JiaXing Gas Group Co., Ltd. (9908.HK)

Industry: Regulated Gas Sector: Utilities Currency Used: CN Live Price: $8.20

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017
Stock Price	7.08	7.32	7.72	9.11	9.35	9.77	9.50	9.39
Market Capitalization	975.90M	1,008.76M	1,063.72M	1,255.54M	1,082.58M	976.98M	1,266.42M	1,251.48M
(-) Cash & Equivalents	222.44M	412.29M	301.26M	282.59M	233.79M	31.57M	77.51M	25.65M
(+) Total Debt	531.99M	412.38M	391.04M	341.01M	329.04M	178.76M	383.22M	184.33M
Enterprise Value	1,285.45M	1,008.85M	1,153.50M	1,313.97M	1,177.83M	1,124.17M	1,572.14M	1,410.16M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Revenue	6,620M	5,775M	3,420M	2,956M	3,466M	1,989M	1,274M	1,330M	1,259M	884M
Cost of Revenue	5,984M	5,395M	3,065M	2,691M	3,300M	1,751M	1,050M	1,133M	1,089M	732M
Gross Profit	636M	380M	355M	266M	166M	238M	224M	197M	170M	152M
Gross Profit Margin	9.6%	6.6%	10.4%	9.0%	4.8%	12.0%	17.6%	14.8%	13.5%	17.2%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	189M	168M	101M	95M	73M	80M	69M	33M	35M	29M
Operating Expenses	171M	178M	96M	115M	62M	80M	66M	65M	64M	57M
Operating Income (EBIT)	466M	202M	259M	150M	103M	158M	157M	132M	106M	95M
Operating Income Margin	7.0%	3.5%	7.6%	5.1%	3.0%	7.9%	12.4%	9.9%	8.4%	10.8%
Interest Income	6M	13M	10M	10M	4M	3M	1M	1M	1M	4M
Interest Expense	8M	23M	16M	13M	11M	9M	12M	19M	18M	23M
Net Interest Income	-3M	-10M	-6M	-3M	-6M	-5M	-11M	-18M	-17M	-19M
Unusual Items	10M	152M	9M	135M	5M	-3M	-21M	4M	7M	8M
EBT Excluding Unusual Items	463M	192M	253M	148M	97M	152M	147M	114M	89M	76M
Pre-Tax Income	473M	343M	262M	282M	102M	149M	125M	117M	96M	84M
Pre-Tax Margin	7.1%	5.9%	7.7%	9.5%	3.0%	7.5%	9.9%	8.8%	7.6%	9.5%
Income Tax Expense	104M	52M	61M	32M	26M	37M	30M	28M	22M	19M
Net Income	343M	277M	188M	239M	69M	108M	93M	87M	70M	62M
Net Income Margin	5.2%	4.8%	5.5%	8.1%	2.0%	5.5%	7.3%	6.5%	5.6%	7.1%
Depreciation & Amortization	143M	105M	66M	81M	66M	56M	61M	59M	57M	53M
EBITDA	609M	306M	325M	231M	170M	214M	219M	191M	164M	148M
EBITDA Margin	9.2%	5.3%	9.5%	7.8%	4.9%	10.8%	17.2%	14.4%	13.0%	16.8%
NOPAT	364M	172M	199M	133M	77M	119M	120M	101M	81M	73M
NOPAT Margin	5.5%	3.0%	5.8%	4.5%	2.2%	6.0%	9.4%	7.6%	6.5%	8.3%
Owner's Earnings	216M	208M	97M	198M	39M	97M	123M	110M	88M	41M
Owner's Earnings Margin	3.3%	3.6%	2.8%	6.7%	1.1%	4.9%	9.7%	8.2%	7.0%	4.6%
EPS (Basic)	2.49	2.00	1.36	1.73	0.50	0.79	0.79	0.65	0.53	0.47
EPS (Diluted)	2.49	2.01	1.36	1.73	0.50	0.79	0.79	0.65	0.53	0.47
Shares (Basic)	138M	138M	138M	138M	138M	138M	117M	133M	133M	133M
Shares (Diluted)	138M	138M	138M	138M	138M	138M	117M	133M	133M	133M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Cash & Cash Equivalents	404.81M	297.37M	297.37M	363.75M	233.19M	258.66M	342.32M	63.15M	86.24M	51.30M
