ALMMFOTCPrimary Production of Aluminum
ALUMINUM CORP OF CHINA LTD
Financials through fiscal 2022, year ended Dec 31, 2022
$0.96+0.00 (0.00%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2014 to 2022
Gross margin
10.8%+2.6 pts over 5 years
Operating margin
5.6%
Net margin
1.4%+0.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2022
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -2.6% | +15.2% | +10.0% | – | |
| Gross profit | -9.9% | +42.0% | +16.3% | – | |
| Operating income | -12.2% | +38.2% | – | – | |
| Net income | -27.2% | +91.6% | +24.3% | – | |
| EPS, diluted | -26.7% | +121.5% | +22.4% | – | |
| Free cash flow | -27.0% | +89.0% | +40.1% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2014 | FY2017 | FY2022 | Trend |
|---|---|---|---|---|
| Return on equity | – | 3.6% | 7.3% | |
| Return on assets | – | 0.7% | 1.9% | |
| Current ratio | – | 0.76 | 0.87 | |
| Debt to equity | – | 2.60 | 1.59 | |
| Interest coverage | – | – | 4.2× | |
| Inventory turnover | – | 8.6× | 11.2× | |
| Capex to revenue | – | 4.9% | 1.5% | |
| Diluted shares | – | 14.90B | 17M |
Where the cash went
Fiscal 2018 to 2022, five years combined
Aluminum Corp Of China generated CN¥107.85B from operations and spent CN¥37.80B on capital expenditure, dividends and share buybacks. 89% of that went back into the business.
Generated
CN¥107.85B
Used
CN¥37.80B
Capital expenditureCN¥33.73B89%DividendsCN¥4.07B11%Share buybacksCN¥00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin1.4%
×Asset turnover1.33×
×Equity multiplier3.81×
=Return on equity, FY20227.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2022 | 1.4% | 1.33× | 3.81× | 7.3% |
| FY2021 | 1.9% | 1.42× | 3.65× | 10.0% |
| FY2020 | 0.4% | 1.02× | 3.65× | 1.6% |
| FY2019 | 0.3% | 0.94× | 3.77× | 1.1% |
| FY2018 | 0.4% | 0.90× | 4.35× | 1.5% |
| FY2017 | 0.8% | 0.93× | 5.01× | 3.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2022 against fiscal 2021
6of 9 tests passed in fiscal 2022. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zeroCN¥4.19B
- Cash generatingOperating cash flow above zeroCN¥27.75B
- Return on assets improvedROA up on the prior year3.0% → 1.9%
- Earnings backed by cashOperating cash flow above net incomeCN¥27.75B vs CN¥4.19B
- Less leverageLong-term debt to assets fell31.0% → 27.6%
- Better liquidityCurrent ratio rose0.87 → 0.87
- No dilutionShare count did not rise17M → 17M
- Gross margin improvedGross margin up on the prior year11.62% → 10.75%
- More efficientAsset turnover rose1.53 → 1.29