Financials Shenzhen Expressway Corporation Limited

Equities

548 CNE100000478

Highways & Rail Tracks

Market Closed - Hong Kong S.E. Other stock markets 01:39:00 03/05/2024 pm IST			5-day change	1st Jan Change
7.15 ^HKD	0.00%		+0.28%	+13.31%

26/04	Shenzhen Expressway Corporation Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
18/04	Shenzhen Expressway Plans Corporate Bond Issue to Raise Up to 8 Billion Yuan	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	23,946	17,314	18,905	17,294	17,189	19,413	-	-
Enterprise Value (EV) ¹	33,790	27,076	35,096	44,777	45,261	43,132	41,423	40,668
P/E ratio	8.72 x	6.56 x	5.54 x	7.09 x	5.84 x	6.41 x	5.84 x	5.95 x
Yield	5.2%	7%	10.1%	-	9.59%	8.34%	8.82%	8.76%
Capitalization / Revenue	3.87 x	2.16 x	1.74 x	1.85 x	1.85 x	2.02 x	1.83 x	1.75 x
EV / Revenue	5.46 x	3.37 x	3.23 x	4.78 x	4.87 x	4.49 x	3.9 x	3.66 x
EV / EBITDA	8.56 x	6.02 x	6.47 x	9.51 x	8.42 x	7.4 x	6.9 x	6.6 x
EV / FCF	3,14,50,758 x	-81,30,346 x	-	-	-	-	-	-
FCF Yield	0%	-0%	-	-	-	-	-	-
Price to Book	1.19 x	0.58 x	0.54 x	-	0.68 x	0.67 x	0.63 x	0.6 x
Nbr of stocks (in thousands)	21,80,770	21,80,770	21,80,770	21,80,770	21,80,770	21,80,770	-	-
Reference price ²	9.991	6.144	6.152	5.944	5.735	6.624	6.624	6.624
Announcement Date	18/03/20	24/03/21	29/03/22	24/03/23	22/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,186	8,027	10,872	9,373	9,295	9,597	10,618	11,100
EBITDA ¹	3,950	4,499	5,426	4,709	5,376	5,827	6,001	6,164
EBIT ¹	2,444	2,713	3,134	2,487	3,013	3,104	3,432	3,635
Operating Margin	39.51%	33.8%	28.83%	26.54%	32.42%	32.34%	32.32%	32.75%
Earnings before Tax (EBT) ¹	2,444	2,709	3,178	2,485	2,916	3,068	3,441	3,524
Net income ¹	2,499	2,055	2,606	2,014	2,327	2,441	2,819	3,014
Net margin	40.41%	25.6%	23.97%	21.49%	25.04%	25.44%	26.55%	27.16%
EPS ²	1.146	0.9360	1.110	0.8380	0.9820	1.034	1.135	1.114
Free Cash Flow	1,074	-3,330	-	-	-	-	-	-
FCF margin	17.37%	-41.49%	-	-	-	-	-	-
FCF Conversion (EBITDA)	27.2%	-	-	-	-	-	-	-
FCF Conversion (Net income)	42.98%	-	-	-	-	-	-	-
Dividend per Share ²	0.5200	0.4300	0.6200	-	0.5500	0.5525	0.5841	0.5805
Announcement Date	18/03/20	24/03/21	29/03/22	24/03/23	22/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S2	2022 Q1
Net sales	-	-	-	-
EBITDA	-	-	-	-
EBIT	-	-	-	-
Operating Margin	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-
Net income ¹	922.7	43.92	1,387	412.7
Net margin	-	-	-	-
EPS	-	-	-	-
Dividend per Share	-	-	-	-
Announcement Date	18/03/20	21/08/20	29/03/22	28/04/22

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,844	9,761	16,191	27,483	28,072	23,719	22,010	21,254
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.492 x	2.17 x	2.984 x	5.836 x	5.222 x	4.071 x	3.668 x	3.448 x
Free Cash Flow	1,074	-3,330	-	-	-	-	-	-
ROE (net income / shareholders' equity)	14.1%	10.8%	12.2%	9.93%	12%	10.1%	10.5%	10.3%
ROA (Net income/ Total Assets)	5.81%	4.08%	4.5%	2.85%	3.4%	3.51%	3.98%	4.18%
Assets ¹	43,013	50,405	57,879	70,753	68,357	69,644	70,917	72,204
Book Value Per Share ²	8.430	10.60	11.30	-	8.420	9.850	10.50	11.00
Cash Flow per Share ²	0.8000	0.5000	1.680	-	1.880	2.770	2.510	2.350
Capex ¹	677	2,483	3,775	2,091	2,081	1,887	1,973	2,200
Capex / Sales	10.95%	30.93%	34.72%	22.31%	22.38%	19.67%	18.58%	19.82%
Announcement Date	18/03/20	24/03/21	29/03/22	24/03/23	22/03/24	-	-	-

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 Shenzhen Expressway Corporation Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.624 CNY

Average target price

7.865 CNY

Spread / Average Target

+18.73%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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Highway Operators