Company Valuation: Zijin Mining Group Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 2,24,872 2,43,126 2,59,576 3,22,284 3,90,273 9,35,028 9,35,028 -
Change - 8.12% 6.77% 24.16% 21.1% 139.58% 0% -
Enterprise Value (EV) 1 2,86,804 3,06,978 3,63,334 4,45,672 5,07,483 10,33,920 9,85,763 9,35,250
Change - 7.03% 18.36% 22.66% 13.87% 103.74% -4.66% -5.12%
P/E ratio 37.2x 16.2x 13.2x 15.6x 12.6x 18.5x 12.8x 11.5x
PBR 4.61x 3.6x 2.96x 3.05x 2.91x 5.17x 3.94x 3.12x
PEG - 0x 0.5x 2.96x 0.3x 0.3x 0.3x 1x
Capitalization / Revenue 1.31x 1.08x 0.96x 1.1x 1.29x 2.46x 2.15x 2.01x
EV / Revenue 1.67x 1.36x 1.34x 1.52x 1.67x 2.72x 2.26x 2.01x
EV / EBITDA 15.4x 9.24x 8.86x 9.88x 8.57x 12.3x 8.37x 7.09x
EV / EBIT 25.5x 12.2x 11.7x 14x 10.4x 14x 9.04x 7.74x
EV / FCF 594x 51.7x 90.4x 68.2x 20.8x 23.8x 15.4x 13.7x
FCF Yield 0.17% 1.94% 1.11% 1.47% 4.81% 4.21% 6.51% 7.3%
Dividend per Share 2 0.12 0.2 0.2 0.2 0.28 0.6516 0.9146 1.06
Rate of return 1.29% 2.06% 2% 1.61% 1.85% 1.82% 2.56% 2.96%
EPS 2 0.25 0.6 0.76 0.8 1.2 1.935 2.789 3.102
Distribution rate 48% 33.3% 26.3% 25% 23.3% 33.7% 32.8% 34.2%
Net sales 1 1,71,501 2,25,102 2,70,329 2,93,403 3,03,640 3,80,042 4,35,768 4,65,523
EBITDA 1 18,609 33,207 40,989 45,109 59,202 84,154 1,17,738 1,31,972
EBIT 1 11,240 25,087 30,946 31,937 48,827 74,094 1,09,004 1,20,861
Net income 1 6,509 15,673 20,042 21,119 32,051 51,756 73,615 81,832
Net Debt 1 61,932 63,852 1,03,758 1,23,387 1,17,209 98,893 50,735 222.7
Reference price 2 9.29 9.70 10.00 12.46 15.12 35.77 35.77 35.77
Nbr of stocks (in thousands) 2,53,77,260 2,63,30,112 2,63,25,562 2,62,86,311 2,65,37,629 2,64,85,472 2,64,85,472 -
Announcement Date 19/03/21 18/03/22 24/03/23 22/03/24 21/03/25 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.48x2.72x12.29x1.82% 14TCr
35.1x2.26x11.21x1.06% 2.92TCr
34.3x - - 0.89% 747.32Cr
Average 29.29x 2.49x 11.75x 1.25% 5.74TCr
Weighted average by Cap. 21.99x 2.64x 12.10x 1.65%

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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