Financials China Shenhua Energy Company Limited Shanghai S.E.

Equities

601088

CNE100000767

Coal

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
39.83 ^CNY	+2.13%		-1.17%	+27.05%

26/04	China Shenhua Energy Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
19/04	China Shenhua Energy's Controlling Shareholder Boosts Stakeholding	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,50,321	3,38,370	4,21,748	5,22,036	5,99,794	7,59,073	-	-
Enterprise Value (EV) ¹	3,54,567	2,76,643	3,26,944	4,13,651	4,92,522	6,45,639	5,98,142	6,02,944
P/E ratio	6.94 x	6.82 x	5.74 x	5.43 x	7.47 x	10.2 x	10.1 x	10.6 x
Yield	8.66%	14.7%	17.1%	12.8%	9.3%	7.41%	7.12%	7.05%
Capitalization / Revenue	1.45 x	1.45 x	1.26 x	1.52 x	1.75 x	2.2 x	2.22 x	2.21 x
EV / Revenue	1.47 x	1.19 x	0.98 x	1.2 x	1.44 x	1.87 x	1.75 x	1.75 x
EV / EBITDA	4.08 x	3.5 x	3.31 x	3.4 x	4.25 x	6.71 x	5.4 x	5.58 x
EV / FCF	7.88 x	4.52 x	4.58 x	4.99 x	9.1 x	8.79 x	8.99 x	9.05 x
FCF Yield	12.7%	22.1%	21.8%	20%	11%	11.4%	11.1%	11%
Price to Book	0.81 x	0.67 x	0.78 x	1 x	1.18 x	1.42 x	1.34 x	1.27 x
Nbr of stocks (in thousands)	1,98,89,620	1,98,68,520	1,98,68,520	1,98,68,520	1,98,68,520	1,98,68,520	-	-
Reference price ²	14.55	12.29	14.89	19.92	24.31	30.26	30.26	30.26
Announcement Date	27/03/20	26/03/21	25/03/22	24/03/23	22/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,41,871	2,33,263	3,35,216	3,44,533	3,43,074	3,45,166	3,41,607	3,44,128
EBITDA ¹	86,981	79,018	98,815	1,21,536	1,16,008	96,226	1,10,698	1,08,107
EBIT ¹	66,629	59,033	78,242	1,00,513	91,367	83,660	88,316	88,469
Operating Margin	27.55%	25.31%	23.34%	29.17%	26.63%	24.24%	25.85%	25.71%
Earnings before Tax (EBT) ¹	66,724	59,362	77,375	99,654	87,176	86,874	90,093	90,459
Net income ¹	43,250	35,849	50,269	72,903	59,694	59,458	61,394	61,854
Net margin	17.88%	15.37%	15%	21.16%	17.4%	17.23%	17.97%	17.97%
EPS ²	2.097	1.803	2.597	3.669	3.253	2.971	2.985	2.855
Free Cash Flow ¹	44,973	61,259	71,339	82,869	54,104	73,444	66,540	66,614
FCF margin	18.59%	26.26%	21.28%	24.05%	15.77%	21.28%	19.48%	19.36%
FCF Conversion (EBITDA)	51.7%	77.53%	72.19%	68.18%	46.64%	76.32%	60.11%	61.62%
FCF Conversion (Net income)	103.98%	170.88%	141.91%	113.67%	90.64%	123.52%	108.38%	107.7%
Dividend per Share ²	1.260	1.810	2.540	2.550	2.260	2.242	2.156	2.133
Announcement Date	27/03/20	26/03/21	25/03/22	24/03/23	22/03/24	-	-	-

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 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 S2
Net sales ¹	1,25,506	1,05,016	1,28,247	1,43,979	1,02,267	1,91,237	83,902	81,677	1,65,579	84,910	94,044	1,78,954	87,042	82,400	1,69,442	83,025	90,607	1,73,632	87,647	79,811	1,79,903	83,281	93,691	1,74,358	89,900	85,100	1,82,128	1,75,778
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	16,447	-	19,917	30,328	-	-	-	-	-
EBIT ¹	-	-	-	37,406	19,209	42,766	27,682	26,526	54,208	26,357	-	46,305	25,107	22,997	48,104	21,439	21,824	43,263	23,344	10,365	56,099	13,835	24,245	44,470	-	-	56,707	44,199
Operating Margin	-	-	-	25.98%	18.78%	22.36%	32.99%	32.48%	32.74%	31.04%	-	25.88%	28.84%	27.91%	28.39%	25.82%	24.09%	24.92%	26.63%	12.99%	31.18%	16.61%	25.88%	25.51%	-	-	31.14%	25.14%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	20,370	-	-	10,330	-	19,796	27,839	42,475	20,298	-	30,428	-	16,184	36,861	-	-	-	17,760	-	-	-	-	-	-	-	-	-
Net margin	-	19.4%	-	-	10.1%	-	23.59%	34.08%	25.65%	23.91%	-	17%	-	19.64%	21.75%	-	-	-	20.26%	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	27/03/20	28/08/20	26/03/21	27/08/21	25/03/22	25/03/22	27/04/22	26/08/22	26/08/22	28/10/22	24/03/23	24/03/23	28/04/23	25/08/23	25/08/23	28/10/23	22/03/24	22/03/24	26/04/24	-	-	-	-	-	-	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,246	-	-	-	-	-	-	-
Net Cash position ¹	-	61,727	94,804	1,08,385	1,14,451	1,13,434	1,60,931	1,56,129
Leverage (Debt/EBITDA)	0.0488 x	-	-	-	-	-	-	-
Free Cash Flow ¹	44,973	61,259	71,339	82,869	52,603	73,444	66,540	66,615
ROE (net income / shareholders' equity)	12.1%	9.95%	13.9%	18.8%	16.1%	13.5%	13.2%	13.5%
ROA (Net income/ Total Assets)	7.22%	7.8%	10%	11.8%	10.3%	8.5%	9.31%	9.32%
Assets ¹	5,98,715	4,59,603	5,02,690	6,17,775	6,26,211	6,99,506	6,59,556	6,63,908
Book Value Per Share ²	17.90	18.30	19.10	20.00	20.60	21.20	22.60	23.90
Cash Flow per Share ²	3.170	4.090	4.760	5.520	4.510	5.020	4.800	4.600
Capex ¹	18,133	20,030	23,236	26,865	37,084	36,443	37,160	32,436
Capex / Sales	7.5%	8.59%	6.93%	7.8%	10.81%	10.56%	10.88%	9.43%
Announcement Date	27/03/20	26/03/21	25/03/22	24/03/23	22/03/24	-	-	-

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 Shenhua Energy Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

30.26 CNY

Average target price

28.42 CNY

Spread / Average Target

-6.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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