Financials Tianqi Lithium Corporation

Equities

002466

CNE100000T32

Commodity Chemicals

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
38.25 ^CNY	+1.00%		-4.23%	-31.44%

May. 02	Tianqi Lithium Chairman Passes On Board Leadership to Daughter	MT
Apr. 29	Tianqi Lithium Corporation Announces Executive Changes	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	44,579	58,006	158,050	124,636	88,736	61,209	-	-
Enterprise Value (EV) ¹	74,060	87,035	176,504	120,612	89,783	54,997	41,356	41,344
P/E ratio	-5.76 x	-31.7 x	75.9 x	5.09 x	12.5 x	31.8 x	12.7 x	10.9 x
Yield	-	-	-	3.8%	2.42%	1.86%	1.92%	2.11%
Capitalization / Revenue	9.21 x	17.9 x	20.6 x	3.08 x	2.19 x	4.62 x	4 x	3.25 x
EV / Revenue	15.3 x	26.9 x	23 x	2.98 x	2.22 x	4.15 x	2.7 x	2.19 x
EV / EBITDA	-17.6 x	-128 x	40.1 x	-	2.42 x	5.26 x	2.96 x	2.86 x
EV / FCF	-53.7 x	-327 x	163 x	6.49 x	4.92 x	7.02 x	7.51 x	6.31 x
FCF Yield	-1.86%	-0.31%	0.62%	15.4%	20.3%	14.2%	13.3%	15.8%
Price to Book	4.95 x	11.1 x	12.4 x	2.67 x	1.78 x	1.19 x	1.07 x	1.01 x
Nbr of stocks (in thousands)	1,477,099	1,477,099	1,477,099	1,639,441	1,639,441	1,639,441	-	-
Reference price ²	30.18	39.27	107.0	78.99	55.79	38.25	38.25	38.25
Announcement Date	4/28/20	4/14/21	4/29/22	3/30/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,841	3,239	7,663	40,449	40,503	13,245	15,300	18,853
EBITDA ¹	-4,206	-678.7	4,402	-	37,046	10,463	13,977	14,453
EBIT ¹	-4,538	-1,022	3,989	39,911	36,296	8,975	12,625	12,537
Operating Margin	-93.75%	-31.56%	52.05%	98.67%	89.61%	67.76%	82.52%	66.5%
Earnings before Tax (EBT) ¹	-4,480	-1,054	3,964	39,901	36,281	9,805	14,503	14,915
Net income ¹	-5,983	-1,834	2,079	24,125	7,297	2,051	5,245	5,383
Net margin	-123.61%	-56.61%	27.13%	59.64%	18.02%	15.48%	34.28%	28.55%
EPS ²	-5.240	-1.240	1.410	15.52	4.450	1.202	3.020	3.504
Free Cash Flow ¹	-1,380	-266.4	1,086	18,582	18,259	7,834	5,508	6,550
FCF margin	-28.52%	-8.22%	14.17%	45.94%	45.08%	59.15%	36%	34.74%
FCF Conversion (EBITDA)	-	-	24.66%	-	49.29%	74.88%	39.41%	45.32%
FCF Conversion (Net income)	-	-	52.23%	77.02%	250.22%	382.03%	105.01%	121.68%
Dividend per Share ²	-	-	-	3.000	1.350	0.7127	0.7354	0.8055
Announcement Date	4/28/20	4/14/21	4/29/22	3/30/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	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 S1	2025 S2
Net sales	-	-	-	-	15,803	26,153	11,449	13,339	-	8,576	-	15,680	-	-	5,543	-	-	6,283	5,749	7,026
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	14,740	25,224	-	-	-	-	-	12,886	-	-	3,338	-	-	3,733	3,025	3,668
Operating Margin	-	-	-	-	93.27%	96.45%	-	-	-	-	-	82.18%	-	-	60.22%	-	-	59.41%	52.62%	52.21%
Earnings before Tax (EBT)	-	-	-	-	14,715	25,216	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	85.8	7,000	10,328	-	8,143	13,797	-	1,572	6,447	-	-801.2	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	51.53%	52.75%	-	11.78%	-	-	-	-	-	-	-	-	-	-	-	-
EPS ¹	0.0600	4.740	-	3.490	5.040	8.530	2.970	0.9600	-	1.000	-0.4800	-	-2.380	-0.3600	-	0.2200	0.2800	-	-	-
Dividend per Share ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.6689	-	-	-
Announcement Date	8/29/21	8/30/22	8/30/22	10/27/22	3/30/23	3/30/23	4/28/23	8/30/23	8/30/23	10/26/23	3/27/24	3/27/24	4/29/24	-	-	-	-	-	-	-

¹CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	29,481	29,030	18,454	-	1,046	-	-	-
Net Cash position ¹	-	-	-	4,024	-	6,212	19,853	19,866
Leverage (Debt/EBITDA)	-7.01 x	-42.78 x	4.192 x	-	0.0282 x	-	-	-
Free Cash Flow ¹	-1,380	-266	1,086	18,582	18,259	7,834	5,508	6,550
ROE (net income / shareholders' equity)	-84.4%	-30.1%	23.2%	80.7%	14.6%	3.02%	9.04%	9.09%
ROA (Net income/ Total Assets)	-5.98%	-4.14%	4.82%	42%	-	4.3%	6.23%	6.57%
Assets ¹	100,063	44,315	43,100	57,506	-	47,689	84,252	81,901
Book Value Per Share ²	6.100	3.520	8.640	29.50	31.40	32.10	35.60	37.90
Cash Flow per Share ²	2.060	0.4700	1.420	12.40	13.80	5.050	4.830	5.880
Capex ¹	3,735	878	1,009	1,716	4,429	1,796	2,667	2,772
Capex / Sales	77.17%	27.11%	13.16%	4.24%	10.93%	13.56%	17.43%	14.7%
Announcement Date	4/28/20	4/14/21	4/29/22	3/30/23	3/27/24	-	-	-

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 Tianqi Lithium Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

38.25 CNY

Average target price

46.61 CNY

Spread / Average Target

+21.85%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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