Financials Beijing Enterprises Holdings Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
25.1 ^HKD	+0.60%		+5.68%	-7.55%

Apr. 25	Beijing Yanjing Brewery's Q1 Profit Surges 59%	MT
Apr. 23	Beijing Enterprises Water Completes Issue of 500 Million Yuan of Medium-Term Notes	MT

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	52,375	45,118	31,930	33,949	31,505	31,576	31,576	-
Enterprise Value (EV) ¹	93,962	87,576	71,936	73,674	77,549	81,602	74,186	72,244
P/E ratio	6.92 x	5.6 x	6.04 x	3.42 x	4.17 x	6.23 x	4.43 x	4.05 x
Yield	2.53%	3.19%	4.51%	4.65%	6.4%	5.89%	7.3%	8.36%
Capitalization / Revenue	0.77 x	0.67 x	0.47 x	0.42 x	0.34 x	0.42 x	0.35 x	0.34 x
EV / Revenue	1.39 x	1.29 x	1.05 x	0.92 x	0.84 x	0.99 x	0.83 x	0.77 x
EV / EBITDA	11.2 x	10 x	9.01 x	6.19 x	4.81 x	5.82 x	4.38 x	4.4 x
EV / FCF	50.2 x	38.5 x	11.4 x	-38.1 x	-	22.7 x	19.4 x	15.7 x
FCF Yield	1.99%	2.6%	8.78%	-2.62%	-	4.41%	5.17%	6.37%
Price to Book	0.75 x	0.6 x	0.38 x	0.35 x	0.35 x	0.42 x	0.31 x	0.3 x
Nbr of stocks (in thousands)	1,262,053	1,262,053	1,262,053	1,262,053	1,260,203	1,258,003	1,258,003	-
Reference price ²	41.50	35.75	25.30	26.90	25.00	25.10	25.10	25.10
Announcement Date	3/28/19	3/31/20	3/31/21	3/31/22	3/31/23	3/27/24	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	67,765	67,783	68,407	80,435	92,297	82,313	89,792	94,216
EBITDA ¹	8,364	8,740	7,987	11,894	16,130	14,020	16,954	16,414
EBIT ¹	4,413	4,780	3,676	6,978	5,525	4,605	4,758	5,421
Operating Margin	6.51%	7.05%	5.37%	8.67%	5.99%	5.59%	5.3%	5.75%
Earnings before Tax (EBT) ¹	9,095	9,596	6,653	11,634	9,357	7,267	9,132	9,766
Net income ¹	7,577	8,055	5,287	9,919	7,573	5,498	7,132	7,491
Net margin	11.18%	11.88%	7.73%	12.33%	8.2%	6.68%	7.94%	7.95%
EPS ²	6.000	6.380	4.190	7.860	6.000	4.360	5.660	6.200
Free Cash Flow ¹	1,871	2,273	6,316	-1,934	-	3,360	3,832	4,603
FCF margin	2.76%	3.35%	9.23%	-2.4%	-	3.58%	4.27%	4.89%
FCF Conversion (EBITDA)	22.38%	26.01%	79.08%	-	-	23.58%	22.61%	28.04%
FCF Conversion (Net income)	24.7%	28.22%	119.46%	-	-	42.04%	53.73%	61.45%
Dividend per Share ²	1.050	1.140	1.140	1.250	1.600	1.600	1.832	2.099
Announcement Date	3/28/19	3/31/20	3/31/21	3/31/22	3/31/23	3/27/24	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	41,587	42,458	40,006	39,725	46,044	47,387	42,610	40,668
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.972 x	4.858 x	5.009 x	3.34 x	2.855 x	3.38 x	2.513 x	2.478 x
Free Cash Flow ¹	1,871	2,273	6,316	-1,934	-	3,360	3,832	4,603
ROE (net income / shareholders' equity)	11%	9.59%	6.6%	9.53%	8.15%	6.87%	7.88%	7.76%
ROA (Net income/ Total Assets)	4.38%	4.47%	2.71%	4.03%	3.41%	2.76%	3.2%	3.32%
Assets ¹	173,023	180,152	195,305	246,025	221,948	199,495	222,650	225,395
Book Value Per Share ²	55.20	59.70	67.30	76.00	71.40	64.30	79.70	83.90
Cash Flow per Share ²	7.150	5.170	6.130	6.420	4.890	7.940	7.930	8.030
Capex ¹	7,151	4,257	6,746	10,039	12,161	7,575	6,012	6,032
Capex / Sales	10.55%	6.28%	9.86%	12.48%	13.18%	8.07%	6.7%	6.4%
Announcement Date	3/28/19	3/31/20	3/31/21	3/31/22	3/31/23	3/27/24	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

25.1 HKD

Average target price

33.35 HKD

Spread / Average Target

+32.86%

	1st Jan change	Capi.
BEIJING ENTERPRISES HOLDINGS LIMITED	-7.55%	4.03B
ATMOS ENERGY CORPORATION	+0.89%	17.64B
GAIL INDIA LIMITED	+28.35%	16.4B
ADANI TOTAL GAS LIMITED	-6.96%	12.12B
TOKYO GAS CO., LTD.	+10.84%	9.16B
OSAKA GAS COMPANY., LTD.	+16.20%	8.89B
PETRONAS GAS	+3.56%	7.48B
APA GROUP	-2.58%	6.96B
ALTAGAS LTD.	+8.30%	6.51B
CHINA GAS HOLDINGS LIMITED	-5.97%	5.03B