Stock 001965 CHINA MERCHANTS EXPRESSWAY NETWORK & TECHNOLOGY HOLDINGS CO.,LTD.
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Financials China Merchants Expressway Network & Technology Holdings Co.,Ltd.

Equities

001965

CNE1000032B1

Highways & Rail Tracks

End-of-day quote Shenzhen S.E.
Other stock markets
 06:00:00 2024-07-01 pm EDT 		5-day change 1st Jan Change
12.17 CNY +0.50% Intraday chart for China Merchants Expressway Network & Technology Holdings Co.,Ltd. +4.55% +24.56%
Jun. 21 China Merchants Expressway Issues 2 Billion Yuan Bonds MT
Jun. 03 China Merchants Expressway Network & Technology Holdings Co.,Ltd. Approves Dividend for the Year 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 54,183 42,568 47,387 48,005 60,606 83,004 - -
Enterprise Value (EV) 1 54,183 42,568 47,387 48,005 60,606 83,004 83,004 83,004
P/E ratio 12.5 x 21.2 x 10.6 x 11 x 9.85 x 12.6 x 12.5 x 11.6 x
Yield 3.19% 2.57% 4.51% 5.33% 5.44% 4.52% 4.11% -
Capitalization / Revenue 6.62 x 6.02 x 5.49 x 5.79 x 6.23 x 6.42 x 6.04 x 5.87 x
EV / Revenue 6.62 x 6.02 x 5.49 x 5.79 x 6.23 x 6.42 x 6.04 x 5.87 x
EV / EBITDA 7.81 x 9.43 x 6.09 x 6.95 x 5.39 x 6.27 x 6.14 x 5.71 x
EV / FCF 15.6 x - - - 15.5 x -13 x 16.1 x 14.8 x
FCF Yield 6.42% - - - 6.43% -7.67% 6.2% 6.78%
Price to Book 1.1 x 0.87 x 0.81 x 0.88 x 1.04 x 1.22 x 1.16 x 1.11 x
Nbr of stocks (in thousands) 6,178,213 6,178,228 6,178,230 6,178,245 6,203,239 6,820,337 - -
Reference price 2 8.770 6.890 7.670 7.770 9.770 12.17 12.17 12.17
Announcement Date 4/17/20 4/5/21 4/1/22 4/3/23 4/2/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 8,185 7,069 8,626 8,297 9,731 12,923 13,736 14,129
EBITDA 1 6,937 4,516 7,786 6,911 11,242 13,240 13,509 14,538
EBIT 1 5,343 2,769 5,825 4,966 7,567 7,995 8,092 8,610
Operating Margin 65.28% 39.17% 67.53% 59.85% 77.76% 61.86% 58.91% 60.94%
Earnings before Tax (EBT) 1 5,337 3,090 5,939 5,613 7,605 8,030 8,127 8,657
Net income 1 4,327 2,223 4,973 4,861 6,767 6,608 6,711 7,186
Net margin 52.86% 31.44% 57.65% 58.58% 69.53% 51.13% 48.86% 50.86%
EPS 2 0.7003 0.3250 0.7230 0.7071 0.9916 0.9625 0.9775 1.047
Free Cash Flow 1 3,481 - - - 3,900 -6,364 5,146 5,624
FCF margin 42.53% - - - 40.08% -49.24% 37.46% 39.8%
FCF Conversion (EBITDA) 50.18% - - - 34.69% - 38.09% 38.69%
FCF Conversion (Net income) 80.46% - - - 57.63% - 76.68% 78.26%
Dividend per Share 2 0.2800 0.1770 0.3460 0.4140 0.5310 0.5500 0.5000 -
Announcement Date 4/17/20 4/5/21 4/1/22 4/3/23 4/2/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q4 2022 Q1 2022 Q2 2022 S1 2023 Q1
Net sales 1 - - - - - - 2,026
EBITDA - - - - - - -
EBIT - - - - - - -
Operating Margin - - - - - - -
Earnings before Tax (EBT) - - - - - - -
Net income 1 -241.5 2,732 950.6 1,092 1,261 2,353 1,349
Net margin - - - - - - 66.6%
EPS - - - - - - -
Dividend per Share - - - - - - -
Announcement Date 8/28/20 8/30/21 4/1/22 4/26/22 8/28/22 8/28/22 4/27/23
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 3,481 - - - 3,900 -6,364 5,146 5,624
ROE (net income / shareholders' equity) 9.18% 4.44% 9.2% 8.52% 11.4% 9.69% 9.38% 9.52%
ROA (Net income/ Total Assets) 4.95% 2.4% 5.2% - 4.97% 4.3% 4.05% 4.4%
Assets 1 87,495 92,531 95,631 - 136,207 153,680 165,698 163,326
Book Value Per Share 2 8.000 7.900 9.440 8.800 9.430 9.990 10.50 11.00
Cash Flow per Share 2 0.7000 0.5200 0.7500 0.6300 0.7100 1.220 0.9600 0.9400
Capex 1 828 1,469 478 693 538 6,885 5,277 6,713
Capex / Sales 10.12% 20.79% 5.55% 8.35% 5.53% 53.28% 38.42% 47.51%
Announcement Date 4/17/20 4/5/21 4/1/22 4/3/23 4/2/24 - - -
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

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
4
Last Close Price
12.17 CNY
Average target price
13.43 CNY
Spread / Average Target
+10.33%
Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Highway Operators

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