Financials Want Want China Holdings Limited

Equities

151

KYG9431R1039

Food Processing

Market Closed - Hong Kong S.E. 04:08:20 2024-04-26 am EDT 5-day change 1st Jan Change
4.52 HKD +0.22% Intraday chart for Want Want China Holdings Limited +2.26% -4.24%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 69,408 63,735 59,347 69,761 52,496 49,422 - -
Enterprise Value (EV) 1 61,788 55,359 53,099 65,397 49,931 45,732 44,529 43,215
P/E ratio 20 x 17.5 x 14.5 x 16.7 x 15.6 x 12.8 x 11.9 x 11.2 x
Yield 4.23% 5.74% 2.78% 6.77% 1.47% 5.86% 6.47% 7.03%
Capitalization / Revenue 3.35 x 3.17 x 2.7 x 2.91 x 2.29 x 2.06 x 1.97 x 1.89 x
EV / Revenue 2.98 x 2.75 x 2.41 x 2.73 x 2.18 x 1.9 x 1.77 x 1.65 x
EV / EBITDA 11.4 x 9.69 x 7.95 x 10.5 x 8.64 x 7.2 x 6.65 x 6.21 x
EV / FCF 15.6 x 12.2 x 10.4 x 18.8 x 13.5 x 10.4 x 9.64 x 9.08 x
FCF Yield 6.43% 8.22% 9.6% 5.33% 7.39% 9.62% 10.4% 11%
Price to Book 4.53 x 4.15 x 4.05 x 4.21 x 3.59 x 3.13 x 2.9 x 2.79 x
Nbr of stocks (in thousands) 12,449,287 12,415,184 12,076,924 11,899,528 11,882,083 11,811,945 - -
Reference price 2 5.575 5.134 4.914 5.862 4.418 4.184 4.184 4.184
Announcement Date 6/18/19 6/16/20 6/22/21 6/28/22 6/27/23 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 20,712 20,095 21,998 23,985 22,928 24,026 25,092 26,146
EBITDA 1 5,440 5,712 6,678 6,253 5,779 6,347 6,699 6,964
EBIT 1 4,586 4,806 5,736 5,457 4,847 5,460 5,805 6,099
Operating Margin 22.14% 23.92% 26.08% 22.75% 21.14% 22.73% 23.13% 23.33%
Earnings before Tax (EBT) 1 4,806 5,049 5,995 5,734 4,780 5,424 5,820 6,121
Net income 1 3,477 3,649 4,158 4,203 3,372 3,880 4,179 4,419
Net margin 16.79% 18.16% 18.9% 17.52% 14.7% 16.15% 16.65% 16.9%
EPS 2 0.2793 0.2938 0.3383 0.3516 0.2835 0.3263 0.3514 0.3741
Free Cash Flow 1 3,971 4,549 5,098 3,487 3,687 4,401 4,617 4,760
FCF margin 19.17% 22.64% 23.18% 14.54% 16.08% 18.32% 18.4% 18.21%
FCF Conversion (EBITDA) 73% 79.64% 76.35% 55.77% 63.8% 69.34% 68.93% 68.35%
FCF Conversion (Net income) 114.23% 124.66% 122.62% 82.98% 109.37% 113.43% 110.5% 107.73%
Dividend per Share 2 0.2361 0.2948 0.1368 0.3966 0.0648 0.2450 0.2709 0.2939
Announcement Date 6/18/19 6/16/20 6/22/21 6/28/22 6/27/23 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2
Net sales 1 11,699 11,383 12,602 10,833 12,095 11,275 12,717
EBITDA 1 - - - - 3,239 - 3,291
EBIT 1 3,201 - 2,676 2,072 2,775 2,476 3,029
Operating Margin 27.36% - 21.24% 19.13% 22.94% 21.96% 23.82%
Earnings before Tax (EBT) 1 3,291 - 2,852 2,150 2,630 2,367 2,989
Net income 1 2,205 2,090 2,113 1,596 1,776 1,732 2,113
Net margin 18.85% 18.36% 16.76% 14.73% 14.68% 15.36% 16.62%
EPS 2 - - 0.1784 0.1341 0.1494 0.1458 0.1900
Dividend per Share - - - - 0.0648 - -
Announcement Date 6/22/21 11/30/21 6/28/22 11/29/22 6/27/23 11/28/23 -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: Marzo 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 7,620 8,376 6,248 4,364 2,565 3,690 4,892 6,207
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 3,971 4,549 5,098 3,487 3,687 4,401 4,617 4,760
ROE (net income / shareholders' equity) 23.3% 23.7% 27.6% 27% 21.6% 25.1% 25.3% 25.6%
ROA (Net income/ Total Assets) 12.3% 12.2% 13.6% 13.8% 12.1% 14.3% 14.7% 15%
Assets 1 28,260 29,850 30,534 30,454 27,916 27,157 28,521 29,528
Book Value Per Share 2 1.230 1.240 1.210 1.390 1.230 1.340 1.440 1.500
Cash Flow per Share 2 0.3500 0.3900 0.4400 0.3300 0.3500 0.4100 0.4000 0.4500
Capex 1 382 296 317 423 531 509 493 514
Capex / Sales 1.84% 1.47% 1.44% 1.76% 2.32% 2.12% 1.96% 1.97%
Announcement Date 6/18/19 6/16/20 6/22/21 6/28/22 6/27/23 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
4.184 CNY
Average target price
5.124 CNY
Spread / Average Target
+22.47%
Consensus
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