Financials Yunnan Tin Company Limited

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
17.23 ^CNY	+1.65%		-5.95%	+20.32%

Apr. 25	Yunnan Tin Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 12	Yunnan Tin Company Limited Proposes Final Dividend for the Year 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,247	18,433	32,143	23,206	23,568	28,357	-	-
Enterprise Value (EV) ¹	17,247	18,433	32,143	23,206	23,568	28,357	28,357	28,357
P/E ratio	20.4 x	26.7 x	11.4 x	17.2 x	16.7 x	13.4 x	11.3 x	10.3 x
Yield	-	-	-	-	1.82%	2.07%	2.32%	2.28%
Capitalization / Revenue	0.4 x	0.41 x	0.6 x	-	0.56 x	0.68 x	0.59 x	0.64 x
EV / Revenue	0.4 x	0.41 x	0.6 x	-	0.56 x	0.68 x	0.59 x	0.64 x
EV / EBITDA	7.02 x	-	6.44 x	-	6.98 x	5.99 x	5.87 x	4.95 x
EV / FCF	-	-	-	-	18 x	6.62 x	8.35 x	8.29 x
FCF Yield	-	-	-	-	5.57%	15.1%	12%	12.1%
Price to Book	1.38 x	-	2.1 x	-	1.32 x	1.46 x	1.31 x	1.21 x
Nbr of stocks (in thousands)	1,652,052	1,645,802	1,645,802	1,645,802	1,645,802	1,645,802	-	-
Reference price ²	10.44	11.20	19.53	14.10	14.32	17.23	17.23	17.23
Announcement Date	4/14/20	4/14/21	4/14/22	4/2/23	4/11/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	42,887	44,795	53,844	-	42,359	41,834	48,062	44,262
EBITDA ¹	2,458	-	4,991	-	3,378	4,735	4,834	5,730
EBIT ¹	1,361	1,064	3,688	-	1,852	2,745	3,138	3,492
Operating Margin	3.17%	2.38%	6.85%	-	4.37%	6.56%	6.53%	7.89%
Earnings before Tax (EBT) ¹	1,306	-	3,513	-	1,745	2,698	3,099	3,441
Net income ¹	849.4	690.4	2,817	1,316	1,408	2,113	2,507	2,743
Net margin	1.98%	1.54%	5.23%	-	3.32%	5.05%	5.22%	6.2%
EPS ²	0.5126	0.4195	1.712	0.8180	0.8557	1.283	1.523	1.667
Free Cash Flow ¹	-	-	-	-	1,312	4,284	3,396	3,421
FCF margin	-	-	-	-	3.1%	10.24%	7.07%	7.73%
FCF Conversion (EBITDA)	-	-	-	-	38.84%	90.48%	70.25%	59.71%
FCF Conversion (Net income)	-	-	-	-	93.17%	202.7%	135.44%	124.72%
Dividend per Share ²	-	-	-	-	0.2600	0.3560	0.4000	0.3933
Announcement Date	4/14/20	4/14/21	4/14/22	4/2/23	4/11/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	-	1,312	4,284	3,396	3,421
ROE (net income / shareholders' equity)	6.92%	-	20%	-	8.29%	11%	11.5%	11.7%
ROA (Net income/ Total Assets)	-	-	7.18%	-	-	5.73%	6.24%	6.02%
Assets ¹	-	-	39,223	-	-	36,905	40,214	45,565
Book Value Per Share ²	7.540	-	9.300	-	10.80	11.80	13.10	14.20
Cash Flow per Share ²	1.260	-	1.750	-	1.330	2.730	2.850	2.720
Capex ¹	1,947	1,961	1,990	-	881	1,325	1,253	1,437
Capex / Sales	4.54%	4.38%	3.7%	-	2.08%	3.17%	2.61%	3.25%
Announcement Date	4/14/20	4/14/21	4/14/22	4/2/23	4/11/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

17.23 CNY

Average target price

21.3 CNY

Spread / Average Target

+23.60%

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