Financials Anhui Kouzi Distillery Co., Ltd.

Equities

603589

CNE1000022S6

Distillers & Wineries

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-06-06 pm EDT			5-day change	1st Jan Change
40.86 ^CNY	-2.13%		-2.71%	-9.80%

Apr. 29	Anhui Kouzi Distillery Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 29	Anhui Kouzi Distillery Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	32,946	41,235	42,300	34,421	27,038	24,491	-	-
Enterprise Value (EV) ¹	32,946	39,731	40,422	34,421	25,526	24,491	24,491	24,491
P/E ratio	19.1 x	32.3 x	24.6 x	22.4 x	15.8 x	12.1 x	10.4 x	9.69 x
Yield	2.73%	1.74%	2.12%	2.6%	3.31%	4.16%	4.77%	5.54%
Capitalization / Revenue	7.05 x	10.3 x	8.41 x	6.7 x	4.54 x	3.61 x	3.16 x	2.92 x
EV / Revenue	7.05 x	10.3 x	8.41 x	6.7 x	4.54 x	3.61 x	3.16 x	2.92 x
EV / EBITDA	13.7 x	22.4 x	16.7 x	15.4 x	10.4 x	8.32 x	7.28 x	6.54 x
EV / FCF	-	361 x	166 x	79.9 x	42.5 x	11.1 x	14.6 x	12 x
FCF Yield	-	0.28%	0.6%	1.25%	2.35%	9.04%	6.85%	8.33%
Price to Book	4.7 x	5.71 x	5.15 x	3.89 x	2.79 x	2.27 x	1.95 x	1.85 x
Nbr of stocks (in thousands)	600,000	598,478	596,866	596,866	596,866	599,397	-	-
Reference price ²	54.91	68.90	70.87	57.67	45.30	40.86	40.86	40.86
Announcement Date	4/27/20	4/28/21	3/14/22	4/27/23	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,672	4,011	5,029	5,135	5,962	6,776	7,754	8,400
EBITDA ¹	2,413	1,841	2,536	2,242	2,596	2,944	3,363	3,747
EBIT ¹	2,278	1,687	2,361	2,101	2,326	2,705	3,182	3,412
Operating Margin	48.76%	42.06%	46.95%	40.91%	39.01%	39.92%	41.04%	40.62%
Earnings before Tax (EBT) ¹	2,272	1,670	2,365	2,102	2,328	2,707	3,186	3,420
Net income ¹	1,720	1,276	1,727	1,550	1,721	2,018	2,354	2,532
Net margin	36.82%	31.8%	34.34%	30.19%	28.87%	29.78%	30.36%	30.14%
EPS ²	2.870	2.130	2.880	2.580	2.870	3.365	3.925	4.218
Free Cash Flow ¹	-	114.3	254.7	430.9	635.6	2,214	1,678	2,040
FCF margin	-	2.85%	5.06%	8.39%	10.66%	32.67%	21.64%	24.28%
FCF Conversion (EBITDA)	-	6.21%	10.04%	19.22%	24.48%	75.2%	49.89%	54.44%
FCF Conversion (Net income)	-	8.96%	14.75%	27.8%	36.93%	109.71%	71.27%	80.57%
Dividend per Share ²	1.500	1.200	1.500	1.500	1.500	1.700	1.950	2.262
Announcement Date	4/27/20	4/28/21	3/14/22	4/27/23	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q4	2021 S2	2022 Q2	2022 S1	2023 S1	2023 S2
Net sales	2,243	1,400	2,786	-	-	-	3,049
EBITDA	-	-	-	-	-	-	-
EBIT ¹	-	830	1,435	337.4	-	-	-
Operating Margin	-	59.29%	51.53%	-	-	-	-
Earnings before Tax (EBT)	-	831.9	1,438	-	-	-	1,200
Net income	687.4	576.8	1,040	-	739.5	847.8	-
Net margin	30.65%	41.2%	37.32%	-	-	-	-
EPS	-	-	1.730	-	1.230	1.410	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	8/26/21	3/14/22	3/14/22	8/25/22	8/25/22	8/28/23	4/29/24

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	1,504	1,877	-	1,512	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	114	255	431	636	2,214	1,678	2,040
ROE (net income / shareholders' equity)	26.1%	18.1%	20.9%	18.2%	18.6%	18.4%	18.9%	19.1%
ROA (Net income/ Total Assets)	18.8%	13.2%	14.2%	13.7%	14.3%	14.7%	14.7%	15.4%
Assets ¹	9,172	9,654	12,126	11,283	12,020	13,745	16,006	16,434
Book Value Per Share ²	11.70	12.10	13.80	14.80	16.20	18.00	20.90	22.10
Cash Flow per Share ²	2.160	0.8300	1.310	1.380	1.520	3.470	3.630	4.340
Capex ¹	137	384	531	398	275	412	399	397
Capex / Sales	2.94%	9.58%	10.56%	7.75%	4.61%	6.08%	5.14%	4.72%
Announcement Date	4/27/20	4/28/21	3/14/22	4/27/23	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Anhui Kouzi Distillery Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

40.86 CNY

Average target price

56.91 CNY

Spread / Average Target

+39.28%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Distilleries