SSE: 600377 - Jiangsu Expressway Company Limited

Yield per half year: +7.85%
Dividend yield: 0.00%
Sector: Industrials

Reporting Jiangsu Expressway Company Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥										44.72
Выручка, млрд ¥	8.76	9.2	9.46	9.97	10.08	8.03	13.79	13.26	15.19	15.19	12.07	8.55
Чистая прибыль, млрд ¥	2.51	3.35	3.59	4.38	4.2	2.46	4.18	3.72	4.41	4.41	3.79	0.98
EV, млрд ¥				61.97	67.63	61.02	62.81	68.94	79.77	78.91	68.03	3.36
EBIT, млрд ¥	3.84	6.19	4.83	4.98	5.11	3	4.49	3.97			4.31	-4.43
EBITDA, млрд ¥			6.6	7.62	7.55	5.3	8.17	7.72	6.27	7.72	7.00	-3.65
Баланс стоимость, млрд ¥	20.48	22.21	23.52	26.14	28.55	28.21	30.23	31.94	33.99	33.99	30.58	3.55
FCF, млрд ¥			-2.17	2.17	0.9134	-1.11	2.15	1.49	3.59	3.59	1.41	31.49
Операционный денежный поток, млрд ¥	4.48	5.46	5.23	5.72	5.76	3.14	5.47	5.53	7.39	7.39	5.46	5.11
Операционная прибыль, млрд ¥	3.84	4.44	4.84	4.98	5.12	3.03	4.53	3.97	5.3	5.3	4.39	0.69
Операционные расходы, млрд ¥	4.92	4.77	4.62	4.99	4.96	5	9.26	9.29	9.9	9.9	7.68	14.82
CAPEX, млрд ¥	0.7861	0.5839	7.4	3.55	4.85	4.25	3.32	4.04	3.8	3.8	4.05	-4.76

	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥							1.98	4.93	3.77	3.63	3.51	4.47	3.58	3.47	6.49	4.1	4.42	-1.71
Чистая прибыль, млрд ¥							0.953	1.36	0.6151	1.23	1.25	1.55	0.3765	1.25	1.5	1.37	1.21	-2.44
EV, млрд ¥							61.19	60.78	68.28	70.35	76.38	81.96	79.77	86.43	89.74	94.73	86.53	2.94
EBIT, млрд ¥	0.6711	1.42	1.27	1.35	0.447	1.15	0.6259	1.7	0.4916		1.45						1.08	4.75
EBITDA, млрд ¥		1.63	2.1	1.58	0.8994	1.28	1.37	2.08	0.9524	1.87	1.89						1.63	6.65
Баланс стоимость, млрд ¥							30.4	31.36	31.94	33.1	32.21	33.82	33.99	35.91	34.86	36.8	35.08	1.70
FCF, млрд ¥							0.7579	-0.1198	-0.0325	0.9485	1.49	0.713	0.4357	1.02	-2.35	1.69	0.3017	18.84
Операционный денежный поток, млрд ¥		1.04	1.56	1.55	1.32	1.1	1.07	1.85	2.01	2.01	2.01						1.79	13.44
Операционная прибыль, млрд ¥							0.6318	1.72	0.4648	1.61	1.46	1.7	0.5252	1.57	1.27	1.84	1.38	1.60
Операционные расходы, млрд ¥							1.34	3.21	3.31	2.02	2.05	2.77	3.06	1.9	5.22	2.26	3.04	-3.99
CAPEX, млрд ¥							0.3081	1.97	1.54	0.5168	0.5168	1.21	1.4	0.6231	3.79	0.6491	1.53	-11.71

