Financials Beijing Enterprises Water Group 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
1.98 ^HKD	0.00%		+4.76%	+13.79%

Apr. 26	Beijing Enterprises Water Group Limited Proposes Final Dividend	CI
Apr. 23	Beijing Enterprises Water Completes Issue of 500 Million Yuan of Medium-Term Notes	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	39,484	31,267	30,712	20,093	17,481	19,892	-	-
Enterprise Value (EV) ¹	88,733	89,001	96,208	89,338	81,750	93,731	95,310	95,016
P/E ratio	8.03 x	7.58 x	7.36 x	15.2 x	9.56 x	9.09 x	8.35 x	7.63 x
Yield	4.7%	5.19%	5.18%	7.85%	9.02%	7.85%	7.85%	7.85%
Capitalization / Revenue	1.4 x	1.23 x	1.1 x	0.8 x	0.71 x	0.73 x	0.7 x	0.67 x
EV / Revenue	3.15 x	3.51 x	3.45 x	3.58 x	3.33 x	3.44 x	3.36 x	3.18 x
EV / EBITDA	8.38 x	9.15 x	9.12 x	10.8 x	9.15 x	10.4 x	9.69 x	9.03 x
EV / FCF	-15,418,528 x	-16,802,517 x	-24,458,325 x	-	-	-	-	-
FCF Yield	-0%	-0%	-0%	-	-	-	-	-
Price to Book	1.28 x	0.83 x	0.76 x	0.6 x	0.56 x	0.59 x	0.58 x	0.56 x
Nbr of stocks (in thousands)	10,021,196	10,021,596	10,135,822	10,046,610	10,046,610	10,046,610	-	-
Reference price ²	3.940	3.120	3.030	2.000	1.740	1.980	1.980	1.980
Announcement Date	3/30/20	3/30/21	3/30/22	3/30/23	3/26/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	28,192	25,361	27,880	24,982	24,519	27,269	28,378	29,842
EBITDA ¹	10,585	9,727	10,546	8,297	8,931	9,041	9,833	10,520
EBIT ¹	9,053	7,978	8,731	6,216	6,644	6,754	7,225	7,602
Operating Margin	32.11%	31.46%	31.32%	24.88%	27.1%	24.77%	25.46%	25.47%
Earnings before Tax (EBT) ¹	7,556	6,489	6,932	3,797	4,028	4,480	4,933	5,377
Net income ¹	4,926	4,183	4,196	2,716	1,896	2,207	2,422	2,662
Net margin	17.47%	16.5%	15.05%	10.87%	7.73%	8.09%	8.54%	8.92%
EPS ²	0.4904	0.4116	0.4117	0.1316	0.1821	0.2178	0.2370	0.2596
Free Cash Flow	-5,755	-5,297	-3,934	-	-	-	-	-
FCF margin	-20.41%	-20.89%	-14.11%	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.1850	0.1620	0.1570	0.1570	0.1570	0.1555	0.1555	0.1555
Announcement Date	3/30/20	3/30/21	3/30/22	3/30/23	3/26/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	49,249	57,733	65,497	69,245	64,269	73,839	75,418	75,124
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.653 x	5.935 x	6.211 x	8.346 x	7.196 x	8.167 x	7.67 x	7.141 x
Free Cash Flow	-5,755	-5,297	-3,934	-	-	-	-	-
ROE (net income / shareholders' equity)	17.6%	12.3%	10.8%	7.35%	6.19%	6.56%	7.02%	7.44%
ROA (Net income/ Total Assets)	3.55%	2.57%	2.34%	1.48%	1.16%	1.24%	1.35%	1.41%
Assets ¹	138,771	162,781	179,008	183,780	163,618	177,970	179,440	188,814
Book Value Per Share ²	3.090	3.740	3.970	3.360	3.130	3.350	3.440	3.560
Cash Flow per Share ²	-0.4300	-0.3600	-0.1900	0.2600	-	0.3600	0.4000	0.4800
Capex ¹	1,524	1,635	2,049	999	-	1,095	884	888
Capex / Sales	5.41%	6.45%	7.35%	4%	-	4.02%	3.12%	2.98%
Announcement Date	3/30/20	3/30/21	3/30/22	3/30/23	3/26/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.98 HKD

Average target price

2.114 HKD

Spread / Average Target

+6.77%

	1st Jan change	Capi.
BEIJING ENTERPRISES WATER GROUP LIMITED	+13.79%	2.54B
AMERICAN WATER WORKS COMPANY, INC.	-8.49%	23.53B
GUANGDONG INVESTMENT LIMITED	-32.75%	3.19B
COMPANHIA CATARINENSE DE ÁGUAS E SANEAMENTO - CASAN	-.--%	2.12B
SJW GROUP	-18.13%	1.72B
COMPANHIA DE SANEAMENTO DE MINAS GERAIS	+5.32%	1.6B
COMPANHIA DE SANEAMENTO DO PARANÁ - SANEPAR	-10.87%	1.52B
MANILA WATER COMPANY, INC.	+30.91%	1.24B
GUANGDONG SHUNKONG DEVELOPMENT CO.,LTD.	-11.02%	1.15B
CHINA WATER AFFAIRS GROUP LIMITED	+14.92%	1.03B