Stock 548 SHENZHEN EXPRESSWAY CORPORATION LIMITED
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Financials Shenzhen Expressway Corporation Limited

Equities

548

CNE100000478

Highways & Rail Tracks

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
7.13 HKD -0.83% Intraday chart for Shenzhen Expressway Corporation Limited -0.83% +13.00%
Apr. 26 Shenzhen Expressway Corporation Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Apr. 18 Shenzhen Expressway Plans Corporate Bond Issue to Raise Up to 8 Billion Yuan MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 23,946 17,314 18,905 17,294 17,189 19,840 - -
Enterprise Value (EV) 1 33,790 27,076 35,096 44,777 45,261 44,559 42,847 40,601
P/E ratio 8.72 x 6.56 x 5.54 x 7.09 x 5.84 x 6.24 x 5.87 x 5.98 x
Yield 5.2% 7% 10.1% - 9.59% 8.58% 8.8% 8.74%
Capitalization / Revenue 3.87 x 2.16 x 1.74 x 1.85 x 1.85 x 2.07 x 1.87 x 1.79 x
EV / Revenue 5.46 x 3.37 x 3.23 x 4.78 x 4.87 x 4.64 x 4.03 x 3.66 x
EV / EBITDA 8.56 x 6.02 x 6.47 x 9.51 x 8.42 x 7.65 x 7.14 x 6.59 x
EV / FCF 31,450,758 x -8,130,346 x - - - - - -
FCF Yield 0% -0% - - - - - -
Price to Book 1.19 x 0.58 x 0.54 x - 0.68 x 0.67 x 0.63 x 0.6 x
Nbr of stocks (in thousands) 2,180,770 2,180,770 2,180,770 2,180,770 2,180,770 2,180,770 - -
Reference price 2 9.991 6.144 6.152 5.944 5.735 6.600 6.600 6.600
Announcement Date 3/18/20 3/24/21 3/29/22 3/24/23 3/22/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 6,186 8,027 10,872 9,373 9,295 9,606 10,625 11,106
EBITDA 1 3,950 4,499 5,426 4,709 5,376 5,827 6,001 6,164
EBIT 1 2,444 2,713 3,134 2,487 3,013 3,104 3,432 3,635
Operating Margin 39.51% 33.8% 28.83% 26.54% 32.42% 32.31% 32.3% 32.73%
Earnings before Tax (EBT) 1 2,444 2,709 3,178 2,485 2,916 3,096 3,422 3,504
Net income 1 2,499 2,055 2,606 2,014 2,327 2,441 2,819 3,014
Net margin 40.41% 25.6% 23.97% 21.49% 25.04% 25.41% 26.53% 27.14%
EPS 2 1.146 0.9360 1.110 0.8380 0.9820 1.058 1.125 1.103
Free Cash Flow 1,074 -3,330 - - - - - -
FCF margin 17.37% -41.49% - - - - - -
FCF Conversion (EBITDA) 27.2% - - - - - - -
FCF Conversion (Net income) 42.98% - - - - - - -
Dividend per Share 2 0.5200 0.4300 0.6200 - 0.5500 0.5662 0.5808 0.5769
Announcement Date 3/18/20 3/24/21 3/29/22 3/24/23 3/22/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2021 S2 2022 Q1
Net sales - - - -
EBITDA - - - -
EBIT - - - -
Operating Margin - - - -
Earnings before Tax (EBT) - - - -
Net income 1 922.7 43.92 1,387 412.7
Net margin - - - -
EPS - - - -
Dividend per Share - - - -
Announcement Date 3/18/20 8/21/20 3/29/22 4/28/22
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 9,844 9,761 16,191 27,483 28,072 24,720 23,007 20,761
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.492 x 2.17 x 2.984 x 5.836 x 5.222 x 4.242 x 3.834 x 3.368 x
Free Cash Flow 1,074 -3,330 - - - - - -
ROE (net income / shareholders' equity) 14.1% 10.8% 12.2% 9.93% 12% 10.2% 10.5% 10.3%
ROA (Net income/ Total Assets) 5.81% 4.08% 4.5% 2.85% 3.4% 3.51% 3.98% 4.18%
Assets 1 43,013 50,405 57,879 70,753 68,357 69,644 70,917 72,204
Book Value Per Share 2 8.430 10.60 11.30 - 8.420 9.880 10.50 11.10
Cash Flow per Share 2 0.8000 0.5000 1.680 - 1.880 2.870 2.500 3.030
Capex 1 677 2,483 3,775 2,091 2,081 1,888 1,973 2,201
Capex / Sales 10.95% 30.93% 34.72% 22.31% 22.38% 19.65% 18.57% 19.81%
Announcement Date 3/18/20 3/24/21 3/29/22 3/24/23 3/22/24 - - -
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 Shenzhen Expressway Corporation Limited

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
4
Last Close Price
6.6 CNY
Average target price
7.892 CNY
Spread / Average Target
+19.57%
Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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Highway Operators
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