Financials Dazzle Fashion Co., Ltd

Equities

603587

CNE100003FG5

Apparel & Accessories

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-06-10 pm EDT			5-day change	1st Jan Change
12.53 ^CNY	+0.24%		-0.48%	-4.42%

Apr. 25	Dazzle Fashion Co., Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 25	Dazzle Fashion 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	10,177	9,171	9,122	7,264	6,162	5,964	-	-
Enterprise Value (EV) ¹	10,177	9,171	9,122	7,264	6,162	5,964	5,964	5,964
P/E ratio	16.3 x	14.6 x	13.3 x	19 x	12.6 x	11.6 x	10.4 x	9.33 x
Yield	3.94%	-	5.22%	4.6%	6.1%	6.38%	7.1%	7.82%
Capitalization / Revenue	4.28 x	3.58 x	3.15 x	3.03 x	2.33 x	2.16 x	1.98 x	1.82 x
EV / Revenue	4.28 x	3.58 x	3.15 x	3.03 x	2.33 x	2.16 x	1.98 x	1.82 x
EV / EBITDA	-	10.5 x	9.98 x	14.3 x	8.28 x	7.77 x	7.68 x	6.7 x
EV / FCF	-	-	11 x	15.5 x	9.42 x	8.64 x	11 x	9.91 x
FCF Yield	-	-	9.13%	6.43%	10.6%	11.6%	9.07%	10.1%
Price to Book	3.08 x	2.67 x	2.45 x	2.03 x	1.67 x	1.53 x	1.45 x	1.36 x
Nbr of stocks (in thousands)	481,200	480,908	476,102	477,279	470,040	475,996	-	-
Reference price ²	21.15	19.07	19.16	15.22	13.11	12.53	12.53	12.53
Announcement Date	4/7/20	4/27/21	4/27/22	4/27/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,378	2,564	2,898	2,400	2,649	2,761	3,015	3,280
EBITDA ¹	-	873.1	914.4	509	744.1	767.5	776.6	890.5
EBIT ¹	801.7	797.1	871	433.3	668.6	688.2	770.6	862.5
Operating Margin	33.71%	31.09%	30.06%	18.05%	25.24%	24.93%	25.56%	26.3%
Earnings before Tax (EBT) ¹	847.5	850.7	910.4	498.4	666	691.2	772.2	859.8
Net income ¹	624.4	629.9	689.5	384.5	493.6	515.8	574.6	640.7
Net margin	26.25%	24.56%	23.79%	16.02%	18.64%	18.68%	19.06%	19.53%
EPS ²	1.300	1.310	1.440	0.8000	1.040	1.083	1.203	1.343
Free Cash Flow ¹	-	-	833	467.2	654.2	690	541	602
FCF margin	-	-	28.75%	19.47%	24.7%	24.99%	17.94%	18.36%
FCF Conversion (EBITDA)	-	-	91.1%	91.8%	87.92%	89.9%	69.67%	67.6%
FCF Conversion (Net income)	-	-	120.82%	121.51%	132.53%	133.77%	94.15%	93.97%
Dividend per Share ²	0.8333	-	1.000	0.7000	0.8000	0.8000	0.8900	0.9800
Announcement Date	4/7/20	4/27/21	4/27/22	4/27/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 S1
Net sales ¹	1,248
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income ¹	306.7
Net margin	24.59%
EPS	-
Dividend per Share	-
Announcement Date	8/25/23

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	833	467	654	690	541	602
ROE (net income / shareholders' equity)	19.7%	18.7%	19%	10.3%	13.4%	13.2%	13.9%	14.6%
ROA (Net income/ Total Assets)	16.7%	15.7%	15.7%	8.5%	-	10.8%	11.3%	11.7%
Assets ¹	3,747	4,012	4,395	4,526	-	4,794	5,098	5,457
Book Value Per Share ²	6.880	7.150	7.810	7.500	7.850	8.210	8.660	9.240
Cash Flow per Share ²	1.510	1.500	1.820	1.030	1.470	1.330	0.8800	1.430
Capex ¹	208	54	40.8	29.1	48.8	35	35	35
Capex / Sales	8.75%	2.1%	1.41%	1.21%	1.84%	1.27%	1.16%	1.07%
Announcement Date	4/7/20	4/27/21	4/27/22	4/27/23	4/25/24	-	-	-

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 Dazzle Fashion Co., Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

12.53 CNY

Average target price

16 CNY

Spread / Average Target

+27.73%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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