Financials Shanghai Environment Group Co., Ltd

Equities

601200

CNE100002FJ1

Environmental Services & Equipment

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
9.2 ^CNY	+0.99%		-0.86%	+2.34%

Mar. 29	Shanghai Environment Group Co., Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Shanghai Environment Group Co., Ltd Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,138	12,228	14,124	10,018	10,086	10,321	-	-
Enterprise Value (EV) ¹	10,138	12,228	14,124	10,018	10,086	10,321	10,321	10,321
P/E ratio	17.4 x	16.9 x	20.6 x	19.3 x	18.5 x	18 x	17 x	16.1 x
Yield	0.77%	0.78%	0.79%	-	-	-	-	-
Capitalization / Revenue	2.78 x	2.71 x	1.99 x	1.59 x	1.58 x	1.59 x	1.58 x	1.62 x
EV / Revenue	2.78 x	2.71 x	1.99 x	1.59 x	1.58 x	1.59 x	1.58 x	1.62 x
EV / EBITDA	9.41 x	10.5 x	9.67 x	7.53 x	5.81 x	5.77 x	5.59 x	5.42 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.57 x	1.32 x	1.43 x	0.98 x	0.94 x	0.92 x	0.88 x	0.85 x
Nbr of stocks (in thousands)	913,307	1,121,859	1,121,859	1,121,859	1,121,859	1,121,859	-	-
Reference price ²	11.10	10.90	12.59	8.930	8.990	9.200	9.200	9.200
Announcement Date	4/9/20	3/23/21	3/25/22	3/24/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,647	4,512	7,102	6,286	6,381	6,508	6,541	6,369
EBITDA ¹	1,078	1,166	1,461	1,330	1,735	1,790	1,847	1,905
EBIT ¹	823.1	862	959.7	727.6	793.4	836.2	885.1	933.4
Operating Margin	22.57%	19.11%	13.51%	11.58%	12.43%	12.85%	13.53%	14.65%
Earnings before Tax (EBT) ¹	822.1	863	964.3	730.5	795.7	838.5	887.4	935.6
Net income ¹	616.3	625.4	686.5	519.5	546.5	577.4	611	644.2
Net margin	16.9%	13.86%	9.67%	8.27%	8.57%	8.87%	9.34%	10.11%
EPS ²	0.6372	0.6439	0.6119	0.4631	0.4872	0.5100	0.5400	0.5700
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	0.0850	0.0850	0.1000	-	-	-	-	-
Announcement Date	4/9/20	3/23/21	3/25/22	3/24/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1
Net sales	-
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income ¹	149.6
Net margin	-
EPS	-
Dividend per Share	-
Announcement Date	4/29/22

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	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	9.68%	8.2%	7.19%	5.16%	5.21%	5.24%	5.29%	5.33%
ROA (Net income/ Total Assets)	3.43%	2.61%	2.44%	-	-	-	-	-
Assets ¹	17,956	23,971	28,167	-	-	-	-	-
Book Value Per Share ²	7.080	8.250	8.770	9.160	9.540	9.960	10.40	10.90
Cash Flow per Share ²	1.800	0.9300	0.5100	1.590	1.090	1.580	1.680	1.710
Capex ¹	3,976	4,479	1,990	1,010	890	439	178	50
Capex / Sales	109.04%	99.26%	28.03%	16.07%	13.95%	6.74%	2.72%	0.78%
Announcement Date	4/9/20	3/23/21	3/25/22	3/24/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Shanghai Environment Group Co., Ltd

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

9.2 CNY

Average target price

10.97 CNY

Spread / Average Target

+19.24%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Waste Management, Disposal & Recycling Services

	1st Jan change	Capi.
SHANGHAI ENVIRONMENT GROUP CO., LTD	+2.34%	1.42B
WASTE CONNECTIONS, INC.	+9.52%	42.18B
GFL ENVIRONMENTAL INC.	-4.13%	12.05B
CASELLA WASTE SYSTEMS, INC.	+5.38%	5.23B
STERICYCLE, INC.	-6.56%	4.3B
CLEANAWAY WASTE MANAGEMENT LIMITED	-1.12%	3.87B
ZHEFU HOLDING GROUP CO., LTD.	-1.76%	2.41B
GRANDBLUE ENVIRONMENT CO., LTD.	+6.17%	2.07B
CHINA TIANYING INC.	-7.29%	1.51B
CHINA CONCH VENTURE HOLDINGS LIMITED	-12.35%	1.3B

Waste Management, Disposal & Recycling Services