Financials Zhejiang Huayou Cobalt Co., Ltd

Equities

603799

CNE100001VW3

Specialty Mining & Metals

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
28.25 ^CNY	+2.17%		-4.72%	-14.21%

Apr. 19	Zhejiang Huayou Cobalt Co., Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 02	Tranche Update on Zhejiang Huayou Cobalt Co., Ltd's Equity Buyback Plan announced on August 31, 2023.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	42,489	90,502	134,714	88,892	56,313	47,946	-	-
Enterprise Value (EV) ¹	47,782	96,900	142,402	109,486	89,790	88,555	85,947	87,901
P/E ratio	358 x	77 x	34 x	22.4 x	16.1 x	10.4 x	8.18 x	8.38 x
Yield	-	0.25%	0.27%	0.36%	3.04%	0.81%	1.24%	0.95%
Capitalization / Revenue	2.25 x	4.27 x	3.81 x	1.41 x	0.85 x	0.61 x	0.54 x	0.51 x
EV / Revenue	2.53 x	4.57 x	4.03 x	1.74 x	1.35 x	1.13 x	0.96 x	0.94 x
EV / EBITDA	61.6 x	42.3 x	23.7 x	13.7 x	11.1 x	8.44 x	6.77 x	6.29 x
EV / FCF	-1,144 x	-54.9 x	-20.6 x	-8.24 x	-6.74 x	1,671 x	15.3 x	11.2 x
FCF Yield	-0.09%	-1.82%	-4.85%	-12.1%	-14.8%	0.06%	6.53%	8.94%
Price to Book	5.48 x	9.12 x	6.95 x	3.43 x	1.72 x	1.33 x	1.19 x	1.04 x
Nbr of stocks (in thousands)	1,402,274	1,483,641	1,587,599	1,597,923	1,710,085	1,697,210	-	-
Reference price ²	30.30	61.00	84.85	55.63	32.93	28.25	28.25	28.25
Announcement Date	3/27/20	3/29/21	4/22/22	4/27/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	18,853	21,187	35,317	63,034	66,304	78,715	89,424	93,491
EBITDA ¹	775.2	2,293	6,001	7,978	8,089	10,487	12,689	13,969
EBIT ¹	161	1,515	4,901	6,075	4,815	5,429	8,138	8,307
Operating Margin	0.85%	7.15%	13.88%	9.64%	7.26%	6.9%	9.1%	8.89%
Earnings before Tax (EBT) ¹	159.3	1,479	4,828	6,031	4,774	7,408	8,692	8,828
Net income ¹	119.5	1,165	3,898	3,910	3,351	4,660	5,905	5,763
Net margin	0.63%	5.5%	11.04%	6.2%	5.05%	5.92%	6.6%	6.16%
EPS ²	0.0846	0.7923	2.492	2.480	2.050	2.726	3.452	3.370
Free Cash Flow ¹	-41.78	-1,765	-6,907	-13,285	-13,331	53	5,612	7,860
FCF margin	-0.22%	-8.33%	-19.56%	-21.08%	-20.11%	0.07%	6.28%	8.41%
FCF Conversion (EBITDA)	-	-	-	-	-	0.51%	44.23%	56.27%
FCF Conversion (Net income)	-	-	-	-	-	1.14%	95.04%	136.39%
Dividend per Share ²	-	0.1538	0.2308	0.2000	1.000	0.2296	0.3513	0.2693
Announcement Date	3/27/20	3/29/21	4/22/22	4/27/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 S1	2025 S2
Net sales	9,052	-	-	21,023	-	-	31,018	-	-	32,015	-	-	33,346	-	-	32,959	-	-	30,525	-	-	33,058	32,308	36,168
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	2,865	-	-	3,559	-	-	2,516	-	-	3,257	-	-	1,558	-	-	1,893	-	-	1,573	1,813	2,191
Operating Margin	-	-	-	13.63%	-	-	11.47%	-	-	7.86%	-	-	9.77%	-	-	4.73%	-	-	6.2%	-	-	4.76%	5.61%	6.06%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	349.7	1,468	1,529	-	-	-	2,256	752.3	-	-	1,024	1,061	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	3.86%	-	-	-	-	-	7.27%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS ¹	-	0.9462	-	-	0.7615	0.3600	-	0.5700	0.5600	-	0.6400	0.6800	-	0.5600	0.1700	-	0.3300	0.2300	-	0.3400	0.3600	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/28/20	8/16/21	4/22/22	4/22/22	4/27/22	8/19/22	8/19/22	10/29/22	4/27/23	4/27/23	4/27/23	8/25/23	8/25/23	10/24/23	4/19/24	4/19/24	4/19/24	-	-	-	-	-	-	-

¹CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,293	6,398	7,689	20,594	33,477	40,608	38,001	39,955
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.828 x	2.79 x	1.281 x	2.581 x	4.139 x	3.872 x	2.995 x	2.86 x
Free Cash Flow ¹	-41.8	-1,765	-6,907	-13,285	-13,331	53	5,612	7,860
ROE (net income / shareholders' equity)	1.56%	12.7%	23.5%	17.2%	11.1%	11%	12.9%	12.4%
ROA (Net income/ Total Assets)	0.57%	4.64%	9.18%	4.64%	-	3.37%	4.13%	4.59%
Assets ¹	21,157	25,104	42,467	84,290	-	138,137	142,859	125,556
Book Value Per Share ²	5.530	6.690	12.20	16.20	19.20	21.20	23.70	27.20
Cash Flow per Share ²	1.850	1.250	-0.0400	1.820	2.040	6.910	7.010	8.600
Capex ¹	2,641	3,625	6,845	16,198	16,817	11,180	8,959	9,062
Capex / Sales	14.01%	17.11%	19.38%	25.7%	25.36%	14.2%	10.02%	9.69%
Announcement Date	3/27/20	3/29/21	4/22/22	4/27/23	4/19/24	-	-	-

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 Zhejiang Huayou Cobalt Co., Ltd

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

28.25 CNY

Average target price

31.27 CNY

Spread / Average Target

+10.69%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Nonferrous Metal Processing

	1st Jan change	Capi.
ZHEJIANG HUAYOU COBALT CO., LTD	-14.21%	6.62B
VSMPO-AVISMA CORPORATION	-.--%	7.15B
PANGANG GROUP VANADIUM & TITANIUM RESOURCES CO., LTD.	-1.83%	4.13B
YUNNAN COPPER CO.,LTD	+30.12%	3.92B
CHINA RARE EARTH RESOURCES AND TECHNOLOGY CO., LTD.	+4.59%	3.92B
AURUBIS AG	-0.08%	3.46B
CHINA NONFERROUS MINING CORPORATION LIMITED	+34.50%	3.44B
WESTERN SUPERCONDUCTING TECHNOLOGIES CO., LTD.	-27.97%	3.44B
ZHE JIANG HAI LIANG CO., LTD	-16.86%	2.56B
NINGBO BOWAY ALLOY MATERIAL COMPANY LIMITED	+18.48%	1.98B

Nonferrous Metal Processing