PANGANG GROUP VANADIUM & TITANIUM RESOURCES CO., LTD.

Financials Pangang Group Vanadium & Titanium Resources Co., Ltd.

Equities

000629

CNE0000007H2

Specialty Mining & Metals

End-of-day quote Shenzhen S.E. Other stock markets 23:00:00 29/04/2024 BST			5-day change	1st Jan Change
3.11 ^CNY	-4.60%		-3.42%	-5.18%

04-29	Pangang Group Vanadium & Titanium Resources Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03-25	Pangang Group Vanadium & Titanium Resources Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2021	2022	2023	2024	2025	2026
Capitalization ¹	25,082	33,414	40,690	30,488	28,908	-	-
Enterprise Value (EV) ¹	25,082	33,414	40,690	30,488	28,908	28,908	28,908
P/E ratio	17.7 x	25.2 x	30.2 x	27.7 x	22.2 x	18.7 x	21.4 x
Yield	-	-	-	-	0.32%	0.32%	0.64%
Capitalization / Revenue	1.91 x	2.38 x	2.7 x	2.12 x	1.9 x	1.78 x	1.8 x
EV / Revenue	1.91 x	2.38 x	2.7 x	2.12 x	1.9 x	1.78 x	1.8 x
EV / EBITDA	14.1 x	-	-	19.8 x	14 x	12.7 x	18.9 x
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	2.69 x	4.44 x	4.63 x	2.51 x	2.15 x	1.96 x	1.84 x
Nbr of stocks (in thousands)	8,589,746	8,589,746	8,602,448	9,295,033	9,295,033	-	-
Reference price ²	2.920	3.890	4.730	3.280	3.110	3.110	3.110
Announcement Date	30/03/20	28/03/22	27/03/23	25/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2021	2022	2023	2024	2025	2026
Net sales ¹	13,159	14,060	15,088	14,380	15,228	16,268	16,079
EBITDA ¹	1,777	-	-	1,539	2,060	2,280	1,526
EBIT ¹	1,521	1,724	1,470	1,211	1,563	1,787	1,536
Operating Margin	11.56%	12.26%	9.75%	8.42%	10.26%	10.98%	9.55%
Earnings before Tax (EBT) ¹	1,515	1,688	1,460	1,182	1,539	1,762	1,507
Net income ¹	1,419	1,328	1,344	1,058	1,325	1,524	1,348
Net margin	10.78%	9.44%	8.91%	7.35%	8.7%	9.37%	8.38%
EPS ²	0.1652	0.1546	0.1564	0.1183	0.1400	0.1667	0.1450
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	0.0100	0.0100	0.0200
Announcement Date	30/03/20	28/03/22	27/03/23	25/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	16.5%	13.2%	16.5%	10.1%	9.8%	10.2%	8.5%
ROA (Net income/ Total Assets)	-	-	12.1%	-	7.7%	9.65%	8.3%
Assets ¹	-	-	11,072	-	17,213	15,795	16,235
Book Value Per Share ²	1.090	0.8800	1.020	1.300	1.440	1.590	1.690
Cash Flow per Share ²	0.3800	0.2100	0.2300	0.0300	0.1000	0.1600	0.2000
Capex ¹	44.7	26.4	9.93	478	850	137	446
Capex / Sales	0.34%	0.19%	0.07%	3.32%	5.58%	0.84%	2.77%
Announcement Date	30/03/20	28/03/22	27/03/23	25/03/24	-	-	-

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 Pangang Group Vanadium & Titanium Resources Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.11 CNY

Average target price

3.67 CNY

Spread / Average Target

+18.01%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Nonferrous Metal Processing

	1st Jan change	Capi.
PANGANG GROUP VANADIUM & TITANIUM RESOURCES CO., LTD.	-5.18%	3.99B
VSMPO-AVISMA CORPORATION	-.--%	7.2B
ZHEJIANG HUAYOU COBALT CO., LTD	-13.48%	6.68B
CHINA RARE EARTH RESOURCES AND TECHNOLOGY CO., LTD.	+1.30%	4.11B
YUNNAN COPPER CO.,LTD	+29.11%	3.89B
CHINA NONFERROUS MINING CORPORATION LIMITED	+40.94%	3.61B
WESTERN SUPERCONDUCTING TECHNOLOGIES CO., LTD.	-25.51%	3.56B
AURUBIS AG	-9.84%	3.15B
ZHE JIANG HAI LIANG CO., LTD	-17.22%	2.55B
NINGBO BOWAY ALLOY MATERIAL COMPANY LIMITED	+18.22%	1.98B

Nonferrous Metal Processing