Aluminum Corporation of China Ltd (SSE:601600)

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Price: 7.48 CNY 2.75%

Market Cap: 128.3B CNY

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Section:

Relative Value

The Relative Value of one Aluminum Corporation of China Ltd stock under the Base Case scenario is 14.51 CNY. Compared to the current market price of 7.48 CNY, Aluminum Corporation of China Ltd is Undervalued by 48%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

What is Relative Valuation?

How is Relative Value calculated?

Relative Value

Base Case

Worst Case

Base Case

Best Case

Valuation Multiples

0.6

P/S

vs History	9
vs Industry	72

Median 5Y

0.3

Industry

1.7

Forward

0.5

More Details

12.3

P/E

vs History	90
vs Industry	13

Median 5Y

19.7

Industry

15.3

Forward

10.6

More Details

4.2

P/OCF

vs History	38
vs Industry	24

Median 5Y

3.9

Industry

More Details

12.8

P/FCFE

vs History	26
vs Industry	16

Median 5Y

Industry

15.1

More Details

1.9

P/B

vs History	17
vs Industry	28

Median 5Y

1.6

Industry

1.4

More Details

0.8

EV/S

vs History	22
vs Industry	68

Median 5Y

0.7

Industry

2.1

Forward

0.7

More Details

5.2

EV/GP

vs History	65
vs Industry	42

Median 5Y

5.9

Industry

7.2

More Details

6.9

EV/EBITDA

vs History	90
vs Industry	17

Median 5Y

9.7

Industry

9.9

Forward

4.3

More Details

6.9

EV/EBIT

vs History	90
vs Industry	19

Median 5Y

9.7

Industry

12.5

Forward

More Details

5.4

EV/OCF

vs History	69
vs Industry	23

Median 5Y

6.4

Industry

10.3

More Details

7.7

EV/FCFF

vs History	60
vs Industry	17

Median 5Y

8.3

Industry

More Details

0.9

EV/IC

vs History	30
vs Industry	48

Median 5Y

0.9

Industry

1.3

More Details

Multiples Across Competitors

All Multiples

P/S

P/E

EV/EBITDA

EV/EBIT

Forward Multiples

			Market Cap	P/S	P/E	EV/EBITDA	EV/EBIT
CN		Aluminum Corporation of China Ltd SSE:601600	128.3B CNY	0.6	12.3	6.9	6.9
IN		Hindalco Industries Ltd NSE:HINDALCO	1.3T INR	0.6	10.8	5.9	8
CN	C	China Hongqiao Group Ltd HKEX:1378	109.9B HKD	0.7	5.7	3.2	3.2
CN	A	Aluminum Corp of China Ltd OTC:ALMMF	13.9B USD	0.5	9.7	5.8	5.8
NO		Norsk Hydro ASA OSE:NHY	124.3B NOK	0.6	92.7	4.6	9.9
US		Alcoa Corp NYSE:AA	9.5B USD	0.9	-32.8	11.4	36.9
MY		Press Metal Aluminium Holdings Bhd KLSE:PMETAL	40.3B MYR	2.8	26.1	15.6	21.6
CN		Yunnan Aluminium Co Ltd SZSE:000807	48.3B CNY	0.9	9.2	6.7	6.7
CN		Shandong Nanshan Aluminium Co Ltd SSE:600219	46.2B CNY	1.5	9.6	6.4	6.4
CN		Tianshan Aluminum Group Co Ltd SZSE:002532	37.5B CNY	1.4	10.3	11.2	11.2
CN	G	Guangdong Hec Technology Holding Co Ltd SSE:600673	35.5B CNY	3.3	148	94.4	94.4

				Revenue Growth	P/S to Growth
CN		Aluminum Corporation of China Ltd SSE:601600	Average P/S: 1.3 0.6	3%	0.2
IN		Hindalco Industries Ltd NSE:HINDALCO	0.6	7%	0.1
CN	C	China Hongqiao Group Ltd HKEX:1378	0.7	6%	0.1
CN	A	Aluminum Corp of China Ltd OTC:ALMMF	0.5	3%	0.2
NO		Norsk Hydro ASA OSE:NHY	0.6	3%	0.2
US		Alcoa Corp NYSE:AA	0.9	7%	0.1
MY		Press Metal Aluminium Holdings Bhd KLSE:PMETAL	2.8	5%	0.6
CN		Yunnan Aluminium Co Ltd SZSE:000807	0.9	9%	0.1
CN		Shandong Nanshan Aluminium Co Ltd SSE:600219	1.5	10%	0.1
CN		Tianshan Aluminum Group Co Ltd SZSE:002532	1.4	9%	0.2
CN	G	Guangdong Hec Technology Holding Co Ltd SSE:600673	3.3	27%	0.1

