YANGTZE OPTICAL FIBRE AND CABLELIMITED COMPANY

Financials Yangtze Optical Fibre And CableLimited Company

Equities

6869

CNE100001T72

Communications & Networking

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
9.27 ^HKD	+3.46%		+4.75%	+10.89%

Apr. 11	China Telecom Research Institute, ZTE Corporation and Yangtze Optical Fibre and Cable Joint Stock Limited Company Jointly Set World Record for Real-Time Transmission of over 120Tbit/s on A Single Fibre in S+C+L Band	CI
Apr. 11	YOFC International GmbH and Yangtze Optical Fibre And Cable Joint Stock Limited Company completed the acquisition of Radio Frequency Systems Gesellschaft Mit BeschrÄNkter Haftung and Radio Frequency Systems Co., Ltd.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,253	14,030	16,991	17,529	13,844	14,459	-	-
Enterprise Value (EV) ¹	17,107	13,740	18,249	19,644	17,815	18,281	18,493	19,084
P/E ratio	13.1 x	12.1 x	11.2 x	7.92 x	4.44 x	7 x	6.71 x	6.26 x
Yield	2.3%	2.48%	2.67%	3.76%	6.76%	4.47%	4.78%	5.13%
Capitalization / Revenue	2.35 x	1.71 x	1.78 x	1.27 x	1.04 x	1.05 x	0.97 x	0.94 x
EV / Revenue	2.2 x	1.67 x	1.91 x	1.42 x	1.33 x	1.33 x	1.25 x	1.23 x
EV / EBITDA	14.7 x	14.7 x	16.6 x	11.1 x	8.75 x	9.51 x	8.74 x	8.47 x
EV / FCF	-487 x	-29.3 x	-33.4 x	-31 x	-24.1 x	43.9 x	26.8 x	20 x
FCF Yield	-0.21%	-3.41%	-3%	-3.23%	-4.16%	2.28%	3.73%	4.99%
Price to Book	1.19 x	0.73 x	0.82 x	0.92 x	0.51 x	0.5 x	0.47 x	0.43 x
Nbr of stocks (in thousands)	755,905	755,905	755,905	755,905	757,905	757,905	-	-
Reference price ²	13.83	8.720	10.54	12.28	7.598	8.581	8.581	8.581
Announcement Date	3/27/20	3/26/21	3/10/22	3/8/23	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	7,769	8,222	9,536	13,830	13,353	13,721	14,854	15,454
EBITDA ¹	1,165	937.7	1,099	1,762	2,036	1,922	2,116	2,254
EBIT ¹	877.8	580.7	718.3	1,170	1,219	984.7	1,094	1,196
Operating Margin	11.3%	7.06%	7.53%	8.46%	9.13%	7.18%	7.37%	7.74%
Earnings before Tax (EBT) ¹	883.5	579.2	748	1,152	1,216	914.4	969.5	1,029
Net income ¹	801.2	543.7	708.5	1,167	1,297	1,076	1,430	1,045
Net margin	10.31%	6.61%	7.43%	8.44%	9.72%	7.84%	9.63%	6.76%
EPS ²	1.060	0.7200	0.9400	1.550	1.710	1.226	1.278	1.370
Free Cash Flow ¹	-35.14	-468.3	-546.9	-633.7	-740.6	416.5	690	952
FCF margin	-0.45%	-5.7%	-5.73%	-4.58%	-5.55%	3.04%	4.65%	6.16%
FCF Conversion (EBITDA)	-	-	-	-	-	21.67%	32.61%	42.23%
FCF Conversion (Net income)	-	-	-	-	-	38.72%	48.24%	91.13%
Dividend per Share ²	0.3180	0.2160	0.2810	0.4620	0.5140	0.3833	0.4100	0.4400
Announcement Date	3/27/20	3/26/21	3/10/22	3/8/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	4,450	3,407	4,815	2,437	2,748	5,184	2,982	3,410	3,851	3,588	7,439	3,195	3,720	3,114	3,323	3,005	3,506	3,536	3,617
