China Molybdenum Co Ltd Class A (603993) fair value: what the stock is really worth
We calculate from audited financials what China Molybdenum Co Ltd Class A is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range ¥4.09 – ¥27.03 · fair‑value band ¥12.11 – ¥39.43 · the ¥17.51 price screens below the ¥18.88 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
CMOC Group Limited, together with its subsidiaries, engages in the mining, beneficiation, and smelting of base and rare metals in Asia, Africa, South America, and Europe.
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CMOC Group Limited, together with its subsidiaries, engages in the mining, beneficiation, and smelting of base and rare metals in Asia, Africa, South America, and Europe. It operates through Molybdenum and Tungsten Related Products; Niobium and Phosphorus Related Products; Copper-Cobalt Related Products; Mineral and Metal Trade; Refined Metals Trade; and Others segments. The company offers copper, gold, cobalt, molybdenum, tungsten, and niobium; and phosphate fertilizer. It also engages in trading in base metals, and molybdenum and tungstenic products; selection, processing, refining, and sale of mineral products; import and export of goods and technology; consulting; asset and investment management; enterprise operation and management; technology services; logistics transportation; technical services and software development; and hotel operation activities. The company was formerly known as China Molybdenum Co., Ltd. and changed its name to CMOC Group Limited in June 2022. CMOC Group Limited was founded in 1969 and is based in Luoyang, the People's Republic of China.
Stock analysis
China Molybdenum Co Ltd Class A (603993) currently trades at ¥17.51, while our model-based Fair Value estimate is ¥18.88, implying the stock looks roughly 7.3% fairly valued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ¥30.33 per share, and 18 of the 26 models we run sit above the ¥17.51 price.
Bear case: the Asset-Based group reads lowest at ¥2.58, and 8 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: ¥12.11 (bear) to ¥39.43 (bull), the price of ¥17.51 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
China Molybdenum Co Ltd Class A reported revenue of 207B CNY in FY2025 versus 174B CNY in FY2021, a compound +4.4%/yr. Reported net income was 20.3B CNY in FY2025, compounding +41.3%/yr from FY2021.
Key figures
Market cap 375B CNY (≈ $56.1B) · P/E ratio 18.9 · P/S ratio 1.86 · EPS (TTM) ¥0.9500 · Dividend yield 1.6% · Net margin 9.8% · Return on equity 28.8% · Return on assets (EBIT) 11.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 39% below its 52-week high and 136% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −31% fair-value upside, at 8%, 603993 screens cheaper than that median.
Fair Value models
Bear ¥12.11Fair Value ¥18.88Bull ¥39.43
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (¥0.4821 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.87/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−3.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.8%
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.9%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+52.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+50.8%
Dividend (yield on the price)1.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.55% vs 32%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.3% → 21%
2025 sits 150% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.4%
Yearly sales growth analysts expect, extended to five years.
Compare China Molybdenum Co Ltd Class A with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Other Industrial Metals & Mining · 465 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score64 · Top 25%
Fair Value upside−13% · Above median
Profitability
Return on equity (TTM)29% · Top 25%
Return on assets15% · Top 25%
Net margin (TTM)11% · Above median
Operating margin (TTM)20% · Top 25%
Growth and dividend
Revenue growth44% · Above median
Dividend yield (TTM)1.6% · Above median
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Other Industrial Metals & Mining median · lower = cheaper
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Cite: Fair Value Calculator (2026). "China Molybdenum Co Ltd Class A Fair Value". https://www.fairvalue-calculator.com/stock/603993
Frequently asked questions
Is China Molybdenum Co Ltd Class A (603993) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of ¥18.88 versus a price of ¥17.51, about +8% upside (fairly valued).
What is the fair value of 603993?
Our model-based fair value for China Molybdenum Co Ltd Class A is ¥18.88 (as of Sep 18, 2026), built from audited fundamentals. The current price: ¥17.51.
What is the quality score of 603993?
China Molybdenum Co Ltd Class A has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for China Molybdenum Co Ltd Class A (603993)?
Our model-based price target is the fair value of ¥18.88 (as of Sep 18, 2026) from 26 valuation models. Cautious scenario ¥12.11, optimistic scenario ¥39.43. It is a calculation from audited fundamentals, not an analyst target.
What is the China Molybdenum Co Ltd Class A stock forecast for 2026?
Our models put fair value at ¥18.88, about +8% upside versus a price of ¥17.51 (fairly valued). Cautious scenario ¥12.11, optimistic scenario ¥39.43. The calculation is refreshed regularly with new filings.
What is the revenue of China Molybdenum Co Ltd Class A (603993)?
China Molybdenum Co Ltd Class A reported trailing-twelve-month revenue of about 227B CNY (latest available figure, as of Sep 18, 2026).
Does China Molybdenum Co Ltd Class A pay a dividend?
China Molybdenum Co Ltd Class A currently shows a dividend yield of about 1.63% relative to its recent price (as of Sep 18, 2026).
What growth is priced into China Molybdenum Co Ltd Class A (603993)?
For today's price to be fair in a discounted-cash-flow model, China Molybdenum Co Ltd Class A would have to grow free cash flow by +15.0 % per year for five years (discount rate 10.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.8 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of 603993 use?
