Financials China Water Affairs 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
4.93 ^HKD	+1.02%		+1.02%	+14.92%

Mar. 08	China Water Affairs Group Limited Announces Resignation of Zhao Hai Hu as Non-Executive Director	CI
2023	Kangda International's Shareholders to Vote on 145 Million Yuan Disposal	MT

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,193	9,335	10,080	14,005	10,463	8,047	-	-
Enterprise Value (EV) ¹	24,151	21,084	10,080	29,846	27,106	24,776	25,281	25,049
P/E ratio	9.64 x	5.7 x	6.12 x	7.4 x	5.62 x	4.32 x	3.94 x	3.6 x
Yield	3.41%	5.15%	4.87%	3.96%	5.3%	6.59%	7.61%	8.32%
Capitalization / Revenue	1.59 x	1.07 x	0.97 x	1.08 x	0.74 x	0.55 x	0.51 x	0.48 x
EV / Revenue	2.91 x	2.43 x	0.97 x	2.3 x	1.91 x	1.68 x	1.59 x	1.48 x
EV / EBITDA	6.89 x	5 x	2.15 x	5.67 x	4.78 x	4.33 x	4.04 x	3.71 x
EV / FCF	30,438,973 x	6,684,438 x	4,826,006 x	8,767,659 x	8,618,669 x	-	-	-
FCF Yield	0%	0%	0%	0%	0%	-	-	-
Price to Book	1.66 x	1.1 x	0.96 x	1.07 x	0.81 x	0.54 x	0.48 x	0.44 x
Nbr of stocks (in thousands)	1,608,901	1,604,029	1,584,903	1,632,322	1,632,322	1,632,322	-	-
Reference price ²	8.200	5.820	6.360	8.580	6.410	4.930	4.930	4.930
Announcement Date	6/27/19	6/29/20	6/29/21	6/28/22	6/27/23	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,302	8,694	10,346	12,950	14,195	14,754	15,894	16,894
EBITDA ¹	3,507	4,214	4,680	5,266	5,675	5,727	6,264	6,748
EBIT ¹	3,022	3,181	3,687	4,149	4,490	4,496	4,952	5,342
Operating Margin	36.4%	36.59%	35.64%	32.04%	31.63%	30.47%	31.16%	31.62%
Earnings before Tax (EBT) ¹	2,772	3,165	3,530	3,916	4,019	4,004	4,408	4,818
Net income ¹	1,369	1,639	1,692	1,894	1,857	1,859	2,044	2,238
Net margin	16.49%	18.86%	16.36%	14.62%	13.08%	12.6%	12.86%	13.24%
EPS ²	0.8510	1.021	1.040	1.160	1.140	1.140	1.250	1.370
Free Cash Flow	793.4	3,154	2,089	3,404	3,145	-	-	-
FCF margin	9.56%	36.28%	20.19%	26.29%	22.16%	-	-	-
FCF Conversion (EBITDA)	22.63%	74.86%	44.63%	64.65%	55.42%	-	-	-
FCF Conversion (Net income)	57.95%	192.39%	123.41%	179.77%	169.38%	-	-	-
Dividend per Share ²	0.2800	0.3000	0.3100	0.3400	0.3400	0.3250	0.3750	0.4100
Announcement Date	6/27/19	6/29/20	6/29/21	6/28/22	6/27/23	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,958	11,748	-	15,841	16,643	16,729	17,234	17,002
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.125 x	2.788 x	-	3.008 x	2.933 x	2.921 x	2.751 x	2.52 x
Free Cash Flow	793	3,154	2,089	3,404	3,145	-	-	-
ROE (net income / shareholders' equity)	18.1%	19.9%	17.8%	16.1%	14.3%	13.4%	13.1%	13%
ROA (Net income/ Total Assets)	4.25%	4.22%	3.81%	3.64%	3.14%	3%	2.9%	3%
Assets ¹	32,207	38,864	44,471	52,051	59,114	61,967	70,466	74,583
Book Value Per Share ²	4.950	5.300	6.600	8.020	7.960	9.060	10.20	11.10
Cash Flow per Share ²	-	-	-	2.240	2.120	-1.030	-0.0300	0.2500
Capex ¹	225	259	565	256	321	153	145	138
Capex / Sales	2.71%	2.98%	5.46%	1.98%	2.26%	1.04%	0.91%	0.82%
Announcement Date	6/27/19	6/29/20	6/29/21	6/28/22	6/27/23	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.93 HKD

Average target price

6.9 HKD

Spread / Average Target

+39.96%

	1st Jan change	Capi.
CHINA WATER AFFAIRS GROUP LIMITED	+14.92%	1.03B
AMERICAN WATER WORKS COMPANY, INC.	-8.49%	23.53B
GUANGDONG INVESTMENT LIMITED	-32.75%	3.19B
BEIJING ENTERPRISES WATER GROUP LIMITED	+13.79%	2.54B
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