Financials Shanghai Bailian (Group) Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
8.45 ^CNY	+2.80%		+0.12%	-10.96%

Apr. 12	Shanghai Bailian Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Mar. 18	Shanghai Bailian Co., Ltd.(SHSE:900923) dropped from FTSE All-World Index	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	15,467	24,377	22,392	20,353	15,862	14,159	-	-
Enterprise Value (EV) ¹	15,467	24,377	22,392	20,353	15,862	14,159	14,159	14,159
P/E ratio	16.6 x	32.4 x	31.7 x	31.9 x	43.1 x	23.2 x	21.7 x	20.1 x
Yield	1.11%	1.03%	1.13%	0.99%	1.26%	2.72%	3.08%	3.31%
Capitalization / Revenue	0.31 x	0.69 x	0.65 x	0.63 x	0.52 x	0.45 x	0.44 x	0.43 x
EV / Revenue	0.31 x	0.69 x	0.65 x	0.63 x	0.52 x	0.45 x	0.44 x	0.43 x
EV / EBITDA	5.65 x	8.44 x	9.34 x	8.71 x	-	5.88 x	5.54 x	5.29 x
EV / FCF	-	-	-	-	6.33 x	-7.18 x	5.69 x	5.32 x
FCF Yield	-	-	-	-	15.8%	-13.9%	17.6%	18.8%
Price to Book	0.88 x	1.42 x	1.33 x	1.23 x	0.95 x	0.83 x	0.82 x	0.81 x
Nbr of stocks (in thousands)	1,784,168	1,784,168	1,784,168	1,784,168	1,784,168	1,784,168	-	-
Reference price ²	8.980	14.60	13.33	12.12	9.490	8.450	8.450	8.450
Announcement Date	4/30/20	4/29/21	4/29/22	4/18/23	4/12/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	50,459	35,209	34,650	32,269	30,519	31,351	32,174	32,661
EBITDA ¹	2,737	2,890	2,398	2,336	-	2,408	2,556	2,676
EBIT ¹	1,481	1,554	1,063	981.4	417.2	816.7	924.3	1,004
Operating Margin	2.94%	4.41%	3.07%	3.04%	1.37%	2.6%	2.87%	3.07%
Earnings before Tax (EBT) ¹	1,598	1,427	1,180	1,033	469.8	866	967.7	1,046
Net income ¹	958.2	797	752.5	684.4	399.1	622.1	695.5	752
Net margin	1.9%	2.26%	2.17%	2.12%	1.31%	1.98%	2.16%	2.3%
EPS ²	0.5400	0.4500	0.4200	0.3800	0.2200	0.3650	0.3900	0.4200
Free Cash Flow ¹	-	-	-	-	2,507	-1,973	2,488	2,664
FCF margin	-	-	-	-	8.22%	-6.29%	7.73%	8.16%
FCF Conversion (EBITDA)	-	-	-	-	-	-	97.34%	99.55%
FCF Conversion (Net income)	-	-	-	-	628.25%	-	357.74%	354.26%
Dividend per Share ²	0.1000	0.1500	0.1500	0.1200	0.1200	0.2300	0.2600	0.2800
Announcement Date	4/30/20	4/29/21	4/29/22	4/18/23	4/12/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	-	2,507	-1,973	2,488	2,664
ROE (net income / shareholders' equity)	5.53%	4.36%	4.24%	3.85%	2.26%	3.57%	3.92%	4.03%
ROA (Net income/ Total Assets)	1.9%	1.45%	2.93%	-0.42%	-	0.98%	1.08%	1.12%
Assets ¹	50,564	54,928	25,681	-164,730	-	63,477	64,696	67,444
Book Value Per Share ²	10.30	10.20	10.00	9.860	9.970	10.10	10.30	10.50
Cash Flow per Share ²	1.470	2.490	2.090	1.910	-	1.260	1.290	-
Capex ¹	1,372	1,102	1,511	851	1,115	1,057	1,037	1,037
Capex / Sales	2.72%	3.13%	4.36%	2.64%	3.65%	3.37%	3.22%	3.17%
Announcement Date	4/30/20	4/29/21	4/29/22	4/18/23	4/12/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.45 CNY

Average target price

12.3 CNY

Spread / Average Target

+45.56%

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