Short-Term Investments	102.34M	135.97M	135.97M	-19.25M	61.37M	84.76M	10.73M	2.48M	2.77M	3.05M
Cash & Short-Term Investments	507.15M	433.34M	433.34M	344.50M	294.56M	343.42M	353.05M	65.62M	89.01M	54.34M
Net Receivables	204.43M	368.74M	368.74M	249.91M	217.26M	152.73M	105.51M	50.35M	39.95M	34.35M
Inventory	145.99M	174.10M	174.10M	17.51M	56.39M	60.57M	8.18M	8.31M	7.74M	4.85M
Other Current Assets	180.96M	125.86M	125.86M	273.01M	0.00M	0.00M	2.03M	7.09M	5.26M	7.28M
Total Current Assets	1,038.52M	1,102.04M	1,102.04M	884.93M	568.21M	556.72M	468.77M	131.38M	141.96M	100.82M
Property, Plant & Equipment	916.46M	807.72M	807.72M	749.02M	667.36M	578.69M	558.78M	569.34M	586.64M	602.07M
Goodwill	0.04M	0.04M	0.04M	0.04M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	4.46M	4.60M	4.60M	4.32M	44.74M	46.15M	47.14M	46.42M	46.76M	46.76M
Long-Term Investments	815.92M	709.05M	709.05M	653.04M	330.15M	326.75M	233.01M	185.39M	187.44M	119.78M
Tax Assets	0.00M	0.00M	0.00M	0.00M	127.62M	134.23M	148.37M	150.71M	149.87M	151.92M
Other Non-Current Assets	352.88M	360.41M	360.41M	364.67M	274.94M	297.37M	237.13M	234.99M	247.82M	254.92M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	2,089.76M	1,881.81M	1,881.81M	1,771.10M	1,444.84M	1,383.19M	1,224.43M	1,186.85M	1,218.52M	1,175.45M
Total Assets	3,128.28M	2,983.85M	2,983.85M	2,656.03M	2,013.05M	1,939.91M	1,693.19M	1,318.22M	1,360.48M	1,276.27M
Accounts Payable	644.04M	729.38M	729.38M	494.14M	305.54M	242.90M	137.59M	100.39M	114.20M	107.93M
Short-Term Debt	27.29M	212.44M	212.44M	24.44M	34.44M	20.72M	0.00M	173.40M	213.00M	167.50M
Tax Payables	0.00M	15.71M	15.71M	22.52M	10.26M	7.76M	12.07M	12.09M	7.03M	14.57M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-18.47M	-24.70M
Other Current Liabilities	160.51M	116.82M	116.82M	118.67M	100.13M	94.84M	111.44M	86.24M	80.75M	76.13M
Total Current Liabilities	831.83M	1,074.34M	1,074.34M	659.77M	450.37M	366.22M	261.11M	372.11M	396.51M	341.42M
Long-Term Debt	576.39M	140.46M	140.46M	164.90M	189.34M	223.78M	114.50M	20.00M	0.00M	11.00M
Capital Lease Obligations	164.63M	159.27M	159.27M	161.31M	159.91M	156.62M	163.57M	164.11M	175.07M	190.15M
Deferred Tax Liabilities	0.00M	0.02M	0.02M	0.05M	0.09M	-344.08M	-364.23M	20.00M	-156.60M	-165.45M
Other Non-Current Liabilities	327.82M	0.00M	0.00M	0.00M	0.00M	344.08M	364.23M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	1,068.84M	299.76M	299.76M	326.26M	349.34M	380.40M	278.07M	204.11M	18.47M	35.70M
Total Liabilities	1,900.68M	1,374.10M	1,374.10M	986.03M	799.71M	746.62M	539.17M	576.22M	414.98M	377.12M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	137.85M	137.85M	137.85M	137.85M	137.85M	137.85M	137.85M	100.00M	100.00M	100.00M
