Financials China Communications Construction Company Limited Shanghai S.E.

Equities

601800

CNE100001FN5

Construction & Engineering

End-of-day quote Shanghai S.E. 06:00:00 2024-06-13 pm EDT 5-day change 1st Jan Change
8.78 CNY +0.23% Intraday chart for China Communications Construction Company Limited -3.41% +15.53%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 132,699 97,704 116,073 109,051 104,118 124,036 - -
Enterprise Value (EV) 1 352,687 380,588 449,475 466,171 503,976 532,974 537,627 526,531
P/E ratio 4.89 x 3.06 x 3.32 x 2.91 x 2.18 x 2.95 x 2.65 x 2.41 x
Yield 4.1% 6.42% 5.9% - 9.25% 6.91% 7.66% 8.4%
Capitalization / Revenue 0.24 x 0.16 x 0.17 x 0.15 x 0.14 x 0.15 x 0.14 x 0.13 x
EV / Revenue 0.64 x 0.61 x 0.66 x 0.65 x 0.66 x 0.65 x 0.61 x 0.56 x
EV / EBITDA 9.43 x 10.5 x 9.63 x 10.9 x 10.6 x 9.81 x 8.69 x 8.34 x
EV / FCF -6.26 x -5.29 x -9.31 x -14.8 x -19.9 x -65.6 x 282 x 46.9 x
FCF Yield -16% -18.9% -10.7% -6.74% -5.02% -1.53% 0.35% 2.13%
Price to Book 0.4 x 0.19 x 0.21 x - 0.17 x 0.23 x 0.21 x 0.2 x
Nbr of stocks (in thousands) 16,174,735 16,165,711 16,165,711 16,165,711 16,263,661 16,278,611 - -
Reference price 2 5.675 2.820 3.455 3.312 3.163 4.505 4.505 4.505
Announcement Date 3/31/20 3/30/21 3/30/22 3/30/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 554,792 627,586 685,639 720,275 758,676 821,172 880,139 932,172
EBITDA 1 37,392 36,142 46,680 42,937 47,767 55,755 61,882 63,134
EBIT 1 26,593 25,383 28,489 30,945 36,383 41,390 44,122 48,475
Operating Margin 4.79% 4.04% 4.16% 4.3% 4.8% 5.04% 5.01% 5.2%
Earnings before Tax (EBT) 1 26,714 25,450 28,744 30,968 36,364 40,321 43,315 47,546
Net income 1 20,108 16,206 17,993 19,104 23,812 25,849 27,351 30,430
Net margin 3.62% 2.58% 2.62% 2.65% 3.14% 3.15% 3.11% 3.26%
EPS 2 1.160 0.9200 1.040 1.140 1.450 1.526 1.698 1.872
Free Cash Flow 1 -56,382 -71,985 -48,268 -31,401 -25,313 -8,128 1,907 11,226
FCF margin -10.16% -11.47% -7.04% -4.36% -3.34% -0.99% 0.22% 1.2%
FCF Conversion (EBITDA) - - - - - - 3.08% 17.78%
FCF Conversion (Net income) - - - - - - 6.97% 36.89%
Dividend per Share 2 0.2328 0.1809 0.2037 - 0.2925 0.3114 0.3452 0.3784
Announcement Date 3/31/20 3/30/21 3/30/22 3/30/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 Q3
Net sales 1 313,455 245,410 379,085 340,627 169,422 341,972 172,095 191,828 363,924 178,055 178,296 353,549 176,591 189,197 181,913
EBITDA - - - - - - - - - - - - - - -
EBIT 1 - - - 15,002 5,652 19,537 8,008 9,119 21,057 7,534 6,283 12,659 8,470 9,066 7,629
Operating Margin - - - 4.4% 3.34% 5.71% 4.65% 4.75% 5.79% 4.23% 3.52% 3.58% 4.8% 4.79% 4.19%
Earnings before Tax (EBT) - - - - - - - - - - - - - - -
Net income - - - - - - - - - - - - - - -
Net margin - - - - - - - - - - - - - - -
EPS 2 0.6800 0.2800 0.6400 0.5600 - 0.4000 - - 0.6400 - 0.2300 0.5000 0.3200 0.4000 0.2800
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 3/31/20 8/28/20 3/30/21 8/30/21 3/30/22 3/30/22 4/28/22 8/30/22 8/30/22 10/28/22 3/30/23 3/30/23 4/28/23 8/28/23 10/30/23
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 219,975 285,867 333,401 357,120 399,858 408,938 413,591 402,495
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.751 x 6.115 x 7.142 x 8.317 x 8.371 x 7.528 x 6.684 x 6.375 x
Free Cash Flow 1 -57,828 -34,965 -48,268 -31,401 -25,313 -8,128 1,907 11,226
ROE (net income / shareholders' equity) 9.4% 7.12% 7.26% 7.54% 8.87% 7.95% 8.14% 8.4%
ROA (Net income/ Total Assets) 1.93% 1.36% 1.36% 1.32% 1.55% 1.61% 1.55% 1.62%
Assets 1 1,040,439 1,213,807 1,321,078 1,451,219 1,540,806 1,605,542 1,767,414 1,882,273
Book Value Per Share 2 14.20 15.20 16.10 - 18.70 19.60 21.20 22.90
Cash Flow per Share 2 0.3700 0.8600 -0.7800 - 0.7500 3.670 3.670 3.980
Capex 1 63,706 48,816 35,625 31,844 37,387 23,261 21,186 23,177
Capex / Sales 11.53% 7.82% 5.2% 4.42% 4.93% 2.84% 2.36% 2.48%
Announcement Date 3/31/20 3/30/21 3/30/22 3/30/23 3/28/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
7
Last Close Price
4.505 CNY
Average target price
5.676 CNY
Spread / Average Target
+26.00%
Consensus
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