Financials Shaanxi Coal Industry Company Limited

Equities

601225

CNE100001T64

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
24.53 ^CNY	+1.24%		-5.18%	+17.42%

25/04	Shaanxi Coal Industry Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
11/03	Shaanxi Coal Industry's Coal Sales Fall 12.8% in February; Shares Drop 4%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	87,158	90,551	1,18,279	1,80,133	2,02,529	2,37,818	-	-
Enterprise Value (EV) ¹	83,427	79,357	72,174	1,39,622	1,85,306	2,03,778	1,46,685	1,44,238
P/E ratio	7.62 x	6.06 x	5.6 x	5.13 x	9.54 x	10.5 x	9.81 x	10.1 x
Yield	4%	8.57%	11.1%	11.7%	6.29%	5.7%	5.8%	5.79%
Capitalization / Revenue	1.19 x	0.95 x	0.78 x	1.08 x	1.19 x	1.45 x	1.43 x	1.44 x
EV / Revenue	1.14 x	0.84 x	0.47 x	0.84 x	1.08 x	1.24 x	0.88 x	0.87 x
EV / EBITDA	3.27 x	2.6 x	1.57 x	1.86 x	3.43 x	3.62 x	2.49 x	2.44 x
EV / FCF	5.8 x	6.08 x	1.67 x	3.04 x	6.66 x	6.5 x	4.53 x	4.29 x
FCF Yield	17.2%	16.5%	59.8%	32.9%	15%	15.4%	22.1%	23.3%
Price to Book	1.54 x	1.33 x	1.39 x	1.75 x	2.27 x	2.26 x	1.9 x	1.88 x
Nbr of stocks (in thousands)	96,95,000	96,95,000	96,95,000	96,95,000	96,95,000	96,95,000	-	-
Reference price ²	8.990	9.340	12.20	18.58	20.89	24.53	24.53	24.53
Announcement Date	26/02/20	25/02/21	23/02/22	06/03/23	14/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	73,403	94,860	1,52,266	1,66,848	1,70,872	1,64,379	1,66,012	1,65,664
EBITDA ¹	25,523	30,536	46,054	75,210	53,979	56,320	58,818	59,088
EBIT ¹	19,674	24,030	41,394	64,582	42,508	43,956	46,584	45,417
Operating Margin	26.8%	25.33%	27.19%	38.71%	24.88%	26.74%	28.06%	27.41%
Earnings before Tax (EBT) ¹	19,390	24,008	40,689	64,063	42,274	44,256	46,507	46,317
Net income ¹	11,643	14,883	21,140	35,123	21,239	22,627	24,227	23,491
Net margin	15.86%	15.69%	13.88%	21.05%	12.43%	13.77%	14.59%	14.18%
EPS ²	1.180	1.540	2.180	3.620	2.190	2.332	2.500	2.421
Free Cash Flow ¹	14,376	13,061	43,177	45,973	27,812	31,363	32,383	33,613
FCF margin	19.58%	13.77%	28.36%	27.55%	16.28%	19.08%	19.51%	20.29%
FCF Conversion (EBITDA)	56.33%	42.77%	93.75%	61.13%	51.53%	55.69%	55.06%	56.89%
FCF Conversion (Net income)	123.47%	87.76%	204.25%	130.89%	130.95%	138.61%	133.66%	143.09%
Dividend per Share ²	0.3600	0.8000	1.350	2.180	1.315	1.399	1.424	1.420
Announcement Date	26/02/20	25/02/21	23/02/22	06/03/23	14/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	30,956	39,569	44,121	47,049	36,109	44,809	45,853	36,771	43,440	40,449	39,815	43,411	42,479	-	-
EBITDA ¹	17,200	14,512	15,743	15,410	29,545	-	-	-	-	-	10,508	10,900	22,101	-	-
EBIT ¹	14,115	11,256	29,571	9,112	14,642	13,109	9,636	9,064	10,699	9,280	7,574	7,854	18,969	-	-
Operating Margin	45.6%	28.45%	67.02%	19.37%	40.55%	29.26%	21.01%	24.65%	24.63%	22.94%	19.02%	18.09%	44.66%	-	-
Earnings before Tax (EBT) ¹	13,536	11,246	29,553	9,067	14,197	13,073	9,607	9,053	10,541	9,274	8,275	8,554	18,246	-	-
Net income ¹	6,882	5,694	18,904	3,709	6,816	6,911	4,668	4,601	5,059	4,652	3,992	4,233	9,252	-	-
Net margin	22.23%	14.39%	42.85%	7.88%	18.88%	15.42%	10.18%	12.51%	11.65%	11.5%	10.03%	9.75%	21.78%	-	-
EPS ²	0.7100	0.5900	1.950	0.3800	0.7000	0.7100	0.4800	0.4800	0.5200	0.4800	0.4118	0.4367	0.9543	-	-
Dividend per Share ²	0.1350	-	-	-	2.180	-	-	-	-	-	0.3260	0.3260	0.3260	0.3011	0.3011
Announcement Date	23/02/22	27/04/22	30/08/22	28/10/22	06/03/23	26/04/23	30/08/23	27/10/23	14/03/24	25/04/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	3,731	11,194	46,105	40,511	17,223	34,040	91,133	93,580
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	14,376	13,061	43,177	45,973	27,812	31,363	32,383	33,613
ROE (net income / shareholders' equity)	21.5%	23.2%	27.2%	35.3%	20.7%	22%	18.6%	17.8%
ROA (Net income/ Total Assets)	9.42%	10.7%	12.6%	-	-	11.4%	10.6%	9.88%
Assets ¹	1,23,603	1,38,456	1,67,271	-	-	1,98,657	2,28,713	2,37,763
Book Value Per Share ²	5.830	7.020	8.810	10.60	9.210	10.90	12.90	13.10
Cash Flow per Share ²	1.920	2.110	5.270	5.790	3.980	5.340	4.750	5.130
Capex ¹	4,824	8,079	7,943	10,166	10,786	9,618	11,175	11,229
Capex / Sales	6.57%	8.52%	5.22%	6.09%	6.31%	5.85%	6.73%	6.78%
Announcement Date	26/02/20	25/02/21	23/02/22	06/03/23	14/03/24	-	-	-

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 Shaanxi Coal Industry Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

24.53 CNY

Average target price

25.71 CNY

Spread / Average Target

+4.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Coal

	1st Jan change	Capi.
SHAANXI COAL INDUSTRY COMPANY LIMITED	+17.42%	32.85B
CHINA SHENHUA ENERGY COMPANY LIMITED	+24.30%	105B
PT BAYAN RESOURCES TBK.	-4.77%	38.94B
COAL INDIA LIMITED	+21.48%	33.54B
YANKUANG ENERGY GROUP COMPANY LIMITED	+13.75%	20.55B
CHINA COAL ENERGY COMPANY LIMITED	+9.01%	19.01B
SHANXI LU'AN ENVIRONMENTAL ENERGY DEVELOPMENT CO., LTD.	-3.51%	8.73B
SHANXI COKING COAL ENERGY GROUP CO., LTD.	+6.28%	8.23B
HUAIBEI MINING HOLDINGS CO.,LTD.	+15.69%	7.16B
INNER MONGOLIA YITAI COAL CO.,LTD	+26.41%	5.71B

Other Coal