Zhe Jiang Hai Liang Valuation

Is 002203 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 002203 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 002203 (CN¥9.46) is trading above our estimate of fair value (CN¥3.78)

Significantly Below Fair Value: 002203 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 002203?

Key metric: As 002203 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 002203. This is calculated by dividing 002203's market cap by their current earnings.
What is 002203's PE Ratio?
PE Ratio	18.1x
Earnings	CN¥1.03b
Market Cap	CN¥18.60b

002203 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.5x
Enterprise Value/EBITDA	22.2x
PEG Ratio	0.8x

Price to Earnings Ratio vs Peers

How does 002203's PE Ratio compare to its peers?

The above table shows the PE ratio for 002203 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	18.5x
000737 North Copper	24.8x	n/a	CN¥16.6b
000878 Yunnan CopperLtd	15.9x	13.8%	CN¥25.2b
000630 Tongling Nonferrous Metals GroupLtd	14.8x	27.4%	CN¥43.4b
601609 Ningbo Jintian Copper (Group)	18.7x	25.1%	CN¥8.1b
002203 Zhe Jiang Hai Liang	18.1x	23.4%	CN¥18.6b

Price-To-Earnings vs Peers: 002203 is good value based on its Price-To-Earnings Ratio (18.1x) compared to the peer average (18.5x).

Price to Earnings Ratio vs Industry

How does 002203's PE Ratio compare vs other companies in the CN Metals and Mining Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap
600117 Xining Special Steel.Co.Ltd	3.4x	n/a	US$1.19b

No more companies available in this PE range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 002203 is good value based on its Price-To-Earnings Ratio (18.1x) compared to the CN Metals and Mining industry average (27.7x).

Price to Earnings Ratio vs Fair Ratio

What is 002203's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

002203 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	18.1x
Fair PE Ratio	22.1x

Price-To-Earnings vs Fair Ratio: 002203 is good value based on its Price-To-Earnings Ratio (18.1x) compared to the estimated Fair Price-To-Earnings Ratio (22.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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