Stock 2689 NINE DRAGONS PAPER (HOLDINGS) LIMITED
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Financials Nine Dragons Paper (Holdings) Limited

Equities

2689

BMG653181005

Paper Packaging

Market Closed - Hong Kong S.E.
Other stock markets
 04:09:05 2024-06-07 am EDT 		5-day change 1st Jan Change
3.45 HKD +0.29% Intraday chart for Nine Dragons Paper (Holdings) Limited -15.44% -10.39%
May. 28 Nine Dragons Paper Plans Sale of US Dollar-Denominated Perpetual Securities MT
Feb. 29 Nine Dragons Paper Limited Appoints Zhang Lianru as Executive Director CI

Valuation

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 28,577 29,984 38,864 26,602 20,972 15,017 - -
Enterprise Value (EV) 1 51,393 50,676 62,906 61,146 67,396 68,729 67,384 64,858
P/E ratio 7.43 x 7.18 x 5.49 x 8.1 x -8.76 x 18.1 x 6.3 x 5.55 x
Yield 2.96% 3.44% 5.19% 1.76% - 0.82% 2.1% 2.71%
Capitalization / Revenue 0.52 x 0.58 x 0.63 x 0.41 x 0.37 x 0.24 x 0.21 x 0.2 x
EV / Revenue 0.94 x 0.99 x 1.02 x 0.95 x 1.19 x 1.1 x 0.95 x 0.88 x
EV / EBITDA 6.36 x 6.38 x 5.57 x 9.25 x 30.4 x 12.1 x 8.6 x 7.9 x
EV / FCF 18.2 x 12.2 x -17.8 x -6.38 x -6.26 x -8.55 x 56.9 x 29.9 x
FCF Yield 5.49% 8.2% -5.63% -15.7% -16% -11.7% 1.76% 3.34%
Price to Book 0.76 x 0.74 x 0.85 x 0.57 x 0.47 x 0.33 x 0.32 x 0.3 x
Nbr of stocks (in thousands) 4,692,221 4,692,221 4,692,221 4,692,221 4,692,221 4,692,221 - -
Reference price 2 6.090 6.390 8.283 5.669 4.470 3.200 3.200 3.200
Announcement Date 9/24/19 9/22/20 9/27/21 9/27/22 9/25/23 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 54,647 51,341 61,574 64,538 56,739 62,346 71,038 74,045
EBITDA 1 8,075 7,943 11,293 6,608 2,218 5,669 7,835 8,213
EBIT 1 5,873 5,562 8,542 3,587 -1,595 2,062 3,839 4,385
Operating Margin 10.75% 10.83% 13.87% 5.56% -2.81% 3.31% 5.4% 5.92%
Earnings before Tax (EBT) 1 4,826 5,296 8,476 3,373 -2,726 1,109 2,742 3,117
Net income 1 3,860 4,168 7,101 3,275 -2,383 819.9 2,361 2,689
Net margin 7.06% 8.12% 11.53% 5.08% -4.2% 1.32% 3.32% 3.63%
EPS 2 0.8200 0.8900 1.510 0.7000 -0.5100 0.1767 0.5080 0.5763
Free Cash Flow 1 2,822 4,155 -3,543 -9,591 -10,773 -8,038 1,184 2,168
FCF margin 5.16% 8.09% -5.75% -14.86% -18.99% -12.89% 1.67% 2.93%
FCF Conversion (EBITDA) 34.95% 52.31% - - - - 15.11% 26.4%
FCF Conversion (Net income) 73.12% 99.67% - - - - 50.14% 80.64%
Dividend per Share 2 0.1800 0.2200 0.4300 0.1000 - 0.0262 0.0673 0.0868
Announcement Date 9/24/19 9/22/20 9/27/21 9/27/22 9/25/23 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2 2026 S1
Net sales 1 28,836 22,505 30,887 30,687 34,471 30,067 31,198 25,541 30,611 26,102 35,745 28,183 37,655
EBITDA 4,613 3,330 - 5,062 4,137 - - - - - - - -
EBIT 1 3,471 2,473 - 3,608 2,888 698.8 -861.6 -733.6 1,243 1,243 2,540 1,397 2,671
Operating Margin 12.04% 10.99% - 11.76% 8.38% 2.32% -2.76% -2.87% 4.06% 4.76% 7.11% 4.96% 7.09%
Earnings before Tax (EBT) 2,902 2,393 - - 2,875 - -1,442 - - - - - -
Net income 2,279 1,890 - 3,099 2,775 - -1,389 - - - - - -
Net margin 7.9% 8.4% - 10.1% 8.05% - -4.45% - - - - - -
EPS 2 0.4900 0.4000 0.8500 0.6600 0.5900 0.1100 -0.3000 -0.2100 0.0600 0.1300 0.2300 0.0400 0.2600
Dividend per Share - - - - - - - - - - - - -
Announcement Date 2/24/20 9/22/20 2/22/21 9/27/21 2/22/22 9/27/22 2/22/23 9/25/23 2/27/24 - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 22,816 20,692 24,042 34,544 46,424 53,712 52,367 49,841
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.825 x 2.605 x 2.129 x 5.228 x 20.93 x 9.474 x 6.683 x 6.068 x
Free Cash Flow 1 2,822 4,155 -3,543 -9,591 -10,773 -8,038 1,184 2,169
ROE (net income / shareholders' equity) 10.9% 10.6% 16.5% 7.05% -5.2% 1.75% 4.93% 5.39%
ROA (Net income/ Total Assets) 5.08% 5.18% 8.28% 3.29% -1.05% 0.67% 2.07% 2.45%
Assets 1 76,053 80,545 85,746 99,628 227,732 122,984 114,263 109,765
Book Value Per Share 2 8.030 8.600 9.790 10.00 9.520 9.670 10.10 10.60
Cash Flow per Share 2 1.840 1.910 0.5400 0.6500 1.480 0.6500 1.230 1.300
Capex 1 5,815 4,794 6,060 12,621 17,698 13,002 5,430 4,532
Capex / Sales 10.64% 9.34% 9.84% 19.56% 31.19% 20.85% 7.64% 6.12%
Announcement Date 9/24/19 9/22/20 9/27/21 9/27/22 9/25/23 - - -
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 Nine Dragons Paper (Holdings) Limited

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
3.2 CNY
Average target price
4.231 CNY
Spread / Average Target
+32.21%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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