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Jiangsu Expressway

DB:JE2
Snowflake Description

6 star dividend payer and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
JE2
DB
HK$51B
Market Cap
  1. Home
  2. DE
  3. Transportation
Company description

Jiangsu Expressway Company Limited invests in, constructs, operates, and manages toll roads and bridges in the People’s Republic of China. The last earnings update was 157 days ago. More info.


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JE2 Share Price and Events
7 Day Returns
13%
DB:JE2
6.6%
DE Infrastructure
7.3%
DE Market
1 Year Returns
-19.4%
DB:JE2
-42.7%
DE Infrastructure
-17.7%
DE Market
JE2 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Jiangsu Expressway (JE2) 13% -2% -16.7% -19.4% -22.5% -14.9%
DE Infrastructure 6.6% -32.4% -48.6% -42.7% -41.2% -17.3%
DE Market 7.3% -17.9% -25.8% -17.7% -25.6% -29%
1 Year Return vs Industry and Market
  • JE2 outperformed the Infrastructure industry which returned -42.7% over the past year.
  • JE2 underperformed the Market in Germany which returned -17.7% over the past year.
Price Volatility
JE2
Industry
5yr Volatility vs Market

JE2 Value

 Is Jiangsu Expressway undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Jiangsu Expressway to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Jiangsu Expressway.

DB:JE2 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.7%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:JE2
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.3%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.728 (1 + (1- 25%) (37.74%))
0.956
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.96
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.956 * 6.33%)
5.66%

Discounted Cash Flow Calculation for DB:JE2 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Jiangsu Expressway is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:JE2 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 5.66%)
2020 -3,194.00 Analyst x1 -3,022.82
2021 7,296.00 Analyst x1 6,534.90
2022 10,355.94 Est @ 41.94% 8,778.52
2023 13,384.12 Est @ 29.24% 10,737.38
2024 16,108.01 Est @ 20.35% 12,230.04
2025 18,383.94 Est @ 14.13% 13,209.97
2026 20,180.68 Est @ 9.77% 13,723.86
2027 21,537.71 Est @ 6.72% 13,861.72
2028 22,526.30 Est @ 4.59% 13,720.97
2029 23,223.73 Est @ 3.1% 13,387.64
Present value of next 10 years cash flows CN¥103,162.00
DB:JE2 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CN¥23,223.73 × (1 + -0.39%) ÷ (5.66% – -0.39%)
CN¥382,178.87
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥382,178.87 ÷ (1 + 5.66%)10
CN¥220,312.27
DB:JE2 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥103,162.00 + CN¥220,312.27
CN¥323,474.27
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥323,474.27 / 5,037.75
CN¥64.21
DB:JE2 Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:177)
1.092
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥64.21 x 1.092
HK$70.14
Non-primary Listing Adjustment Factor 1 share in DB:JE2 represents 0.12005x of SEHK:177
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.12005x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 70.14 x 0.12005
€8.42
Value per share (EUR) From above. €8.42
Current discount Discount to share price of €1.00
= -1 x (€1.00 - €8.42) / €8.42
88.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Jiangsu Expressway is available for.
Intrinsic value
>50%
Share price is €1 vs Future cash flow value of €8.42
Current Discount Checks
For Jiangsu Expressway to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Jiangsu Expressway's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Jiangsu Expressway's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Jiangsu Expressway's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Jiangsu Expressway's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:JE2 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in CNY CN¥0.85
SEHK:177 Share Price ** SEHK (2020-03-30) in HKD HK$8.33
SEHK:177 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.915 CN¥7.63
Europe Infrastructure Industry PE Ratio Median Figure of 38 Publicly-Listed Infrastructure Companies 11.07x
Germany Market PE Ratio Median Figure of 400 Publicly-Listed Companies 16.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Jiangsu Expressway.

DB:JE2 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:177 Share Price ÷ EPS (both in CNY)

= 7.63 ÷ 0.85

8.97x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Jiangsu Expressway is good value based on earnings compared to the Europe Infrastructure industry average.
  • Jiangsu Expressway is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Jiangsu Expressway's expected growth come at a high price?
Raw Data
DB:JE2 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.97x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
4.9%per year
Europe Infrastructure Industry PEG Ratio Median Figure of 18 Publicly-Listed Infrastructure Companies 1.18x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.2x

*Line of best fit is calculated by linear regression .

