Financials Inner Mongolia MengDian HuaNeng Thermal Power Corporation Limited

Equities

600863

CNE000000GN6

Electric Utilities

End-of-day quote Shanghai S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
4.49 CNY +0.90% Intraday chart for Inner Mongolia MengDian HuaNeng Thermal Power Corporation Limited -2.39% +15.13%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 15,973 14,928 25,716 22,779 25,455 29,306 - -
Enterprise Value (EV) 1 15,973 14,928 25,716 22,779 25,455 29,306 29,306 29,306
P/E ratio 16.2 x 23.4 x 78.8 x 14 x 13.4 x 10.1 x 9.07 x 9.98 x
Yield 4.58% 4.9% 2.54% 4.7% 4.74% 4.68% 6.35% -
Capitalization / Revenue 1.1 x 0.97 x 1.36 x 0.99 x 1.13 x 1.25 x 1.19 x 1.33 x
EV / Revenue 1.1 x 0.97 x 1.36 x 0.99 x 1.13 x 1.25 x 1.19 x 1.33 x
EV / EBITDA 3.83 x 4.11 x 7.91 x 4.27 x 4.26 x 4.74 x 3.8 x 4.23 x
EV / FCF 14 x - - 5.68 x 8.64 x -2.76 x -2.49 x -
FCF Yield 7.13% - - 17.6% 11.6% -36.2% -40.2% -
Price to Book - 1.3 x 1.96 x 1.58 x 1.66 x 1.5 x 1.34 x 1.33 x
Nbr of stocks (in thousands) 5,808,474 5,808,528 6,526,888 6,526,888 6,526,888 6,526,888 - -
Reference price 2 2.750 2.570 3.940 3.490 3.900 4.490 4.490 4.490
Announcement Date 4/28/20 4/27/21 4/26/22 4/27/23 4/25/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 14,477 15,361 18,934 23,066 22,525 23,363 24,555 22,084
EBITDA 1 4,166 3,630 3,252 5,333 5,980 6,180 7,708 6,927
EBIT 1 1,528 903.6 450.3 2,369 3,016 4,072 4,547 3,720
Operating Margin 10.56% 5.88% 2.38% 10.27% 13.39% 17.43% 18.52% 16.84%
Earnings before Tax (EBT) 1 1,528 916.9 478.3 2,376 2,526 3,995 4,469 3,705
Net income 1 1,104 759.1 452.3 1,762 2,005 2,902 3,241 2,941
Net margin 7.63% 4.94% 2.39% 7.64% 8.9% 12.42% 13.2% 13.32%
EPS 2 0.1700 0.1100 0.0500 0.2500 0.2900 0.4450 0.4950 0.4500
Free Cash Flow 1 1,139 - - 4,009 2,945 -10,604 -11,772 -
FCF margin 7.87% - - 17.38% 13.08% -45.39% -47.94% -
FCF Conversion (EBITDA) 27.34% - - 75.18% 49.25% - - -
FCF Conversion (Net income) 103.18% - - 227.55% 146.91% - - -
Dividend per Share 2 0.1260 0.1260 0.1000 0.1640 0.1850 0.2100 0.2850 -
Announcement Date 4/28/20 4/27/21 4/26/22 4/27/23 4/25/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2023 Q2 2023 Q3
Net sales - - - -
EBITDA - - - -
EBIT - - - -
Operating Margin - - - -
Earnings before Tax (EBT) - - - -
Net income 1 247.4 496.2 618.6 700.5
Net margin - - - -
EPS - - 0.0930 -
Dividend per Share - - - -
Announcement Date 4/26/22 4/26/22 8/24/23 10/26/23
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 1 1,139 - - 4,009 2,945 -10,604 -11,772 -
ROE (net income / shareholders' equity) 8.81% 5.63% 2.68% 11.8% 12.6% 14.4% 14.9% 13.8%
ROA (Net income/ Total Assets) 2.52% 1.74% 1.07% 4.31% - 6.1% 6.27% -
Assets 1 43,794 43,725 42,172 40,852 - 47,576 51,683 -
Book Value Per Share 2 - 1.980 2.020 2.200 2.350 3.000 3.360 3.370
Cash Flow per Share 2 0.6700 0.6700 0.4700 0.7900 0.8200 0.8400 1.060 0.9200
Capex 1 2,743 1,151 1,009 1,184 2,387 4,680 6,238 3,386
Capex / Sales 18.95% 7.49% 5.33% 5.13% 10.6% 20.03% 25.41% 15.33%
Announcement Date 4/28/20 4/27/21 4/26/22 4/27/23 4/25/24 - - -
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
6
Last Close Price
4.49 CNY
Average target price
4.599 CNY
Spread / Average Target
+2.42%
Consensus

Annual profits - Rate of surprise

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