Financials China Shenhua Energy Company Limited

Equities

1088

CNE1000002R0

Coal

Market Closed - Hong Kong S.E. 04:08:34 2024-06-21 am EDT 5-day change 1st Jan Change
39.55 HKD -1.86% Intraday chart for China Shenhua Energy Company Limited -0.13% +47.85%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 350,321 338,370 421,748 522,036 599,794 851,688 - -
Enterprise Value (EV) 1 354,567 276,643 326,944 413,651 492,522 742,793 727,051 682,649
P/E ratio 6.94 x 6.82 x 5.74 x 5.43 x 7.47 x 12 x 12.1 x 12.4 x
Yield 8.66% 14.7% 17.1% 12.8% 9.3% 5.78% 5.75% 5.42%
Capitalization / Revenue 1.45 x 1.45 x 1.26 x 1.52 x 1.75 x 2.51 x 2.49 x 2.43 x
EV / Revenue 1.47 x 1.19 x 0.98 x 1.2 x 1.44 x 2.19 x 2.12 x 1.95 x
EV / EBITDA 4.08 x 3.5 x 3.31 x 3.4 x 4.3 x 6.74 x 6.7 x 6.38 x
EV / FCF 7.88 x 4.52 x 4.58 x 4.99 x 9.1 x 13.3 x 11.7 x 10 x
FCF Yield 12.7% 22.1% 21.8% 20% 11% 7.55% 8.54% 9.99%
Price to Book 0.81 x 0.67 x 0.78 x 1 x 1.18 x 1.72 x 1.66 x 1.6 x
Nbr of stocks (in thousands) 19,889,620 19,868,520 19,868,520 19,868,520 19,868,520 19,868,520 - -
Reference price 2 14.55 12.29 14.89 19.92 24.31 36.79 36.79 36.79
Announcement Date 3/27/20 3/26/21 3/25/22 3/24/23 3/22/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 241,871 233,263 335,216 344,533 343,074 339,933 342,183 350,828
EBITDA 1 86,981 79,018 98,815 121,536 114,573 110,166 108,516 106,923
EBIT 1 66,629 59,033 78,242 100,513 91,367 87,257 87,013 87,392
Operating Margin 27.55% 25.31% 23.34% 29.17% 26.63% 25.67% 25.43% 24.91%
Earnings before Tax (EBT) 1 66,724 59,362 77,375 99,654 87,176 88,277 87,212 83,109
Net income 1 43,250 35,849 50,269 72,903 59,694 59,743 59,424 56,583
Net margin 17.88% 15.37% 15% 21.16% 17.4% 17.57% 17.37% 16.13%
EPS 2 2.097 1.803 2.597 3.669 3.253 3.066 3.051 2.955
Free Cash Flow 1 44,973 61,259 71,339 82,869 54,104 56,044 62,118 68,190
FCF margin 18.59% 26.26% 21.28% 24.05% 15.77% 16.49% 18.15% 19.44%
FCF Conversion (EBITDA) 51.7% 77.53% 72.19% 68.18% 47.22% 50.87% 57.24% 63.78%
FCF Conversion (Net income) 103.98% 170.88% 141.91% 113.67% 90.64% 93.81% 104.53% 120.51%
Dividend per Share 2 1.260 1.810 2.540 2.550 2.260 2.128 2.115 1.996
Announcement Date 3/27/20 3/26/21 3/25/22 3/24/23 3/22/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 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 Q1 2025 Q2 2025 S1 2025 S2
Net sales 1 125,506 105,016 128,247 143,979 102,267 191,237 83,902 81,677 165,579 84,910 94,044 178,954 87,042 82,400 169,442 83,025 90,607 173,632 87,647 79,811 179,903 83,281 93,691 174,358 89,900 85,100 182,128 175,778
EBITDA 1 - - - - - - - - - - - - - - - - - - - 16,447 - 19,917 30,328 - - - - -
EBIT 1 - - - 37,406 19,209 42,766 27,682 26,526 54,208 26,357 - 46,305 25,107 22,997 48,104 21,439 21,824 43,263 23,344 10,365 56,099 13,835 24,245 44,470 - - 56,707 44,199
Operating Margin - - - 25.98% 18.78% 22.36% 32.99% 32.48% 32.74% 31.04% - 25.88% 28.84% 27.91% 28.39% 25.82% 24.09% 24.92% 26.63% 12.99% 31.18% 16.61% 25.88% 25.51% - - 31.14% 25.14%
Earnings before Tax (EBT) - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net income - 20,370 - - 10,330 - 19,796 27,839 42,475 20,298 - 30,428 - 16,184 36,861 - - - 17,760 - - - - - - - - -
Net margin - 19.4% - - 10.1% - 23.59% 34.08% 25.65% 23.91% - 17% - 19.64% 21.75% - - - 20.26% - - - - - - - - -
EPS - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Announcement Date 3/27/20 8/28/20 3/26/21 8/27/21 3/25/22 3/25/22 4/27/22 8/26/22 8/26/22 10/28/22 3/24/23 3/24/23 4/28/23 8/25/23 8/25/23 10/28/23 3/22/24 3/22/24 4/26/24 - - - - - - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 4,246 - - - - - - -
Net Cash position 1 - 61,727 94,804 108,385 114,451 128,662 144,534 169,039
Leverage (Debt/EBITDA) 0.0488 x - - - - - - -
Free Cash Flow 1 44,973 61,259 71,339 82,869 54,104 84,402 68,109 68,191
ROE (net income / shareholders' equity) 12.1% 9.95% 13.9% 18.8% 16.1% 14.2% 13.8% 13%
ROA (Net income/ Total Assets) 7.22% 7.8% 10% 11.8% 10.3% 9.97% 9.24% 8.53%
Assets 1 598,715 459,603 502,690 617,775 626,211 599,075 642,818 663,084
Book Value Per Share 2 17.90 18.30 19.10 20.00 20.60 21.40 22.20 23.00
Cash Flow per Share 2 3.170 4.090 4.760 5.520 4.510 4.760 4.830 4.610
Capex 1 18,133 20,030 23,236 26,865 37,084 38,065 34,566 30,177
Capex / Sales 7.5% 8.59% 6.93% 7.8% 10.81% 11.15% 10.09% 8.6%
Announcement Date 3/27/20 3/26/21 3/25/22 3/24/23 3/22/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
36.79 CNY
Average target price
32.6 CNY
Spread / Average Target
-11.39%
Consensus

Quarterly revenue - Rate of surprise

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