LI NING COMPANY LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 21.1 HKD | +6.03% |
|
+26.05% | +0.96% |
| Apr. 24 | Tech Sector Galvanizes Asian Stock Markets | MT |
| Apr. 23 | Nomura Adjusts Li Ning’s Price Target to HK$30.40 From HK$33.20, Keeps at Buy | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 47,818 | 110,947 | 181,625 | 157,353 | 49,741 | 49,471 | - | - |
| Enterprise Value (EV) 1 | 41,856 | 103,504 | 166,880 | 149,971 | 44,297 | 42,462 | 40,505 | 38,463 |
| P/E ratio | 34.7 x | 66.3 x | 44 x | 38.8 x | 15.5 x | 14.8 x | 12.9 x | 11.5 x |
| Yield | 0.74% | 0.46% | 0.66% | 0.77% | 2.88% | 2.97% | 3.38% | 3.84% |
| Capitalization / Revenue | 3.45 x | 7.67 x | 8.05 x | 6.1 x | 1.8 x | 1.69 x | 1.56 x | 1.44 x |
| EV / Revenue | 3.02 x | 7.16 x | 7.39 x | 5.81 x | 1.61 x | 1.45 x | 1.28 x | 1.12 x |
| EV / EBITDA | 15.5 x | 31.4 x | 25.9 x | 22.9 x | 7.19 x | 7.2 x | 6.02 x | 5.15 x |
| EV / FCF | 14.6 x | 59.6 x | 38.8 x | 72 x | 16 x | 13.3 x | 10.6 x | 9.18 x |
| FCF Yield | 6.85% | 1.68% | 2.58% | 1.39% | 6.23% | 7.52% | 9.4% | 10.9% |
| Price to Book | 7.09 x | 12.7 x | 8.26 x | 6.36 x | 2.01 x | 1.93 x | 1.76 x | 1.6 x |
| Nbr of stocks (in thousands) | 2,291,526 | 2,473,177 | 2,611,654 | 2,629,762 | 2,618,482 | 2,532,869 | - | - |
| Reference price 2 | 20.87 | 44.86 | 69.54 | 59.84 | 19.00 | 19.53 | 19.53 | 19.53 |
| Announcement Date | 3/26/20 | 3/19/21 | 3/17/22 | 3/16/23 | 3/20/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 13,870 | 14,457 | 22,572 | 25,803 | 27,598 | 29,291 | 31,734 | 34,407 |
| EBITDA 1 | 2,708 | 3,292 | 6,436 | 6,542 | 6,157 | 5,900 | 6,728 | 7,465 |
| EBIT 1 | 1,543 | 2,196 | 5,136 | 4,887 | 3,559 | 3,967 | 4,594 | 5,136 |
| Operating Margin | 11.13% | 15.19% | 22.76% | 18.94% | 12.9% | 13.54% | 14.48% | 14.93% |
| Earnings before Tax (EBT) 1 | 1,857 | 2,248 | 5,328 | 5,415 | 4,256 | 4,552 | 5,235 | 5,870 |
| Net income 1 | 1,499 | 1,698 | 4,011 | 4,064 | 3,187 | 3,432 | 3,932 | 4,415 |
| Net margin | 10.81% | 11.75% | 17.77% | 15.75% | 11.55% | 11.72% | 12.39% | 12.83% |
| EPS 2 | 0.6013 | 0.6762 | 1.580 | 1.543 | 1.227 | 1.322 | 1.514 | 1.698 |
| Free Cash Flow 1 | 2,867 | 1,737 | 4,304 | 2,083 | 2,761 | 3,194 | 3,807 | 4,190 |
| FCF margin | 20.67% | 12.01% | 19.07% | 8.07% | 10% | 10.91% | 12% | 12.18% |
| FCF Conversion (EBITDA) | 105.9% | 52.75% | 66.87% | 31.84% | 44.84% | 54.14% | 56.58% | 56.13% |
| FCF Conversion (Net income) | 191.28% | 102.28% | 107.3% | 51.26% | 86.63% | 93.07% | 96.81% | 94.9% |
| Dividend per Share 2 | 0.1547 | 0.2046 | 0.4597 | 0.4627 | 0.5474 | 0.5808 | 0.6596 | 0.7496 |
