Financials Aluminum Corporation of China Limited

Equities

2600

CNE1000001T8

Aluminum

Market Closed - Hong Kong Stock Exchange Other stock markets 03:08:40 2023-12-08 am EST			5-day change	1st Jan Change
3.56 ^HKD	-2.47%		-6.81%	+7.23%

Dec. 06	Rio Tinto Plans $6.2 Billion Investment in Guinea Iron Ore Project -- Update	DJ
Nov. 06	Aluminum Corporation of China Hikes Stake in Subsidiary by 0.13%	MT

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	47 628	55 696	56 549	93 513	70 555	81 989	-	-
Enterprise Value (EV) ¹	118 067	125 173	129 878	162 937	126 116	130 409	112 109	89 655
P/E ratio	59,8x	64,5x	82,4x	12,3x	12,3x	8,51x	7,57x	6,08x
Yield	-	-	-	0,91%	-	1,85%	1,67%	1,74%
Capitalization / Revenue	0,26x	0,29x	0,30x	0,35x	0,24x	0,28x	0,28x	0,27x
EV / Revenue	0,66x	0,66x	0,70x	0,60x	0,43x	0,45x	0,38x	0,29x
EV / EBITDA	11,3x	8,35x	9,51x	7,44x	5,35x	4,75x	3,77x	2,63x
EV / FCF	17,1x	37,0x	13,2x	6,24x	5,45x	6,86x	5,06x	3,63x
FCF Yield	5,84%	2,70%	7,58%	16,0%	18,3%	14,6%	19,8%	27,6%
Price to Book	0,63x	0,65x	0,72x	1,04x	-	0,93x	0,82x	0,72x
Nbr of stocks (in thousands)	14 903 798	17 022 673	17 022 673	17 022 673	17 161 592	17 158 381	-	-
Reference price ²	2,21	2,39	2,31	3,51	2,93	3,27	3,27	3,27
Announcement Date	3/28/19	3/26/20	3/23/21	3/22/22	3/21/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	180 240	190 074	185 994	269 748	290 988	289 911	295 942	307 122
EBITDA ¹	10 457	14 991	13 659	21 907	23 561	27 477	29 724	34 138
EBIT ¹	2 424	6 455	6 023	13 409	13 682	18 860	22 127	26 621
Operating Margin	1,35%	3,40%	3,24%	4,97%	4,70%	6,51%	7,48%	8,67%
Earnings before Tax (EBT) ¹	2 430	2 114	2 155	10 179	13 209	16 621	21 696	27 538
Net income ¹	870	851	741	5 080	4 192	6 939	7 388	9 387
Net margin	0,48%	0,45%	0,40%	1,88%	1,44%	2,39%	2,50%	3,06%
EPS ²	0,04	0,04	0,03	0,29	0,24	0,38	0,43	0,54
Free Cash Flow ¹	6 898	3 382	9 842	26 095	23 142	19 002	22 160	24 707
FCF margin	3,83%	1,78%	5,29%	9,67%	7,95%	6,55%	7,49%	8,04%
FCF Conversion (EBITDA)	66,0%	22,6%	72,1%	119%	98,2%	69,2%	74,6%	72,4%
FCF Conversion (Net income)	793%	397%	1 328%	514%	552%	274%	300%	263%
Dividend per Share ²	-	-	-	0,03	-	0,06	0,05	0,06
Announcement Date	3/28/19	3/26/20	3/23/21	3/22/22	3/21/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2019 S1	2019 S2	2020 S1	2020 S2	2021 Q2	2021 S1	2021 Q3	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 S1
Net sales ¹	94 940	95 134	84 109	101 886	68 122	120 736	74 193	74 819	149 012	75 621	69 782	145 403	60 669	84 916	145 585	66 279	67 783	134 063	54 342	72 804	135 874	74 422	71 504	153 431	72 963	72 963	115 233	155 327
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	-	4 678	6 718	4 172	318	5 891	2 953	5 386	8 339	1 514	5 095	6 609	3 379	-	8 085	5 120	5 589	9 119	7 355	6 304	7 977	6 822	5 996	6 387	7 294
Operating Margin	-	-	-	-	6,87%	5,56%	5,62%	0,43%	3,95%	3,90%	7,72%	5,74%	2,49%	6,00%	4,54%	5,10%	-	6,03%	9,42%	7,68%	6,71%	9,88%	8,82%	5,20%	9,35%	8,22%	5,54%	4,70%
Earnings before Tax (EBT) ¹	-	-	-	-	4 027	-	4 078	70,0	-	2 880	4 077	-	1 411	4 841	-	3 448	3 272	-	4 339	3 988	-	6 362	5 311	-	5 829	5 003	-	-
Net income ¹	706	-	-	-	-	-	-	-228	-	-	2 414	-	578	-375	-	-	-	-	1 936	1 083	-	2 839	1 892	-	2 121	1 250	-	-
Net margin	0,74%	-	-	-	-	-	-	-0,30%	-	-	3,46%	-	0,95%	-0,44%	-	-	-	-	3,56%	1,49%	-	3,81%	2,65%	-	2,91%	1,71%	-	-
EPS ²	0,04	0,00	-0,01	-	0,12	0,17	0,13	-0,02	0,11	0,09	0,14	0,23	0,03	-0,02	0,01	0,11	0,09	0,20	0,11	0,04	0,16	0,08	0,08	0,19	0,08	0,11	0,13	0,18
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/27/19	3/26/20	8/27/20	3/23/21	8/24/21	8/24/21	10/26/21	3/22/22	3/22/22	4/26/22	8/23/22	8/23/22	10/25/22	3/21/23	3/21/23	4/25/23	8/22/23	8/22/23	10/25/23	-	-	-	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	70 439	93 771	73 329	69 424	55 561	48 420	30 120	7 666
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4,81x	6,26x	5,37x	3,17x	2,36x	1,76x	1,01x	0,22x
Free Cash Flow ¹	6 169	3 582	9 842	26 095	23 142	19 002	22 160	24 707
ROE (net income / shareholders' equity)	2,07%	1,59%	1,36%	9,09%	6,90%	10,5%	11,0%	11,9%
Shareholders' equity ¹	35 985	53 537	54 486	55 881	60 753	66 226	67 455	79 086
ROA (Net income/ Total Assets)	0,48%	0,42%	0,37%	2,62%	-	3,16%	3,67%	4,79%
Assets ¹	156 553	202 018	200 271	193 876	-	219 809	201 205	195 828
Book Value Per Share ²	3,52	3,67	3,19	3,36	-	3,52	3,97	4,53
Cash Flow per Share ²	0,77	0,73	0,87	1,66	-	1,55	1,78	1,94
Capex ¹	6 849	8 892	5 039	2 136	4 664	8 075	6 633	6 763
Capex / Sales	3,80%	4,68%	2,71%	0,79%	1,60%	2,79%	2,24%	2,20%
Announcement Date	3/28/19	3/26/20	3/23/21	3/22/22	3/21/23	-	-	-

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 Aluminum Corporation of China Limited

Trading Rating :

Investor Rating :

ESG Refinitiv :

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.265CNY

Average target price

4.596CNY

Spread / Average Target

+40.74%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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