Financials Nanjing Tanker Corporation

Equities

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 07/05/2024 BST			5-day change	1st Jan Change
3.67 ^CNY	-0.54%		-1.61%	+31.07%

05-02	ICBC, CCB Name Deputy Party Secretaries	MT
04-22	Nanjing Tanker's Q1 Profit Rises 65%	MT

Fiscal Period: December	2019	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,116	9,754	19,120	13,588	17,623	-	-
Enterprise Value (EV) ¹	14,116	9,754	19,120	13,588	17,623	17,623	17,623
P/E ratio	16.1 x	33.5 x	13.1 x	8.73 x	8.19 x	8.01 x	7.44 x
Yield	-	-	-	-	1.36%	1.09%	-
Capitalization / Revenue	-	-	3.05 x	2.19 x	2.45 x	2.39 x	2.31 x
EV / Revenue	-	-	3.05 x	2.19 x	2.45 x	2.39 x	2.31 x
EV / EBITDA	-	-	-	5.54 x	5.56 x	5.41 x	5.27 x
EV / FCF	-	-	-	9.9 x	9.2 x	10.3 x	11 x
FCF Yield	-	-	-	10.1%	10.9%	9.69%	9.06%
Price to Book	-	-	2.58 x	1.51 x	1.6 x	1.34 x	1.13 x
Nbr of stocks (in thousands)	5,023,400	4,852,784	4,852,784	4,852,784	4,801,856	-	-
Reference price ²	2.810	2.010	3.940	2.800	3.670	3.670	3.670
Announcement Date	19/03/20	28/03/22	27/03/23	25/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2021	2022	2023	2024	2025	2026
Net sales ¹	-	-	6,264	6,197	7,188	7,377	7,632
EBITDA ¹	-	-	-	2,455	3,170	3,258	3,341
EBIT ¹	-	-	1,706	1,850	2,646	2,628	2,846
Operating Margin	-	-	27.23%	29.85%	36.81%	35.63%	37.29%
Earnings before Tax (EBT) ¹	-	-	1,707	1,857	2,584	2,630	2,849
Net income ¹	877.4	296.4	1,434	1,557	2,164	2,204	2,372
Net margin	-	-	22.89%	25.13%	30.1%	29.88%	31.08%
EPS ²	0.1747	0.0600	0.3000	0.3209	0.4480	0.4580	0.4933
Free Cash Flow ¹	-	-	-	1,373	1,916	1,708	1,596
FCF margin	-	-	-	22.15%	26.65%	23.15%	20.91%
FCF Conversion (EBITDA)	-	-	-	55.92%	60.45%	52.42%	47.77%
FCF Conversion (Net income)	-	-	-	88.16%	88.54%	77.48%	67.28%
Dividend per Share ²	-	-	-	-	0.0500	0.0400	-
Announcement Date	19/03/20	28/03/22	27/03/23	25/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	1,373	1,916	1,708	1,596
ROE (net income / shareholders' equity)	-	-	21.8%	19%	20%	17%	15.2%
ROA (Net income/ Total Assets)	-	-	-	-	17%	14.6%	13.2%
Assets ¹	-	-	-	-	12,767	15,099	17,970
Book Value Per Share ²	-	-	1.520	1.860	2.300	2.750	3.250
Cash Flow per Share ²	-	-	0.4000	0.5100	0.5400	0.5800	0.5800
Capex ¹	-	-	670	1,087	1,001	1,004	1,004
Capex / Sales	-	-	10.69%	17.55%	13.93%	13.61%	13.16%
Announcement Date	19/03/20	28/03/22	27/03/23	25/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

D+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.67 CNY

Average target price

4.85 CNY

Spread / Average Target

+32.15%

	1st Jan change	Capi.
NANJING TANKER CORPORATION	+31.07%	2.46B
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BW LPG LIMITED	+13.48%	2.03B
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DORIAN LPG LTD.	-0.23%	1.72B
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ODFJELL SE	+64.81%	1.23B
AVANCE GAS HOLDING LTD	+11.76%	1.17B