Retained Earnings	741.03M	702.09M	702.09M	513.12M	418.30M	369.78M	313.34M	223.14M	208.77M	142.02M
Accumulated OCI	292.65M	290.77M	290.77M	288.82M	285.54M	285.52M	284.48M	17.87M	-325.66M	-283.95M
Minority Interest	56.08M	54.89M	54.89M	42.85M	35.83M	22.74M	18.77M	15.81M	13.90M	11.62M
Total Shareholders’ Equity	1,171.52M	1,130.70M	1,130.70M	939.78M	841.68M	793.14M	735.66M	341.02M	-16.89M	-41.93M
Total Equity	1,227.61M	1,185.59M	1,185.59M	982.63M	877.51M	815.88M	754.43M	356.83M	-2.99M	-30.31M
Total Liabilities & Equity	3,128.28M	2,559.69M	2,559.69M	1,968.67M	1,677.22M	1,562.50M	1,293.61M	933.05M	412.00M	346.81M
Tangible Assets	3,123.78M	2,979.21M	2,979.21M	2,651.67M	1,968.27M	1,893.76M	1,646.06M	1,271.81M	1,313.72M	1,229.51M
Tangible Equity	1,223.11M	1,180.96M	1,180.96M	978.27M	832.73M	769.73M	707.30M	310.41M	-49.75M	-77.08M
Tangible Book Value	1,223.11M	1,180.96M	1,180.96M	978.27M	832.73M	769.73M	707.30M	310.41M	-49.75M	-77.08M
Total Investments	915.81M	804.78M	804.78M	653.04M	391.52M	396.64M	243.74M	187.87M	190.21M	122.83M
Net Debt	198.88M	55.53M	55.53M	-174.41M	-9.41M	-14.16M	-227.82M	130.25M	126.76M	127.20M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Working Capital	186.7M	-93.8M	-93.8M	-60.8M	106.5M	154.3M	161.3M	-275.8M	-333.0M	-329.6M
Total Capital	1,939.8M	1,642.9M	1,642.9M	1,376.2M	1,225.4M	1,194.3M	1,013.7M	698.5M	712.2M	622.4M
Capital Employed	2,276.4M	1,788.0M	1,788.0M	1,710.3M	1,551.3M	1,537.5M	1,385.7M	911.1M	885.5M	845.9M
Invested Capital	1,535.0M	1,345.5M	1,345.5M	1,012.5M	992.2M	935.6M	671.4M	635.4M	625.9M	571.1M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Net Income	342.61M	276.80M	262.14M	282.30M	102.41M	158.14M	125.46M	117.34M	95.63M	83.70M
Depreciation & Amortization	139.12M	125.77M	0.00M	80.86M	66.16M	56.29M	61.31M	59.26M	57.48M	53.02M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-108.78M	-320.51M	-5.98M	-9.88M	-17.04M	-52.40M	-11.38M	-44.58M	3.17M	129.93M
Accounts Receivable	172.58M	-248.69M	-123.76M	-53.08M	-69.75M	-49.34M	-55.35M	-10.34M	-4.62M	-7.72M
Inventory	45.85M	-182.72M	-156.59M	38.89M	4.20M	-52.40M	0.14M	-0.57M	-2.89M	-1.22M
Accounts Payable	0.00M	583.91M	0.00M	0.00M	69.75M	49.34M	55.35M	10.34M	0.00M	0.00M
Other Working Capital	-327.21M	110.90M	274.38M	4.32M	-21.24M	0.00M	-11.52M	-44.01M	6.05M	131.15M
Other Non-Cash Items	138.39M	359.05M	60.80M	-124.46M	-0.42M	-29.94M	2.59M	-7.02M	-14.94M	-12.75M
Net Cash from Operating Activities	511.33M	441.11M	316.97M	228.82M	151.11M	132.09M	177.98M	125.01M	141.34M	253.89M
Capital Expenditures (PPE)	-164.59M	-173.04M	-156.45M	-121.57M	-96.07M	-68.04M	-30.71M	-36.56M	-39.69M	-74.56M
Acquisitions (Net)	-2.14M	4.14M	-45.36M	-2.14M	-3.51M	-163.56M	-65.25M	-0.40M	-63.35M	-50.41M
