Financials XCMG Construction Machinery Co., Ltd.

Equities

000425

CNE000000FH0

Heavy Machinery & Vehicles

End-of-day quote Shenzhen S.E. Other stock markets 23:00:00 26/06/2024 BST			5-day change	1st Jan Change
7.04 ^CNY	-5.63%		-2.76%	+28.94%

06-26	XCMG Construction Machinery Co., Ltd. Announces Cash Dividend on Share A for the Year 2023, Payable on July 3, 2024	CI
06-04	XCMG Construction Machinery Co., Ltd. Unveils 39 Innovative Machinery Models at KOMATEK 2024 in Istanbul	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	42,850	42,067	46,924	59,908	63,871	83,185	-	-
Enterprise Value (EV) ¹	36,339	33,026	39,474	78,080	84,141	106,892	110,454	114,615
P/E ratio	12.7 x	11.9 x	8.49 x	14.1 x	12.1 x	12.6 x	9.65 x	7.57 x
Yield	1.1%	1.86%	-	2.96%	3.3%	3.16%	4.38%	5.64%
Capitalization / Revenue	0.72 x	0.57 x	0.56 x	0.64 x	0.69 x	0.82 x	0.72 x	0.62 x
EV / Revenue	0.61 x	0.45 x	0.47 x	0.83 x	0.91 x	1.06 x	0.96 x	0.85 x
EV / EBITDA	7.06 x	6.05 x	5.21 x	9.02 x	8.76 x	8.34 x	7.26 x	6.02 x
EV / FCF	11.3 x	-	-	-12.4 x	-36.1 x	-67.6 x	-109 x	-154 x
FCF Yield	8.88%	-	-	-8.07%	-2.77%	-1.48%	-0.92%	-0.65%
Price to Book	-	1.33 x	1.29 x	1.12 x	1.15 x	1.37 x	1.26 x	1.12 x
Nbr of stocks (in thousands)	7,833,668	7,833,668	7,833,668	11,816,166	11,698,005	11,816,086	-	-
Reference price ²	5.470	5.370	5.990	5.070	5.460	7.040	7.040	7.040
Announcement Date	29/04/20	14/04/21	18/04/22	28/04/23	29/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	59,176	73,968	84,328	93,817	92,848	101,111	114,835	134,902
EBITDA ¹	5,146	5,455	7,583	8,652	9,608	12,823	15,213	19,026
EBIT ¹	4,083	4,275	6,182	5,083	5,640	7,622	9,977	13,072
Operating Margin	6.9%	5.78%	7.33%	5.42%	6.07%	7.54%	8.69%	9.69%
Earnings before Tax (EBT) ¹	4,102	4,296	6,288	5,013	5,678	7,282	9,692	12,309
Net income ¹	3,621	3,729	5,615	4,307	5,326	6,599	8,622	11,004
Net margin	6.12%	5.04%	6.66%	4.59%	5.74%	6.53%	7.51%	8.16%
EPS ²	0.4320	0.4505	0.7052	0.3600	0.4500	0.5583	0.7293	0.9296
Free Cash Flow ¹	3,228	-	-	-6,302	-2,332	-1,581	-1,014	-742
FCF margin	5.45%	-	-	-6.72%	-2.51%	-1.56%	-0.88%	-0.55%
FCF Conversion (EBITDA)	62.72%	-	-	-	-	-	-	-
FCF Conversion (Net income)	89.15%	-	-	-	-	-	-	-
Dividend per Share ²	0.0600	0.1000	-	0.1500	0.1800	0.2224	0.3084	0.3972
Announcement Date	29/04/20	14/04/21	18/04/22	28/04/23	29/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	14,532	20,034	18,170	36,850	18,763	23,813	27,465	20,393	21,178	24,174	29,366	22,448	20,242	34,383	33,312
EBITDA ¹	-	929.8	1,361	1,080	2,962	3,250	-	-	-	-	-	4,312	1,940	2,535	5,049	5,260
EBIT ¹	-	1,071	1,589	996.2	2,703	-205.6	1,680	2,210	1,503	248.5	1,881	3,246	873	1,468	3,885	4,095
Operating Margin	-	7.37%	7.93%	5.48%	7.34%	-1.1%	7.05%	8.05%	7.37%	1.17%	7.78%	11.05%	3.89%	7.25%	11.3%	12.29%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	2,062	1,005	1,405	915.1	2,355	-368.8	1,523	2,066	1,250	487.1	1,600	2,549	434.2	1,374	3,036	3,240
Net margin	-	6.92%	7.02%	5.04%	6.39%	-1.97%	6.4%	7.52%	6.13%	2.3%	6.62%	8.68%	1.93%	6.79%	8.83%	9.73%
EPS ²	0.2500	0.1300	0.1790	0.1200	0.1000	-0.0400	0.1290	0.1700	0.1100	0.0400	0.1350	0.2158	0.0367	0.1163	0.2569	0.2742
Dividend per Share ²	-	-	-	-	-	0.1500	-	-	-	0.1800	-	-	-	0.2298	-	-
Announcement Date	30/08/20	18/04/22	29/04/22	30/08/22	25/10/22	28/04/23	28/04/23	30/08/23	30/10/23	29/04/24	29/04/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	18,172	20,269	23,707	27,269	31,430
Net Cash position ¹	6,511	9,041	7,450	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	2.1 x	2.11 x	1.849 x	1.792 x	1.652 x
Free Cash Flow ¹	3,228	-	-	-6,302	-2,332	-1,581	-1,014	-742
ROE (net income / shareholders' equity)	12.6%	11.7%	16.2%	8.13%	9.86%	10.9%	13.3%	15%
ROA (Net income/ Total Assets)	-	4.41%	5.56%	-	3.16%	4.02%	4.78%	5.2%
Assets ¹	-	84,543	100,913	-	168,575	164,157	180,245	211,615
Book Value Per Share ²	-	4.050	4.650	4.510	4.750	5.140	5.610	6.290
Cash Flow per Share ²	0.6600	0.3600	1.030	0.1300	0.3000	1.090	0.8300	1.440
Capex ¹	1,908	1,947	3,075	7,885	5,903	4,607	5,084	5,299
Capex / Sales	3.22%	2.63%	3.65%	8.4%	6.36%	4.56%	4.43%	3.93%
Announcement Date	29/04/20	14/04/21	18/04/22	28/04/23	29/04/24	-	-	-

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 XCMG Construction Machinery Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.04 CNY

Average target price

7.658 CNY

Spread / Average Target

+8.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Construction Machinery

	1st Jan change	Capi.
XCMG CONSTRUCTION MACHINERY CO., LTD.	+28.94%	12.13B
CATERPILLAR INC.	+10.75%	160B
SANY HEAVY INDUSTRY CO.,LTD	+18.08%	19.08B
ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY CO., LTD.	+15.47%	8.7B
DOOSAN BOBCAT INC.	+0.79%	3.81B
GUANGXI LIUGONG MACHINERY CO., LTD.	+62.91%	3.05B
CHINA RAILWAY CONSTRUCTION HEAVY INDUSTRY CORPORATION LIMITED	-8.06%	2.71B
ACTION CONSTRUCTION EQUIPMENT LIMITED	+81.59%	2.14B
SHANTUI CONSTRUCTION MACHINERY CO., LTD.	+77.73%	1.87B
TAKEUCHI MFG. CO., LTD.	+32.32%	1.67B

Construction Machinery