Financials Tongling Nonferrous Metals Group Co.,Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-07-08 pm EDT			5-day change	1st Jan Change
3.76 ^CNY	+2.17%		+1.90%	+14.63%

May. 31	Tongling Nonferrous Metals Group Co.,Ltd. Implements 2023 Final Profit Distribution Plan of A Shares, Payable on 07 June 2024	CI
May. 22	Tongling Nonferrous Metals Group Co.,Ltd. Approves Final Cash Dividend for the Year 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	24,527	27,053	36,632	32,843	41,548	47,078	-	-
Enterprise Value (EV) ¹	24,527	27,053	36,632	32,843	41,548	47,078	47,078	47,078
P/E ratio	29.1 x	32.1 x	12 x	12 x	15.6 x	12 x	9.81 x	8.27 x
Yield	0.43%	1.56%	2.87%	1.6%	2.44%	2.85%	3.08%	3.8%
Capitalization / Revenue	0.26 x	0.27 x	0.28 x	0.27 x	0.3 x	0.32 x	0.3 x	0.26 x
EV / Revenue	0.26 x	0.27 x	0.28 x	0.27 x	0.3 x	0.32 x	0.3 x	0.26 x
EV / EBITDA	8.49 x	9.52 x	5.67 x	5.87 x	4.83 x	4.53 x	3.72 x	2.74 x
EV / FCF	-	-	17.9 x	-	12.9 x	-7.15 x	22.6 x	-7.46 x
FCF Yield	-	-	5.59%	-	7.73%	-14%	4.43%	-13.4%
Price to Book	1.33 x	1.43 x	1.69 x	1.29 x	1.31 x	1.33 x	1.19 x	1.07 x
Nbr of stocks (in thousands)	10,526,533	10,526,533	10,526,533	10,526,533	12,667,010	12,792,920	-	-
Reference price ²	2.330	2.570	3.480	3.120	3.280	3.680	3.680	3.680
Announcement Date	4/14/20	4/14/21	4/14/22	4/14/23	4/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	92,951	99,438	131,034	121,845	137,454	145,788	155,022	184,159
EBITDA ¹	2,889	2,843	6,464	5,598	8,596	10,403	12,665	17,164
EBIT ¹	1,449	1,416	4,530	4,006	5,396	7,493	9,169	10,914
Operating Margin	1.56%	1.42%	3.46%	3.29%	3.93%	5.14%	5.91%	5.93%
Earnings before Tax (EBT) ¹	1,366	1,435	4,508	4,003	5,392	7,490	9,167	10,910
Net income ¹	854.5	865.6	3,101	2,730	2,699	3,922	4,753	5,678
Net margin	0.92%	0.87%	2.37%	2.24%	1.96%	2.69%	3.07%	3.08%
EPS ²	0.0800	0.0800	0.2900	0.2600	0.2100	0.3067	0.3750	0.4450
Free Cash Flow ¹	-	-	2,048	-	3,212	-6,588	2,084	-6,311
FCF margin	-	-	1.56%	-	2.34%	-4.52%	1.34%	-3.43%
FCF Conversion (EBITDA)	-	-	31.68%	-	37.37%	-	16.45%	-
FCF Conversion (Net income)	-	-	66.03%	-	119.02%	-	43.84%	-
Dividend per Share ²	0.0100	0.0400	0.1000	0.0500	0.0800	0.1050	0.1133	0.1400
Announcement Date	4/14/20	4/14/21	4/14/22	4/14/23	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	-	-	2,048	-	3,212	-6,588	2,084	-6,311
ROE (net income / shareholders' equity)	4.66%	4.65%	15.3%	11.2%	8.83%	11.2%	12.2%	13.1%
ROA (Net income/ Total Assets)	1.8%	1.73%	6.02%	4.86%	3.49%	4.8%	5.7%	5.4%
Assets ¹	47,472	50,036	51,535	56,138	77,303	81,715	83,390	105,157
Book Value Per Share ²	1.750	1.800	2.060	2.410	2.510	2.760	3.110	3.460
Cash Flow per Share ²	0.3900	0.2000	0.3200	0.6000	0.4700	0.7600	0.6600	0.9300
Capex ¹	2,310	1,448	1,365	1,334	2,712	7,310	7,291	8,618
Capex / Sales	2.48%	1.46%	1.04%	1.09%	1.97%	5.01%	4.7%	4.68%
Announcement Date	4/14/20	4/14/21	4/14/22	4/14/23	4/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.68 CNY

Average target price

4.75 CNY

Spread / Average Target

+29.08%

	1st Jan change	Capi.
TONGLING NONFERROUS METALS GROUP CO.,LTD.	+12.20%	6.48B
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SOCIEDAD MINERA CERRO VERDE S.A.A.	+8.63%	13.88B
FIRST QUANTUM MINERALS LTD.	+66.82%	10.98B
KGHM POLSKA MIEDZ	+25.59%	7.79B
KATANGA MINING LIMITED	+19.23%	6.98B
CAPSTONE COPPER CORP.	+58.29%	5.65B
HINDUSTAN COPPER LIMITED	+26.92%	3.96B
HUDBAY MINERALS INC.	+77.37%	3.73B