Financials Tian Lun Gas Holdings Limited Deutsche Boerse AG

Equities

Market Closed - Deutsche Boerse AG Other stock markets 07:04:17 14/06/2024 BST			5-day change	1st Jan Change
0.456 ^EUR	0.00%		-2.56%	-6.17%

05-28	Tian Lun Gas Holdings Limited Approves Final Dividend for the Year Ended 31 December 2023, Payable on 21 June 2024	CI
03-29	Tian Lun Gas Posts Higher Profit, Revenue in 2023	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,226	6,310	6,757	3,341	3,787	3,546	-	-
Enterprise Value (EV) ¹	10,079	6,310	12,048	9,204	9,625	10,123	10,014	3,546
P/E ratio	7.88 x	6.05 x	6.86 x	7.65 x	7.98 x	6.36 x	5.72 x	4.95 x
Yield	3.76%	4.25%	4.08%	5.33%	2.77%	5.19%	6.01%	-
Capitalization / Revenue	0.95 x	0.98 x	0.88 x	0.44 x	0.49 x	0.45 x	0.42 x	0.41 x
EV / Revenue	1.54 x	0.98 x	1.57 x	1.22 x	1.25 x	1.29 x	1.2 x	0.41 x
EV / EBITDA	6.03 x	3.21 x	6.28 x	8.04 x	6.98 x	6.42 x	5.9 x	1.97 x
EV / FCF	26,430,652 x	12,094,698 x	-12,886,045 x	52,526,337 x	13,600,341 x	-	-	-
FCF Yield	0%	0%	-0%	0%	0%	-	-	-
Price to Book	1.59 x	1.34 x	1.28 x	0.61 x	0.65 x	0.57 x	0.52 x	0.5 x
Nbr of stocks (in thousands)	999,615	1,003,615	984,943	969,948	969,067	969,068	-	-
Reference price ²	6.229	6.287	6.861	3.444	3.908	3.660	3.660	3.660
Announcement Date	31/03/20	31/03/21	31/03/22	30/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,549	6,440	7,650	7,543	7,725	7,871	8,350	8,552
EBITDA ¹	1,671	1,967	1,918	1,144	1,379	1,576	1,698	1,797
EBIT ¹	1,435	1,703	1,601	936.8	1,038	1,124	1,243	-
Operating Margin	21.92%	26.45%	20.93%	12.42%	13.43%	14.28%	14.89%	-
Earnings before Tax (EBT) ¹	1,127	1,418	1,363	670.1	716	844.4	944.9	1,078
Net income ¹	789.2	1,044	1,001	444.6	479.6	563.9	630.1	722.2
Net margin	12.05%	16.2%	13.08%	5.89%	6.21%	7.16%	7.55%	8.44%
EPS ²	0.7900	1.040	1.000	0.4500	0.4900	0.5750	0.6400	0.7400
Free Cash Flow	381.3	521.7	-935	175.2	707.7	-	-	-
FCF margin	5.82%	8.1%	-12.22%	2.32%	9.16%	-	-	-
FCF Conversion (EBITDA)	22.82%	26.52%	-	15.31%	51.31%	-	-	-
FCF Conversion (Net income)	48.32%	50%	-	39.41%	147.57%	-	-	-
Dividend per Share ²	0.2342	0.2670	0.2800	0.1835	0.1082	0.1900	0.2200	-
Announcement Date	31/03/20	31/03/21	31/03/22	30/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,852	-	5,291	5,863	5,837	6,577	6,468	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.305 x	-	2.758 x	5.123 x	4.232 x	4.173 x	3.809 x	-
Free Cash Flow	381	522	-935	175	708	-	-	-
ROE (net income / shareholders' equity)	22.1%	24.3%	20.2%	8.29%	8.48%	9.33%	9.58%	10.4%
ROA (Net income/ Total Assets)	6.75%	8.4%	7.14%	2.86%	3.03%	3.55%	3.88%	4.39%
Assets ¹	11,686	12,429	14,011	15,532	15,825	15,908	16,261	16,451
Book Value Per Share ²	3.930	4.680	5.370	5.600	5.980	6.420	6.990	7.360
Cash Flow per Share	0.9800	1.390	0.4100	0.7000	-	-	-	-
Capex ¹	590	868	1,341	514	312	386	375	450
Capex / Sales	9.01%	13.48%	17.53%	6.81%	4.04%	4.9%	4.49%	5.26%
Announcement Date	31/03/20	31/03/21	31/03/22	30/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.66 CNY

Average target price

4.768 CNY

Spread / Average Target

+30.28%

	1st Jan change	Capi.
THE HONG KONG AND CHINA GAS CO LTD	-0.84%	14.16B
ENN ENERGY HOLDINGS LIMITED	+20.26%	9.95B
KUNLUN ENERGY COMPANY LIMITED	+14.77%	8.96B
ENN NATURAL GAS CO.,LTD.	+24.32%	8.88B
CHINA RESOURCES GAS GROUP LIMITED	+14.26%	8.66B
GRUPO ENERGÍA BOGOTÁ S.A. E.S.P.	+32.89%	5.58B
GUJARAT GAS LIMITED	+36.96%	5.21B
SOUTHWEST GAS HOLDINGS, INC.	+13.75%	5.16B
BROOKFIELD INFRASTRUCTURE CORPORATION	-4.54%	4.82B