Stock 1785 CHENGDU EXPRESSWAY CO., LTD.
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Financials Chengdu Expressway Co., Ltd.

Equities

1785

CNE100003FL5

Highways & Rail Tracks

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:22 2024-04-29 am EDT 		5-day change 1st Jan Change
2.1 HKD +0.48% Intraday chart for Chengdu Expressway Co., Ltd. +1.45% +8.81%
Mar. 27 Chengdu Expressway Co., Ltd. Proposes Distribution of Final Dividend for the Year Ended 31 December 2023 Payable on 26 July 2024 CI
Mar. 27 Chengdu Expressway Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023
Capitalization 1 3,049 2,955 2,888 2,808 2,905
Enterprise Value (EV) 1 4,618 4,500 4,112 3,883 3,391
P/E ratio 6.87 x 8.58 x 4.7 x 5.54 x 4.7 x
Yield 6.52% 6.78% 8.09% 10.5% 9.58%
Capitalization / Revenue 2.43 x 1.47 x 1.07 x 1.08 x 1 x
EV / Revenue 3.68 x 2.23 x 1.52 x 1.5 x 1.17 x
EV / EBITDA 5.07 x 5.75 x 3.54 x 3.96 x 2.78 x
EV / FCF 9.6 x 4.96 x 9.28 x 18.2 x 6.04 x
FCF Yield 10.4% 20.2% 10.8% 5.5% 16.6%
Price to Book 0.92 x 0.9 x 0.78 x 0.7 x 0.67 x
Nbr of stocks (in thousands) 1,656,102 1,656,102 1,656,102 1,656,102 1,656,102
Reference price 2 1.841 1.784 1.744 1.696 1.754
Announcement Date 4/23/20 4/21/21 3/24/22 3/27/23 3/27/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,830 1,256 2,014 2,702 2,597 2,894
EBITDA 1 704.4 910.2 782.1 1,162 981.3 1,221
EBIT 1 540.6 633.9 475.2 826.4 671.4 845.2
Operating Margin 29.54% 50.47% 23.59% 30.58% 25.86% 29.2%
Earnings before Tax (EBT) 1 523.1 572 430.8 825.8 688.8 806.9
Net income 1 415.5 438.8 344.5 614.7 506.7 618.8
Net margin 22.7% 34.94% 17.1% 22.74% 19.51% 21.38%
EPS 2 0.3462 0.2678 0.2080 0.3711 0.3060 0.3736
Free Cash Flow 1 266.4 480.8 908.2 443.2 213.6 561.6
FCF margin 14.56% 38.28% 45.09% 16.4% 8.23% 19.4%
FCF Conversion (EBITDA) 37.83% 52.82% 116.13% 38.13% 21.77% 45.99%
FCF Conversion (Net income) 64.13% 109.57% 263.62% 72.11% 42.16% 90.76%
Dividend per Share 2 0.1300 0.1200 0.1210 0.1410 0.1780 0.1680
Announcement Date 4/25/19 4/23/20 4/21/21 3/24/22 3/27/23 3/27/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 595 1,569 1,545 1,225 1,074 486
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 0.8446 x 1.724 x 1.976 x 1.054 x 1.095 x 0.398 x
Free Cash Flow 1 266 481 908 443 214 562
ROE (net income / shareholders' equity) 18.9% 15% 8.57% 15.6% 12.1% 12.9%
ROA (Net income/ Total Assets) 6.69% 5.86% 3.23% 5.67% 4.59% 5.73%
Assets 1 6,215 7,493 10,672 10,844 11,040 10,790
Book Value Per Share 2 1.410 1.990 1.980 2.230 2.410 2.630
Cash Flow per Share 2 0.5800 0.9100 1.060 0 0 0
Capex 1 138 88.4 28.3 67.4 189 127
Capex / Sales 7.53% 7.04% 1.4% 2.5% 7.28% 4.39%
Announcement Date 4/25/19 4/23/20 4/21/21 3/24/22 3/27/23 3/27/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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