| Announcement Date | 3/26/20 | 3/19/21 | 3/17/22 | 3/16/23 | 3/20/24 | - | - | - |
1CNY in Million2CNY
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 7,615 | 6,181 | 8,276 | 10,197 | 12,376 | 12,409 | 13,395 | 14,019 | 13,580 | 14,184 | 15,205 |
| EBITDA | - | - | 1,885 | - | 3,278 | - | - | - | - | - | - |
| EBIT 1 | - | - | 1,298 | 2,538 | 2,598 | 2,644 | 2,243 | 2,475 | 1,084 | 1,750 | 1,798 |
| Operating Margin | - | - | 15.68% | 24.89% | 20.99% | 21.3% | 16.75% | 17.66% | 7.98% | 12.34% | 11.82% |
| Earnings before Tax (EBT) | 876.2 | - | 1,341 | 2,625 | 2,703 | - | 2,496 | 2,801 | 1,455 | - | - |
| Net income | 704.1 | - | 1,015 | 1,962 | 2,049 | 2,189 | 1,875 | 2,121 | 1,066 | - | - |
| Net margin | 9.25% | - | 12.26% | 19.24% | 16.55% | 17.64% | 13.99% | 15.13% | 7.85% | - | - |
| EPS 2 | 0.2805 | 0.2730 | 0.4032 | 0.7796 | 0.8001 | 0.8300 | 0.7134 | 0.8034 | 0.4232 | 0.6400 | 0.6700 |
| Dividend per Share | 0.1547 | - | 0.2046 | - | - | - | - | - | - | - | - |
| Announcement Date | 3/26/20 | 8/13/20 | 3/19/21 | 8/13/21 | 3/17/22 | 8/11/22 | 3/16/23 | 8/11/23 | 3/20/24 | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 5,961 | 7,443 | 14,745 | 7,382 | 5,444 | 7,009 | 8,966 | 11,008 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 2,867 | 1,737 | 4,304 | 2,083 | 2,761 | 3,194 | 3,807 | 4,190 |
| ROE (net income / shareholders' equity) | 23.2% | 21.5% | 26.9% | 17.9% | 13.1% | 13.3% | 14% | 14.3% |
| ROA (Net income/ Total Assets) | 14.1% | 12.5% | 17.9% | 12.7% | 8.98% | 9.39% | 10% | 10.5% |
| Assets 1 | 10,637 | 13,584 | 22,434 | 31,961 | 35,497 | 36,546 | 39,217 | 41,977 |
| Book Value Per Share 2 | 2.940 | 3.540 | 8.420 | 9.410 | 9.440 | 10.10 | 11.10 | 12.20 |
| Cash Flow per Share 2 | 1.410 | 1.100 | 2.570 | 1.500 | 1.810 | 1.960 | 2.230 | 2.580 |
| Capex 1 | 636 | 594 | 1,761 | 1,830 | 1,927 | 2,353 | 1,825 | 1,799 |
| Capex / Sales | 4.59% | 4.11% | 7.8% | 7.09% | 6.98% | 8.03% | 5.75% | 5.23% |
| Announcement Date | 3/26/20 | 3/19/21 | 3/17/22 | 3/16/23 | 3/20/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
C-
Sell
Buy
Mean consensus
BUY
Number of Analysts
37
Last Close Price
19.53
CNY
Average target price
24.49
CNY
Spread / Average Target
+25.38%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +0.96% | 6.83B | |
| +7.99% | 422B | |
| +4.73% | 143B | |
| -28.67% | 45.92B | |
| +16.55% | 18.73B | |
| +15.45% | 10.64B | |
| +27.75% | 8.41B | |
| -9.08% | 6.41B | |
| +29.34% | 6.32B | |
| +10.13% | 5.94B |
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- Financials Li Ning Company Limited
