CMOC Group Limited Website

CMOC Group Limited

SHSE-603993

BUILD UP FREE CASH
2022-12-31 (A)
2023-12-31 (A)
2024-12-31 (A)
2025-12-31 (E)
2026-12-31 (E)
2027-12-31 (E)
2028-12-31 (E)
2029-12-31 (E)

Revenue

172,990.9186,269213,028.7216,125.5224,649.9235,975235,975235,975

Revenue % Chg.

-0.5%7.7%14.4%

EBIT

12,523.112,021.128,373.835,444.539,505.944,483.644,483.644,483.6

EBIT Margin

7.2%6.5%13.3%

Tax Rate

26.6%35.4%38.5%

NOPAT

9,185.97,764.117,459.122,861.725,53428,469.528,469.528,469.5

NOPAT Margin

5.3%4.2%8.2%10.6%11.4%12.1%12.1%12.1%

D&A

4,486.32,813.46,101.15,831.36,443.57,013.37,013.37,013.3

D&A / Revenue

2.6%1.5%2.9%

Capex

-10,517.8-12,924.4-4,901.3-10,218.8-10,139-8,682.2-8,682.2-8,682.2

Capex / Revenue

-6.1%-6.9%-2.3%

Chg. NWC

-1,041.73,087.75,489.12,616.72,719.92,8572,8572,857

Chg. NWC / Revenue

-0.6%1.7%2.6%

Unlevered FCF (UFCF)

2,112.6740.824,14821,090.924,558.429,657.629,657.629,657.6

UFCF % Chg.

-269.3%-64.9%3,159.8%-12.7%16.4%20.8%——

PV of UFCF

———19,232.920,42222,489.720,508.518,701.8

Sum of PV of UFCF

———19,232.939,654.962,144.682,653.1101,354.8
Cost of Debt
Tax Rate
After Tax Cost of Debt7%
Risk Free Rate
Market Risk Premium
Beta1
Cost of Equity9.7%
Total Debt28,936.9
Market Cap2,667,918.3
Total Capital2,696,855.3
Debt Weighting1.1%
Equity Weighting98.9%
WACC9.7%
Exit Multiple EV/FCF
Terminal Value2,702,695.1
PV of Terminal Value1,554,152.4
Cumulative PV of UFCF101,354.8
Net Debt-11,123.3
Equity Value1,666,630.5
Shares Outstanding21,394.3
Implied Share Price77.9
Current Share Price16.9
Implied Upside / (Downside)360.9%