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Key Info

China Gold International Resources Corp Ltd Web - www.chinagoldintl.com

Tel - 1-604-609-0598

Next Reporting Date - 15.05.2019

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    China Gold International Resources Corp Ltd

    Materials

    CHINA


    DCF Model Assumptions

    Risk Free Rate

    2.70%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    5.26%

    Cost of Debt

    5.26%

    Long Term Growth

    2.00%

    Beta Assumption

    1.09

    Current Market Cap mln$

    508.22

    Net Debt mln$

    1,086.97

    WACC Estimate

    6.53%

    Ordinary Current Price $

    1.28

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue339.95338.60411.88570.57642.09775.54910.691051.781201.711390.671609.351862.412155.272494.172886.37
    EBITDA Costs225.51221.72240.03376.69416.79505.52595.37689.17788.85915.041061.431231.231428.201656.671921.70
    EBITDA114.44116.88171.85193.89225.29270.02315.32362.61412.86475.62547.92631.18727.07837.50964.67
    EBITDA Margin33.6634.5241.7233.9835.0934.8234.6234.4834.3634.2034.0533.8933.7333.5833.42
    Operating Costs301.23304.22333.25527.54587.88718.09849.95987.611133.891320.491537.801790.872085.592428.822828.53
    Operating Profit38.7234.3878.6343.0354.2157.4560.7464.1767.8270.1871.5571.5469.6765.3557.84
    Operating Margin11.3910.1519.097.548.447.416.676.105.645.054.453.843.232.622.00
    Pretax Costs328.34332.19336.27571.54630.18770.26912.111060.211217.581418.461652.491925.132242.752612.783043.85
    PTP11.616.4175.61-0.9711.915.28-1.43-8.43-15.87-27.79-43.14-62.72-87.49-118.61-157.48
    Pretax Margin3.411.8918.36-0.171.850.68-0.16-0.80-1.32-2.00-2.68-3.37-4.06-4.76-5.46
    Net Income Costs344.67338.60347.38574.73631.41766.76903.831046.931198.991391.761615.531875.272176.772526.752933.00
    Net Income-4.720.0064.50-4.1610.688.786.854.852.71 -1.09-6.18-12.86-21.51-32.58-46.63
    Net Margin-1.390.0015.66-0.731.661.130.750.460.23-0.08-0.38-0.69-1.00-1.31-1.62
    Revenue Less Capex616.63533.02667.44703.94756.12830.17905.16983.441066.631159.571260.611370.461489.871619.691760.82
    Capex-276.68-194.42-255.56-133.37-114.04-54.635.5368.34135.07231.10348.73491.95665.39874.481125.55
    Capex to Revenues-81.39-57.42-62.05-23.37-17.76-7.040.616.5011.2416.6221.6726.4130.8735.0639.00
    Revenue less FCF549.77453.69563.27545.98570.96596.13621.62648.23676.51705.64736.03767.73800.79835.28871.25
    FCF-209.82-115.09-151.3924.5971.12179.41289.07403.55525.19685.02873.311094.681354.471658.902015.12
    FCF to Revenue-61.72-33.99-36.764.3111.0823.1331.7438.3743.7049.2654.2758.7862.8466.5169.82

    CHINA Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    914 HKAnhui Conch Cement Co LtdCHINA 31384.037.637.724.424.461.604.3232.261.6623.8524.17
    2899 HKZijin Mining Group Co LtdCHINA 10904.4913.1012.408.538.110.643.9811.941.4812.1910.58
    2600 HKAluminum Corp of China LtdCHINA 9640.7522.0714.9211.029.670.360.008.580.833.818.29
    600547 CHShandong Gold Mining Co LtdCHINA 8932.9942.2234.0413.1112.231.070.449.082.876.9213.50
    3323 HKChina National Building Material Co LtdCHINA 7849.206.036.187.056.950.243.1419.350.6211.1636.11
    338 HKSinopec Shanghai Petrochemical Co LtdCHINA 7311.526.846.885.615.660.517.627.141.0515.422.21
    1378 HKChina Hongqiao Group LtdCHINA 6898.457.435.904.734.400.514.2220.200.7210.6115.55
    358 HKJiangxi Copper Co LtdCHINA 6625.9612.1811.629.539.110.202.432.990.614.9525.30
    2009 HKBBMG CorpCHINA 5870.406.355.8912.1811.920.492.7518.000.427.0726.73
    600489 CHZhongjin Gold Corp LtdCHINA 4124.3566.5353.6712.7312.700.800.729.301.993.733.47
    1818 HKZhaojin Mining Industry Co LtdCHINA 2960.1527.5223.5415.3312.862.771.0535.691.325.231.63
    691 HKChina Shanshui Cement Group LtdCHINA 1709.48------#????!---51.07
    3983 HKChina BlueChemical LtdCHINA 1580.828.258.252.001.990.966.4122.630.728.761.83
    002155 CHHunan Gold Corp LtdCHINA 1434.7425.1320.3511.4111.020.730.626.721.866.7326.34
    002237 CHShandong Humon Smelting Co LtdCHINA 1358.30------#????!--30.97
    601069 CHWestern Region Gold Co LtdCHINA 1295.4250.8127.44--7.06-#????!4.819.40-9.23
    2303 HKHengxing Gold Holding Co LtdCHINA 896.16------#????!---3.25
    600988 CHChifeng Jilong Gold Mining Co LtdCHINA 863.9625.5017.00--2.35-#????!1.917.90-0.81
    CGG CNChina Gold International Resources Corp LtdCHINA 508.2212.826.41--0.82-#????!0.332.80-3.59
    3330 HKLingbao Gold Group Co LtdCHINA 186.19------#????!--15.68

