Financials Zhejiang Expressway Co., Ltd.

Equities

Delayed Hong Kong S.E. Other stock markets 06:47:38 02/05/2024 BST			5-day change	1st Jan Change
5.02 ^HKD	-2.14%		-0.59%	-3.65%

04-30	Zhejiang Expressway Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-02	Zhejiang Expressway's Unit to Acquire Over 19% Stake in Asset Manager	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	27,557	23,943	24,595	23,053	28,382	28,454	-	-
Enterprise Value (EV) ¹	66,932	55,664	41,846	48,373	55,407	51,609	47,939	33,732
P/E ratio	7.7 x	8.07 x	5.52 x	4.51 x	4.5 x	5.24 x	4.96 x	4.75 x
Yield	5.59%	6.44%	6.62%	7.06%	6.76%	6.74%	6.74%	6.74%
Capitalization / Revenue	2.31 x	2 x	1.51 x	1.55 x	1.67 x	1.61 x	1.54 x	1.48 x
EV / Revenue	5.6 x	4.66 x	2.57 x	3.25 x	3.27 x	2.91 x	2.59 x	1.76 x
EV / EBITDA	8.72 x	7.72 x	4.02 x	4.18 x	4.43 x	4.1 x	3.63 x	2.46 x
EV / FCF	-112 x	-87.4 x	21.6 x	-	-	7.86 x	9.07 x	4.74 x
FCF Yield	-0.9%	-1.14%	4.63%	-	-	12.7%	11%	21.1%
Price to Book	1.28 x	0.99 x	0.91 x	0.75 x	0.55 x	0.65 x	0.6 x	0.55 x
Nbr of stocks (in thousands)	4,343,115	4,343,115	4,343,115	4,343,115	5,993,498	5,993,498	-	-
Reference price ²	6.345	5.513	5.663	5.308	4.735	4.748	4.748	4.748
Announcement Date	20/03/20	23/03/21	24/03/22	27/03/23	25/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,955	11,943	16,263	14,899	16,965	17,715	18,511	19,178
EBITDA ¹	7,675	7,210	10,402	11,564	12,497	12,579	13,200	13,720
EBIT ¹	5,271	4,727	7,183	8,510	8,792	8,610	8,999	9,449
Operating Margin	44.09%	39.58%	44.17%	57.12%	51.83%	48.6%	48.62%	49.27%
Earnings before Tax (EBT) ¹	5,767	5,115	8,164	7,542	7,852	8,548	9,082	9,468
Net income ¹	3,711	2,997	4,762	5,379	5,224	5,597	5,900	6,151
Net margin	31.04%	25.1%	29.28%	36.1%	30.79%	31.6%	31.87%	32.07%
EPS ²	0.8237	0.6832	1.025	1.176	1.053	0.9065	0.9569	0.9995
Free Cash Flow ¹	-599.3	-637.1	1,938	-	-	6,570	5,287	7,123
FCF margin	-5.01%	-5.33%	11.92%	-	-	37.09%	28.56%	37.14%
FCF Conversion (EBITDA)	-	-	18.64%	-	-	52.23%	40.05%	51.92%
FCF Conversion (Net income)	-	-	40.7%	-	-	117.38%	89.61%	115.81%
Dividend per Share ²	0.3550	0.3550	0.3750	0.3750	0.3200	0.3200	0.3200	0.3200
Announcement Date	20/03/20	23/03/21	24/03/22	27/03/23	25/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	39,374	31,722	17,251	25,321	27,026	23,155	19,485	5,278
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.13 x	4.399 x	1.658 x	2.19 x	2.163 x	1.841 x	1.476 x	0.3847 x
Free Cash Flow ¹	-599	-637	1,938	-	-	6,570	5,287	7,123
ROE (net income / shareholders' equity)	16.5%	13.1%	15.4%	17.4%	-	12%	11.6%	11.1%
ROA (Net income/ Total Assets)	3.74%	2.55%	2.71%	2.97%	2.62%	2.73%	2.78%	2.73%
Assets ¹	99,228	117,322	175,735	181,351	199,301	205,335	211,971	225,338
Book Value Per Share ²	4.970	5.550	6.250	7.120	8.600	7.300	7.940	8.620
Cash Flow per Share ²	0.0800	0.0500	-	1.760	-	4.930	1.870	1.960
Capex ¹	982	848	885	1,585	-	787	811	832
Capex / Sales	8.21%	7.1%	5.44%	10.64%	-	4.44%	4.38%	4.34%
Announcement Date	20/03/20	23/03/21	24/03/22	27/03/23	25/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.748 CNY

Average target price

5.882 CNY

Spread / Average Target

+23.90%

	1st Jan change	Capi.
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