Financials Luzhou Laojiao Co.,Ltd

Equities

000568

CNE000000GF2

Distillers & Wineries

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
186.4 ^CNY	+3.58%		+6.11%	+3.90%

Apr. 26	Luzhou Laojiao Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 25	Yuexiu Services Group Chairman Resigns, Successor Named	MT

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	59,557	126,965	331,268	371,857	330,117	274,408	274,408	-
Enterprise Value (EV) ¹	50,189	119,702	323,704	362,420	318,617	249,730	250,446	242,225
P/E ratio	17.1 x	27.3 x	55.2 x	46.8 x	31.8 x	19.9 x	17.3 x	14.4 x
Yield	3.81%	1.83%	0.91%	1.28%	1.88%	3.01%	3.21%	3.89%
Capitalization / Revenue	4.56 x	8.03 x	19.9 x	18 x	13.1 x	8.74 x	7.44 x	6.32 x
EV / Revenue	3.84 x	7.57 x	19.4 x	17.6 x	12.7 x	8.26 x	6.79 x	5.58 x
EV / EBITDA	10.4 x	19 x	39.2 x	32.5 x	22 x	13.5 x	11.7 x	9.59 x
EV / FCF	17.7 x	444 x	116 x	63.3 x	43.7 x	27.1 x	17.4 x	13.8 x
FCF Yield	5.64%	0.23%	0.86%	1.58%	2.29%	3.69%	5.75%	7.23%
Price to Book	3.51 x	6.54 x	14.4 x	13.3 x	9.65 x	6.38 x	5.35 x	4.38 x
Nbr of stocks (in thousands)	1,464,752	1,464,752	1,464,752	1,464,752	1,471,895	1,471,988	1,471,988	-
Reference price ²	40.66	86.68	226.2	253.9	224.3	186.4	186.4	186.4
Announcement Date	4/25/19	4/28/20	3/29/21	3/11/22	4/28/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	13,055	15,817	16,653	20,642	25,124	30,233	36,870	43,424
EBITDA ¹	4,841	6,287	8,268	11,142	14,476	18,509	21,375	25,256
EBIT ¹	4,677	6,119	7,959	10,590	13,847	17,842	20,842	24,907
Operating Margin	35.82%	38.69%	47.8%	51.3%	55.12%	59.01%	56.53%	57.36%
Earnings before Tax (EBT) ¹	4,659	6,104	7,939	10,551	13,855	17,806	21,138	25,256
Net income ¹	3,486	4,642	6,006	7,956	10,365	13,246	15,838	18,926
Net margin	26.7%	29.35%	36.06%	38.54%	41.26%	43.81%	42.96%	43.58%
EPS ²	2.380	3.170	4.100	5.430	7.060	9.020	10.79	12.91
Free Cash Flow ¹	2,830	269.4	2,793	5,723	7,294	9,216	14,402	17,520
FCF margin	21.67%	1.7%	16.77%	27.72%	29.03%	30.48%	39.06%	40.35%
FCF Conversion (EBITDA)	58.45%	4.29%	33.78%	51.36%	50.39%	49.79%	67.38%	69.37%
FCF Conversion (Net income)	81.18%	5.8%	46.5%	71.93%	70.37%	69.58%	90.93%	92.57%
Dividend per Share ²	1.550	1.590	2.051	3.244	4.225	5.400	5.989	7.253
Announcement Date	4/25/19	4/28/20	3/29/21	3/11/22	4/28/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	4,313	4,793	6,532	11,325	6,312	5,352	5,860	7,599	7,610	6,983	7,350	8,291	9,272	8,005	8,779	11,330
EBITDA ¹	2,692	2,691	2,524	-	-	3,469	3,646	-	-	-	-	3,910	-	-	-	-
EBIT ¹	2,716	2,734	2,262	4,996	3,877	3,489	3,600	2,881	4,925	4,574	4,645	3,698	5,838	5,123	5,451	-
Operating Margin	62.97%	57.04%	34.62%	44.11%	61.42%	65.18%	61.43%	37.92%	64.72%	65.51%	63.2%	44.6%	62.97%	64%	62.09%	-
Earnings before Tax (EBT) ¹	2,729	2,691	2,247	4,939	-	3,494	3,603	2,877	-	4,577	4,658	3,641	-	-	-	-
Net income ¹	2,060	-	1,680	3,729	-	2,656	2,685	2,148	-	3,378	3,476	2,680	-	-	-	-
Net margin	47.75%	-	25.72%	32.93%	-	49.63%	45.82%	28.27%	-	48.37%	47.29%	32.33%	-	-	-	-
EPS ²	1.410	1.390	1.150	2.540	1.960	1.800	1.830	1.470	2.530	2.290	2.370	1.830	2.990	2.655	2.790	2.150
Dividend per Share ²	-	-	3.244	-	-	-	-	4.225	-	-	-	4.388	-	-	-	4.909
Announcement Date	8/27/21	10/28/21	3/11/22	3/11/22	4/28/22	8/28/22	10/27/22	4/28/23	4/28/23	8/28/23	10/30/23	4/26/24	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	9,367	7,263	7,565	9,437	11,500	14,374	23,962	32,183
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,830	269	2,793	5,723	7,294	9,216	14,402	17,520
ROE (net income / shareholders' equity)	21.8%	25.5%	28.3%	31.2%	33.3%	35.1%	32.9%	32.5%
ROA (Net income/ Total Assets)	16.5%	18%	18.8%	20.1%	-	22.5%	23.1%	23.6%
Assets ¹	21,180	25,763	31,968	39,640	-	58,276	68,599	80,077
Book Value Per Share ²	11.60	13.20	15.80	19.10	23.20	28.10	34.80	42.50
Cash Flow per Share ²	2.930	3.310	3.360	5.260	5.610	7.230	10.10	13.50
Capex ¹	1,468	4,572	2,123	1,976	969	1,432	1,622	1,617
Capex / Sales	11.25%	28.91%	12.75%	9.57%	3.86%	4.74%	4.4%	3.72%
Announcement Date	4/25/19	4/28/20	3/29/21	3/11/22	4/28/23	4/26/24	-	-

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 Luzhou Laojiao Co.,Ltd

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

186.4 CNY

Average target price

255.2 CNY

Spread / Average Target

+36.90%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Distilleries