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥	0.2555	0.2654	0.2694	0.6498	0.5034	0.3867	0.4961	0.9329	0.8622	0.8622	0.6363	11.36
Short Term Investments ¥	0.417	0.0332	0.0389	0.6833	0.6769	1.53	2.65	3.47	3.66	3.66	2.40	40.15
Long term investments ¥	5.75	6.86	7.45	9.85							7.48	14.40
Total Receivables ¥	0.961	0.627	0.7155	0.3607	0.2755	0.3091	0.8687	1.13	1.65	1.65	0.8467	43.04
Total Current Assets ¥	5.03	4.41	4.6	5.9	6.03	7.54	8.45	9.39	8.74	8.74	8.03	7.71
Чистые активы, млрд ¥	2.72	2.93	10.03	11.9	16.41	17.35	2.96	8.26	10.78	9.39	11.15	-8.06
Активы, млрд ¥	36.48	36.28	42.53	48.16	55.63	61.1	67.66	78.46	78.66	78.66	68.30	7.17
Short Term Debt ¥	0.1516	0.81	3.6	1.58	1.97	1.48	1.08	2.43	1	1	1.59	-12.68
Long Term Debt ¥	4.84	5.93	7.84	11.67	9.33	13.53	18.81	26.03	27.43	27.43	19.03	24.07
Задолженность, млрд ¥	15.29	13.34	16.64	18.81	22.94	28.05	32.3	40.51	37.77	37.77	32.31	10.49
Чистый долг, млрд ¥			11.17	12.6	10.8	14.62	19.39	27.53	27.58	27.58	19.98	20.62
Долг, млрд ¥	4.99	6.74	11.44	13.25	11.3	15.01	19.88	28.46	28.44	36.22	20.62	20.27
Interest income ¥		0.004	0.005	0.0087	0.0095	0.0069	0.0144	0.0233	0.029		0.0166	25.01
Расходы на обслуживание долга ¥				0.4992	0.4622	0.4361	0.7885	1.1	1.07	1.07	0.7714	18.28
Чист. проц. доходы, млрд ¥		-0.4993	-0.4817	-0.5095	-0.4629	-0.4536	-0.782	-1.09	-1.05	0.029	-0.7677	17.80
Себестоимость, млрд ¥	4.42	4.36	4.33	4.57	4.58	4.69	8.78	8.84	9.58	9.58	7.29	15.90
Товарно материальные запасы ¥	3.26	3.14	3.01	4.05	4.16	4.15	3.89	2.59	2.24	2.24	3.41	-11.65

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥													0.5934	0.81	0.9329	0.9326	0.5415	0.6975	0.8622	0.8024	0.6905	0.7209	0.7547	0.66
Short Term Investments ¥													4.35	2.79	3.47	4.9	4.76	4.25	3.66	5.37	5.37	4.34	4.60	0.42
Long term investments ¥	9.35	9.44	9.85	11.04	11.78	11.99																	10.82	4.90
Total Receivables ¥													1.37	1.17	1.19	1.2	2.34	1.35	1.65	1.82	1.91	1.82	1.71	6.16
Total Current Assets ¥													10.27	9.39	9.39	10.78	10.2	8.98	8.74	10.61	10.68	9.49	9.70	1.11
Чистые активы, млрд ¥								15.51	4.42	4.77	2.96	2.91	2.84	7.63	8.26	10.78	7.99						7.50	22.98
Активы, млрд ¥													70.07	76.68	78.46	80.06	79.79	79.47	78.66	81.44	84.53	84	81.62	1.11
Short Term Debt ¥													1.44	2.02	2.43	2.48	1.88	2.41	1	0.9739	0.9109	0.4003	1.14	-30.16
Long Term Debt ¥													18.03	23.34	26.03	26.54	25.52	27.7	27.43	27.62	26.45	23.16	26.47	-3.52
Задолженность, млрд ¥													34.56	39.44	40.51	40.69	41.26	39.07	37.77	38.56	39.9	36.99	38.46	-1.09
Чистый долг, млрд ¥													18.87	24.55	27.53	28.09	26.86	29.42	27.58	27.79	26.67	22.84	26.86	-4.94
Долг, млрд ¥				13.49	13.53	13.62	11.3										27.4	30.11	28.44	28.59	27.36	23.56	27.61	-4.79
Interest income ¥										0.0047	0.0033	0.0022	0.0084	0.0088	0.0383	0.0054	0.016	-0.0308	0.0491				0.0156	5.09
Расходы на обслуживание долга ¥													0.2402	0.3416	0.2734	0.2696	0.2695	0.2725	0.264	0.2504	0.2447	0.23	0.2523	-3.33
Чист. проц. доходы, млрд ¥											-0.236	-0.2438	-0.2371	-0.3365	-0.274	-0.2647	-0.2684	-0.3456	-0.1757	0.0045			-0.2100	-144.27
Себестоимость, млрд ¥													1.29	3.11	3.09	1.95	1.98	2.72	2.94	1.83	5.14	2.17	2.96	-4.42
Товарно материальные запасы ¥													3.75	3.62	2.59	2.51	2.4	2.36	2.24	2.19	2.14	2.14	2.21	-1.94

