Financials CMOC Group Limited Deutsche Boerse AG

Equities

D7N

CNE100000114

Specialty Mining & Metals

Market Closed - Deutsche Boerse AG Other stock markets 08:00:59 02/07/2024 pm IST			5-day change	1st Jan Change
0.883 ^EUR	+8.00%		+4.79%	+87.99%

20/06	CMOC Group Sells 65% Stake in Subsidiary	MT
20/06	China Molybdenum Selling Xinjiang Luo Mo Mining Stake for Nearly 3 Billion Yuan	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	88,742	1,26,809	1,10,936	91,829	1,06,182	1,75,653	-	-
Enterprise Value (EV) ¹	1,16,804	1,54,647	1,33,244	1,07,319	1,24,958	1,79,067	1,76,529	1,75,653
P/E ratio	33.2 x	38.7 x	14 x	11.4 x	10.2 x	12.2 x	10.3 x	9.39 x
Yield	1.44%	0.77%	2.13%	-	3.97%	3.31%	3.63%	4.6%
Capitalization / Revenue	1.29 x	1.12 x	0.64 x	0.53 x	0.57 x	0.85 x	0.81 x	0.8 x
EV / Revenue	1.7 x	1.37 x	0.77 x	0.62 x	0.67 x	0.86 x	0.82 x	0.8 x
EV / EBITDA	20 x	21.8 x	10.4 x	7.52 x	6.55 x	7 x	6.09 x	5.78 x
EV / FCF	-115 x	157 x	69 x	21.5 x	41.4 x	23.9 x	14.5 x	14.2 x
FCF Yield	-0.87%	0.64%	1.45%	4.64%	2.41%	4.19%	6.89%	7.05%
Price to Book	1.58 x	2.36 x	1.81 x	-	1.39 x	2.1 x	1.89 x	1.66 x
Nbr of stocks (in thousands)	2,15,99,241	2,15,50,727	2,14,50,727	2,13,94,310	2,13,94,310	2,13,94,310	-	-
Reference price ²	2.985	4.259	3.349	3.179	3.881	6.746	6.746	6.746
Announcement Date	29/03/20	22/03/21	15/03/22	17/03/23	12/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	68,677	1,12,981	1,73,863	1,72,991	1,86,269	2,07,461	2,16,245	2,20,817
EBITDA ¹	5,847	7,087	12,817	14,271	19,091	25,593	28,978	30,397
EBIT ¹	2,222	2,947	8,789	9,889	13,288	19,907	21,946	23,390
Operating Margin	3.23%	2.61%	5.05%	5.72%	7.13%	9.6%	10.15%	10.59%
Earnings before Tax (EBT) ¹	2,358	2,876	8,755	9,804	13,208	19,560	22,349	23,739
Net income ¹	1,857	2,329	5,106	6,067	8,250	11,347	13,201	14,075
Net margin	2.7%	2.06%	2.94%	3.51%	4.43%	5.47%	6.1%	6.37%
EPS ²	0.0900	0.1100	0.2400	0.2800	0.3800	0.5529	0.6565	0.7185
Free Cash Flow ¹	-1,014	984.8	1,930	4,984	3,015	7,503	12,162	12,375
FCF margin	-1.48%	0.87%	1.11%	2.88%	1.62%	3.62%	5.62%	5.6%
FCF Conversion (EBITDA)	-	13.89%	15.06%	34.92%	15.79%	29.32%	41.97%	40.71%
FCF Conversion (Net income)	-	42.29%	37.8%	82.15%	36.55%	66.12%	92.12%	87.92%
Dividend per Share ²	0.0430	0.0330	0.0712	-	0.1542	0.2234	0.2449	0.3104
Announcement Date	29/03/20	22/03/21	15/03/22	17/03/23	12/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	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 S1	2025 S2
Net sales ¹	46,744	-	44,525	47,242	91,767	40,702	40,522	81,224	-	42,443	86,726	44,956	54,587	99,543	46,121	49,340	1,01,947	51,396	55,508	1,08,473	1,14,857	1,14,857
EBITDA	1,441	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-512	-	3,268	4,682	7,949	1,506	433.4	1,940	-	1,213	-	3,451	8,188	11,639	3,526	4,258	-	4,435	4,790	-	-	-
Operating Margin	-1.1%	-	7.34%	9.91%	8.66%	3.7%	1.07%	2.39%	-	2.86%	-	7.68%	15%	11.69%	7.65%	8.63%	-	8.63%	8.63%	-	-	-
Earnings before Tax (EBT)	350.5	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	1,008	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	2.16%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS ²	-	0.0750	0.0840	0.1100	0.1900	0.0550	0.0350	0.0900	0.0150	0.0180	0.0330	-	0.2700	0.3500	0.1000	0.1700	0.2300	0.1400	0.1500	0.3900	0.5100	0.5000
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	30/08/20	15/03/22	26/04/22	21/08/22	21/08/22	23/10/22	17/03/23	17/03/23	28/04/23	25/08/23	25/08/23	27/10/23	12/03/24	12/03/24	29/04/24	-	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	28,062	27,838	22,309	15,490	18,776	3,414	877	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.8 x	3.928 x	1.741 x	1.085 x	0.9835 x	0.1334 x	0.0303 x	-
Free Cash Flow ¹	-1,014	985	1,930	4,984	3,015	7,503	12,162	12,375
ROE (net income / shareholders' equity)	4.54%	5.83%	10.4%	13.4%	15%	17.5%	17.6%	16.8%
ROA (Net income/ Total Assets)	1.7%	1.95%	3.16%	4.01%	4.88%	6.8%	6.82%	7.18%
Assets ¹	1,09,044	1,19,670	1,61,685	1,51,235	1,68,997	1,66,997	1,93,564	1,96,120
Book Value Per Share ²	1.890	1.800	1.850	-	2.780	3.210	3.570	4.070
Cash Flow per Share ²	0.0800	0.3900	0.2900	-	0.7200	0.9800	0.8000	0.9400
Capex ¹	2,719	7,508	4,260	10,470	12,527	10,903	10,024	10,161
Capex / Sales	3.96%	6.65%	2.45%	6.05%	6.73%	5.26%	4.64%	4.6%
Announcement Date	29/03/20	22/03/21	15/03/22	17/03/23	12/03/24	-	-	-

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 CMOC Group Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.746 CNY

Average target price

8.518 CNY

Spread / Average Target

+26.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Specialty Mining & Metals Wholesale

	1st Jan change	Capi.
SHENZHEN ZHONGJIN LINGNAN NONFEMET CO. LTD.	0.00%	222.15Cr
TIBET HUAYU MINING CO., LTD.	+27.18%	150.61Cr
LYGEND RESOURCES & TECHNOLOGY CO., LTD.	-0.65%	123.08Cr
PENGXIN INTERNATIONAL MINING CO.,LTD	-12.04%	80Cr
ALCONIX CORPORATION	+17.82%	29Cr
CNNC INTERNATIONAL LIMITED	+44.97%	15Cr
CHINA SILVER GROUP LIMITED	+113.29%	7.63Cr
GREENTECH TECHNOLOGY INTERNATIONAL LIMITED	-9.20%	7.17Cr

Specialty Mining & Metals Wholesale