DB:JE2 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.97x ÷ 4.9%

1.83x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Jiangsu Expressway is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Jiangsu Expressway's assets?
Raw Data
DB:JE2 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in CNY CN¥5.49
SEHK:177 Share Price * SEHK (2020-03-30) in HKD HK$8.33
SEHK:177 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.915 CN¥7.63
Germany Infrastructure Industry PB Ratio Median Figure of 5 Publicly-Listed Infrastructure Companies 0.96x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.43x
DB:JE2 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:177 Share Price ÷ Book Value per Share (both in CNY)

= 7.63 ÷ 5.49

1.39x

* Primary Listing of Jiangsu Expressway.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Jiangsu Expressway is overvalued based on assets compared to the DE Infrastructure industry average.
X
Value checks
We assess Jiangsu Expressway's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Infrastructure industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Infrastructure industry average (and greater than 0)? (1 check)
  5. Jiangsu Expressway has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

JE2 Future Performance

 How is Jiangsu Expressway expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
4.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Jiangsu Expressway expected to grow at an attractive rate?
  • Jiangsu Expressway's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Jiangsu Expressway's earnings growth is positive but not above the Germany market average.
  • Jiangsu Expressway's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:JE2 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:JE2 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 4.9%
DB:JE2 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 6%
Europe Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 4.7%
Europe Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 2.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.3%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:JE2 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:JE2 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 11,626 6,723 4,729 8
2020-12-31 9,890 5,569 4,059 8
2020-03-30
2019-12-31 10,342 5,203 4,254 9
DB:JE2 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-09-30 9,824 5,846 4,283
2019-06-30 9,663 5,980 4,170
2019-03-31 9,509 5,937 4,394
2018-12-31 9,969 5,715 4,377
2018-09-30 10,107 5,531 4,344
2018-06-30 9,928 5,322 4,176
2018-03-31 9,983 5,163 3,726
2017-12-31 9,456 5,232 3,588
2017-09-30 9,925 5,161 3,802
2017-06-30 9,805 5,122 3,686
2017-03-31 9,450 5,295 3,451
2016-12-31 9,201 5,464 3,346

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Jiangsu Expressway's earnings are expected to grow by 4.9% yearly, however this is not considered high growth (20% yearly).
  • Jiangsu Expressway's revenue is expected to grow by 6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:JE2 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Jiangsu Expressway Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:JE2 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.90 0.97 0.83 4.00
2020-12-31 0.62 0.93 0.35 5.00
2020-03-30
2019-12-31 0.85 0.88 0.84 5.00
DB:JE2 Past Financials Data
Date (Data in CNY Millions) EPS *
2019-09-30 0.85
2019-06-30 0.83
2019-03-31 0.87
2018-12-31 0.87
2018-09-30 0.86
2018-06-30 0.83
2018-03-31 0.74
2017-12-31 0.71
2017-09-30 0.75
2017-06-30 0.73
2017-03-31 0.68
2016-12-31 0.66

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Jiangsu Expressway is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Jiangsu Expressway's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Jiangsu Expressway has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

