9.61%	-7.01%
FCF Conversion (EBITDA)	-	-	-	32.52%	-	-	-	-
FCF Conversion (Net income)	-	-	-	36.91%	-	-	-	-
Dividend per Share ²	0.2143	0.2143	0.2143	1.000	0.8000	0.4364	0.4930	0.6114
Announcement Date	28/02/20	26/02/21	14/03/22	16/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 S2
Net sales ¹	2,387	3,137	4,025	4,108	7,098	5,365	9,078	14,444	-	14,211	27,050	9,438	8,707	18,112	7,537	7,290	14,826	5,058	6,765	15,808	7,822	8,301	21,186	8,019	8,458	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	1,105	2,896	4,079	4,002	4,391	8,392	8,816	5,554	14,370	2,354	-	-	112.2	-1,073	-	-499.7	2,975	-	3,381	4,463	-	-	-	1,505	1,445
Operating Margin	-	-	27.44%	70.48%	57.47%	74.58%	48.36%	58.1%	-	39.08%	53.13%	24.94%	-	-	1.49%	-14.71%	-	-9.88%	43.98%	-	43.23%	53.77%	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	2,958	-	4,033	4,383	-	8,818	5,545	14,363	2,354	3,871	-	111.1	-1,077	-	-499.8	3,055	-	3,472	4,583	-	-	-	-	-
Net income ¹	157.7	-	-	2,756	-	3,525	3,728	7,254	7,541	5,709	13,250	2,397	3,454	5,850	159.7	-1,063	-	-438.9	2,603	-	2,958	3,904	-	-	-	-	-
Net margin	6.61%	-	-	67.07%	-	65.7%	41.07%	50.22%	-	40.17%	48.98%	25.39%	39.66%	32.3%	2.12%	-14.58%	-	-8.68%	38.47%	-	37.81%	47.03%	-	-	-	-	-
EPS ²	0.0857	0.4786	0.7429	1.393	1.914	1.750	1.150	3.600	3.730	2.840	6.570	1.190	1.710	2.900	0.0800	-0.5200	-0.4400	-0.2200	0.3700	0.3600	0.4100	0.4600	0.6000	-	-	0.4800	0.4700
Dividend per Share ²	-	-	-	0.2143	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.5865	-	-	-	-	-
Announcement Date	25/08/20	26/02/21	30/08/21	14/03/22	14/03/22	26/04/22	30/08/22	30/08/22	30/10/22	16/03/23	16/03/23	27/04/23	29/08/23	29/08/23	30/10/23	28/03/24	28/03/24	29/04/24	-	-	-	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,467	3,917	1,134	2,854	15,739	17,980	17,285	21,070
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.515 x	2.783 x	0.3041 x	0.1226 x	2.579 x	3.581 x	2.186 x	2.428 x
Free Cash Flow ¹	-145	-462	-791	7,569	-8,495	-6,884	-3,424	-2,764
ROE (net income / shareholders' equity)	4.38%	11.1%	32.1%	61.4%	10.8%	7.15%	11.4%	10.8%
ROA (Net income/ Total Assets)	2.57%	5.66%	17.1%	34.7%	5.83%	4%	6.31%	6.34%
Assets ¹	13,927	18,116	30,538	59,107	84,816	82,100	77,984	83,302
Book Value Per Share ²	4.620	5.400	10.90	21.80	23.30	26.70	28.00	30.50
Cash Flow per Share ²	0.3700	0.4000	1.330	6.190	0.0700	2.750	3.520	3.620
Capex ¹	814	1,208	3,411	4,922	8,642	8,929	7,770	6,723
Capex / Sales	15.24%	21.88%	30.89%	11.9%	26.21%	31.05%	21.8%	17.04%
Announcement Date	28/02/20	26/02/21	14/03/22	16/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Ganfeng Lithium Group Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

35.26 CNY

Average target price

41.35 CNY

Spread / Average Target

+17.28%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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