Purchases of Investments	0.00M	-80.20M	-4.15M	-3.61M	-34.37M	-62.55M	-8.45M	-14.25M	-54.16M	-0.20M
Sales / Maturities of Investments	0.00M	2.12M	0.00M	0.00M	0.85M	1.95M	7.12M	14.05M	54.05M	143.24M
Other Investing Activities	-453.81M	-180.92M	6.62M	308.60M	17.82M	23.89M	3.24M	20.28M	6.65M	3.01M
Net Cash from Investing Activities	-620.54M	-355.62M	-199.33M	181.28M	-115.28M	-268.31M	-94.05M	-16.88M	-96.50M	21.08M
Net Debt Issuance	431.70M	0.00M	163.56M	-34.44M	-20.72M	130.00M	-78.90M	-19.60M	34.50M	-252.15M
Long-Term Debt Issuance	431.70M	0.00M	163.56M	-34.44M	-20.72M	130.00M	-78.90M	-19.60M	34.50M	-252.15M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	341.13M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	341.13M	0.00M	0.00M	0.00M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-140.26M	-69.27M	-82.71M	-55.14M	-20.68M	-51.00M	0.00M	-70.00M	-10.00M	0.00M
Common Dividends Paid	-140.26M	-69.27M	-82.71M	-55.14M	-20.68M	-51.00M	0.00M	-70.00M	-10.00M	0.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-238.81M	133.91M	-247.62M	162.59M	-32.41M	-26.42M	-66.99M	-41.63M	-34.39M	-19.79M
Net Cash from Financing Activities	52.63M	64.64M	-166.76M	73.02M	-73.80M	52.58M	195.24M	-131.23M	-9.89M	-271.94M
Effect of FX on Cash	0.56M	382.25M	3.29M	1.97M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	-56.03M	402.89M	-45.84M	122.53M	-37.97M	-83.65M	279.17M	-23.10M	34.95M	3.03M
Cash at Beginning of Period	608.33M	722.91M	343.22M	220.69M	258.66M	342.32M	63.15M	86.24M	51.30M	48.27M
Cash at End of Period	674.78M	1,125.80M	297.37M	343.22M	220.69M	258.66M	342.32M	63.15M	86.24M	51.30M
Operating Cash Flow	511.33M	441.11M	316.97M	228.82M	151.11M	132.09M	177.98M	125.01M	141.34M	253.89M
Capital Expenditure	-269.28M	-173.04M	-156.45M	-121.57M	-96.07M	-68.04M	-30.71M	-36.56M	-39.69M	-74.56M
Free Cash Flow	242.05M	268.06M	160.52M	107.26M	55.04M	64.05M	147.27M	88.45M	101.65M	179.33M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
EBITDA	589.85M	316.41M	320.59M	251.55M	158.64M	213.93M	215.61M	223.48M	192.49M	175.31M
(-) Tax Adjustment	129.61M	47.54M	74.21M	28.33M	40.26M	52.75M	51.52M	53.28M	44.89M	40.54M
(-) Change In Working Capital	-108.78M	-320.51M	-5.98M	-9.88M	-17.04M	-52.40M	-11.38M	-44.58M	3.17M	129.93M
(-) Capital Expenditure	-269.28M	-173.04M	-156.45M	-121.57M	-96.07M	-68.04M	-30.71M	-36.56M	-39.69M	-74.56M
Unlevered Free Cash Flow	248.52M	416.34M	95.90M	111.53M	39.35M	145.54M	144.76M	178.21M	104.74M	-69.72M
(-) Net Interest Income After Taxes	-2.21M	-8.77M	-4.56M	-2.34M	-4.76M	-4.14M	-8.01M	-14.03M	-13.13M	-14.57M
Net Debt Issuance	431.70M	0.00M	163.56M	-34.44M	-20.72M	130.00M	-78.90M	-19.60M	34.50M	-252.15M
Levered Free Cash Flow	682.42M	425.11M	264.02M	79.44M	23.39M	279.67M	73.86M	172.64M	152.37M	-307.30M