Western MiningLtd Valuation

Q: What is the Fair Price of 601168 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

601168 (CN¥16.84) is trading below our estimate of [[fair value]] (CN¥72.65)

Is 601168 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

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 601168 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 601168 (CN¥16.84) is trading below our estimate of fair value (CN¥72.65)

Significantly Below Fair Value: 601168 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 601168?

Key metric: As 601168 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 601168. This is calculated by dividing 601168's market cap by their current earnings.
What is 601168's PE Ratio?
PE Ratio	12.1x
Earnings	CN¥3.32b
Market Cap	CN¥40.13b

601168 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	1.3x
Enterprise Value/EBITDA	6.3x
PEG Ratio	0.7x

Price to Earnings Ratio vs Peers

How does 601168's PE Ratio compare to its peers?

The above table shows the PE ratio for 601168 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	14.1x
000975 Shanjin International Gold	22.2x	23.1%	CN¥45.2b
000933 Henan Shenhuo Coal Industry and Electricity Power	6.8x	9.3%	CN¥36.3b
601958 Jinduicheng Molybdenum	11.5x	5.4%	CN¥33.9b
600549 Xiamen TungstenLtd	16x	14.4%	CN¥29.4b
601168 Western MiningLtd	12.1x	18.0%	CN¥40.1b

Price-To-Earnings vs Peers: 601168 is good value based on its Price-To-Earnings Ratio (12.1x) compared to the peer average (14.1x).

Price to Earnings Ratio vs Industry

How does 601168'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	3.5x	n/a	US$1.18b

No more companies available in this PE range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 601168 is good value based on its Price-To-Earnings Ratio (12.1x) compared to the CN Metals and Mining industry average (26.9x).

Price to Earnings Ratio vs Fair Ratio

What is 601168'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.

601168 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	12.1x
Fair PE Ratio	23.1x

Price-To-Earnings vs Fair Ratio: 601168 is good value based on its Price-To-Earnings Ratio (12.1x) compared to the estimated Fair Price-To-Earnings Ratio (23.1x).

Analyst Price Targets

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

The above table shows the analyst 601168 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CN¥16.84	CN¥22.96 +36.3%	2.9%	CN¥23.47	CN¥22.00	n/a	3
Nov ’25	CN¥18.30	CN¥23.59 +28.9%	5.3%	CN¥25.50	CN¥22.00	n/a	4
Oct ’25	CN¥18.97	CN¥21.59 +13.8%	12.6%	CN¥25.50	CN¥17.90	n/a	4
Sep ’25	CN¥15.65	CN¥21.59 +38.0%	12.6%	CN¥25.50	CN¥17.90	n/a	4
Aug ’25	CN¥16.34	CN¥21.69 +32.8%	11.9%	CN¥25.50	CN¥18.30	n/a	4
Jul ’25	CN¥18.39	CN¥22.40 +21.8%	11.2%	CN¥25.50	CN¥18.15	n/a	5
Jun ’25	CN¥18.59	CN¥22.48 +20.9%	12.4%	CN¥25.50	CN¥18.15	n/a	4
May ’25	CN¥20.10	CN¥21.47 +6.8%	11.7%	CN¥24.26	CN¥18.15	n/a	3
Apr ’25	CN¥19.08	CN¥21.47 +12.5%	11.7%	CN¥24.26	CN¥18.15	n/a	3
Mar ’25	CN¥16.35	CN¥17.63 +7.8%	2.7%	CN¥18.15	CN¥17.00	n/a	3
Feb ’25	CN¥14.12	CN¥17.63 +24.9%	2.7%	CN¥18.15	CN¥17.00	n/a	3
Jan ’25	CN¥14.27	CN¥17.58 +23.2%	3.3%	CN¥18.15	CN¥17.00	n/a	2
Dec ’24	CN¥12.88	CN¥17.58 +36.5%	3.3%	CN¥18.15	CN¥17.00	n/a	2

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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