Financials Zhejiang Huayou Cobalt Co., Ltd

Equities

603799

CNE100001VW3

Specialty Mining & Metals

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 17/06/2024 am IST			5-day change	1st Jan Change
24.43 ^CNY	-4.38%		-7.57%	-25.81%

30/05	LME brand approval cements Indonesian nickel ascendancy: Andy Home	RE
29/05	LME brand approval cements Indonesian nickel ascendancy: Andy Home	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	42,489	90,502	1,34,714	88,892	56,313	41,259	-	-
Enterprise Value (EV) ¹	47,782	96,900	1,42,402	1,09,486	89,790	81,868	79,260	81,214
P/E ratio	358 x	77 x	34 x	22.4 x	16.1 x	10.4 x	6.74 x	6.74 x
Yield	-	0.25%	0.27%	0.36%	3.04%	0.77%	1.03%	2.25%
Capitalization / Revenue	2.25 x	4.27 x	3.81 x	1.41 x	0.85 x	0.55 x	0.48 x	0.42 x
EV / Revenue	2.53 x	4.57 x	4.03 x	1.74 x	1.35 x	1.08 x	0.92 x	0.84 x
EV / EBITDA	61.6 x	42.3 x	23.7 x	13.7 x	11.1 x	7.4 x	5.77 x	5.04 x
EV / FCF	-1,144 x	-54.9 x	-20.6 x	-8.24 x	-6.72 x	1,545 x	14.1 x	10.3 x
FCF Yield	-0.09%	-1.82%	-4.85%	-12.1%	-14.9%	0.06%	7.08%	9.68%
Price to Book	5.48 x	9.12 x	6.95 x	3.43 x	1.72 x	1.14 x	1.04 x	0.9 x
Nbr of stocks (in thousands)	14,02,274	14,83,641	15,87,599	15,97,923	17,10,085	16,97,213	-	-
Reference price ²	30.30	61.00	84.85	55.63	32.93	24.43	24.43	24.43
Announcement Date	27/03/20	29/03/21	22/04/22	27/04/23	19/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	18,853	21,187	35,317	63,034	66,304	75,529	86,017	97,184
EBITDA ¹	775.2	2,293	6,001	7,978	8,089	11,061	13,743	16,117
EBIT ¹	161	1,515	4,901	6,075	4,815	5,822	7,822	9,306
Operating Margin	0.85%	7.15%	13.88%	9.64%	7.26%	7.71%	9.09%	9.58%
Earnings before Tax (EBT) ¹	159.3	1,479	4,828	6,031	4,774	5,517	7,355	9,300
Net income ¹	119.5	1,165	3,898	3,910	3,351	4,016	4,627	6,195
Net margin	0.63%	5.5%	11.04%	6.2%	5.05%	5.32%	5.38%	6.37%
EPS ²	0.0846	0.7923	2.492	2.480	2.050	2.349	3.624	3.622
Free Cash Flow ¹	-41.78	-1,765	-6,907	-13,285	-13,363	53	5,612	7,860
FCF margin	-0.22%	-8.33%	-19.56%	-21.08%	-20.15%	0.07%	6.52%	8.09%
FCF Conversion (EBITDA)	-	-	-	-	-	0.48%	40.84%	48.77%
FCF Conversion (Net income)	-	-	-	-	-	1.32%	121.28%	126.88%
Dividend per Share ²	-	0.1538	0.2308	0.2000	1.000	0.1875	0.2520	0.5495
Announcement Date	27/03/20	29/03/21	22/04/22	27/04/23	19/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2021 S2	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 Q3	2024 Q4
Net sales	9,052	-	-	21,023	-	-	31,018	-	-	32,015	-	-	33,346	-	-	32,959	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	2,865	-	-	3,559	-	-	2,516	-	-	3,257	-	-	1,558	-	-	-	-
Operating Margin	-	-	-	13.63%	-	-	11.47%	-	-	7.86%	-	-	9.77%	-	-	4.73%	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	349.7	1,468	1,529	-	-	-	2,256	752.3	-	-	1,024	1,061	-	-	-	-	-	-	-	-
Net margin	3.86%	-	-	-	-	-	7.27%	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS ¹	-	0.9462	-	-	0.7615	0.3600	-	0.5700	0.5600	-	0.6400	0.6800	-	0.5600	0.1700	-	0.3300	0.2300	0.3400	0.3600
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	28/08/20	16/08/21	22/04/22	22/04/22	27/04/22	19/08/22	19/08/22	29/10/22	27/04/23	27/04/23	27/04/23	25/08/23	25/08/23	24/10/23	19/04/24	19/04/24	19/04/24	-	-	-

¹CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,293	6,398	7,689	20,594	33,477	40,608	38,001	39,955
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.828 x	2.79 x	1.281 x	2.581 x	4.139 x	3.671 x	2.765 x	2.479 x
Free Cash Flow ¹	-41.8	-1,765	-6,907	-13,285	-13,363	53	5,612	7,860
ROE (net income / shareholders' equity)	1.56%	12.7%	23.5%	17.2%	11.1%	9.35%	11.8%	13.5%
ROA (Net income/ Total Assets)	0.57%	4.64%	9.18%	4.64%	2.84%	3.37%	4.13%	4.59%
Assets ¹	21,157	25,104	42,467	84,290	1,18,056	1,19,060	1,11,951	1,34,966
Book Value Per Share ²	5.530	6.690	12.20	16.20	19.20	21.40	23.40	27.20
Cash Flow per Share ²	1.850	1.250	-0.0400	1.820	2.040	6.320	6.850	8.600
Capex ¹	2,641	3,625	6,845	16,198	16,817	11,475	8,699	9,062
Capex / Sales	14.01%	17.11%	19.38%	25.7%	25.36%	15.19%	10.11%	9.32%
Announcement Date	27/03/20	29/03/21	22/04/22	27/04/23	19/04/24	-	-	-

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 Zhejiang Huayou Cobalt Co., Ltd

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

24.43 CNY

Average target price

31.01 CNY

Spread / Average Target

+26.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Nonferrous Metal Processing

	1st Jan change	Capi.
ZHEJIANG HUAYOU COBALT CO., LTD	-25.81%	571.41Cr
VSMPO-AVISMA CORPORATION	-.--%	745.81Cr
WESTERN SUPERCONDUCTING TECHNOLOGIES CO., LTD.	-22.00%	371.74Cr
CHINA RARE EARTH RESOURCES AND TECHNOLOGY CO., LTD.	-10.37%	362.7Cr
YUNNAN COPPER CO.,LTD	+17.17%	352.34Cr
CHINA NONFERROUS MINING CORPORATION LIMITED	+31.77%	340.71Cr
PANGANG GROUP VANADIUM & TITANIUM RESOURCES CO., LTD.	-19.21%	339.46Cr
AURUBIS AG	-2.37%	337.06Cr
ZHE JIANG HAI LIANG CO., LTD	-27.35%	223.07Cr
NINGBO BOWAY ALLOY MATERIAL COMPANY LIMITED	+8.50%	181.25Cr

Nonferrous Metal Processing