Financials Comefly Outdoor Co., Ltd.

Equities

603908

CNE100002YL8

Recreational Products

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-23 pm EDT			5-day change	1st Jan Change
33.1 ^CNY	-0.15%		-3.53%	-11.05%

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

Valuation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,552	2,768	4,059	2,472	2,207	-	-
Enterprise Value (EV) ¹	1,552	2,768	4,059	2,472	2,207	2,207	2,207
P/E ratio	33.7 x	35.5 x	28.8 x	23.1 x	16.4 x	13.1 x	12.1 x
Yield	-	2.17%	1.97%	3.22%	3.66%	3.49%	3.96%
Capitalization / Revenue	-	3 x	2.83 x	1.7 x	1.32 x	1.13 x	1.06 x
EV / Revenue	-	3 x	2.83 x	1.7 x	1.32 x	1.13 x	1.06 x
EV / EBITDA	-	27.4 x	22 x	16.5 x	10.1 x	8.16 x	7.31 x
EV / FCF	-	-40.5 x	-82.4 x	12.1 x	-88.3 x	19.5 x	14.1 x
FCF Yield	-	-2.47%	-1.21%	8.26%	-1.13%	5.12%	7.11%
Price to Book	-	5.91 x	7.6 x	4.37 x	3.52 x	3.41 x	2.81 x
Nbr of stocks (in thousands)	66,690	66,690	66,690	66,446	66,690	-	-
Reference price ²	23.27	41.50	60.86	37.21	33.10	33.10	33.10
Announcement Date	4/26/21	3/9/22	4/12/23	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	923.3	1,436	1,456	1,669	1,957	2,075
EBITDA ¹	-	101	184.1	150.2	218	270.7	302
EBIT ¹	-	93.37	174.4	137.7	169.3	211.2	230
Operating Margin	-	10.11%	12.14%	9.46%	10.15%	10.79%	11.08%
Earnings before Tax (EBT) ¹	-	93.47	175.7	137.1	169.3	211.1	229.5
Net income ¹	45.97	78.09	140.6	106.8	134	168.1	182.5
Net margin	-	8.46%	9.79%	7.34%	8.03%	8.59%	8.8%
EPS ²	0.6900	1.170	2.110	1.610	2.013	2.518	2.735
Free Cash Flow ¹	-	-68.33	-49.26	204.1	-25	113	157
FCF margin	-	-7.4%	-3.43%	14.02%	-1.5%	5.77%	7.57%
FCF Conversion (EBITDA)	-	-	-	135.93%	-	41.75%	51.99%
FCF Conversion (Net income)	-	-	-	191.15%	-	67.23%	86.03%
Dividend per Share ²	-	0.9000	1.200	1.200	1.210	1.155	1.310
Announcement Date	4/26/21	3/9/22	4/12/23	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 S1
Net sales ¹	860
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income ¹	97.01
Net margin	11.28%
EPS	-
Dividend per Share	-
Announcement Date	8/29/23

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-68.3	-49.3	204	-25	113	157
ROE (net income / shareholders' equity)	-	17.5%	28%	19.7%	21.7%	27.1%	23.3%
ROA (Net income/ Total Assets)	-	-	11.1%	-	9.3%	9.75%	11%
Assets ¹	-	-	1,271	-	1,441	1,724	1,659
Book Value Per Share ²	-	7.020	8.010	8.510	9.400	9.720	11.80
Cash Flow per Share ²	-	-0.8300	0.0200	4.180	0.9900	1.550	-
Capex ¹	-	13.6	50.8	74.5	64.5	51.5	34.5
Capex / Sales	-	1.47%	3.54%	5.12%	3.86%	2.63%	1.66%
Announcement Date	4/26/21	3/9/22	4/12/23	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 Comefly Outdoor Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

33.1 CNY

Average target price

39.55 CNY

Spread / Average Target

+19.49%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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Sporting & Outdoor Goods