				Earnings Growth	PEG
CN		Aluminum Corporation of China Ltd SSE:601600	Average P/E: 33.4 12.3	25%	0.5
IN		Hindalco Industries Ltd NSE:HINDALCO	10.8	15%	0.7
CN	C	China Hongqiao Group Ltd HKEX:1378	5.7	21%	0.3
CN	A	Aluminum Corp of China Ltd OTC:ALMMF	9.7	25%	0.4
NO		Norsk Hydro ASA OSE:NHY	92.7	63%	1.5
US		Alcoa Corp NYSE:AA	Negative Multiple: -32.8	N/A	N/A
MY		Press Metal Aluminium Holdings Bhd KLSE:PMETAL	26.1	23%	1.1
CN		Yunnan Aluminium Co Ltd SZSE:000807	9.2	22%	0.4
CN		Shandong Nanshan Aluminium Co Ltd SSE:600219	9.6	13%	0.7
CN		Tianshan Aluminum Group Co Ltd SZSE:002532	10.3	28%	0.4
CN	G	Guangdong Hec Technology Holding Co Ltd SSE:600673	148	N/A	N/A

				EBITDA Growth	EV/EBITDA to Growth
CN		Aluminum Corporation of China Ltd SSE:601600	Average EV/EBITDA: 15.6 6.9	27%	0.3
IN		Hindalco Industries Ltd NSE:HINDALCO	5.9	12%	0.5
CN	C	China Hongqiao Group Ltd HKEX:1378	3.2	14%	0.2
CN	A	Aluminum Corp of China Ltd OTC:ALMMF	5.8	27%	0.2
NO		Norsk Hydro ASA OSE:NHY	4.6	9%	0.5
US		Alcoa Corp NYSE:AA	11.4	65%	0.2
MY		Press Metal Aluminium Holdings Bhd KLSE:PMETAL	15.6	13%	1.2
CN		Yunnan Aluminium Co Ltd SZSE:000807	6.7	24%	0.3
CN		Shandong Nanshan Aluminium Co Ltd SSE:600219	6.4	33%	0.2
CN		Tianshan Aluminum Group Co Ltd SZSE:002532	11.2	38%	0.3
CN	G	Guangdong Hec Technology Holding Co Ltd SSE:600673	94.4	N/A	N/A

				EBIT Growth	EV/EBIT to Growth
CN		Aluminum Corporation of China Ltd SSE:601600	Average EV/EBIT: 19.2 6.9	15%	0.5
IN		Hindalco Industries Ltd NSE:HINDALCO	8	14%	0.6
CN	C	China Hongqiao Group Ltd HKEX:1378	3.2	19%	0.2
CN	A	Aluminum Corp of China Ltd OTC:ALMMF	5.8	15%	0.4
NO		Norsk Hydro ASA OSE:NHY	9.9	24%	0.4
US		Alcoa Corp NYSE:AA	36.9	N/A	N/A
MY		Press Metal Aluminium Holdings Bhd KLSE:PMETAL	21.6	19%	1.1
CN		Yunnan Aluminium Co Ltd SZSE:000807	6.7	16%	0.4
CN		Shandong Nanshan Aluminium Co Ltd SSE:600219	6.4	21%	0.3
CN		Tianshan Aluminum Group Co Ltd SZSE:002532	11.2	23%	0.5
CN	G	Guangdong Hec Technology Holding Co Ltd SSE:600673	94.4	N/A	N/A

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Aluminum Corporation of China Ltd
SSE:601600

Relative Value

Valuation Multiples

Multiples Across Competitors

Competitors Multiples
Aluminum Corporation of China Ltd Competitors

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52 Week Range	5.01 9.09
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Aluminum Corporation of China Ltd SSE:601600

Relative Value

Valuation Multiples

Multiples Across Competitors

Competitors Multiples Aluminum Corporation of China Ltd Competitors

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Aluminum Corporation of China Ltd
SSE:601600

Competitors Multiples
Aluminum Corporation of China Ltd Competitors