Financials Shandong Sunpaper Co., Ltd.

Equities

002078

CNE000001P52

Paper Products

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
15.73 ^CNY	+0.19%		-3.32%	+29.25%

Apr. 10	Shandong Sunpaper Co., Ltd. Proposes Final Cash Dividend for the Year 2023	CI
Feb. 28	Correction: Shandong Sun Paper's Attributable Profit Rises 9% in 2023	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	25,503	37,554	30,874	32,197	34,010	43,959	-	-
Enterprise Value (EV) ¹	35,462	47,796	43,568	46,917	48,428	57,479	55,976	54,366
P/E ratio	12 x	19.2 x	10.4 x	11.1 x	11.1 x	11.9 x	10.3 x	9.23 x
Yield	1.02%	0.69%	1.74%	1.74%	2.47%	1.83%	2.11%	2.12%
Capitalization / Revenue	1.12 x	1.74 x	0.97 x	0.81 x	0.86 x	1 x	0.93 x	0.87 x
EV / Revenue	1.56 x	2.21 x	1.37 x	1.18 x	1.22 x	1.31 x	1.18 x	1.08 x
EV / EBITDA	8.96 x	12.7 x	8.43 x	9.12 x	8.84 x	8.01 x	7.09 x	6.85 x
EV / FCF	-	-	-18.9 x	-54.6 x	25.7 x	34.4 x	19.1 x	6.85 x
FCF Yield	-	-	-5.29%	-1.83%	3.88%	2.91%	5.25%	14.6%
Price to Book	-	2.38 x	1.66 x	1.39 x	1.31 x	1.52 x	1.36 x	1.21 x
Nbr of stocks (in thousands)	2,591,769	2,602,499	2,686,997	2,794,859	2,794,573	2,794,573	-	-
Reference price ²	9.840	14.43	11.49	11.52	12.17	15.73	15.73	15.73
Announcement Date	2/27/20	2/26/21	2/25/22	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	22,763	21,589	31,874	39,767	39,544	43,998	47,507	50,310
EBITDA ¹	3,956	3,757	5,168	5,142	5,477	7,178	7,898	7,939
EBIT ¹	2,503	2,322	3,382	3,033	3,296	4,038	4,672	5,161
Operating Margin	11%	10.75%	10.61%	7.63%	8.34%	9.18%	9.83%	10.26%
Earnings before Tax (EBT) ¹	2,594	2,378	3,364	3,068	3,320	4,062	4,697	5,191
Net income ¹	2,178	1,953	2,941	2,809	3,086	3,708	4,265	4,759
Net margin	9.57%	9.05%	9.23%	7.06%	7.8%	8.43%	8.98%	9.46%
EPS ²	0.8200	0.7500	1.110	1.040	1.100	1.327	1.526	1.705
Free Cash Flow ¹	-	-	-2,304	-858.8	1,881	1,670	2,937	7,936
FCF margin	-	-	-7.23%	-2.16%	4.76%	3.8%	6.18%	15.77%
FCF Conversion (EBITDA)	-	-	-	-	34.35%	23.26%	37.19%	99.96%
FCF Conversion (Net income)	-	-	-	-	60.97%	45.04%	68.87%	166.75%
Dividend per Share ²	0.1000	0.1000	0.2000	0.2000	0.3000	0.2883	0.3317	0.3333
Announcement Date	2/27/20	2/26/21	2/25/22	2/27/23	2/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 S1	2025 S2
Net sales ¹	11,987	10,428	11,160	15,813	7,902	8,160	16,061	9,667	19,855	9,785	10,126	19,912	9,805	9,537	19,342	9,861	10,342	20,202	10,699	11,275	20,068	10,830	11,207	20,715	20,945	20,357
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	2,672	-	105.8	709.9	-	1,832	-	-	1,201	-	-	1,270	-	-	2,027	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	16.9%	-	1.3%	4.42%	-	9.22%	-	-	6.03%	-	-	6.56%	-	-	10.03%	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	52.04	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	172.2	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	2.11%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	0.1700	0.0900	-	0.2400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/27/20	8/28/20	2/26/21	8/30/21	10/27/21	2/25/22	2/25/22	4/28/22	8/26/22	10/28/22	2/27/23	2/27/23	4/27/23	8/25/23	8/25/23	10/27/23	2/28/24	2/28/24	-	-	-	-	-	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,959	10,242	12,694	14,720	14,418	13,520	12,017	10,407
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.517 x	2.726 x	2.456 x	2.863 x	2.632 x	1.883 x	1.522 x	1.311 x
Free Cash Flow ¹	-	-	-2,304	-859	1,881	1,670	2,937	7,936
ROE (net income / shareholders' equity)	16.1%	12.8%	16.6%	13.4%	12.6%	13%	13.3%	13.1%
ROA (Net income/ Total Assets)	7.05%	5.81%	7.48%	6.19%	6.1%	6.8%	7.24%	7.62%
Assets ¹	30,908	33,625	39,331	45,360	50,591	54,540	58,891	62,429
Book Value Per Share ²	-	6.070	6.900	8.260	9.320	10.40	11.60	13.00
Cash Flow per Share ²	1.810	2.520	1.830	1.370	2.370	2.260	2.610	2.820
Capex ¹	4,057	6,291	7,234	4,682	4,736	4,370	4,171	3,783
Capex / Sales	17.82%	29.14%	22.69%	11.77%	11.98%	9.93%	8.78%	7.52%
Announcement Date	2/27/20	2/26/21	2/25/22	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 Shandong Sunpaper Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

15.73 CNY

Average target price

15.57 CNY

Spread / Average Target

-1.00%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Paper Mills & Products

	1st Jan change	Capi.
SHANDONG SUNPAPER CO., LTD.	+29.25%	6.07B
SYLVAMO CORPORATION	+28.41%	2.61B
PT PABRIK KERTAS TJIWI KIMIA TBK	+4.11%	1.46B
YFY INC.	-6.13%	1.56B
YUEYANG FOREST & PAPER CO., LTD.	-20.88%	1.14B
HANGZHOU HUAWANG NEW MATERIAL TECHNOLOGY CO.,LTD.	+12.99%	980M
SHANDONG BOHUI PAPER INDUSTRY CO.,LTD.	-12.40%	928M
MCC MEILI CLOUD COMPUTING INDUSTRY INVESTMENT CO., LTD	-19.35%	856M
NIPPON PAPER INDUSTRIES CO., LTD.	-13.61%	801M
JK PAPER LIMITED	-5.19%	784M

Paper Mills & Products