Stock 001965 CHINA MERCHANTS EXPRESSWAY NETWORK & TECHNOLOGY HOLDINGS CO.,LTD.
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Financials China Merchants Expressway Network & Technology Holdings Co.,Ltd.

Equities

001965

CNE1000032B1

Highways & Rail Tracks

End-of-day quote Shenzhen S.E.
Other stock markets
 03:30:00 26/04/2024 am IST 		5-day change 1st Jan Change
11.46 CNY -2.55% Intraday chart for China Merchants Expressway Network & Technology Holdings Co.,Ltd. -4.18% +17.30%
03/04 China Merchants Expressway Network & Technology Holdings Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
03/04 China Merchants Expressway Network's Profit Jumps 39% as Operating Income Rises 17% MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 54,183 42,568 47,387 48,005 60,606 78,161 - -
Enterprise Value (EV) 1 54,183 42,568 47,387 48,005 60,606 78,161 78,161 78,161
P/E ratio 12.5 x 21.2 x 10.6 x 11 x 9.85 x 12 x 11.8 x 11.3 x
Yield 3.19% 2.57% 4.51% 5.33% 5.44% 4.8% 4.36% -
Capitalization / Revenue 6.62 x 6.02 x 5.49 x 5.79 x 6.23 x 6.07 x 5.71 x 5.58 x
EV / Revenue 6.62 x 6.02 x 5.49 x 5.79 x 6.23 x 6.07 x 5.71 x 5.58 x
EV / EBITDA 7.81 x 9.43 x 6.09 x 6.95 x 5.39 x 5.85 x 5.83 x 5.27 x
EV / FCF 1,55,64,825 x - - - 1,55,40,414 x - - -
FCF Yield 0% - - - 0% - - -
Price to Book 1.1 x 0.87 x 0.81 x 0.88 x 1.04 x 1.15 x 1.1 x 1.05 x
Nbr of stocks (in thousands) 61,78,213 61,78,228 61,78,230 61,78,245 62,03,239 68,20,337 - -
Reference price 2 8.770 6.890 7.670 7.770 9.770 11.46 11.46 11.46
Announcement Date 17/04/20 05/04/21 01/04/22 03/04/23 02/04/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 8,185 7,069 8,626 8,297 9,731 12,870 13,679 14,015
EBITDA 1 6,937 4,516 7,786 6,911 11,242 13,362 13,418 14,841
EBIT 1 5,343 2,769 5,825 4,966 7,567 7,927 7,921 8,416
Operating Margin 65.28% 39.17% 67.53% 59.85% 77.76% 61.59% 57.9% 60.05%
Earnings before Tax (EBT) 1 5,337 3,090 5,939 5,613 7,605 7,960 7,955 8,468
Net income 1 4,327 2,223 4,973 4,861 6,767 6,494 6,517 6,967
Net margin 52.86% 31.44% 57.65% 58.58% 69.53% 50.46% 47.64% 49.71%
EPS 2 0.7003 0.3250 0.7230 0.7071 0.9916 0.9550 0.9750 1.010
Free Cash Flow 3,481 - - - 3,900 - - -
FCF margin 42.53% - - - 40.08% - - -
FCF Conversion (EBITDA) 50.18% - - - 34.69% - - -
FCF Conversion (Net income) 80.46% - - - 57.63% - - -
Dividend per Share 2 0.2800 0.1770 0.3460 0.4140 0.5310 0.5500 0.5000 -
Announcement Date 17/04/20 05/04/21 01/04/22 03/04/23 02/04/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2023 Q1
Net sales 1 - - - - - - - 2,026
EBITDA - - - - - - - -
EBIT - - - - - - - -
Operating Margin - - - - - - - -
Earnings before Tax (EBT) - - - - - - - -
Net income 1 -241.5 2,732 1,290 950.6 1,092 1,261 2,353 1,349
Net margin - - - - - - - 66.6%
EPS - - - - - - - -
Dividend per Share - - - - - - - -
Announcement Date 28/08/20 30/08/21 29/10/21 01/04/22 26/04/22 28/08/22 28/08/22 27/04/23
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 3,481 - - - 3,900 - - -
ROE (net income / shareholders' equity) 9.18% 4.44% 9.2% 8.52% 11.4% 9.55% 9.13% 9.23%
ROA (Net income/ Total Assets) 4.95% 2.4% 5.2% - 4.97% 4.3% 3.7% -
Assets 1 87,495 92,531 95,631 - 1,36,207 1,51,023 1,76,126 -
Book Value Per Share 2 8.000 7.900 9.440 8.800 9.430 9.970 10.40 10.90
Cash Flow per Share 2 0.7000 0.5200 0.7500 0.6300 0.7100 1.220 0.9600 0.9400
Capex 1 828 1,469 478 693 538 5,406 4,200 5,992
Capex / Sales 10.12% 20.79% 5.55% 8.35% 5.53% 42% 30.7% 42.75%
Announcement Date 17/04/20 05/04/21 01/04/22 03/04/23 02/04/24 - - -
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 China Merchants Expressway Network & Technology Holdings Co.,Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
3
Last Close Price
11.46 CNY
Average target price
13.14 CNY
Spread / Average Target
+14.66%
Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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