Stock 600269 JIANGXI GANYUE EXPRESSWAY CO.,LTD.
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Financials Jiangxi Ganyue Expressway CO.,LTD.

Equities

600269

CNE0000012D1

Highways & Rail Tracks

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-28 pm EDT 		5-day change 1st Jan Change
4.58 CNY -2.14% Intraday chart for Jiangxi Ganyue Expressway CO.,LTD. -3.17% +11.44%
Mar. 14 Ganyue Expressway's Logs 305.7 Million Yuan in Toll Revenues in February MT
Feb. 05 Jiangxi Ganyue Expressway CO.,LTD. Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 9,108 9,645 7,987 8,010 7,917 9,599
Enterprise Value (EV) 1 19,836 19,677 17,022 16,120 15,290 17,988
P/E ratio 7.8 x 8.6 x 14.9 x 9.03 x 11.3 x 8.22 x
Yield 2.56% 3.63% 5.85% 3.5% 2.95% 3.89%
Capitalization / Revenue 2.02 x 1.91 x 1.58 x 1.25 x 1.17 x 1.28 x
EV / Revenue 4.4 x 3.9 x 3.36 x 2.51 x 2.26 x 2.4 x
EV / EBITDA 8.15 x 7.7 x 8.03 x 5.1 x 5.43 x 6.18 x
EV / FCF -27.2 x -11.8 x -5.63 x 9.41 x 29.1 x -15.1 x
FCF Yield -3.67% -8.45% -17.8% 10.6% 3.44% -6.63%
Price to Book 0.61 x 0.61 x 0.5 x 0.49 x 0.47 x 0.54 x
Nbr of stocks (in thousands) 2,335,407 2,335,407 2,335,407 2,335,407 2,335,407 2,335,407
Reference price 2 3.900 4.130 3.420 3.430 3.390 4.110
Announcement Date 3/25/19 4/20/20 4/6/21 3/28/22 3/20/23 3/25/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 4,507 5,039 5,066 6,430 6,758 7,492
EBITDA 1 2,435 2,555 2,121 3,163 2,814 2,910
EBIT 1 1,404 1,488 1,033 2,033 1,684 1,846
Operating Margin 31.15% 29.53% 20.38% 31.62% 24.91% 24.63%
Earnings before Tax (EBT) 1 1,619 1,568 805.6 1,371 1,084 1,682
Net income 1 1,168 1,113 526.7 892.1 696 1,177
Net margin 25.92% 22.08% 10.4% 13.88% 10.3% 15.71%
EPS 2 0.5000 0.4800 0.2300 0.3800 0.3000 0.5000
Free Cash Flow 1 -728.9 -1,663 -3,024 1,713 526.3 -1,193
FCF margin -16.17% -33% -59.69% 26.65% 7.79% -15.92%
FCF Conversion (EBITDA) - - - 54.18% 18.7% -
FCF Conversion (Net income) - - - 192.07% 75.61% -
Dividend per Share 2 0.1000 0.1500 0.2000 0.1200 0.1000 0.1600
Announcement Date 3/25/19 4/20/20 4/6/21 3/28/22 3/20/23 3/25/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 10,728 10,031 9,035 8,110 7,373 8,389
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 4.406 x 3.927 x 4.26 x 2.564 x 2.62 x 2.883 x
Free Cash Flow 1 -729 -1,663 -3,024 1,713 526 -1,193
ROE (net income / shareholders' equity) 6.85% 6.45% 3.13% 5.55% 4.07% 6.36%
ROA (Net income/ Total Assets) 2.62% 2.73% 1.83% 3.61% 3.02% 3.27%
Assets 1 44,656 40,728 28,717 24,724 23,042 35,969
Book Value Per Share 2 6.360 6.730 6.810 6.980 7.210 7.560
Cash Flow per Share 2 1.230 0.8700 1.070 1.190 0.7200 0.9900
Capex 1 1,842 1,618 762 536 1,051 2,307
Capex / Sales 40.87% 32.1% 15.05% 8.33% 15.55% 30.79%
Announcement Date 3/25/19 4/20/20 4/6/21 3/28/22 3/20/23 3/25/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Highway Operators

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