CSD WATER SERVICE CO., LTD.

Financials CSD Water Service Co., Ltd.

Equities

603903

CNE100002YD5

Water Utilities

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 10/05/2024 am IST			5-day change	1st Jan Change
8.53 ^CNY	-1.27%		+1.55%	-13.66%

29/04	CSD Water Service Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
29/04	CSD Water Service Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	2,072	2,007	2,225	2,286	2,308	2,523
Enterprise Value (EV) ¹	2,603	2,588	2,907	3,444	3,381	3,361
P/E ratio	22.3 x	18 x	16.2 x	14 x	18.4 x	15.4 x
Yield	0.45%	0.55%	0.64%	1.71%	2.1%	-
Capitalization / Revenue	2 x	1.5 x	1.37 x	1.56 x	1.61 x	1.58 x
EV / Revenue	2.52 x	1.94 x	1.79 x	2.36 x	2.36 x	2.1 x
EV / EBITDA	14.6 x	10.1 x	10.1 x	10.9 x	12.9 x	8.9 x
EV / FCF	45.9 x	-36.2 x	-21.4 x	-8.18 x	-11.7 x	-104 x
FCF Yield	2.18%	-2.76%	-4.67%	-12.2%	-8.52%	-0.96%
Price to Book	2.57 x	2.23 x	2.15 x	1.95 x	1.39 x	1.41 x
Nbr of stocks (in thousands)	2,02,539	2,02,460	2,02,304	2,02,304	2,55,319	2,55,319
Reference price ²	10.23	9.914	11.00	11.30	9.040	9.880
Announcement Date	18/04/19	16/04/20	25/03/21	26/04/22	21/04/23	29/04/24

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	1,034	1,337	1,625	1,462	1,435	1,599
EBITDA ¹	178	255.2	287.3	315.5	261.4	377.5
EBIT ¹	154.8	214.8	232.1	260	195.3	313.7
Operating Margin	14.97%	16.07%	14.28%	17.78%	13.6%	19.62%
Earnings before Tax (EBT) ¹	123.3	172.3	192.1	213.4	152.7	204.7
Net income ¹	92.64	111.1	137.6	164.2	120.3	163.4
Net margin	8.96%	8.31%	8.47%	11.23%	8.38%	10.22%
EPS ²	0.4592	0.5500	0.6800	0.8100	0.4900	0.6400
Free Cash Flow ¹	56.72	-71.53	-135.6	-421.1	-288.2	-32.21
FCF margin	5.49%	-5.35%	-8.35%	-28.8%	-20.07%	-2.01%
FCF Conversion (EBITDA)	31.87%	-	-	-	-	-
FCF Conversion (Net income)	61.23%	-	-	-	-	-
Dividend per Share ²	0.0459	0.0550	0.0700	0.1930	0.1900	-
Announcement Date	18/04/19	16/04/20	25/03/21	26/04/22	21/04/23	29/04/24

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	531	581	682	1,158	1,073	839
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.986 x	2.275 x	2.373 x	3.671 x	4.103 x	2.221 x
Free Cash Flow ¹	56.7	-71.5	-136	-421	-288	-32.2
ROE (net income / shareholders' equity)	13.4%	15.5%	15.4%	15.2%	8.35%	9.45%
ROA (Net income/ Total Assets)	5.16%	5.04%	4.78%	4.75%	2.96%	4.15%
Assets ¹	1,794	2,204	2,879	3,457	4,062	3,935
Book Value Per Share ²	3.990	4.440	5.110	5.790	6.510	7.030
Cash Flow per Share ²	1.180	2.100	1.150	1.440	2.310	2.660
Capex ¹	259	190	285	272	131	53.1
Capex / Sales	25.07%	14.25%	17.55%	18.62%	9.13%	3.32%
Announcement Date	18/04/19	16/04/20	25/03/21	26/04/22	21/04/23	29/04/24

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Sewage Treatment Facilities

	1st Jan change	Capi.
CSD WATER SERVICE CO., LTD.	-13.66%	301M
CHONGQING WATER GROUP CO.,LTD.	-9.35%	3.41B
TIANJIN CAPITAL ENVIRONMENTAL PROTECTION GROUP COMPANY LIMITED	+10.27%	1.19B
CENTRAL PLAINS ENVIRONMENT PROTECTION CO.,LTD.	+21.33%	1.14B
WUHAN SANZHEN INDUSTRY HOLDING CO.,LTD	-5.91%	626M
SUNTAR ENVIRONMENTAL TECHNOLOGY CO., LTD.	-2.23%	605M
WUHAN TIANYUAN ENVIRONMENTAL PROTECTION CO.,LTD	-9.01%	574M
SHANGHAI EMPEROR OF CLEANING HI-TECH CO., LTD	+9.91%	568M
CEC ENVIRONMENTAL PROTECTION CO.,LTD	+3.72%	522M
HEILONGJIANG INTERCHINA WATER TREATMENT CO.,LTD	-14.77%	503M

Sewage Treatment Facilities

Stock Market
Equities
603903 Stock
Financials CSD Water Service Co., Ltd.

-40% Limited Time Offer: Our subscriptions help you unlock hidden opportunities.

SIGN UP NOW