Projected Income Statement: Jiangxi Copper Company Limited

Forecast Balance Sheet: Jiangxi Copper Company Limited

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 28,893 33,892 37,198 37,499 40,789 48,047 41,992 35,078
Change - 17.3% 9.75% 0.81% 8.77% 17.79% -12.6% -16.47%
Announcement Date 25/03/22 24/03/23 27/03/24 27/03/25 26/03/26 - - -
1CNY in Million
Estimates

Cash Flow Forecast: Jiangxi Copper Company Limited

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 2,871 5,315 6,811 6,551 4,488 6,000 5,333 4,500
Change - 85.11% 28.14% -3.82% -31.49% 33.69% -11.11% -15.62%
Free Cash Flow (FCF) 1 6,160 5,326 4,120 -4,043 -11,402 -913 16,494 15,092
Change - -13.54% -22.65% -198.14% -182% 91.99% 1,906.57% -8.5%
Announcement Date 25/03/22 24/03/23 27/03/24 27/03/25 26/03/26 - - -
1CNY in Million
Estimates

Forecast Financial Ratios: Jiangxi Copper Company Limited

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 2.66% 2.26% 1.99% 2.77% 2.5% 3.03% 3.4% 3.61%
EBIT Margin (%) 2.04% 1.75% 1.51% 2.19% 1.91% 2.36% 2.61% 3.02%
EBT Margin (%) 1.68% 1.57% 1.66% 1.74% 1.86% 2.25% 2.54% 2.88%
Net margin (%) 1.31% 1.25% 1.3% 1.33% 1.31% 1.62% 1.83% 2.1%
FCF margin (%) 1.39% 1.11% 0.79% -0.78% -2.09% -0.13% 2.56% 2.57%
FCF / Net Income (%) 106.72% 88.74% 61.07% -58.59% -159.91% -7.87% 140.03% 122.19%

Profitability

        
ROA 3.82% 3.66% 4.02% 3.82% 3.46% 6.34% 5.09% 5.03%
ROE 8.9% 8.38% 9.57% 9.58% 8.96% 13.15% 12.55% 13.08%

Financial Health

        
Leverage (Debt/EBITDA) 2.46x 3.13x 3.59x 2.61x 3x 2.38x 2.05x 1.56x
Debt / Free cash flow 4.69x 6.36x 9.03x -9.27x -3.58x -52.63x 2.55x 2.32x

Capital Intensity

        
CAPEX / Current Assets (%) 0.65% 1.11% 1.31% 1.26% 0.82% 0.84% 0.83% 0.77%
CAPEX / EBITDA (%) 24.43% 49.08% 65.82% 45.56% 32.96% 29.69% 25.99% 20.07%
CAPEX / FCF (%) 46.61% 99.8% 165.33% -162.02% -39.36% -657.17% 32.33% 29.82%

Items per share

        
Cash flow per share 1 2.608 3.073 3.157 - - 1.252 5.34 4.64
Change - 17.82% 2.73% - - - 326.59% -13.1%
Dividend per Share 1 0.5 0.5 0.6 0.7 0.6 1.473 1.531 1.512
Change - 0% 20% 16.67% -14.29% 145.5% 3.91% -1.23%
Book Value Per Share 1 20.16 21.23 19.47 - 23.47 26.07 28.13 29.77
Change - 5.31% -8.29% - - 11.09% 7.89% 5.85%
EPS 1 1.67 1.73 1.95 2 2.14 3.35 3.403 3.435
Change - 3.59% 12.72% 2.56% 7% 56.55% 1.56% 0.96%
Nbr of stocks (in thousands) 3,462,729 3,462,729 3,462,729 3,452,288 3,452,288 3,452,288 3,452,288 3,452,288
Announcement Date 25/03/22 24/03/23 27/03/24 27/03/25 26/03/26 - - -
1CNY
Estimates
2026 *2027 *
P/E ratio 10.2x 10x
PBR 1.31x 1.21x
EV / Sales 0.27x 0.31x
Yield 4.31% 4.48%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
-
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
34.17CNY
Average target price
43.59CNY
Spread / Average Target
+27.56%

Quarterly revenue - Rate of surprise

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