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CMOC Group (CMCLF) USD

At a glance: strengths & risks
✓Profit growing (+51%)✓Margins improving (14%→18%)✓Net cash balance sheet

Sector: Copper & cobalt mining

Geography: DR Congo, China, Brazil

COMM_CMCLF

Price chart

11.48 HKDDay -5.20%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
11.48 HKD · -5.20%
Market cap
39.5 bn USD

Growth

Δ revenue y/y
-2.6%
Δ EBITDA y/y
9.1%

Multiples

P/E (LTM)
13.9x
3y avg: 16.7x
P/B (FY)
3.4x
P/E (ann.)
8.5x
EV/EBITDA (LTM)
7.6x
3y avg: 9.0x
EV/EBITDA (ann.)
5.2x

Cash return

Dividend yield
3.8%
FCF yield (LTM)
-3.0%

Liquidity

Daily turnover (listing)
284.2 mln HKD

Shares: connector/market_inputs

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-09-30Q3 2026 (3M)OK-9.1
y/y —
-1.8
y/y —
—
y/y —
-1.8
y/y —
-1.2
y/y —
——36.7
y/y —
17.1
y/y —
28.2%0.7Report (PDF)
2026-06-30Q2 2026 (3M)PARTIAL19.7
y/y 50.6%
3.8
y/y 81.5%
—
y/y —
3.8
y/y 81.5%
2.4
y/y 96.5%
2.4-0.733.6
y/y —
16.1
y/y —
33.8%-0.9Report (PDF)
2025-12-31Q4 2025 (3M)PARTIAL15.7
y/y —
3.9
y/y —
—
y/y —
3.2
y/y —
1.6
y/y —
—-0.528.7
y/y 23.1%
11.8
y/y 21.0%
—0.0Yahoo Finance
2025-06-30Q2 2025 (3M)PARTIAL13.1
y/y —
2.1
y/y —
—
y/y —
2.1
y/y —
1.2
y/y —
1.7-0.6—
y/y —
—
y/y —
—≈ 0.3Report (PDF)
2024-12-31FY 2024 (12M)OK29.6
y/y 12.6%
4.0
y/y 130.0%
0.8
y/y 113.3%
4.8
y/y 126.9%
1.9
y/y 61.3%
4.5-0.723.3
y/y -4.2%
9.7
y/y 16.1%
20.8%0.3Yahoo Finance
2023-12-31FY 2023 (12M)OK26.3
y/y —
1.7
y/y —
0.4
y/y —
2.1
y/y —
1.2
y/y —
2.2-1.824.3
y/y —
8.4
y/y —
—2.8Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)6 957
− Cash & equivalents6 267
Net debt690

Net debt / LTM EBITDA: 0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-10 000010 00020 00030 0002023 FY2024 FY2025 H12025 H22026 H12026 q3

Year-over-year change

0%50%100%150%2023 FY2024 FY2025 H12025 H22026 H12026 q3

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) ($ mln)

01 0002 0003 0004 0005 0002023 FY2024 FY2025 H12025 H22026 H12026 q3

Net debt / cash ($ mln)

-1 00001 0002 0003 0002023 FY2024 FY2025 H12025 FY2026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 2.39x of reported net profit.
year202220232024
cash flow / profit2.55x1.88x2.39x
accruals, % of assets-5.8%-4.2%-11.2%
net debt / EBITDA -0.0x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — Copper

Current 13 530spot vs LTM +3%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -3% vs +13% the year before — a -15.1 pp move. 3-year CAGR +4%.
revenue growth by year: 2023 +2% · 2024 +13% · 2025 -3%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 6.4x · target 75th pct (3y) 14.8x · LTM avg 9.9x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: materials (global). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Barrick Mining Corporationglobal63.04.6x
BHP Groupglobal202.36.5x
Newmont Corporationglobal117.66.8x
Rio Tintoglobal135.96.9x
Valeglobal47.97.2x
Agnico Eagle Minesglobal89.68.2x
Zijin Miningglobal101.78.5x
Nucor Corporationglobal56.69.2x
Freeport-McMoRanglobal85.011.1x
Glencoreglobal79.812.0x
Southern Copperglobal139.912.8x
Wheaton Precious Metalsglobal59.721.0x
Group median8.3x
Group average9.6x
This companyglobal39.57.6x

Group median 8.3x; this company 7.6x — a 9% discount.

Group average 9.6x; against the average this company is at a 20% discount.

At the adjusted group median the market cap would be +10% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 18.7x, Russia 4.0x, South Africa 5.7x, Kazakhstan 6.1x, India 19.3x, Indonesia 5.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-15; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-010.1098 HKDEx-dividend: 0.1098 HKD per sharePaidYahoo Finance (ex-div)
2026-05-180.3264 HKDEx-dividend: 0.3264 HKD per sharePaidYahoo Finance (ex-div)
2025-06-190.2779 HKDEx-dividend: 0.2779 HKD per sharePaidYahoo Finance (ex-div)
2024-06-270.1696 HKDEx-dividend: 0.1696 HKD per sharePaidYahoo Finance (ex-div)
2023-06-290.0938 HKDEx-dividend: 0.0938 HKD per sharePaidYahoo Finance (ex-div)
2022-06-290.0838 HKDEx-dividend: 0.0838 HKD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of CMOC Group (CMCLF) — from primary filings.

Frequently asked questions

What is CMOC Group (CMCLF)'s P/E ratio?
CMOC Group (CMCLF) trades at a P/E of 13.9x (price to trailing 12-month earnings).
What is CMOC Group (CMCLF)'s EV/EBITDA?
CMOC Group (CMCLF) trades at 7.6x EV/EBITDA.
What is CMOC Group (CMCLF)'s P/B ratio?
CMOC Group (CMCLF) trades at a P/B of 3.4x.
What is CMOC Group (CMCLF)'s dividend yield?
CMOC Group (CMCLF)'s trailing 12-month dividend yield is 3.8%.
What is CMOC Group (CMCLF)'s return on equity (ROE)?
CMOC Group (CMCLF)'s ROE is 28.2%.
What is CMOC Group (CMCLF)'s market capitalization?
CMOC Group (CMCLF)'s market cap is 39.5 bn USD.

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