Financials China Shenhua Energy Company Limited

Equities

1088

CNE1000002R0

Coal

Market Closed - Hong Kong S.E. Other stock markets 04:08:17 2024-05-17 am EDT			5-day change	1st Jan Change
35.85 ^HKD	+0.14%		-1.78%	+34.02%

May. 16	Shenhua Energy, Partners Add New Investor For 200 Million Yuan Fund	MT
May. 16	Shenhua Energy's Coal Production and Power Output Rise in April	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	350,321	338,370	421,748	522,036	599,794	769,915	-	-
Enterprise Value (EV) ¹	354,567	276,643	326,944	413,651	492,522	656,481	608,984	613,785
P/E ratio	6.94 x	6.82 x	5.74 x	5.43 x	7.47 x	10.7 x	10.9 x	11.2 x
Yield	8.66%	14.7%	17.1%	12.8%	9.3%	6.69%	6.46%	6.26%
Capitalization / Revenue	1.45 x	1.45 x	1.26 x	1.52 x	1.75 x	2.22 x	2.25 x	2.22 x
EV / Revenue	1.47 x	1.19 x	0.98 x	1.2 x	1.44 x	1.89 x	1.78 x	1.77 x
EV / EBITDA	4.08 x	3.5 x	3.31 x	3.4 x	4.25 x	6.31 x	5.35 x	5.52 x
EV / FCF	7.88 x	4.52 x	4.58 x	4.99 x	9.1 x	8.94 x	9.15 x	9.21 x
FCF Yield	12.7%	22.1%	21.8%	20%	11%	11.2%	10.9%	10.9%
Price to Book	0.81 x	0.67 x	0.78 x	1 x	1.18 x	1.55 x	1.46 x	1.36 x
Nbr of stocks (in thousands)	19,889,620	19,868,520	19,868,520	19,868,520	19,868,520	19,868,520	-	-
Reference price ²	14.55	12.29	14.89	19.92	24.31	33.19	33.19	33.19
Announcement Date	3/27/20	3/26/21	3/25/22	3/24/23	3/22/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	241,871	233,263	335,216	344,533	343,074	344,428	342,921	346,223
EBITDA ¹	86,981	79,018	98,815	121,536	116,008	113,148	110,278	111,189
EBIT ¹	66,629	59,033	78,242	100,513	91,367	90,769	88,906	90,773
Operating Margin	27.55%	25.31%	23.34%	29.17%	26.63%	26.35%	25.93%	26.22%
Earnings before Tax (EBT) ¹	66,724	59,362	77,375	99,654	87,176	89,518	89,108	87,441
Net income ¹	43,250	35,849	50,269	72,903	59,694	61,626	61,133	60,252
Net margin	17.88%	15.37%	15%	21.16%	17.4%	17.89%	17.83%	17.4%
EPS ²	2.097	1.803	2.597	3.669	3.253	3.102	3.055	2.970
Free Cash Flow ¹	44,973	61,259	71,339	82,869	54,104	73,444	66,540	66,614
FCF margin	18.59%	26.26%	21.28%	24.05%	15.77%	21.32%	19.4%	19.24%
FCF Conversion (EBITDA)	51.7%	77.53%	72.19%	68.18%	46.64%	64.91%	60.34%	59.91%
FCF Conversion (Net income)	103.98%	170.88%	141.91%	113.67%	90.64%	119.18%	108.84%	110.56%
Dividend per Share ²	1.260	1.810	2.540	2.550	2.260	2.220	2.143	2.076
Announcement Date	3/27/20	3/26/21	3/25/22	3/24/23	3/22/24	-	-	-

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 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 S2
Net sales ¹	125,506	105,016	128,247	143,979	102,267	191,237	83,902	81,677	165,579	84,910	94,044	178,954	87,042	82,400	169,442	83,025	90,607	173,632	87,647	83,300	179,903	83,900	91,600	174,358	89,900	85,100	182,128	175,778
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	37,406	19,209	42,766	27,682	26,526	54,208	26,357	-	46,305	25,107	22,997	48,104	21,439	21,824	43,263	23,344	-	56,099	-	-	44,470	-	-	56,707	44,199
Operating Margin	-	-	-	25.98%	18.78%	22.36%	32.99%	32.48%	32.74%	31.04%	-	25.88%	28.84%	27.91%	28.39%	25.82%	24.09%	24.92%	26.63%	-	31.18%	-	-	25.51%	-	-	31.14%	25.14%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	20,370	-	-	10,330	-	19,796	27,839	42,475	20,298	-	30,428	-	16,184	36,861	-	-	-	17,760	-	-	-	-	-	-	-	-	-
Net margin	-	19.4%	-	-	10.1%	-	23.59%	34.08%	25.65%	23.91%	-	17%	-	19.64%	21.75%	-	-	-	20.26%	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/27/20	8/28/20	3/26/21	8/27/21	3/25/22	3/25/22	4/27/22	8/26/22	8/26/22	10/28/22	3/24/23	3/24/23	4/28/23	8/25/23	8/25/23	10/28/23	3/22/24	3/22/24	4/26/24	-	-	-	-	-	-	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,246	-	-	-	-	-	-	-
Net Cash position ¹	-	61,727	94,804	108,385	114,451	113,434	160,931	156,129
Leverage (Debt/EBITDA)	0.0488 x	-	-	-	-	-	-	-
Free Cash Flow ¹	44,973	61,259	71,339	82,869	52,603	73,444	66,540	66,615
ROE (net income / shareholders' equity)	12.1%	9.95%	13.9%	18.8%	16.1%	14.7%	13.7%	12.4%
ROA (Net income/ Total Assets)	7.22%	7.8%	10%	11.8%	10.3%	9.65%	9.24%	9%
Assets ¹	598,715	459,603	502,690	617,775	626,211	638,944	661,311	669,656
Book Value Per Share ²	17.90	18.30	19.10	20.00	20.60	21.40	22.70	24.40
Cash Flow per Share ²	3.170	4.090	4.760	5.520	4.510	5.020	4.800	4.600
Capex ¹	18,133	20,030	23,236	26,865	37,084	43,653	34,813	36,544
Capex / Sales	7.5%	8.59%	6.93%	7.8%	10.81%	12.67%	10.18%	10.55%
Announcement Date	3/27/20	3/26/21	3/25/22	3/24/23	3/22/24	-	-	-

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 China Shenhua Energy Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

33.19 CNY

Average target price

29.71 CNY

Spread / Average Target

-10.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Coal

	1st Jan change	Capi.
CHINA SHENHUA ENERGY COMPANY LIMITED	+34.02%	106B
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YANKUANG ENERGY GROUP COMPANY LIMITED	+27.09%	21.67B
CHINA COAL ENERGY COMPANY LIMITED	+22.39%	19.78B
SHANXI LU'AN ENVIRONMENTAL ENERGY DEVELOPMENT CO., LTD.	-0.55%	8.92B
SHANXI COKING COAL ENERGY GROUP CO., LTD.	+9.31%	8.45B
HUAIBEI MINING HOLDINGS CO.,LTD.	+12.39%	6.87B
PT ADARO ENERGY INDONESIA TBK	+21.01%	5.59B

Other Coal