    International Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    BHP AUBHP Billiton LtdAUSTRALIA 127467.6613.9913.266.015.972.908.7553.762.6818.9330.66
    RIO AURio Tinto LtdBRITAIN 99241.2911.6413.035.235.702.385.8748.052.5722.2042.52
    RIO LNRio Tinto PLCBRITAIN 99239.149.9011.085.235.702.386.4948.052.1822.2033.66
    LIN GRLinde AGGERMANY 96809.5525.6422.6013.5112.513.352.0428.062.146.635.80
    BAS GRBASF SEGERMANY 74117.4313.4612.219.008.121.024.4814.681.8112.836.67
    VALE3 BZVale SABRAZIL 67060.246.817.704.374.801.834.9948.181.2720.04-16.05
    VALE5 BZVale SABRAZIL 67060.24--4.374.801.83-48.18-20.04#N/A N/A
    AI FPAir Liquide SAFRANCE 56465.4021.3319.5211.2410.542.292.3725.582.6812.878.08
    GLEN LNGlencore PLCSWITZERLAND 55212.9511.269.805.715.350.265.107.221.1710.595.42
    ECL USEcolab IncUNITED STATES 52883.5531.0327.6018.1716.773.411.0121.276.0620.1925.18
    APD USAir Products & Chemicals IncUNITED STATES 43938.4624.3421.3713.1911.854.762.2936.903.7916.0935.31
    SHW USSherwin-Williams Co/TheUNITED STATES 41662.3021.4818.7816.5614.932.270.9517.519.5545.8722.39
    DOW USDow Chemical Co/TheUNITED STATES 41303.8511.259.536.736.190.874.5417.902.0318.16#N/A N/A
    4063 JPShin-Etsu Chemical Co LtdJAPAN 39881.4112.7813.725.375.963.262.1633.961.5712.8324.88
    MNOD LIMMC Norilsk Nickel PJSCRUSSIA 35557.768.678.596.366.172.899.8254.627.7093.7739.85
    GMKN RMMMC Norilsk Nickel PJSCRUSSIA 35465.078.648.576.346.162.889.8554.627.6893.7738.49
    AAL LNAnglo American PLCBRITAIN 33488.008.8810.104.244.641.214.8635.921.2615.0327.35
    AGL SJAnglo American PLCBRITAIN 33469.278.8810.104.244.631.214.8635.921.2615.0328.98
    LYB USLyondellBasell Industries NVUNITED STATES 32832.948.587.406.315.580.854.6916.812.7135.371.72
    SCCO USSouthern Copper CorpPERU 29375.6916.2214.548.768.033.823.2350.903.8824.645.36
    PPG USPPG Industries IncUNITED STATES 27272.0118.2516.5712.5911.821.751.7016.575.5231.3913.34
    CRG GRCRH PLCIRELAND 26573.8013.3912.698.107.630.842.5713.621.4410.5020.73
    NEM USNewmont Mining CorpUNITED STATES 25916.6225.0623.178.968.333.071.7836.241.585.989.02
    GMEXICOB MMGrupo Mexico SAB de CVMEXICO 23128.0111.8810.655.785.392.035.3946.871.8316.2025.06
    1301 TTFormosa Plastics CorpTAIWAN 22951.6615.1013.8021.3420.033.234.9214.171.8812.9913.77
    ABX CNBarrick Gold CorpCANADA 22500.2532.4327.218.317.912.681.1840.801.998.050.53
    051910 KSLG Chem LtdSOUTH KOREA 21795.0818.8213.827.345.830.821.6812.451.518.0010.65
    1326 TTFormosa Chemicals & Fibre CorpTAIWAN 20942.9613.8614.8212.7913.341.715.2214.011.6611.473.01
    SOL SJSasol LtdSOUTH AFRICA 20632.2111.589.437.476.041.443.0527.221.2011.322.97
    DSM NAKoninklijke DSM NVNETHERLANDS 20367.9019.8617.3211.0910.421.972.4117.842.3111.5131.32