Financials Shede Spirits Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-12 pm EDT			5-day change	1st Jan Change
74.49 ^CNY	-2.17%		-4.94%	-22.97%

Apr. 25	Shede Spirits Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 02	Tranche Update on Shede Spirits Co., Ltd.'s Equity Buyback Plan announced on February 7, 2024.	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,775	28,420	75,480	53,038	32,218	24,818	-	-
Enterprise Value (EV) ¹	9,775	28,420	75,480	53,038	32,218	24,818	24,818	24,818
P/E ratio	19.7 x	49 x	60.5 x	31.3 x	18.1 x	12.6 x	10.6 x	9.31 x
Yield	-	-	0.35%	0.5%	2.22%	2.6%	3.08%	2.23%
Capitalization / Revenue	3.69 x	10.5 x	15.2 x	8.76 x	4.55 x	3.13 x	2.71 x	2.39 x
EV / Revenue	3.69 x	10.5 x	15.2 x	8.76 x	4.55 x	3.13 x	2.71 x	2.39 x
EV / EBITDA	12.5 x	32.8 x	41.8 x	22.5 x	13.1 x	8.78 x	7.42 x	6.5 x
EV / FCF	-	-	37.3 x	116 x	-208 x	16.6 x	29.1 x	21.4 x
FCF Yield	-	-	2.68%	0.86%	-0.48%	6.02%	3.44%	4.67%
Price to Book	3.33 x	8.02 x	15.7 x	8.38 x	4.45 x	2.82 x	2.34 x	1.96 x
Nbr of stocks (in thousands)	325,713	332,636	332,071	333,196	333,177	333,168	-	-
Reference price ²	30.01	85.44	227.3	159.2	96.70	74.49	74.49	74.49
Announcement Date	4/25/20	4/28/21	2/17/22	3/21/23	3/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,650	2,704	4,969	6,056	7,081	7,937	9,154	10,403
EBITDA ¹	779.1	866.7	1,806	2,358	2,461	2,827	3,345	3,815
EBIT ¹	712	768.3	1,674	2,236	2,304	2,628	3,093	3,516
Operating Margin	26.87%	28.42%	33.69%	36.92%	32.54%	33.11%	33.79%	33.8%
Earnings before Tax (EBT) ¹	707	800.9	1,685	2,246	2,330	2,615	3,093	3,528
Net income ¹	507.9	581.1	1,246	1,685	1,771	1,974	2,335	2,665
Net margin	19.17%	21.49%	25.07%	27.83%	25.02%	24.88%	25.51%	25.62%
EPS ²	1.522	1.745	3.760	5.089	5.346	5.927	7.009	8.000
Free Cash Flow ¹	-	-	2,023	458.8	-154.6	1,495	854	1,158
FCF margin	-	-	40.72%	7.58%	-2.18%	18.84%	9.33%	11.13%
FCF Conversion (EBITDA)	-	-	112.01%	19.46%	-	52.88%	25.53%	30.35%
FCF Conversion (Net income)	-	-	162.43%	27.22%	-	75.72%	36.57%	43.45%
Dividend per Share ²	-	-	0.8000	0.8000	2.150	1.936	2.292	1.660
Announcement Date	4/25/20	4/28/21	2/17/22	3/21/23	3/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	2,023	459	-155	1,495	854	1,158
ROE (net income / shareholders' equity)	18.1%	17.4%	29.3%	30.7%	25.8%	22.7%	22.1%	21%
ROA (Net income/ Total Assets)	9.57%	-	17.1%	18.8%	-	15.3%	15.2%	14.6%
Assets ¹	5,309	-	7,274	8,946	-	12,899	15,395	18,201
Book Value Per Share ²	9.010	10.60	14.40	19.00	21.70	26.40	31.80	38.00
Cash Flow per Share ²	1.980	2.970	6.730	3.120	2.150	6.820	6.260	7.990
Capex ¹	179	-	205	582	870	582	685	897
Capex / Sales	6.74%	-	4.13%	9.62%	12.29%	7.33%	7.49%	8.62%
Announcement Date	4/25/20	4/28/21	2/17/22	3/21/23	3/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

74.49 CNY

Average target price

122.8 CNY

Spread / Average Target

+64.84%

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