Financials Emei Shan Tourism Co.,Ltd

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
12.71 ^CNY	+1.84%		-10.81%	+42.33%

Apr. 24	Emei Shan Tourism Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 17	Emei Shan Tourism Inks Cooperation Agreement With CNPC Branch	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,457	3,161	3,478	4,990	4,705	6,697	-	-
Enterprise Value (EV) ¹	2,490	2,808	3,478	4,990	4,705	6,697	6,697	6,697
P/E ratio	15.3 x	-82.1 x	192 x	-34.2 x	20.7 x	24.4 x	22 x	20.1 x
Yield	1.52%	-	0.91%	-	2.24%	1.26%	1.42%	1.57%
Capitalization / Revenue	3.12 x	6.77 x	5.53 x	11.6 x	4.5 x	6.02 x	5.53 x	5.1 x
EV / Revenue	3.12 x	6.77 x	5.53 x	11.6 x	4.5 x	6.02 x	5.53 x	5.1 x
EV / EBITDA	8.39 x	36.6 x	20.9 x	-	16.1 x	14.7 x	13.7 x	12.8 x
EV / FCF	-	-	34 x	-38.9 x	12 x	12.8 x	36.2 x	16.3 x
FCF Yield	-	-	2.94%	-2.57%	8.3%	7.79%	2.76%	6.14%
Price to Book	1.36 x	1.31 x	1.43 x	2.21 x	1.89 x	2.48 x	2.29 x	2.11 x
Nbr of stocks (in thousands)	526,913	526,913	526,913	526,913	526,913	526,913	-	-
Reference price ²	6.560	6.000	6.600	9.470	8.930	12.71	12.71	12.71
Announcement Date	4/15/20	4/14/21	4/27/22	4/27/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,108	467.3	628.7	431.1	1,045	1,112	1,210	1,312
EBITDA ¹	412	86.49	166.7	-	291.7	454.1	489.3	523.1
EBIT ¹	268.6	-78.2	-8.02	-197.2	134.9	311.1	358	405.1
Operating Margin	24.25%	-16.74%	-1.28%	-45.75%	12.91%	27.99%	29.58%	30.87%
Earnings before Tax (EBT) ¹	268.6	-81.2	-8.304	-201.1	135	313.1	360.2	407.5
Net income ¹	226.2	-38.52	18.08	-145.8	227.6	273.6	304.1	335.6
Net margin	20.42%	-8.24%	2.88%	-33.83%	21.79%	24.62%	25.13%	25.58%
EPS ²	0.4292	-0.0731	0.0343	-0.2768	0.4320	0.5200	0.5775	0.6333
Free Cash Flow ¹	-	-	102.3	-128.4	390.6	522	185	411
FCF margin	-	-	16.28%	-29.79%	37.39%	46.96%	15.29%	31.33%
FCF Conversion (EBITDA)	-	-	61.41%	-	133.91%	114.96%	37.81%	78.56%
FCF Conversion (Net income)	-	-	565.92%	-	171.61%	190.75%	60.84%	122.48%
Dividend per Share ²	0.1000	-	0.0600	-	0.2000	0.1600	0.1800	0.2000
Announcement Date	4/15/20	4/14/21	4/27/22	4/27/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	966	354	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	102	-128	391	522	185	411
ROE (net income / shareholders' equity)	9.27%	-1.55%	0.74%	-6.2%	9.58%	10.3%	10.5%	10.6%
ROA (Net income/ Total Assets)	7.6%	-1.18%	0.52%	-	-	8.19%	8.83%	9.42%
Assets ¹	2,975	3,262	3,469	-	-	3,341	3,444	3,562
Book Value Per Share ²	4.810	4.600	4.630	4.290	4.730	5.130	5.550	6.020
Cash Flow per Share ²	0.7500	-0.0200	0.3700	-	0.9000	0.9800	0.8500	0.9500
Capex ¹	57.2	62	93.7	116	83.3	13.2	98.2	90.1
Capex / Sales	5.17%	13.27%	14.9%	26.84%	7.98%	1.19%	8.12%	6.87%
Announcement Date	4/15/20	4/14/21	4/27/22	4/27/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

12.71 CNY

Average target price

11.3 CNY

Spread / Average Target

-11.09%

	1st Jan change	Capi.
EMEI SHAN TOURISM CO.,LTD	+42.33%	924M
TUI AG	-4.45%	3.66B
MANCHESTER UNITED PLC	-21.15%	2.65B
BOWLERO CORP.	-17.30%	1.75B
ROUND ONE CORPORATION	+24.91%	1.19B
FUJI KYUKO CO., LTD.	-18.25%	1.16B
HUANGSHAN TOURISM DEVELOPMENT CO.,LTD.	+17.10%	1.08B
CHINA TRAVEL INTERNATIONAL INVESTMENT HONG KONG LIMITED	-5.97%	891M
CORPORACIÓN INTERAMERICANA DE ENTRETENIMIENTO, S.A.B. DE C.V.	+5.46%	787M
LIJIANG YULONG TOURISM CO., LTD.	+25.09%	767M