Share

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	0.5	0.67	0.71	0.8	0.8336	1.33	0.84	0.7392	0.876			0.876	0.9238	1.00
Цена акции ао			9.85	9.8	11.22	9.21	8.62	8.22	10.25	15.31	14.21	14.21	11.32	10.51
Число акций ао, млн				5037.75	5037.75	5037.75	5037.75	5037.75	5037.75			5037.75	5037.75	0.00
FCF/акцию				0.4308	0.1813	-0.22	0.4265	0.2955	0.7122			0.7122	0.2791	31.47

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
EPS				0.19	0.25	0.12	0.24	0.2491	0.3086	0.0747	0.2475	0.2981	0.2722	0.2402	-2.48
Цена акции ао	8.86	8.48	8.8	8.3	7.77	7.78	8.4	9.36	9.73	10.14				9.08	5.44
FCF/акцию				0.1504	-0.0238	-0.0065	0.1883	0.2959	0.1415	0.0865	0.2018	-0.4666	0.3358	0.0598	18.87

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	12.24	15.07	15.25	16.74	14.71	8.74	13.82	11.98	13.39			13.39	9.15	12.53	-1.86
ROA, %	6.87	9.22	8.44	9.09	7.55	4.03	6.18	5.1	5.62			5.62	3.69	5.70	-5.73
ROIC, %	20.49	20.27	17.72	18.41	17.38	12.76	15.13	11.81						15.10	-8.50
ROS, %			37.94	43.9	41.67	30.68	30.3	28.09	29.05	29.05	29.05	29.05	7.64	29.11	-0.84
ROCE, %	18.12	26.99	18.67	16.96	15.64	9.07	12.71	6.12			0	0	-1.46	12.10	-18.44
Ebit margin, %					50.72	37.32	32.58	29.94			0	0		37.64	-12.35
Рентаб EBITDA, %			69.83	76.4	74.9	65.95	59.25	58.23	43.85		50.82	50.82	11.96	55.62	-5.08
Чистая рентаб, %	28.61	36.37	37.94	43.9	41.67	30.68	30.3	28.09	29.05			29.05	7.64	31.96	-6.96
Operation Margin, %			51.14	49.94	50.79	37.73	32.83	29.94	34.86	34.86	34.86	34.86	10.43	33.47	1.21

	2019Q1	2019Q2	2019Q3	2019Q4	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %											3.13	4.34	1.93	3.71	3.93	4.79	1.14	3.71	4.38	3.92	9.15	3.59	-3.93
ROA, %											1.36	1.77	0.784	1.53	1.57	1.95	0.4762	1.56	1.81	1.63	3.69	1.49	-3.52
ROIC, %	2.62	3.44	9.39	1.76											2.56	6.56	1.06	2.26	2.82	6.63		3.87	0.21
ROS, %											48.25	27.59	16.31	33.81	35.79	34.76	10.51	35.9	23.15	33.46	7.64	27.56	-0.76
ROCE, %					2.03	4.08	3.69	3.88	1.26	3.13	1.76	4.57	1.3		2.25						-1.46	2.60	-6.39
Ebit margin, %															41.34							41.34	0.00
Рентаб EBITDA, %						68.17	78.72	60.68	14.67	49.46	69.5	42.17	25.26	51.49	53.8						11.96	48.44	-4.99
Чистая рентаб, %											48.25	27.59	16.31	33.81	35.79	34.76	10.51	35.9	23.15	33.46	7.64	27.56	-0.76
Operation Margin, %											31.98	34.81	12.33	44.3	41.62	38.07	14.66	45.18	19.54	44.96	10.43	32.48	3.38

