Financials Jiangsu Expressway Company Limited Shanghai S.E.

Equities

600377

CNE0000016S0

Highways & Rail Tracks

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
11.49 ^CNY	-2.21%		-3.85%	+12.10%

Apr. 26	Jiangsu Expressway Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 02	Jiangsu Expressway Logs 19% Boost in 2023 Profit	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	54,464	44,044	40,853	39,011	46,960	52,700	-	-
Enterprise Value (EV) ¹	68,427	59,766	60,918	68,354	77,566	79,845	83,129	79,738
P/E ratio	11.4 x	14.9 x	7.77 x	8.52 x	7.28 x	7.66 x	7.1 x	6.71 x
Yield	4.82%	6.3%	7.07%	7.3%	7.37%	6.53%	6.69%	6.57%
Capitalization / Revenue	5.4 x	5.48 x	2.96 x	2.94 x	3.09 x	3.21 x	3.1 x	3.08 x
EV / Revenue	6.79 x	7.44 x	4.42 x	5.16 x	5.11 x	4.86 x	4.88 x	4.66 x
EV / EBITDA	9.63 x	12.3 x	8.24 x	10.2 x	9.45 x	10.1 x	9.55 x	8.23 x
EV / FCF	74.3 x	-54 x	28.2 x	-	21.5 x	11.4 x	16.1 x	13.1 x
FCF Yield	1.35%	-1.85%	3.54%	-	4.64%	8.77%	6.19%	7.63%
Price to Book	1.68 x	1.3 x	1.08 x	0.99 x	0.95 x	1 x	0.93 x	0.87 x
Nbr of stocks (in thousands)	5,037,748	5,037,748	5,037,748	5,037,748	5,037,748	5,037,748	-	-
Reference price ²	9.544	7.297	6.510	6.297	6.381	7.248	7.248	7.248
Announcement Date	3/31/20	3/28/21	2/23/22	3/26/23	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	10,078	8,032	13,793	13,256	15,192	16,436	17,019	17,096
EBITDA ¹	7,108	4,872	7,396	6,669	8,212	7,890	8,703	9,684
EBIT ¹	5,542	3,239	5,435	4,620	5,698	6,427	6,887	7,073
Operating Margin	54.99%	40.32%	39.41%	34.86%	37.51%	39.1%	40.46%	41.37%
Earnings before Tax (EBT) ¹	5,522	3,234	5,420	4,581	5,672	6,266	6,770	7,147
Net income ¹	4,200	2,464	4,179	3,724	4,413	4,855	5,225	5,470
Net margin	41.67%	30.68%	30.3%	28.09%	29.05%	29.54%	30.7%	32%
EPS ²	0.8336	0.4891	0.8374	0.7392	0.8760	0.9465	1.020	1.081
Free Cash Flow ¹	920.9	-1,108	2,159	-	3,602	7,001	5,148	6,081
FCF margin	9.14%	-13.79%	15.65%	-	23.71%	42.6%	30.25%	35.57%
FCF Conversion (EBITDA)	12.96%	-	29.19%	-	43.86%	88.74%	59.15%	62.79%
FCF Conversion (Net income)	21.93%	-	51.66%	-	81.62%	144.2%	98.52%	111.17%
Dividend per Share ²	0.4600	0.4600	0.4600	0.4600	0.4700	0.4733	0.4850	0.4765
Announcement Date	3/31/20	3/28/21	2/23/22	3/26/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	6,133	2,578	1,975	-	4,931	3,771	3,630	3,507	4,473	3,583	3,473	3,101	3,359	3,359	3,336	3,336
EBITDA	-	1,770	-	-	-	2,189	-	-	-	-	-	-	-	-	-	2,293	2,293
EBIT ¹	-	591.6	1,035	1,134	-	1,745	706.4	1,603	1,616	2,003	476.1	1,653	1,479	1,602	1,602	1,659	1,659
Operating Margin	-	9.65%	40.14%	57.41%	-	35.39%	18.73%	44.16%	46.08%	44.78%	13.29%	47.58%	47.68%	47.68%	47.68%	49.73%	49.73%
Earnings before Tax (EBT)	-	575.9	-	-	-	1,738	678.9	-	1,617	2,003	453.4	-	-	-	-	-	-
Net income ¹	1,918	390.5	-	953	1,748	1,361	615.1	1,227	-	-	376.5	1,247	1,144	1,239	1,239	-	-
Net margin	-	6.37%	-	48.25%	-	27.59%	16.31%	33.81%	-	-	10.51%	35.9%	36.88%	36.88%	36.88%	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/31/20	2/23/22	4/29/22	8/26/22	8/26/22	10/26/22	3/26/23	4/28/23	8/27/23	10/27/23	3/28/24	4/26/24	-	-	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	13,963	15,722	20,065	29,342	30,606	27,145	30,429	27,038
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.965 x	3.227 x	2.713 x	4.4 x	3.727 x	3.441 x	3.496 x	2.792 x
Free Cash Flow ¹	921	-1,108	2,159	-	3,602	7,001	5,148	6,081
ROE (net income / shareholders' equity)	15.9%	8.82%	14.3%	11.2%	13.4%	13.3%	13.2%	12.7%
ROA (Net income/ Total Assets)	8.07%	4.22%	6.49%	4.48%	5.31%	6.02%	6.06%	6.04%
Assets ¹	52,060	58,366	64,379	83,049	83,050	80,589	86,247	90,558
Book Value Per Share ²	5.670	5.600	6.000	6.340	6.750	7.220	7.800	8.360
Cash Flow per Share ²	1.140	0.6200	1.100	1.100	1.470	1.330	1.350	1.810
Capex ¹	4,842	4,245	3,309	3,987	3,790	3,876	3,197	2,903
Capex / Sales	48.05%	52.85%	23.99%	30.08%	24.95%	23.58%	18.78%	16.98%
Announcement Date	3/31/20	3/28/21	2/23/22	3/26/23	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

Ratings for Jiangsu Expressway Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.248 CNY

Average target price

8.586 CNY

Spread / Average Target

+18.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

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