EBITDA	563.8	-	-	-	428.8	-	-	-	537.8	-	-	-	-	-	-	-	-	-	-
EBIT ¹	396.3	-	306.2	142	130.3	-	220.6	337.2	365.7	256.4	579.6	245.9	392.6	211.2	327.1	160	214	235	199
Operating Margin	8.9%	-	6.36%	5.83%	4.74%	-	7.4%	9.89%	9.5%	7.15%	7.79%	7.69%	10.55%	6.78%	9.84%	5.32%	6.1%	6.65%	5.5%
Earnings before Tax (EBT) ¹	401.1	-	304.9	-	131.1	231.5	-	337.9	354.5	247	-	243.4	437.6	211.4	324	181	234	256	220
Net income ¹	364.4	262.6	281.1	-	144.4	227.6	-	321.8	350	295	-	241	366	273.6	472.2	166	216	235	202
Net margin	8.19%	7.71%	5.84%	-	5.25%	4.39%	-	9.44%	9.09%	8.22%	-	7.54%	9.84%	8.78%	14.21%	5.52%	6.16%	6.65%	5.58%
EPS ²	0.4800	-	0.3700	0.1100	0.2000	0.3000	0.2700	0.4200	0.4700	0.3900	0.8600	0.3200	0.4800	0.3600	0.5500	0.2450	0.3300	0.3050	0.2400
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/27/20	8/28/20	3/26/21	10/29/21	3/10/22	3/10/22	4/29/22	8/27/22	10/28/22	3/8/23	3/8/23	4/28/23	8/25/23	10/30/23	3/28/24	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	1,257	2,115	3,971	3,821	4,034	4,625
Net Cash position ¹	1,146	290	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	1.144 x	1.2 x	1.95 x	1.988 x	1.906 x	2.052 x
Free Cash Flow ¹	-35.1	-468	-547	-634	-741	417	973	952
ROE (net income / shareholders' equity)	9.46%	6.13%	7.53%	11.8%	12.1%	9.42%	10.4%	7.3%
ROA (Net income/ Total Assets)	6.01%	3.67%	1.27%	4.89%	4.52%	3.35%	3.4%	3.5%
Assets ¹	13,331	14,816	55,788	23,841	28,673	32,113	42,072	29,848
Book Value Per Share ²	11.60	11.90	12.90	13.40	14.90	17.20	18.50	19.80
Cash Flow per Share ²	1.110	0.1900	0.7000	2.110	2.000	0.9200	2.890	3.240
Capex ¹	734	609	1,062	2,193	2,255	1,678	1,560	1,474
Capex / Sales	9.45%	7.41%	11.14%	15.86%	16.89%	12.23%	10.5%	9.54%
Announcement Date	3/27/20	3/26/21	3/10/22	3/8/23	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 Yangtze Optical Fibre And CableLimited Company

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

8.581 CNY

Average target price

8.827 CNY

Spread / Average Target

+2.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Fiber Optic Cable Manufacturing

	1st Jan change	Capi.
YANGTZE OPTICAL FIBRE AND CABLELIMITED COMPANY	+10.89%	2B
SHENZHEN SDG INFORMATION CO., LTD.	-4.16%	912M
NANJING QUANXIN CABLE TECHNOLOGY CO., LTD.	-12.41%	546M
TIME INTERCONNECT TECHNOLOGY LIMITED	+42.11%	470M
FOCI FIBER OPTIC COMMUNICATIONS, INC.	+71.00%	358M
SICHUAN HUIYUAN OPTICAL COMMUNICATION CO., LTD.	-19.00%	272M
TIANJIN FUTONG INFORMATION SCIENCE&TECHNOLOGY CO.,LTD.	-40.30%	267M
SMARTOPTICS GROUP	+11.91%	178M
SPACE SHUTTLE HI-TECH CO., LTD.	+23.55%	68.23M
TAIHAN FIBER OPTICS CO., LTD	-15.13%	61.66M

Fiber Optic Cable Manufacturing