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E		11.28	13.53	18.83	10.39	11.12	11.83			11.63	151.75	13.14	-2.65
P/BV		1.68	1.74	1.4	1.23	1.09	1.28			1.26	2.61	1.35	-5.96
P/S		4.95	5.64	5.78	3.15	3.12	3.44			3.38	1.74	4.23	-9.42
P/FCF							30.04	12.46	12.46	12.46	8.29	18.32	-25.42
E/P							0.0832	0.0987	0.0987	0.0987	0.06	0.0935	5.86
EV/EBIT			13.23	20.35	13.98	17.37		0	0	0		16.23	7.04
EV/EBITDA		8.14	8.96	11.52	7.69	8.93	12.07			8.86	10.29	9.83	6.14
EV/S			6.71	7.6	4.55	5.2	5.25	5.19	5.19	5.19	1.96	5.08	2.67
EV/FCF			74.04	-55.06	29.24	46.3	22.23	21.99	21.99	21.99	7.07	28.35	-5.54
Debt/EBITDA	1.73	1.74	1.5	2.83	2.43	3.69	4.69	4.69	4.69	4.69	7.95	4.04	14.05
Netdebt/Ebitda	1.69	1.65	1.43	2.76	2.37	3.57	3.57	3.57	3.57	3.57	-1.06	3.33	8.54
Debt/Ratio	0.269	0.2751	0.2032	0.2456	0.2939	0.3627	0.3615	0.4605	0.4605	0.4605	0.22	0.3878	9.40
Debt/Equity	0.4865	0.5069	0.3959	0.5319	0.6577	0.891	0.8367	3.86	0.9238	0.9238	3.82	1.43	7.03
Debt/Net Income	3.19	3.03	2.69	6.09	4.76	7.64	6.44	8.21	8.21	8.21	9.96	7.05	11.52
PEG									-112.42	-112.42		-112.4200	0.00
Бета							-1.45	0.2063	0.4286	0.4286	-0.19	-0.2717	-166.61
Индекс Альтмана							1.44	1.47	1.47	1.47	5.41	1.46	0.69

	2019Q1	2019Q2	2019Q3	2019Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E										13.03	10.35	10.94	10.17	11.11	11.3	11.83	13.23	13.48	15.99			151.75	13.17	7.19
P/BV										1.19	0.9727	1.07	1.07	1.29	1.3	1.28	1.37	1.41	1.53			2.61	1.38	3.31
P/S										3.19	2.32	3.07	2.95	3.13	3.42	3.44	3.9	3.5	4.08			1.74	3.67	3.59
EV/EBIT														52.68									52.68	0.00
EV/EBITDA									10.72	11.94	10.8	12.02	11.21	11.25								10.29	11.44	-1.18
EV/S														21.78	18.32	22.26	24.88	13.84	23.11			1.96	20.48	4.76
EV/FCF														51.23	114.95	183.09	85.02	-38.18	56			7.07	80.18	-13.40
Debt/EBITDA														14.52								7.95	14.52	0.00
Netdebt/Ebitda					10.39	8.47	11.68	21.55	15.52	13.75	11.81	28.9	15.03	14.24								-1.06	16.75	0.70
Debt/Ratio	0.2684	0.26	0.2581	0.2032										0.3434	0.3789	0.3615	0.3511	0.3237	0.2805			0.22	0.3391	-5.84
Debt/Equity	0.4842	0.508	0.4923	0.3959										0.8506	0.8904	0.8367	0.7961	0.785	0.6402			3.82	0.7897	-6.38
Debt/Net Income	13.04	10.85	10.66	17.64										21.83	19.37	75.53	22.93	18.22	17.18			9.96	30.65	-2.37
Бета																				0.3313	0.598	-0.19	0.4647	34.35
Индекс Альтмана																				1.47	1.47	5.41	1.47	0.00

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	2.71	2.52	2.61	2.87	2.72	3.05	3.05	3.41	-3.41		3.38		1.76	-204.63
Дивиденд	0.38	0.4	0.42	0.44	0.46	0.46	0.46	0.46	0.46		0		0.4600	0.00
Див доход, ао, %	4.59	4.69	4.41	4.7	4.48	4.62	5.03	6.13	9.65		0	0.14	5.98	16.59
Дивиденды / прибыль, %	108.16	75.36	72.66	65.68	64.87	123.9	72.97	91.36	77.19		77.19	75.11	86.06	3.54
Dividend Coverage Ratio										1.31	1.31		1.31	0.00

	2014Q2	2015Q3	2016Q2	2017Q3	2018Q3	2019Q3	2020Q3	2021Q3	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд									0.213	2.71	0.2705	0.2705	0.2705	2.64	0.2862	0.2101	0.2512	2.63		1.20	-0.08
Дивиденд	0.38	0.38	0.4	0.42	0.44	0.46	0.46	0.46		0.46				0.46						0.4600	0.00
Див доход, ао, %	6.66	4.75	4.78	4.33	4.97	4.46	4.68	5.19		5.92				4.73					0.14	5.00	1.18
Дивиденды / прибыль, %									22.35	199.49	43.97	22.04	21.56	169.61	76.02	16.85	16.73	192.06	75.11	94.25	2.52

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	4798	4754	-0.46

	CAGR 5

	CAGR 5