Financials Lee & Man Paper Manufacturing Limited BOERSE MUENCHEN

Equities

LMP

KYG5427W1309

Paper Packaging

Market Closed - BOERSE MUENCHEN Other stock markets 03:43:55 2024-06-14 pm EDT			5-day change	1st Jan Change
0.282 ^EUR	0.00%		0.00%	+13.71%

Jun. 06	Lee & Man Paper Manufacturing Limited commences an Equity Buyback Plan for 429,532,100 shares, representing 10% of its issued share capital, under the authorization approved on May 9, 2024.	CI
May. 29	Lee & Man Paper Fully Redeems Perpetual Securities	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	25,764	27,601	23,478	14,825	9,867	10,308	-	-
Enterprise Value (EV) ¹	35,234	37,817	35,697	29,354	27,643	28,441	28,583	28,626
P/E ratio	7.98 x	7.84 x	7.54 x	12.5 x	9.39 x	7.18 x	6.13 x	5.58 x
Yield	4.41%	4.72%	4.8%	2.85%	3.76%	4.91%	5.77%	6.29%
Capitalization / Revenue	0.95 x	1.07 x	0.72 x	0.51 x	0.4 x	0.39 x	0.38 x	0.36 x
EV / Revenue	1.3 x	1.46 x	1.1 x	1.01 x	1.11 x	1.08 x	1.04 x	1.01 x
EV / EBITDA	7.55 x	7.23 x	7.63 x	9.74 x	8.94 x	7.66 x	7.04 x	7.3 x
EV / FCF	24.5 x	62.8 x	-69.6 x	-29.1 x	-10 x	-28.9 x	-5,695 x	145 x
FCF Yield	4.09%	1.59%	-1.44%	-3.43%	-9.95%	-3.46%	-0.02%	0.69%
Price to Book	1.09 x	0.97 x	0.7 x	0.52 x	0.34 x	0.36 x	0.35 x	0.33 x
Nbr of stocks (in thousands)	4,366,808	4,346,642	4,331,659	4,309,565	4,308,808	4,295,000	-	-
Reference price ²	5.900	6.350	5.420	3.440	2.290	2.400	2.400	2.400
Announcement Date	3/5/20	3/2/21	3/7/22	3/1/23	3/8/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	27,144	25,868	32,511	29,170	24,937	26,237	27,461	28,261
EBITDA ¹	4,666	5,232	4,680	3,014	3,094	3,712	4,061	3,922
EBIT ¹	3,318	4,501	3,130	1,586	1,710	2,211	2,404	2,667
Operating Margin	12.22%	17.4%	9.63%	5.44%	6.86%	8.43%	8.75%	9.44%
Earnings before Tax (EBT) ¹	4,020	4,321	3,794	1,459	1,412	1,851	2,163	2,419
Net income ¹	3,236	3,524	3,123	1,185	1,051	1,405	1,603	1,671
Net margin	11.92%	13.62%	9.61%	4.06%	4.21%	5.35%	5.84%	5.91%
EPS ²	0.7395	0.8099	0.7187	0.2746	0.2439	0.3342	0.3916	0.4298
Free Cash Flow ¹	1,440	602.5	-512.8	-1,008	-2,751	-984.8	-5.019	197.7
FCF margin	5.31%	2.33%	-1.58%	-3.46%	-11.03%	-3.75%	-0.02%	0.7%
FCF Conversion (EBITDA)	30.87%	11.52%	-	-	-	-	-	5.04%
FCF Conversion (Net income)	44.52%	17.1%	-	-	-	-	-	11.83%
Dividend per Share ²	0.2600	0.3000	0.2600	0.0980	0.0860	0.1178	0.1384	0.1509
Announcement Date	3/5/20	3/2/21	3/7/22	3/1/23	3/8/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	14,197	11,071	14,797	15,180	17,331	15,276	13,894	12,207	12,730	11,836	12,677	12,021	12,863
EBITDA	2,389	1,993	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,712	1,356	2,778	2,174	956.1	615.8	595.6	135.6	1,575	1,043	1,194	1,031	1,170
Operating Margin	12.06%	12.25%	18.77%	14.32%	5.52%	4.03%	4.29%	1.11%	12.37%	8.81%	9.42%	8.58%	9.09%
Earnings before Tax (EBT)	2,049	1,642	2,680	-	-	-	509	-	974.2	-	-	-	-
Net income	1,556	1,336	2,188	-	-	-	387.8	307.9	743	-	-	-	-
Net margin	10.96%	12.07%	14.78%	-	-	-	2.79%	2.52%	5.84%	-	-	-	-
EPS ²	0.3560	0.3068	0.5031	0.4454	0.2730	0.1846	0.0900	0.0715	0.1724	0.0900	0.1200	0.0900	0.1200
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/5/20	8/4/20	3/2/21	8/4/21	3/7/22	8/8/22	3/1/23	8/1/23	3/8/24	-	-	-	-

¹HKD in Million²HKD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,469	10,216	12,219	14,529	17,776	18,133	18,275	18,318
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.03 x	1.953 x	2.611 x	4.821 x	5.746 x	4.885 x	4.5 x	4.67 x
Free Cash Flow ¹	1,440	603	-513	-1,008	-2,751	-985	-5.02	198
ROE (net income / shareholders' equity)	13.8%	13.5%	9.74%	3.82%	3.66%	5.38%	6.29%	6.67%
ROA (Net income/ Total Assets)	7.5%	7.8%	6.29%	2.31%	2.01%	2.42%	2.77%	2.84%
Assets ¹	43,137	45,149	49,627	51,389	52,212	58,001	57,805	58,928
Book Value Per Share ²	5.430	6.530	7.710	6.640	6.670	6.660	6.930	7.180
Cash Flow per Share ²	1.130	0.9000	0.6400	0.8600	0.0400	0.4900	0.5200	0.5600
Capex ¹	3,516	3,320	3,305	3,996	2,902	2,917	2,917	2,917
Capex / Sales	12.95%	12.83%	10.16%	13.7%	11.64%	11.12%	10.62%	10.32%
Announcement Date	3/5/20	3/2/21	3/7/22	3/1/23	3/8/24	-	-	-

¹HKD in Million²HKD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Lee & Man Paper Manufacturing Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2.4 HKD

Average target price

3.09 HKD

Spread / Average Target

+28.75%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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