Financials Guangdong Provincial Expressway Development Co., Ltd. Shenzhen S.E.

Equities

200429

CNE000000LT3

Highways & Rail Tracks

End-of-day quote Shenzhen S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
6.92 HKD -0.43% Intraday chart for Guangdong Provincial Expressway Development Co., Ltd. -0.14% +14.19%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 16,347 11,811 14,596 15,320 16,656 20,265 - -
Enterprise Value (EV) 1 16,347 11,811 14,596 15,320 16,656 20,265 20,265 20,265
P/E ratio 13.8 x 14.4 x 9.14 x 12.6 x - 12.9 x 12.7 x 12.9 x
Yield 5.11% 4.81% 7.7% - - 5.7% 5.89% -
Capitalization / Revenue 5.35 x 3.12 x 2.76 x 3.68 x 3.41 x 4.09 x 3.9 x 4.12 x
EV / Revenue 5.35 x 3.12 x 2.76 x 3.68 x 3.41 x 4.09 x 3.9 x 4.12 x
EV / EBITDA 6.18 x 4.07 x 3.29 x 4.52 x 4.02 x 4.99 x 4.95 x 4.46 x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.76 x 1.6 x 1.73 x - - 2.09 x 1.98 x 1.9 x
Nbr of stocks (in thousands) 2,090,806 2,090,806 2,090,806 2,090,806 2,090,806 2,090,806 - -
Reference price 2 8.260 6.050 7.400 7.820 8.460 10.35 10.35 10.35
Announcement Date 1/22/20 2/4/21 1/21/22 2/2/23 1/25/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,058 3,790 5,288 4,169 4,879 4,950 5,192 4,924
EBITDA 1 2,644 2,901 4,433 3,387 4,142 4,062 4,096 4,547
EBIT 1 1,801 1,865 3,167 2,344 2,994 3,057 3,191 3,062
Operating Margin 58.9% 49.2% 59.88% 56.23% 61.36% 61.76% 61.47% 62.19%
Earnings before Tax (EBT) 1 1,788 1,856 3,162 2,342 2,977 3,051 3,186 3,052
Net income 1 1,259 867.8 1,700 1,277 1,634 1,672 1,746 1,686
Net margin 41.16% 22.9% 32.16% 30.64% 33.49% 33.77% 33.63% 34.23%
EPS 2 0.6000 0.4200 0.8100 0.6200 - 0.8000 0.8133 0.8050
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.4220 0.2910 0.5700 - - 0.5900 0.6100 -
Announcement Date 1/22/20 2/4/21 1/21/22 2/2/23 1/25/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q3 2022 Q1 2022 Q2 2022 S1 2022 Q3
Net sales - - - - - - -
EBITDA - - - - - - -
EBIT - - - - - - -
Operating Margin - - - - - - -
Earnings before Tax (EBT) - - - - - - -
Net income 1 -5.83 848.9 545.4 431 342.8 773.8 417.9
Net margin - - - - - - -
EPS - - - - - - -
Dividend per Share - - - - - - -
Announcement Date 8/25/20 8/27/21 10/29/21 4/26/22 8/27/22 8/27/22 10/27/22
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 13.1% 8.27% 20.1% 14.3% 17.3% 16.4% 16.3% 15%
ROA (Net income/ Total Assets) 7.41% 4.29% 8.8% - 8.19% 8% 7.8% -
Assets 1 16,985 20,208 19,323 - 19,948 20,896 22,385 -
Book Value Per Share 2 4.700 3.790 4.280 - - 4.960 5.220 5.440
Cash Flow per Share 2 0.9500 1.280 1.750 - - 1.650 1.560 1.590
Capex 1 803 660 509 874 1,539 2,250 3,615 3,230
Capex / Sales 26.26% 17.41% 9.62% 20.98% 31.55% 45.46% 69.62% 65.59%
Announcement Date 1/22/20 2/4/21 1/21/22 2/2/23 1/25/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
3
Last Close Price
10.35 CNY
Average target price
11.04 CNY
Spread / Average Target
+6.67%
Consensus

Annual profits - Rate of surprise

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