JE2 Past Performance

  How has Jiangsu Expressway performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Jiangsu Expressway's growth in the last year to its industry (Infrastructure).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Jiangsu Expressway's year on year earnings growth rate has been positive over the past 5 years.
  • Jiangsu Expressway's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Jiangsu Expressway's 1-year earnings growth is negative, it can't be compared to the Europe Infrastructure industry average.
Earnings and Revenue History
Jiangsu Expressway's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Jiangsu Expressway Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:JE2 Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 9,823.72 4,283.48 256.89
2019-06-30 9,662.69 4,170.07 252.47
2019-03-31 9,508.53 4,393.91 251.42
2018-12-31 9,969.01 4,376.60 245.13
2018-09-30 10,107.06 4,343.96 215.08
2018-06-30 9,928.43 4,176.34 205.48
2018-03-31 9,982.58 3,726.32 196.90
2017-12-31 9,455.68 3,587.86 196.83
2017-09-30 9,925.33 3,802.41 203.30
2017-06-30 9,804.94 3,685.90 207.57
2017-03-31 9,450.22 3,451.05 207.48
2016-12-31 9,201.30 3,346.06 205.53
2016-09-30 8,371.18 2,479.18 179.75
2016-06-30 8,516.04 2,339.75 202.14
2016-03-31 8,820.73 2,623.91 193.46
2015-12-31 8,761.32 2,506.63 197.95
2015-09-30 8,813.30 2,849.58 199.39
2015-06-30 8,776.74 2,773.42 191.42
2015-03-31 8,991.12 2,249.86 200.58
2014-12-31 8,830.86 2,227.91 199.01
2014-09-30 8,645.97 2,397.59 190.06
2014-06-30 8,310.54 2,453.66 171.75
2014-03-31 7,658.22 2,709.59 168.67
2013-12-31 7,614.23 2,707.74 164.44
2013-09-30 7,576.00 2,557.43 165.56
2013-06-30 7,735.06 2,507.84 168.60
2013-03-31 7,772.27 2,337.14 167.65

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Jiangsu Expressway has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Jiangsu Expressway used its assets more efficiently than the Europe Infrastructure industry average last year based on Return on Assets.
  • Jiangsu Expressway's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Jiangsu Expressway's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Infrastructure industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Jiangsu Expressway has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

JE2 Health

 How is Jiangsu Expressway's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Jiangsu Expressway's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Jiangsu Expressway's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Jiangsu Expressway's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Jiangsu Expressway's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Jiangsu Expressway Company Filings, last reported 6 months ago.

DB:JE2 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 31,728.40 17,583.00 1,837.31
2019-06-30 30,381.46 15,855.65 2,126.03
2019-03-31 31,134.56 16,075.51 1,886.91
2018-12-31 29,353.86 15,843.29 1,333.09
2018-09-30 29,192.20 14,739.37 1,156.08
2018-06-30 28,021.67 13,755.96 983.78
2018-03-31 28,452.38 14,826.56 362.43
2017-12-31 25,894.93 14,310.29 799.61
2017-09-30 25,340.82 13,814.86 502.00
2017-06-30 23,680.91 10,262.50 885.41
2017-03-31 24,314.90 10,514.50 434.30
2016-12-31 22,941.86 10,797.88 561.14
2016-09-30 22,364.33 11,498.55 277.73
2016-06-30 20,705.06 12,831.61 512.57
2016-03-31 21,965.05 12,142.06 304.01
2015-12-31 21,186.17 13,487.06 708.36
2015-09-30 21,076.54 14,796.92 446.53
2015-06-30 20,370.56 13,850.26 886.26
2015-03-31 21,663.73 4,875.09 909.45
2014-12-31 21,699.58 14,250.89 972.12
2014-09-30 20,254.63 5,704.51 603.52
2014-06-30 19,496.58 6,014.55 699.86
2014-03-31 20,678.50 5,053.66 685.70
2013-12-31 20,098.23 5,483.73 576.35
2013-09-30 19,564.99 5,874.73 674.65
2013-06-30 18,786.46 5,283.41 1,708.81
2013-03-31 19,800.93 4,705.96 679.98
  • Jiangsu Expressway's level of debt (55.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (28.6% vs 55.4% today).
  • Debt is well covered by operating cash flow (33.3%, greater than 20% of total debt).
  • Jiangsu Expressway earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Jiangsu Expressway's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Jiangsu Expressway has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

