Company Valuation: Zijin Mining Group Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 2,43,126 2,59,576 3,22,284 3,90,273 8,98,431 8,18,350 - -
Change - 6.77% 24.16% 21.1% 130.21% -8.91% - -
Enterprise Value (EV) 1 3,06,978 3,63,334 4,45,672 5,07,483 9,97,067 8,46,054 7,93,371 7,23,577
Change - 18.36% 22.66% 13.87% 96.47% -15.15% -6.23% -8.8%
P/E ratio 16.2x 13.2x 15.6x 12.6x 18x 10.3x 9.26x 8.72x
PBR 3.6x 2.96x 3.05x 2.91x 4.94x 3.29x 2.63x 2.13x
PEG - 0.5x 2.96x 0.3x 0.3x 0.2x 0.8x 1.42x
Capitalization / Revenue 1.08x 0.96x 1.1x 1.29x 2.57x 1.73x 1.63x 1.58x
EV / Revenue 1.36x 1.34x 1.52x 1.67x 2.86x 1.79x 1.58x 1.4x
EV / EBITDA 9.24x 8.86x 9.88x 8.57x 10.1x 6.03x 5.15x 4.31x
EV / EBIT 12.2x 11.7x 14x 10.4x 12.1x 6.86x 5.8x 4.92x
EV / FCF 51.7x 90.4x 68.2x 20.8x 22.3x 11.4x 8.23x 6.49x
FCF Yield 1.94% 1.11% 1.47% 4.81% 4.49% 8.75% 12.2% 15.4%
Dividend per Share 2 0.2 0.2 0.2 0.28 0.38 1.01 1.09 1.108
Rate of return 2.06% 2% 1.61% 1.85% 1.1% 3.23% 3.48% 3.54%
EPS 2 0.6 0.76 0.8 1.2 1.91 3.043 3.38 3.588
Distribution rate 33.3% 26.3% 25% 23.3% 19.9% 33.2% 32.3% 30.9%
Net sales 1 2,25,102 2,70,329 2,93,403 3,03,640 3,49,079 4,73,876 5,01,350 5,16,654
EBITDA 1 33,207 40,989 45,109 59,202 98,516 1,40,362 1,53,972 1,67,767
EBIT 1 25,087 30,946 31,937 48,827 82,110 1,23,403 1,36,851 1,46,997
Net income 1 15,673 20,042 21,119 32,051 51,777 80,453 89,778 96,505
Net Debt 1 63,852 1,03,758 1,23,387 1,17,209 98,636 27,705 -24,978 -94,773
Reference price 2 9.70 10.00 12.46 15.12 34.47 31.30 31.30 31.30
Nbr of stocks (in thousands) 2,63,30,112 2,63,25,562 2,62,86,311 2,65,37,629 2,64,85,472 2,64,08,979 - -
Announcement Date 18/03/22 24/03/23 22/03/24 21/03/25 20/03/26 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.15x1.36x6.03x2.67% 2TCr
17.94x - - 1.42% 597.26Cr
Average 16.55x 1.36x 6.03x 2.04% 1.3TCr
Weighted average by Cap. 15.79x 1.36x 6.03x 2.38%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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