ZHEJIANG CHINA COMMODITIES CITY GROUP CO., LTD.

Financials Zhejiang China Commodities City Group Co., Ltd.

Equities

600415

CNE000001BC8

Department Stores

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-20 pm EDT			5-day change	1st Jan Change
8.24 ^CNY	-0.84%		-2.83%	+12.57%

Apr. 17	Zhejiang China Commodities City to Issue Bonds Worth Up to 7 Billion Yuan	MT
Apr. 16	Zhejiang China Commodities City Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	21,065	29,992	26,633	28,747	40,145	45,191	-	-
Enterprise Value (EV) ¹	24,123	29,992	26,633	28,747	40,145	45,191	45,191	45,191
P/E ratio	16.8 x	32.4 x	19.4 x	26.2 x	14.9 x	16.4 x	14.3 x	11.3 x
Yield	1.81%	1%	1.51%	1.24%	2.73%	2.75%	2.79%	3.84%
Capitalization / Revenue	5.21 x	8.05 x	4.41 x	3.77 x	3.55 x	3.19 x	2.72 x	2.25 x
EV / Revenue	5.21 x	8.05 x	4.41 x	3.77 x	3.55 x	3.19 x	2.72 x	2.25 x
EV / EBITDA	9.18 x	14.8 x	14 x	16.5 x	10.6 x	10.9 x	9.54 x	8.05 x
EV / FCF	-8.46 x	-	-	-	-69 x	7.82 x	587 x	18.9 x
FCF Yield	-11.8%	-	-	-	-1.45%	12.8%	0.17%	5.29%
Price to Book	1.62 x	2.21 x	1.82 x	1.88 x	2.27 x	2.33 x	2.09 x	1.84 x
Nbr of stocks (in thousands)	5,443,214	5,443,214	5,491,274	5,486,074	5,484,334	5,484,334	-	-
Reference price ²	3.870	5.510	4.850	5.240	7.320	8.240	8.240	8.240
Announcement Date	4/30/20	4/29/21	3/7/22	4/11/23	4/16/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,043	3,726	6,034	7,620	11,300	14,187	16,613	20,094
EBITDA ¹	2,295	2,030	1,907	1,741	3,803	4,156	4,737	5,616
EBIT ¹	1,632	1,444	1,654	1,147	3,105	3,208	3,662	4,488
Operating Margin	40.36%	38.75%	27.41%	15.05%	27.48%	22.61%	22.04%	22.33%
Earnings before Tax (EBT) ¹	1,633	1,422	1,657	1,150	3,208	3,227	3,686	4,522
Net income ¹	1,255	926.6	1,334	1,105	2,676	2,765	3,176	3,994
Net margin	31.05%	24.87%	22.11%	14.5%	23.68%	19.49%	19.12%	19.88%
EPS ²	0.2300	0.1700	0.2500	0.2000	0.4900	0.5025	0.5775	0.7286
Free Cash Flow ¹	-2,490	-	-	-	-582.2	5,780	77	2,389
FCF margin	-61.59%	-	-	-	-5.15%	40.74%	0.46%	11.89%
FCF Conversion (EBITDA)	-	-	-	-	-	139.09%	1.63%	42.54%
FCF Conversion (Net income)	-	-	-	-	-	209.06%	2.42%	59.82%
Dividend per Share ²	0.0700	0.0550	0.0730	0.0650	0.2000	0.2267	0.2300	0.3167
Announcement Date	4/30/20	4/29/21	3/7/22	4/11/23	4/16/24	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	3,058	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.332 x	-	-	-	-	-	-	-
Free Cash Flow ¹	-2,490	-	-	-	-582	5,780	77	2,389
ROE (net income / shareholders' equity)	10%	6.88%	9.33%	7.3%	16.1%	14.3%	14.8%	16.5%
ROA (Net income/ Total Assets)	4.31%	3.09%	4.46%	3.5%	7.39%	7.02%	7.41%	8.92%
Assets ¹	29,098	30,037	29,882	31,563	36,219	39,365	42,857	44,758
Book Value Per Share ²	2.390	2.490	2.660	2.780	3.230	3.530	3.950	4.470
Cash Flow per Share ²	-	0.1500	0.3800	0.2600	0.3400	0.7600	0.8100	1.220
Capex ¹	951	1,202	1,998	4,101	2,427	2,042	2,428	3,314
Capex / Sales	23.52%	32.26%	33.12%	53.83%	21.48%	14.39%	14.62%	16.49%
Announcement Date	4/30/20	4/29/21	3/7/22	4/11/23	4/16/24	-	-	-

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 Zhejiang China Commodities City Group Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.24 CNY

Average target price

10.87 CNY

Spread / Average Target

+31.92%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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