JE2 Dividends

 What is Jiangsu Expressway's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.03%
Current annual income from Jiangsu Expressway dividends. Estimated to be 6.14% next year.
If you bought €2,000 of Jiangsu Expressway shares you are expected to receive €121 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Jiangsu Expressway's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.7%).
  • Jiangsu Expressway's dividend is above the markets top 25% of dividend payers in Germany (4.97%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:JE2 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
Europe Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 31 Stocks 6.7%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 1%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:JE2 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.49 3.00
2020-12-31 0.45 4.00
2020-03-30
2019-12-31 0.47 4.00
DB:JE2 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-06-21 0.460 5.024
2018-06-21 0.440 4.884
2017-06-22 0.420 4.389
2016-03-29 0.400 4.349
2015-07-06 0.380 4.696
2014-06-06 0.380 5.060
2013-06-28 0.360 5.061
2012-06-27 0.360 5.978
2011-05-11 0.360 6.158
2010-03-19 0.310 4.512
2009-04-29 0.270 4.771

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Jiangsu Expressway's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess Jiangsu Expressway's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Jiangsu Expressway afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Jiangsu Expressway has a total score of 6/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

JE2 Management

 What is the CEO of Jiangsu Expressway's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Xiaoguang Cheng
AGE 41
TENURE AS CEO 0 years
CEO Bio

Mr. Xiaoguang Cheng served as the head of investment development department of Jiangsu Communications Holding Limited, secretary to the party branch, chairman and general manager of Jiangsu Communications & Culture Media Company Limited; he is currently the general manager of Jiangsu Expressway Company Limited. Mr. Cheng has been engaged in corporate management and has extensive experience. He is a university graduate with a bachelor degree and also a senior economist.

CEO Compensation
  • Insufficient data for Xiaoguang to compare compensation growth.
  • Insufficient data for Xiaoguang to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Jiangsu Expressway management team in years:

0.9
Average Tenure
45
Average Age
  • The average tenure for the Jiangsu Expressway management team is less than 2 years, this suggests a new team.
Management Team

Xibin Sun

TITLE
Executive Chairman & Accounting Chief
COMPENSATION
CN¥273K
AGE
49

Zhou Hua Ren

TITLE
CFO & Head of the Accounting Department
COMPENSATION
CN¥353K
AGE
47
TENURE
0.9 yrs

Jie Li

TITLE
Deputy General Manager
COMPENSATION
CN¥729K
AGE
49
TENURE
2.6 yrs

Yong Jia Yao

TITLE
Deputy GM
COMPENSATION
CN¥776K
AGE
55
TENURE
6.9 yrs

Xiaoguang Cheng

TITLE
General Manager
AGE
41

Wei Chen

TITLE
Manager of the Investment & Development Department and Supervisor
AGE
43

Li Shao

TITLE
Manager of the Human Resources Department & Supervisor
COMPENSATION
CN¥313K
AGE
41

Yun Yan

TITLE
Deputy General Manager
AGE
45
TENURE
0.9 yrs

Keqiang Xu

TITLE
Assistant to the General Manager
AGE
41
TENURE
0.9 yrs
Board of Directors Tenure

Average tenure and age of the Jiangsu Expressway board of directors in years:

4.8
Average Tenure
51.5
Average Age
  • The tenure for the Jiangsu Expressway board of directors is about average.
Board of Directors

Yong Jia Yao

TITLE
Deputy GM
COMPENSATION
CN¥776K
AGE
55
TENURE
2.8 yrs

Wei Chen

TITLE
Manager of the Investment & Development Department and Supervisor
AGE
43
TENURE
1.6 yrs

Li Shao

TITLE
Manager of the Human Resources Department & Supervisor
COMPENSATION
CN¥313K
AGE
41
TENURE
12 yrs

