Financials Anhui Korrun Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-06-06 pm EDT			5-day change	1st Jan Change
21.55 ^CNY	+2.62%		+0.37%	+46.90%

May. 29	Anhui Korrun Co., Ltd. Announces Dividend for 2023 for Share A, payable on June 5, 2024	CI
Apr. 28	Anhui Korrun Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,653	6,264	5,482	3,822	3,514	5,133	-	-
Enterprise Value (EV) ¹	7,653	6,264	5,482	3,822	3,514	5,133	5,133	5,133
P/E ratio	33.8 x	74.5 x	30.9 x	79.7 x	30.6 x	19.5 x	15.2 x	12.3 x
Yield	0.33%	0.4%	0.44%	0.56%	0.64%	2.18%	2.65%	3.2%
Capitalization / Revenue	2.84 x	3.22 x	2.39 x	1.39 x	1.13 x	1.36 x	1.13 x	0.95 x
EV / Revenue	2.84 x	3.22 x	2.39 x	1.39 x	1.13 x	1.36 x	1.13 x	0.95 x
EV / EBITDA	25.5 x	50.4 x	21.5 x	28.9 x	16.9 x	12 x	10.7 x	8.67 x
EV / FCF	-	-	-46.6 x	-29.3 x	11.6 x	12.8 x	31.1 x	20.5 x
FCF Yield	-	-	-2.14%	-3.41%	8.61%	7.81%	3.21%	4.89%
Price to Book	9.18 x	4.13 x	3.38 x	2.32 x	1.97 x	2.53 x	2.28 x	2.03 x
Nbr of stocks (in thousands)	217,415	240,184	239,789	239,790	239,511	238,211	-	-
Reference price ²	35.20	26.08	22.86	15.94	14.67	21.55	21.55	21.55
Announcement Date	2/28/20	3/15/21	4/26/22	4/26/23	4/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,695	1,944	2,289	2,741	3,105	3,783	4,527	5,407
EBITDA ¹	300	124.2	254.6	132.4	207.7	426.1	481.4	591.8
EBIT ¹	282.1	85.34	194.6	83.17	155.8	353.1	415.6	513.9
Operating Margin	10.47%	4.39%	8.5%	3.03%	5.02%	9.33%	9.18%	9.5%
Earnings before Tax (EBT) ¹	282.9	83.56	194.6	78.66	153.6	350.9	412.6	511.5
Net income ¹	226	77.95	180.1	46.87	115.6	266.1	339.1	419.3
Net margin	8.39%	4.01%	7.87%	1.71%	3.72%	7.04%	7.49%	7.76%
EPS ²	1.040	0.3500	0.7400	0.2000	0.4800	1.108	1.415	1.745
Free Cash Flow ¹	-	-	-117.5	-130.3	302.4	401	165	251
FCF margin	-	-	-5.13%	-4.75%	9.74%	10.6%	3.64%	4.64%
FCF Conversion (EBITDA)	-	-	-	-	145.61%	94.1%	34.27%	42.41%
FCF Conversion (Net income)	-	-	-	-	261.51%	150.68%	48.66%	59.86%
Dividend per Share ²	0.1170	0.1050	0.1000	0.0900	0.0940	0.4700	0.5700	0.6900
Announcement Date	2/28/20	3/15/21	4/26/22	4/26/23	4/28/24	-	-	-

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	-	-	-118	-130	302	401	165	251
ROE (net income / shareholders' equity)	30.8%	8.04%	11.1%	2.76%	6.5%	12.9%	14.7%	16%
ROA (Net income/ Total Assets)	13.4%	3.12%	-	1.33%	3.25%	6.3%	6.8%	7.5%
Assets ¹	1,690	2,501	-	3,513	3,552	4,224	4,987	5,591
Book Value Per Share ²	3.840	6.310	6.760	6.870	7.450	8.520	9.440	10.60
Cash Flow per Share ²	0.6500	0.5600	0.2000	0.4400	1.830	1.070	1.650	1.390
Capex ¹	66.9	158	165	237	138	175	175	175
Capex / Sales	2.48%	8.15%	7.21%	8.65%	4.43%	4.63%	3.87%	3.24%
Announcement Date	2/28/20	3/15/21	4/26/22	4/26/23	4/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

21.55 CNY

Average target price

24.65 CNY

Spread / Average Target

+14.39%

	1st Jan change	Capi.
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