Financials China Southern Power Grid Energy Storage Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
9.96 ^CNY	-0.90%		+2.79%	+1.01%

26/04	China Southern Power Grid Energy Storage Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
02/04	China Southern Power Grid Energy Storage's 2023 Profit Falls 39%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,733	3,890	9,508	46,086	31,513	31,832	-	-
Enterprise Value (EV) ¹	3,733	3,890	9,508	46,086	31,513	31,832	31,832	31,832
P/E ratio	11.3 x	35.2 x	604 x	22.5 x	30.8 x	29.3 x	23 x	19.2 x
Yield	-	-	-	0.26%	0.97%	1.61%	1.91%	2.21%
Capitalization / Revenue	-	-	4.39 x	5.58 x	5.6 x	5.04 x	3.97 x	3.17 x
EV / Revenue	-	-	4.39 x	5.58 x	5.6 x	5.04 x	3.97 x	3.17 x
EV / EBITDA	-	-	34.2 x	10.7 x	9.8 x	8.45 x	6.69 x	5.34 x
EV / FCF	-	-	-	-	-9.94 x	-3.91 x	-4.6 x	-6.52 x
FCF Yield	-	-	-	-	-10.1%	-25.6%	-21.7%	-15.3%
Price to Book	-	-	4.45 x	2.31 x	1.51 x	1.48 x	1.41 x	1.34 x
Nbr of stocks (in thousands)	4,78,526	4,78,526	4,78,526	31,96,006	31,96,006	31,96,006	-	-
Reference price ²	7.800	8.130	19.87	14.42	9.860	9.960	9.960	9.960
Announcement Date	20/04/20	29/03/21	21/03/22	27/03/23	29/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	-	2,164	8,261	5,630	6,311	8,013	10,039
EBITDA ¹	-	-	278.1	4,311	3,215	3,768	4,756	5,960
EBIT ¹	-	-	38.46	2,624	1,501	1,609	2,045	2,453
Operating Margin	-	-	1.78%	31.77%	26.67%	25.49%	25.52%	24.44%
Earnings before Tax (EBT) ¹	-	-	36.61	2,609	1,493	1,601	2,037	2,446
Net income ¹	-	110.7	15.76	1,663	1,014	1,099	1,384	1,662
Net margin	-	-	0.73%	20.13%	18%	17.42%	17.27%	16.55%
EPS ²	0.6900	0.2310	0.0329	0.6400	0.3200	0.3400	0.4333	0.5200
Free Cash Flow ¹	-	-	-	-	-3,170	-8,145	-6,917	-4,885
FCF margin	-	-	-	-	-56.31%	-129.05%	-86.32%	-48.66%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	0.0380	0.0952	0.1600	0.1900	0.2200
Announcement Date	20/04/20	29/03/21	21/03/22	27/03/23	29/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	-3,170	-8,145	-6,917	-4,885
ROE (net income / shareholders' equity)	-	0.73%	11.5%	4.98%	5.1%	6.14%	7.01%
ROA (Net income/ Total Assets)	-	-	4.08%	-	2.06%	2.04%	1.97%
Assets ¹	-	-	40,739	-	53,366	67,827	84,349
Book Value Per Share ²	-	4.470	6.230	6.520	6.750	7.050	7.420
Cash Flow per Share ²	-	0.7200	1.440	1.110	1.170	1.300	1.640
Capex ¹	-	381	4,256	6,727	8,083	11,240	10,707
Capex / Sales	-	17.6%	51.52%	119.49%	128.07%	140.26%	106.65%
Announcement Date	29/03/21	21/03/22	27/03/23	29/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

9.96 CNY

Average target price

11.48 CNY

Spread / Average Target

+15.26%

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