Our models discount China Molybdenum Co Ltd Class A at 10.0 %: a base by market capitalisation (large), damped by beta 1.03, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For China Molybdenum Co Ltd Class A that is +15.0 % per year a year over ten years, using the same discount rate (10.0 %) and the same formula as our fair value.
How much growth has China Molybdenum Co Ltd Class A (603993) delivered so far?
Over the past 5 years revenue at China Molybdenum Co Ltd Class A grew +12.8 % a year. The price currently implies +15.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of China Molybdenum Co Ltd Class A (603993) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into China Molybdenum Co Ltd Class A (+15.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of China Molybdenum Co Ltd Class A (603993)?
The free-cash-flow yield on the price is 3.70 %: that much free cash flow China Molybdenum Co Ltd Class A produces per unit of market value. When it exceeds the discount rate of our models (10.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of China Molybdenum Co Ltd Class A (603993)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China Molybdenum Co Ltd Class A it is ¥18.88 per share (as of Sep 18, 2026), against a price of ¥17.51. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is China Molybdenum Co Ltd Class A stock overvalued or undervalued in 2026?
As of Sep 18, 2026, 603993 trades below its calculated fair value: price ¥17.51, fair value ¥18.88, a gap of about +8% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 603993?
No. The price is what the market pays today (¥17.51); the fair value is what the company's own numbers justify (¥18.88). For China Molybdenum Co Ltd Class A the two are ¥1.37 per share apart. That gap is exactly why we show both numbers side by side.
How much is China Molybdenum Co Ltd Class A worth?
The market values China Molybdenum Co Ltd Class A at about 375B CNY (market capitalisation, as of Sep 18, 2026). Per share that is ¥17.51; our models calculate a fair value of ¥18.88 per share.
What do the bullish and bearish scenarios say about 603993?
Our models span a range for China Molybdenum Co Ltd Class A: cautious scenario ¥12.11, base ¥18.88, optimistic ¥39.43 per share (as of Sep 18, 2026, price ¥17.51). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 603993?
China Molybdenum Co Ltd Class A trades at a price-to-earnings ratio of 18.9 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥18.88 is built from several models across several years. Other multiples: P/B 4.7, P/S 1.7, EV/EBITDA 6.5.
How solid is the balance sheet of China Molybdenum Co Ltd Class A (603993)?
Balance-sheet figures for China Molybdenum Co Ltd Class A (as of Sep 18, 2026): return on equity 28.8%, debt of 0.01 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 603993 from its 52-week high?
China Molybdenum Co Ltd Class A trades at ¥17.51, about 39% below its 52-week high of ¥28.78 and 136% above the low of ¥7.42 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of ¥18.88 is for.
Which stocks are comparable to China Molybdenum Co Ltd Class A?
From the same area (Basic Materials) we also value BHP Group, Vale S.A, Saudi Arabian Mining Company, CMOC Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is China Molybdenum Co Ltd Class A stock attractive at the current price?
The data as of Sep 18, 2026: price ¥17.51, calculated fair value ¥18.88 (+8%), Quality Score 64/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 603993 calculated?
We run China Molybdenum Co Ltd Class A through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥18.88, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. China Molybdenum Co Ltd Class A currently trades 8 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of China Molybdenum Co Ltd Class A (603993)?
The closing price on Sep 18, 2026 was ¥17.51. Our model-based fair value is ¥18.88, about +8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China Molybdenum Co Ltd Class A right now?
The model range is unusually wide (¥12.11 to ¥39.43). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Where does the earnings growth of China Molybdenum Co Ltd Class A (603993) come from?
Earnings per share at China Molybdenum Co Ltd Class A grew +26.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +42.9 %, EBIT margin −4.5 %, tax rate −3.7 %, residual (interest, one-offs) −3.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of China Molybdenum Co Ltd Class A
How large is the market capitalisation of China Molybdenum Co Ltd Class A (603993)?
The market capitalisation of China Molybdenum Co Ltd Class A is 375B CNY (≈ $56.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of China Molybdenum Co Ltd Class A (603993)?
The price-to-sales ratio of China Molybdenum Co Ltd Class A is 1.86 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of China Molybdenum Co Ltd Class A (603993)?
Earnings per share at China Molybdenum Co Ltd Class A are ¥0.9500 (price ÷ EPS = P/E 18.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of China Molybdenum Co Ltd Class A (603993)?
The dividend yield of China Molybdenum Co Ltd Class A is 1.6% (payout 30.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of China Molybdenum Co Ltd Class A (603993)?
The net margin of China Molybdenum Co Ltd Class A is 9.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of China Molybdenum Co Ltd Class A (603993)?
The return on equity (ROE) of China Molybdenum Co Ltd Class A is 28.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of China Molybdenum Co Ltd Class A (603993)?
On an EBIT basis the return on assets of China Molybdenum Co Ltd Class A is 11.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of China Molybdenum Co Ltd Class A (603993)?
The operating margin of China Molybdenum Co Ltd Class A is 19.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China Molybdenum Co Ltd Class A (603993)?
Revenue at China Molybdenum Co Ltd Class A is growing +44.3% versus a year earlier (3y avg +6.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at China Molybdenum Co Ltd Class A (603993)?
Earnings per share at China Molybdenum Co Ltd Class A are growing +100% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does China Molybdenum Co Ltd Class A (603993) hold?
China Molybdenum Co Ltd Class A holds more cash than debt, 377M CNY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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