Financials Mango Excellent Media Co., Ltd.

Equities

300413

CNE100001Y83

Entertainment Production

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
23.04 ^CNY	+2.54%		-2.12%	-8.57%

Apr. 22	Mango Excellent Media to Apply for 12.2 Billion Yuan for 2024	MT
Apr. 22	Jefferies Adjusts Mango Excellent’s Price Target to 32 Yuan From 42 Yuan, Keeps at Buy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	62,242	129,077	107,043	56,159	47,142	43,101	-	-
Enterprise Value (EV) ¹	57,528	123,781	100,151	47,581	35,357	31,301	28,810	28,717
P/E ratio	53 x	65.3 x	48.9 x	30.6 x	13.2 x	21.4 x	17.3 x	17.4 x
Yield	0.29%	0.18%	0.23%	0.43%	0.71%	0.5%	0.75%	0.91%
Capitalization / Revenue	4.98 x	9.22 x	6.97 x	4.1 x	3.22 x	2.7 x	2.43 x	2.32 x
EV / Revenue	4.6 x	8.84 x	6.52 x	3.47 x	2.42 x	1.96 x	1.63 x	1.55 x
EV / EBITDA	11.6 x	19.2 x	14.3 x	6.99 x	5.04 x	3.98 x	3.56 x	3.08 x
EV / FCF	-	-	271 x	131 x	37.9 x	18.4 x	14.6 x	13.1 x
FCF Yield	-	-	0.37%	0.77%	2.64%	5.44%	6.86%	7.64%
Price to Book	7.09 x	12.2 x	6.31 x	2.98 x	2.19 x	1.86 x	1.7 x	1.59 x
Nbr of stocks (in thousands)	1,780,378	1,780,378	1,870,721	1,870,721	1,870,721	1,870,721	-	-
Reference price ²	34.96	72.50	57.22	30.02	25.20	23.04	23.04	23.04
Announcement Date	2/28/20	2/26/21	2/27/22	2/27/23	2/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	12,501	14,006	15,356	13,704	14,631	15,952	17,721	18,582
EBITDA ¹	4,948	6,442	6,990	6,806	7,021	7,872	8,084	9,335
EBIT ¹	1,178	2,006	2,136	1,725	1,822	2,285	2,633	2,735
Operating Margin	9.42%	14.33%	13.91%	12.59%	12.45%	14.32%	14.86%	14.72%
Earnings before Tax (EBT) ¹	1,178	1,987	2,114	1,766	1,854	2,330	2,689	2,812
Net income ¹	1,156	1,982	2,114	1,825	3,559	2,025	2,485	2,479
Net margin	9.25%	14.15%	13.77%	13.32%	24.32%	12.7%	14.02%	13.34%
EPS ²	0.6600	1.110	1.170	0.9800	1.902	1.076	1.334	1.325
Free Cash Flow ¹	-	-	369.2	364.2	933.7	1,703	1,977	2,195
FCF margin	-	-	2.4%	2.66%	6.38%	10.68%	11.16%	11.81%
FCF Conversion (EBITDA)	-	-	5.28%	5.35%	13.3%	21.63%	24.45%	23.51%
FCF Conversion (Net income)	-	-	17.46%	19.96%	26.24%	84.09%	79.57%	88.54%
Dividend per Share ²	0.1000	0.1300	0.1300	0.1300	0.1800	0.1162	0.1724	0.2100
Announcement Date	2/28/20	2/26/21	2/27/22	2/27/23	2/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	3,725	3,124	3,591	6,714	3,524	3,466	3,056	3,633	3,507	4,432	7,939	3,324	3,928	3,866	4,753	3,849	4,575
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	143.5	502.5	646.2	-	467.3	109	460.1	603.6	374.2	127.6	616.9	546.6	738.3	479.7	376.9	645.4	847.4
Operating Margin	3.85%	16.09%	18%	-	13.26%	3.15%	15.05%	16.61%	10.67%	2.88%	7.77%	16.44%	18.8%	12.41%	7.93%	16.77%	18.52%
Earnings before Tax (EBT) ¹	132.8	507.2	673.3	-	468.4	117.5	528.7	685.2	496.1	140.5	636.6	549.3	836	578.7	486.4	742.2	953.1
Net income ¹	134.1	507.5	683.3	1,191	487.5	146.6	545	705.8	514.9	1,790	2,305	472.3	845.8	591	499.6	738.1	942.6
Net margin	3.6%	16.24%	19.03%	17.73%	13.83%	4.23%	17.83%	19.43%	14.68%	40.39%	29.03%	14.21%	21.53%	15.29%	10.51%	19.18%	20.61%
EPS ²	0.0600	0.2700	0.3700	-	0.2600	0.0800	0.2900	0.3800	0.2752	0.9600	1.230	0.2500	0.3500	0.2400	0.1400	0.3945	0.5039
Dividend per Share ²	0.1300	-	-	-	-	0.1300	-	-	-	-	-	-	-	-	0.1538	-	-
Announcement Date	2/27/22	4/24/22	8/17/22	8/17/22	10/24/22	2/27/23	4/21/23	8/17/23	10/24/23	2/28/24	2/28/24	4/21/24	-	-	-	-	-

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	4,714	5,297	6,892	8,578	11,785	11,800	14,291	14,384
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	369	364	934	1,703	1,977	2,195
ROE (net income / shareholders' equity)	15.7%	20.5%	16.3%	10.2%	17.4%	8.89%	9.91%	8.87%
ROA (Net income/ Total Assets)	7.92%	10.8%	9.32%	6.54%	-	6.23%	6.79%	6.11%
Assets ¹	14,594	18,376	22,688	27,883	-	32,535	36,586	40,573
Book Value Per Share ²	4.930	5.950	9.070	10.10	11.50	12.40	13.60	14.50
Cash Flow per Share ²	0.1600	0.3300	0.3000	0.2900	0.5800	1.430	2.360	1.100
Capex ¹	156	69.6	193	187	150	145	2,855	157
Capex / Sales	1.25%	0.5%	1.25%	1.37%	1.03%	0.91%	16.11%	0.84%
Announcement Date	2/28/20	2/26/21	2/27/22	2/27/23	2/28/24	-	-	-

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 Mango Excellent Media Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

23.04 CNY

Average target price

30.17 CNY

Spread / Average Target

+30.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Movie, TV Production & Distribution

	1st Jan change	Capi.
MANGO EXCELLENT MEDIA CO., LTD.	-8.57%	5.95B
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MADISON SQUARE GARDEN SPORTS CORP.	+2.72%	4.47B
FL ENTERTAINMENT N.V.	+8.88%	4.16B
BEIJING ENLIGHT MEDIA CO., LTD.	+13.50%	3.72B
CHINA FILM CO., LTD.	-1.63%	3.1B
CHINA RUYI HOLDINGS LIMITED	+7.51%	2.75B
ZHEJIANG HUACE FILM & TV CO., LTD.	+36.29%	2.07B
BEIJING JETSEN TECHNOLOGY CO., LTD	-2.95%	1.81B

Movie, TV Production & Distribution