JILIN YATAI (GROUP) CO., LTD.

Financials Jilin Yatai (Group) Co., Ltd.

Equities

600881

CNE000000JC3

Construction Materials

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 15/05/2024 am IST			5-day change	1st Jan Change
1.36 ^CNY	0.00%		+0.74%	-30.26%

29/04	Jilin Yatai Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
28/03	Changchun Urban Development & Investment Holdings Co., Ltd. cancelled the acquisition of 30% of stake in Northeast Securities Co., Ltd. from Jilin Yatai Co., Ltd..	CI

Valuation

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Capitalization ¹	17,154	10,754	10,364	10,072	10,559	7,797
Enterprise Value (EV) ¹	42,051	33,304	33,987	30,419	35,505	35,751
P/E ratio	19.6 x	-55.2 x	194 x	77.5 x	-8.33 x	-2.26 x
Yield	0.95%	-	-	0.65%	-	-
Capitalization / Revenue	0.97 x	0.76 x	0.61 x	0.52 x	0.54 x	0.6 x
EV / Revenue	2.38 x	2.36 x	2 x	1.56 x	1.81 x	2.76 x
EV / EBITDA	7.87 x	13.8 x	13 x	31.6 x	51.8 x	-21.8 x
EV / FCF	12.3 x	27.3 x	-15 x	18.2 x	-16.7 x	-29.9 x
FCF Yield	8.14%	3.67%	-6.68%	5.5%	-5.98%	-3.35%
Price to Book	1.15 x	0.74 x	0.72 x	0.69 x	0.81 x	0.81 x
Nbr of stocks (in thousands)	32,48,914	32,48,914	32,48,914	32,48,914	32,48,914	32,48,914
Reference price ²	5.280	3.310	3.190	3.100	3.250	2.400
Announcement Date	13/04/18	26/04/19	28/04/20	29/04/21	28/04/22	28/04/23

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Net sales ¹	17,655	14,128	17,010	19,498	19,653	12,968
EBITDA ¹	5,345	2,411	2,607	962.1	685.8	-1,642
EBIT ¹	4,412	1,483	1,706	84.65	-122.3	-2,673
Operating Margin	24.99%	10.5%	10.03%	0.43%	-0.62%	-20.61%
Earnings before Tax (EBT) ¹	3,041	94.74	204.2	-34.5	-1,428	-4,343
Net income ¹	790.5	-197.3	53.46	137.2	-1,254	-3,454
Net margin	4.48%	-1.4%	0.31%	0.7%	-6.38%	-26.64%
EPS ²	0.2700	-0.0600	0.0165	0.0400	-0.3900	-1.060
Free Cash Flow ¹	3,424	1,222	-2,271	1,672	-2,124	-1,197
FCF margin	19.39%	8.65%	-13.35%	8.58%	-10.81%	-9.23%
FCF Conversion (EBITDA)	64.05%	50.66%	-	173.8%	-	-
FCF Conversion (Net income)	433.14%	-	-	1,218.82%	-	-
Dividend per Share ²	0.0500	-	-	0.0200	-	-
Announcement Date	13/04/18	26/04/19	28/04/20	29/04/21	28/04/22	28/04/23

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Net Debt ¹	24,897	22,550	23,623	20,348	24,946	27,954
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.658 x	9.351 x	9.06 x	21.15 x	36.37 x	-17.03 x
Free Cash Flow ¹	3,424	1,222	-2,271	1,672	-2,124	-1,197
ROE (net income / shareholders' equity)	11.5%	-1.12%	-1.04%	-1.5%	-9.29%	-31.5%
ROA (Net income/ Total Assets)	5.01%	1.59%	1.8%	0.09%	-0.13%	-3.04%
Assets ¹	15,776	-12,449	2,962	1,52,778	9,41,605	1,13,806
Book Value Per Share ²	4.580	4.450	4.440	4.480	4.030	2.960
Cash Flow per Share ²	1.500	2.300	2.580	2.830	1.340	0.8100
Capex ¹	413	320	323	616	145	107
Capex / Sales	2.34%	2.27%	1.9%	3.16%	0.74%	0.83%
Announcement Date	13/04/18	26/04/19	28/04/20	29/04/21	28/04/22	28/04/23

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Cement & Concrete Manufacturing

	1st Jan change	Capi.
JILIN YATAI (GROUP) CO., LTD.	-30.26%	61Cr
HOLCIM LTD	+20.02%	4.94TCr
ANHUI CONCH CEMENT COMPANY LIMITED	+16.96%	1.66TCr
JAMES HARDIE INDUSTRIES PLC	-0.14%	1.58TCr
SHREE CEMENT LIMITED	-10.21%	1.12TCr
EAGLE MATERIALS INC.	+35.06%	943.76Cr
BUZZI S.P.A.	+43.94%	792.61Cr
TAIWAN CEMENT CORP.	-4.45%	780.37Cr
TIANSHAN MATERIAL CO., LTD.	-5.09%	760.55Cr
DANGOTE CEMENT PLC	+105.28%	724Cr

Cement & Concrete Manufacturing

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600881 Stock
Financials Jilin Yatai (Group) Co., Ltd.

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