YANGTZE OPTICAL FIBRE AND CABLELIMITED COMPANY

Financials Yangtze Optical Fibre And CableLimited Company Shanghai S.E.

Equities

601869

CNE1000036B2

Communications & Networking

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 29/04/2024 BST			5-day change	1st Jan Change
26.3 ^CNY	-7.91%		-3.38%	-4.22%

04-29	Yangtze Optical Fibre And Cable Joint Stock Limited Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-11	China Telecom Research Institute, ZTE Corporation and Yangtze Optical Fibre and Cable Joint Stock Limited Company Jointly Set World Record for Real-Time Transmission of over 120Tbit/s on A Single Fibre in S+C+L Band	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,253	14,030	16,991	17,529	13,844	13,374	-	-
Enterprise Value (EV) ¹	17,107	13,740	18,249	19,644	17,815	16,675	17,046	16,286
P/E ratio	13.1 x	12.1 x	11.2 x	7.92 x	4.44 x	5.88 x	5.52 x	5.58 x
Yield	2.3%	2.48%	2.67%	3.76%	6.76%	5.03%	5.92%	5.74%
Capitalization / Revenue	2.35 x	1.71 x	1.78 x	1.27 x	1.04 x	0.97 x	0.88 x	0.87 x
EV / Revenue	2.2 x	1.67 x	1.91 x	1.42 x	1.33 x	1.22 x	1.12 x	1.05 x
EV / EBITDA	14.7 x	14.7 x	16.6 x	11.1 x	8.75 x	7.84 x	6.61 x	7.22 x
EV / FCF	-487 x	-29.3 x	-33.4 x	-31 x	-24.1 x	40 x	17.5 x	17.1 x
FCF Yield	-0.21%	-3.41%	-3%	-3.23%	-4.16%	2.5%	5.71%	5.85%
Price to Book	1.19 x	0.73 x	0.82 x	0.92 x	0.51 x	0.49 x	0.46 x	0.43 x
Nbr of stocks (in thousands)	755,905	755,905	755,905	755,905	757,905	757,905	-	-
Reference price ²	13.83	8.720	10.54	12.28	7.598	7.644	7.644	7.644
Announcement Date	27/03/20	26/03/21	10/03/22	08/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,769	8,222	9,536	13,830	13,353	13,721	15,199	15,454
EBITDA ¹	1,165	937.7	1,099	1,762	2,036	2,127	2,579	2,254
EBIT ¹	877.8	580.7	718.3	1,170	1,219	1,012	1,165	1,203
Operating Margin	11.3%	7.06%	7.53%	8.46%	9.13%	7.38%	7.67%	7.78%
Earnings before Tax (EBT) ¹	883.5	579.2	748	1,152	1,216	1,118	1,486	1,029
Net income ¹	801.2	543.7	708.5	1,167	1,297	939.3	1,430	1,045
Net margin	10.31%	6.61%	7.43%	8.44%	9.72%	6.85%	9.41%	6.76%
EPS ²	1.060	0.7200	0.9400	1.550	1.710	1.300	1.384	1.371
Free Cash Flow ¹	-35.14	-468.3	-546.9	-633.7	-740.6	416.5	973	952
FCF margin	-0.45%	-5.7%	-5.73%	-4.58%	-5.55%	3.04%	6.4%	6.16%
FCF Conversion (EBITDA)	-	-	-	-	-	19.58%	37.73%	42.23%
FCF Conversion (Net income)	-	-	-	-	-	44.34%	68.02%	91.13%
Dividend per Share ²	0.3180	0.2160	0.2810	0.4620	0.5140	0.3847	0.4525	0.4390
Announcement Date	27/03/20	26/03/21	10/03/22	08/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	4,450	3,407	4,815	2,748	5,184	2,982	3,410	3,851	3,588	7,439	3,195	3,720	3,114	3,323	2,387	3,506	3,536	3,617
EBITDA	563.8	-	-	428.8	-	-	-	537.8	-	-	-	-	-	-	-	-	-	-
EBIT	396.3	-	306.2	130.3	-	220.6	337.2	365.7	256.4	579.6	245.9	392.6	211.2	327.1	41.3	-	-	-
Operating Margin	8.9%	-	6.36%	4.74%	-	7.4%	9.89%	9.5%	7.15%	7.79%	7.69%	10.55%	6.78%	9.84%	1.73%	-	-	-
Earnings before Tax (EBT) ¹	401.1	-	304.9	131.1	231.5	-	337.9	354.5	247	-	243.4	437.6	211.4	324	45.04	234	256	220
Net income ¹	364.4	262.6	281.1	144.4	227.6	-	321.8	350	295	-	241	366	273.6	472.2	57.92	216	235	202
Net margin	8.19%	7.71%	5.84%	5.25%	4.39%	-	9.44%	9.09%	8.22%	-	7.54%	9.84%	8.78%	14.21%	2.43%	6.16%	6.65%	5.58%
EPS ²	0.4800	-	0.3700	0.2000	0.3000	0.2700	0.4200	0.4700	0.3900	0.8600	0.3200	0.4800	0.3600	0.5500	-	0.3300	0.3050	0.2400
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	27/03/20	28/08/20	26/03/21	10/03/22	10/03/22	29/04/22	27/08/22	28/10/22	08/03/23	08/03/23	28/04/23	25/08/23	30/10/23	28/03/24	30/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	1,257	2,115	3,971	3,453	3,672	3,700
Net Cash position ¹	1,146	290	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	1.144 x	1.2 x	1.95 x	1.624 x	1.424 x	1.641 x
Free Cash Flow ¹	-35.1	-468	-547	-634	-741	417	973	952
ROE (net income / shareholders' equity)	9.46%	6.13%	7.53%	11.8%	12.1%	6.82%	7.78%	7.3%
ROA (Net income/ Total Assets)	6.01%	3.67%	1.27%	4.89%	4.52%	3.34%	3.39%	3.49%
Assets ¹	13,331	14,816	55,788	23,841	28,673	28,165	42,258	29,933
Book Value Per Share ²	11.60	11.90	12.90	13.40	14.90	15.50	16.70	17.70
Cash Flow per Share ²	1.110	0.1900	0.7000	2.110	2.000	0.9200	2.890	3.240
Capex ¹	734	609	1,062	2,193	2,255	1,678	1,333	1,474
Capex / Sales	9.45%	7.41%	11.14%	15.86%	16.89%	12.23%	8.77%	9.54%
Announcement Date	27/03/20	26/03/21	10/03/22	08/03/23	28/03/24	-	-	-

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 Yangtze Optical Fibre And CableLimited Company

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7.644 CNY

Average target price

9.438 CNY

Spread / Average Target

+23.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Fiber Optic Cable Manufacturing

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Fiber Optic Cable Manufacturing