Financials China Vanke Co., Ltd.

Equities

000002

CNE0000000T2

Real Estate Development & Operations

End-of-day quote Shenzhen S.E. 06:00:00 2024-06-13 pm EDT 5-day change 1st Jan Change
7.94 CNY +2.98% Intraday chart for China Vanke Co., Ltd. -2.82% -24.09%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 359,826 321,735 220,246 202,298 115,413 87,493 - -
Enterprise Value (EV) 1 453,608 387,691 340,581 382,735 339,225 327,281 278,331 269,969
P/E ratio 9.27 x 7.93 x 10.2 x 9.33 x 10.2 x 10 x 9.11 x 9.38 x
Yield 3.25% 4.36% 4.91% 3.74% - - 1.43% 0.98%
Capitalization / Revenue 0.98 x 0.77 x 0.49 x 0.4 x 0.25 x 0.24 x 0.25 x 0.29 x
EV / Revenue 1.23 x 0.93 x 0.75 x 0.76 x 0.73 x 0.91 x 0.81 x 0.89 x
EV / EBITDA 5.16 x 3.53 x 5.87 x 6.49 x 9.42 x 9.03 x 7.67 x 7.25 x
EV / FCF 11.5 x 8.42 x -63.1 x -38.3 x -83.2 x 9.05 x 8.32 x -68.5 x
FCF Yield 8.72% 11.9% -1.59% -2.61% -1.2% 11% 12% -1.46%
Price to Book 1.93 x 1.49 x 0.97 x 0.87 x 0.49 x 0.36 x 0.35 x 0.34 x
Nbr of stocks (in thousands) 11,302,143 11,617,732 11,625,383 11,557,753 11,857,753 11,857,753 - -
Reference price 2 32.18 28.70 19.76 18.20 10.46 7.940 7.940 7.940
Announcement Date 3/17/20 3/30/21 3/30/22 3/30/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 367,894 419,112 452,798 503,838 465,739 360,906 343,929 303,331
EBITDA 1 87,921 109,758 58,013 58,951 36,015 34,381 36,287 37,239
EBIT 1 76,613 79,959 52,531 52,007 29,252 24,733 25,113 27,105
Operating Margin 20.82% 19.08% 11.6% 10.32% 6.28% 6.85% 7.3% 8.94%
Earnings before Tax (EBT) 1 106,116 79,676 52,223 52,386 29,805 25,576 27,129 27,252
Net income 1 38,872 41,516 22,524 22,618 12,163 9,639 10,062 10,764
Net margin 10.57% 9.91% 4.97% 4.49% 2.61% 2.67% 2.93% 3.55%
EPS 2 3.470 3.620 1.940 1.950 1.030 0.7908 0.8711 0.8461
Free Cash Flow 1 39,539 46,042 -5,401 -9,998 -4,077 36,150 33,448 -3,939
FCF margin 10.75% 10.99% -1.19% -1.98% -0.88% 10.02% 9.73% -1.3%
FCF Conversion (EBITDA) 44.97% 41.95% - - - 105.14% 92.18% -
FCF Conversion (Net income) 101.71% 110.9% - - - 375.05% 332.41% -
Dividend per Share 2 1.045 1.250 0.9700 0.6800 - - 0.1138 0.0780
Announcement Date 3/17/20 3/30/21 3/30/22 3/30/23 3/28/24 - - -
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 1 228,574 146,350 272,762 167,111 181,312 285,687 62,667 144,249 206,916 130,757 166,165 296,922 68,474 132,419 200,893 89,416 175,431 264,846 61,594 87,645 142,709 50,523 166,137 214,063 51,441 104,138 135,502 203,253
EBITDA 1 - - - - 19,395 - 5,608 20,243 - 14,604 18,497 - - - - - - - - 9,522 - 3,717 11,150 - 4,493 8,986 - -
EBIT 1 - - - - 19,596 30,543 3,970 20,268 30,598 13,209 14,560 - 4,091 16,244 27,824 7,877 1,039 - 4,658 2,339 - 2,339 10,188 - 1,861 - - -
Operating Margin - - - - 10.81% 10.69% 6.33% 14.05% 14.79% 10.1% 8.76% - 5.97% 12.27% 13.85% 8.81% 0.59% - 7.56% 2.67% - 4.63% 6.13% - 3.62% - - -
Earnings before Tax (EBT) - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net income - 12,508 29,008 - 5,835 - 1,429 10,794 - 4,828 5,567 - 1,446 8,425 - 3,751 - - - - - - - - - - - -
Net margin - 8.55% 10.63% - 3.22% - 2.28% 7.48% - 3.69% 3.35% - 2.11% 6.36% - 4.2% - - - - - - - - - - - -
EPS 2 - - - - 0.5000 - 0.1229 0.9300 - 0.4178 0.4800 - 0.1251 0.7100 - 0.3200 -0.1300 - -0.0305 0.1328 - 0.0915 0.3934 - 0.0891 0.1165 - -
Dividend per Share 2 - - - - 0.9700 - - - - - 0.6800 - - - - - - - - - - - - - - - - -
Announcement Date 3/17/20 8/27/20 3/30/21 8/29/21 3/30/22 3/30/22 4/28/22 8/30/22 8/30/22 10/28/22 3/30/23 3/30/23 4/28/23 8/30/23 8/30/23 10/27/23 3/28/24 3/28/24 4/29/24 - - - - - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 93,782 65,956 120,335 180,437 223,812 239,788 190,838 182,476
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.067 x 0.6009 x 2.074 x 3.061 x 6.214 x 6.974 x 5.259 x 5.421 x
Free Cash Flow 1 39,539 46,042 -5,401 -9,998 -4,077 36,150 33,448 -3,939
ROE (net income / shareholders' equity) 22.5% 20.1% 9.78% 9.48% 4.91% 3.69% 3.86% 3.3%
ROA (Net income/ Total Assets) 2.39% 2.31% 1.18% 1.22% 0.75% 0.69% 0.74% 0.73%
Assets 1 1,629,174 1,799,547 1,903,976 1,847,858 1,631,261 1,402,459 1,353,076 1,465,868
Book Value Per Share 2 16.60 19.30 20.30 21.00 21.20 21.80 22.60 23.30
Cash Flow per Share 2 4.040 4.580 0.3500 0.2400 0.3300 0.5600 0.7400 1.020
Capex 1 6,148 7,146 9,514 12,749 7,989 2,065 9,000 4,521
Capex / Sales 1.67% 1.71% 2.1% 2.53% 1.72% 0.57% 2.62% 1.49%
Announcement Date 3/17/20 3/30/21 3/30/22 3/30/23 3/28/24 - - -
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
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
25
Last Close Price
7.94 CNY
Average target price
7.845 CNY
Spread / Average Target
-1.19%
Consensus
  1. Stock Market
  2. Equities
  3. 000002 Stock
  4. Financials China Vanke Co., Ltd.