Stock 600597 BRIGHT DAIRY & FOOD CO.,LTD
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Financials Bright Dairy & Food Co.,Ltd

Equities

600597

CNE000001C99

Food Processing

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
9.3 CNY +0.87% Intraday chart for Bright Dairy & Food Co.,Ltd +1.53% +6.53%
Apr. 28 Bright Dairy & Food Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Feb. 07 Modern Dairy, Bright Dairy See Minimal Impact from Extreme Weather MT

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 10,237 15,539 19,910 20,018 14,834 12,820 12,820 -
Enterprise Value (EV) 1 10,880 16,001 19,906 19,479 15,412 12,034 12,820 12,820
P/E ratio 29.9 x 31 x 32.5 x 30.3 x 41.4 x 12.5 x 17.3 x 15 x
Yield 1.2% 1.02% 0.98% 1.1% 0.74% 2.52% 8.98% 11.8%
Capitalization / Revenue 0.49 x 0.69 x 0.79 x 0.69 x 0.53 x 0.45 x 0.4 x 0.37 x
EV / Revenue 0.49 x 0.69 x 0.79 x 0.69 x 0.53 x 0.45 x 0.4 x 0.37 x
EV / EBITDA 5.99 x 7.96 x 9.31 x 14.2 x 9.6 x 5.82 x 5.2 x 4.61 x
EV / FCF -59,719,533 x 23,360,297 x 34,761,792 x 189,362,329 x -33,695,883 x - - -
FCF Yield -0% 0% 0% 0% -0% - - -
Price to Book 1.92 x 2.72 x 3.17 x 2.55 x 1.85 x 1.35 x 1.4 x 1.32 x
Nbr of stocks (in thousands) 1,224,488 1,224,488 1,224,488 1,378,641 1,378,641 1,378,474 1,378,474 -
Reference price 2 8.360 12.69 16.26 14.52 10.76 9.300 9.300 9.300
Announcement Date 3/25/19 4/20/20 3/29/21 3/28/22 3/20/23 4/28/24 - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 20,986 22,563 25,223 29,206 28,215 26,485 31,951 34,922
EBITDA 1 1,709 1,952 2,138 1,411 1,545 2,066 2,464 2,779
EBIT 1 878.5 1,135 1,196 656.9 541.2 891.5 1,094 1,304
Operating Margin 4.19% 5.03% 4.74% 2.25% 1.92% 3.37% 3.42% 3.73%
Earnings before Tax (EBT) 1 792.3 1,074 1,157 699.9 497.9 816.4 1,099 1,283
Net income 1 341.8 498.4 607.6 592.3 360.7 967.3 740.4 851.2
Net margin 1.63% 2.21% 2.41% 2.03% 1.28% 3.65% 2.32% 2.44%
EPS 2 0.2800 0.4100 0.5000 0.4800 0.2600 0.7000 0.5367 0.6200
Free Cash Flow -171.4 665.2 572.8 105.7 -440.2 - - -
FCF margin -0.82% 2.95% 2.27% 0.36% -1.56% - - -
FCF Conversion (EBITDA) - 34.07% 26.8% 7.49% - - - -
FCF Conversion (Net income) - 133.46% 94.27% 17.85% - - - -
Dividend per Share 2 0.1000 0.1300 0.1600 0.1600 0.0800 0.2200 0.8350 1.095
Announcement Date 3/25/19 4/20/20 3/29/21 3/28/22 3/20/23 4/28/24 - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S2 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 - 7,278 7,793 7,149 7,246 7,164 6,975 6,830 13,804 7,071 7,068 6,525 5,821 7,969 7,879 7,371 7,811
EBITDA - - - - - - - - - - - - - - - - -
EBIT 558.9 157 103.8 292.4 221.7 263.1 4.093 52.3 56.4 287.8 211.2 -135.7 - - - - -
Operating Margin - 2.16% 1.33% 4.09% 3.06% 3.67% 0.06% 0.77% 0.41% 4.07% 2.99% -2.08% - - - - -
Earnings before Tax (EBT) 546.7 - - 298.5 - - - - 13.23 - - - - - - - -
Net income 299.3 - - 147.3 - - - - 79.22 - - - - - - - -
Net margin - - - 2.06% - - - - 0.57% - - - - - - - -
EPS - 0.1300 0.1500 0.1200 0.1200 0.0800 0.0700 -0.0100 - 0.1400 0.1100 -0.0200 - - - - -
Dividend per Share - - - - - - - - - - - - - - - - -
Announcement Date 3/29/21 8/30/21 10/29/21 3/28/22 4/29/22 8/29/22 10/28/22 3/20/23 3/20/23 4/27/23 8/28/23 10/27/23 4/28/24 - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 643 463 - - 578 - - -
Net Cash position - - 4.09 539 - - - -
Leverage (Debt/EBITDA) 0.3764 x 0.2369 x - - 0.374 x - - -
Free Cash Flow -171 665 573 106 -440 - - -
ROE (net income / shareholders' equity) 6.28% 9.03% 10.2% 9.35% 4.57% 11.4% 7.18% 7.52%
ROA (Net income/ Total Assets) 1.96% 2.8% 3.2% 2.72% 1.51% 2.3% 2.78% 3.07%
Assets 1 17,419 17,788 18,975 21,809 23,951 29,163 26,680 27,756
Book Value Per Share 2 4.360 4.670 5.130 5.700 5.800 6.470 6.660 7.030
Cash Flow per Share 2 1.190 1.970 1.760 1.670 0.4800 1.060 1.590 1.580
Capex 1 1,625 1,745 1,586 1,953 1,107 372 1,459 1,515
Capex / Sales 7.74% 7.73% 6.29% 6.69% 3.92% 1.4% 4.57% 4.34%
Announcement Date 3/25/19 4/20/20 3/29/21 3/28/22 3/20/23 4/28/24 - -
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 Bright Dairy & Food Co.,Ltd

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
9.3 CNY
Average target price
11 CNY
Spread / Average Target
+18.28%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Dairy Products

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