Qing Chang

TITLE
Chairman of the Supervisory Committee
AGE
56
TENURE
1 yrs

Xibin Sun

TITLE
Executive Chairman & Accounting Chief
COMPENSATION
CN¥273K
AGE
49

Liang Chen

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥108K
AGE
54
TENURE
4.8 yrs

Hui Lin

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥108K
AGE
47
TENURE
4.8 yrs

Shudong Zhou

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥54K
AGE
58
TENURE
1.8 yrs

Yu Hu

TITLE
Non-Executive Director
AGE
44
TENURE
4.8 yrs

Lawrence Ma

TITLE
Non-Executive Director
COMPENSATION
CN¥339K
AGE
65
TENURE
4.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
05. Mar 20 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 02. Mar 20 02. Mar 20 520,722 €1.04 €543,294
26. Feb 20 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 21. Feb 20 21. Feb 20 -1,754,000 €1.15 €-2,017,537
21. Feb 20 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 18. Feb 20 18. Feb 20 5,034,000 €1.18 €5,925,919
04. Feb 20 Buy First Sentier Investors (Australia) IM Ltd Company 31. Jan 20 31. Jan 20 838,000 €1.13 €943,211
15. Jul 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 10. Jul 19 10. Jul 19 -4,114,000 €1.24 €-5,093,636
15. Jul 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 10. Jul 19 10. Jul 19 6,000 €1.24 €7,429
12. Jul 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 09. Jul 19 09. Jul 19 4,216,000 €1.25 €5,259,244
28. Jun 19 Sell First Sentier Investors (Australia) IM Ltd Company 27. Jun 19 27. Jun 19 -1,652,000 €1.23 €-2,034,819
26. Jun 19 Buy First Sentier Investors (Australia) IM Ltd Company 25. Jun 19 25. Jun 19 1,984,000 €1.23 €2,441,102
21. Jun 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 18. Jun 19 18. Jun 19 1,560 €1.29 €2,012
21. Jun 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 18. Jun 19 18. Jun 19 845,237 €1.29 €1,090,219
21. Jun 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 18. Jun 19 18. Jun 19 -6,677,156 €1.29 €-8,612,450
20. Jun 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 17. Jun 19 17. Jun 19 3,721,643 €1.28 €4,753,303
12. Jun 19 Sell First Sentier Investors (Australia) IM Ltd Company 11. Jun 19 11. Jun 19 -300,000 €1.26 €-378,209
08. May 19 Buy BlackRock, Inc. Company 03. May 19 03. May 19 1,568,000 €1.28 €2,014,874
X
Management checks
We assess Jiangsu Expressway's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Jiangsu Expressway has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

JE2 News

Simply Wall St News

JE2 Company Info

Description

Jiangsu Expressway Company Limited invests in, constructs, operates, and manages toll roads and bridges in the People’s Republic of China. The company operates the Jiangsu section of Shanghai-Nanjing Expressway, Ningchang Expressway, Zhenli Expressway, Guangjing Expressway, Xicheng Expressway, Xiyi Expressway, Zhendan Expressway, Jiangyin Bridge, Sujiahang Expressway, and other toll roads in Jiangsu Province. As of December 31, 2018, it operated 16 road and bridge projects; and owned approximately 840 kilometers of roads and bridges. The company also develops passenger transportation and ancillary services along the toll roads and bridges, including refueling, catering, retailing, advertising, and accommodation. In addition, it engages in real estate development activities. The company was founded in 1992 and is headquartered in Nanjing, the People's Republic of China. Jiangsu Expressway Company Limited is a subsidiary of Jiangsu Communications Holding Company Limited.

Details
Name: Jiangsu Expressway Company Limited
JE2
Exchange: DB
Founded: 1992
HK$5,922,318,276
5,037,747,500
Website: http://www.jsexpressway.com
Address: Jiangsu Expressway Company Limited
6 Xianlin Avenue,
Nanjing,
Jiangsu Province, 210049,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 177 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 27. Jun 1997
OTCPK JEXY.F Foreign Shares-Foreign Listed Pink Sheets LLC US USD 27. Jun 1997
DB JE2 Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 27. Jun 1997
SHSC 177 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 27. Jun 1997
SZSC 177 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 27. Jun 1997
OTCPK JEXY.Y SP ADR REP H Pink Sheets LLC US USD 17. Apr 2003
SHSE 600377 Domestic Shares Shanghai Stock Exchange CN CNY 16. Jan 2001
XSSC 600377 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 16. Jan 2001
Number of employees
Current staff
Staff numbers
5,191
Jiangsu Expressway employees.
Industry
Highways and Railtracks
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/30 21:16
End of day share price update: 2020/03/30 00:00
Last estimates confirmation: 2020/03/25
Last earnings filing: 2019/10/25
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.