Financials China Coal Energy Company Limited Shanghai S.E.

Equities

601898

CNE100000957

Coal

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 02/07/2024 am IST			5-day change	1st Jan Change
12.87 ^CNY	-0.39%		+2.88%	+32.82%

28/06	China Coal Energy Company Limited Approves Ordinary Final Dividend for the Year Ended December 31, 2023, Payable on August 26, 2024	CI
28/06	China Coal Energy Company Limited Declares Final Dividend for the Year Ended 31 December 2023, Payable 26 August 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	57,270	48,761	72,634	1,01,798	1,15,301	1,53,700	-	-
Enterprise Value (EV) ¹	1,25,682	1,07,736	96,623	94,630	95,987	1,31,273	1,14,926	1,00,825
P/E ratio	5.88 x	4.9 x	3.67 x	3.76 x	4.25 x	6.36 x	6.68 x	6.78 x
Yield	4.6%	6.83%	8.21%	7.36%	6.85%	5.22%	4.87%	4.84%
Capitalization / Revenue	0.44 x	0.35 x	0.31 x	0.46 x	0.6 x	0.83 x	0.83 x	0.86 x
EV / Revenue	0.97 x	0.76 x	0.42 x	0.43 x	0.5 x	0.71 x	0.62 x	0.56 x
EV / EBITDA	5.84 x	4.86 x	2.67 x	2.17 x	2.17 x	3.11 x	2.76 x	2.19 x
EV / FCF	9.95 x	8.66 x	2.56 x	2.78 x	3.77 x	8.01 x	5.37 x	4.67 x
FCF Yield	10.1%	11.5%	39.1%	35.9%	26.5%	12.5%	18.6%	21.4%
Price to Book	0.38 x	0.26 x	0.43 x	-	0.59 x	0.75 x	0.69 x	0.66 x
Nbr of stocks (in thousands)	1,32,58,663	1,32,58,663	1,32,58,663	1,32,58,663	1,32,58,663	1,32,58,663	-	-
Reference price ²	2.761	1.961	3.667	5.608	6.453	8.745	8.745	8.745
Announcement Date	20/03/20	24/03/21	03/03/22	23/03/23	20/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,29,294	1,40,961	2,31,127	2,20,577	1,92,969	1,85,482	1,85,440	1,79,657
EBITDA ¹	21,522	22,189	36,171	43,611	44,151	42,152	41,635	46,047
EBIT ¹	11,973	12,326	25,514	33,166	33,099	31,386	29,960	38,113
Operating Margin	9.26%	8.74%	11.04%	15.04%	17.15%	16.92%	16.16%	21.21%
Earnings before Tax (EBT) ¹	12,145	12,325	25,577	32,897	33,049	31,039	30,753	39,117
Net income ¹	5,626	5,904	13,282	18,241	19,534	18,183	16,952	21,688
Net margin	4.35%	4.19%	5.75%	8.27%	10.12%	9.8%	9.14%	12.07%
EPS ²	0.4700	0.4000	1.000	1.490	1.520	1.375	1.309	1.290
Free Cash Flow ¹	12,633	12,436	37,794	33,997	25,447	16,386	21,406	21,594
FCF margin	9.77%	8.82%	16.35%	15.41%	13.19%	8.83%	11.54%	12.02%
FCF Conversion (EBITDA)	58.7%	56.05%	104.49%	77.95%	57.64%	38.88%	51.41%	46.89%
FCF Conversion (Net income)	224.53%	210.63%	284.55%	186.38%	130.27%	90.12%	126.27%	99.56%
Dividend per Share ²	0.1270	0.1340	0.3010	0.4130	0.4420	0.4563	0.4262	0.4234
Announcement Date	20/03/20	24/03/21	03/03/22	23/03/23	20/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q2	2023 S1	2023 Q4	2023 S2	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 S1	2025 S2
Net sales	68,262	61,393	79,568	98,720	-	1,32,407	-	-	1,18,039	-	-	1,02,538	-	1,09,357	-	83,612	-	95,604	-	-	95,292	96,990	97,908
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	13,215	-	12,299	-	-	23,870	-	-	9,490	-	20,707	-	12,807	-	18,501	-	-	15,876	17,916	16,401
Operating Margin	-	-	-	13.39%	-	9.29%	-	-	20.22%	-	-	9.25%	-	18.93%	-	15.32%	-	19.35%	-	-	16.66%	18.47%	16.75%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	2,529	-	7,586	-	-	-	-	-	5,951	-	-	4,680	12,732	-	-	-	-	-	-	-	-	-
Net margin	-	4.12%	-	7.68%	-	-	-	-	-	-	-	-	-	11.64%	-	-	-	-	-	-	-	-	-
EPS ¹	0.1600	0.1900	0.2100	0.6400	0.1100	0.3600	0.5100	0.5000	1.100	0.4500	0.0300	0.3900	-	0.9600	0.2100	0.5600	0.2400	0.8500	0.2300	0.5300	0.7200	0.8300	0.7600
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	20/03/20	28/08/20	24/03/21	25/08/21	03/03/22	03/03/22	27/04/22	25/08/22	25/08/22	26/10/22	23/03/23	23/03/23	24/08/23	24/08/23	20/03/24	20/03/24	-	-	-	-	-	-	-

¹CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	82,103	58,975	23,989	-	-	-	-	-
Net Cash position ¹	-	-	-	7,168	8,094	22,427	38,774	52,875
Leverage (Debt/EBITDA)	3.303 x	2.658 x	0.6632 x	-	-	-	-	-
Free Cash Flow ¹	12,633	8,389	37,794	33,997	25,447	16,387	21,406	21,594
ROE (net income / shareholders' equity)	6.56%	5.94%	12.2%	14.9%	14.7%	11.5%	11.6%	10.8%
ROA (Net income/ Total Assets)	2.31%	2.13%	4.34%	5.5%	5.86%	5.52%	5.24%	5.57%
Assets ¹	2,68,369	2,77,061	3,05,964	3,31,357	3,44,442	3,29,408	3,23,394	3,89,725
Book Value Per Share ²	7.300	7.610	8.580	-	10.90	11.70	12.60	13.30
Cash Flow per Share ²	1.660	1.710	3.630	3.290	3.240	3.090	2.780	2.030
Capex ¹	9,351	10,196	10,312	9,637	17,518	13,007	17,287	14,163
Capex / Sales	7.23%	7.23%	4.46%	4.37%	9.08%	7.01%	9.32%	7.88%
Announcement Date	20/03/20	24/03/21	03/03/22	23/03/23	20/03/24	-	-	-

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 China Coal Energy Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

8.747 CNY

Average target price

8.912 CNY

Spread / Average Target

+1.88%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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