Financials New Hope Dairy 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
9.88 ^CNY	-1.69%		+0.30%	-13.94%

Apr. 26	New Hope Dairy Co., Ltd. Proposes Final Cash Dividend for 2023	CI
Apr. 25	New Hope Dairy Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	10,723	15,034	13,824	11,465	9,940	8,553	-
Enterprise Value (EV) ¹	10,723	15,034	13,824	11,465	9,940	8,553	8,553
P/E ratio	43.3 x	55 x	44.3 x	31.5 x	23 x	13.8 x	11.1 x
Yield	0.48%	0.4%	0.47%	-	1.31%	1.52%	-
Capitalization / Revenue	1.89 x	2.23 x	1.54 x	1.15 x	0.9 x	0.69 x	0.62 x
EV / Revenue	1.89 x	2.23 x	1.54 x	1.15 x	0.9 x	0.69 x	0.62 x
EV / EBITDA	18.5 x	22.7 x	17.8 x	12.2 x	10.1 x	7.17 x	6.29 x
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	5.45 x	5.88 x	5.44 x	4.73 x	4.04 x	2.4 x	1.99 x
Nbr of stocks (in thousands)	853,711	853,711	867,271	866,583	865,812	865,713	-
Reference price ²	12.56	17.61	15.94	13.23	11.48	9.880	9.880
Announcement Date	2/28/20	4/14/21	4/28/22	4/25/23	4/25/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	5,675	6,749	8,967	10,006	10,987	12,376	13,875
EBITDA ¹	578.9	661.8	775.9	938.7	979.7	1,192	1,361
EBIT ¹	257.6	296.8	368	403.2	507.9	732.1	904.8
Operating Margin	4.54%	4.4%	4.1%	4.03%	4.62%	5.92%	6.52%
Earnings before Tax (EBT) ¹	268.3	308.3	376.8	405.9	508.8	734.1	907.2
Net income ¹	243.7	271	312.3	361.5	430.8	619	768.7
Net margin	4.29%	4.02%	3.48%	3.61%	3.92%	5%	5.54%
EPS ²	0.2900	0.3200	0.3600	0.4200	0.5000	0.7150	0.8867
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	0.0600	0.0700	0.0750	-	0.1500	0.1500	-
Announcement Date	2/28/20	4/14/21	4/28/22	4/25/23	4/25/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	12.8%	12%	11.8%	14.1%	16.8%	17.8%	17.9%
ROA (Net income/ Total Assets)	5.07%	3.89%	3.45%	-	-	5.5%	6.3%
Assets ¹	4,810	6,972	9,041	-	-	11,254	12,201
Book Value Per Share ²	2.310	3.000	2.930	2.800	2.840	4.110	4.960
Cash Flow per Share ²	0.7400	0.8400	1.190	-	1.800	1.340	1.840
Capex ¹	547	565	597	630	644	510	534
Capex / Sales	9.64%	8.37%	6.66%	6.3%	5.86%	4.12%	3.85%
Announcement Date	2/28/20	4/14/21	4/28/22	4/25/23	4/25/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

9.88 CNY

Average target price

17.15 CNY

Spread / Average Target

+73.58%

	1st Jan change	Capi.
NEW HOPE DAIRY CO., LTD.	-13.94%	1.18B
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.	+4.71%	24.52B
CHINA MENGNIU DAIRY COMPANY LIMITED	-23.24%	8.1B
WANT WANT CHINA HOLDINGS LIMITED	-4.24%	6.82B
NESTLÉ (MALAYSIA)	+8.16%	6.26B
VIETNAM DAIRY PRODUCTS	-3.85%	5.36B
EMMI AG	-3.18%	5.16B
CHINA FEIHE LIMITED	+1.41%	5.02B
GLANBIA PLC	+19.79%	4.98B
HEBEI YANGYUAN ZHIHUI BEVERAGE CO., LTD.	+22.01%	4.53B