Stock 603899 SHANGHAI M&G STATIONERY INC.
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Financials Shanghai M&G Stationery Inc.

Equities

603899

CNE100001V60

Business Support Supplies

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
34.2 CNY 0.00% Intraday chart for Shanghai M&G Stationery Inc. -3.12% -8.92%
Apr. 03 Jefferies Adjusts Shanghai M&G Stationery's Price Target to 48 Yuan From 50 Yuan, Keeps at Buy MT
Apr. 02 Shanghai M&G Stationery's 2023 Profit Jumps 19% on Higher Operating Income MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 44,841 82,133 59,849 50,963 34,794 31,690 - -
Enterprise Value (EV) 1 43,088 79,751 57,197 47,980 29,997 25,385 24,196 22,842
P/E ratio 42.3 x 65.3 x 39.3 x 39.6 x 22.7 x 17.3 x 14.8 x 12.9 x
Yield 0.82% 0.56% 0.93% 0.91% 2.13% 2.39% 2.81% 3.37%
Capitalization / Revenue 4.02 x 6.25 x 3.4 x 2.55 x 1.49 x 1.15 x 0.98 x 0.84 x
EV / Revenue 3.87 x 6.07 x 3.25 x 2.4 x 1.28 x 0.92 x 0.75 x 0.61 x
EV / EBITDA 31.4 x 47.9 x 27.7 x 24.9 x 13.4 x 9.82 x 8.06 x 6.63 x
EV / FCF 60.7 x 84.1 x 48 x 40.3 x 12.4 x 10.9 x 11.1 x 9.39 x
FCF Yield 1.65% 1.19% 2.08% 2.48% 8.04% 9.19% 8.98% 10.6%
Price to Book 10.7 x 15.8 x 9.63 x 7.44 x 4.44 x 3.49 x 2.98 x 2.6 x
Nbr of stocks (in thousands) 920,000 927,428 927,746 926,933 926,597 926,597 - -
Reference price 2 48.74 88.56 64.51 54.98 37.55 34.20 34.20 34.20
Announcement Date 4/13/20 3/29/21 3/8/22 3/30/23 3/29/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 11,141 13,138 17,607 19,996 23,351 27,648 32,348 37,571
EBITDA 1 1,372 1,665 2,068 1,924 2,235 2,584 3,003 3,446
EBIT 1 1,283 1,409 1,781 1,608 1,931 2,124 2,716 3,141
Operating Margin 11.52% 10.72% 10.12% 8.04% 8.27% 7.68% 8.4% 8.36%
Earnings before Tax (EBT) 1 1,294 1,517 1,861 1,665 1,979 2,323 2,732 3,168
Net income 1 1,060 1,255 1,518 1,282 1,527 1,810 2,119 2,453
Net margin 9.52% 9.56% 8.62% 6.41% 6.54% 6.55% 6.55% 6.53%
EPS 2 1.152 1.356 1.640 1.387 1.658 1.974 2.312 2.653
Free Cash Flow 1 709.7 947.8 1,190 1,190 2,412 2,332 2,173 2,432
FCF margin 6.37% 7.21% 6.76% 5.95% 10.33% 8.43% 6.72% 6.47%
FCF Conversion (EBITDA) 51.74% 56.91% 57.57% 61.87% 107.96% 90.23% 72.35% 70.58%
FCF Conversion (Net income) 66.94% 75.49% 78.43% 92.8% 158% 128.84% 102.54% 99.14%
Dividend per Share 2 0.4000 0.5000 0.6000 0.5000 0.8000 0.8182 0.9618 1.153
Announcement Date 4/13/20 3/29/21 3/8/22 3/30/23 3/29/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 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 4,465 5,456 4,229 4,205 5,296 6,267 4,882 5,079 5,899 7,492 5,485 5,772 6,924 8,882
EBITDA - - - - - - - - - - - - - -
EBIT 1 525.4 465.2 355.6 308.2 516.4 428.2 410.7 353.7 605.6 560.6 504.5 395.4 673.4 628.2
Operating Margin 11.77% 8.53% 8.41% 7.33% 9.75% 6.83% 8.41% 6.96% 10.27% 7.48% 9.2% 6.85% 9.73% 7.07%
Earnings before Tax (EBT) - - - - - - - - - - - - - -
Net income 451 400.7 - - - - - - - - - - - -
Net margin 10.1% 7.34% - - - - - - - - - - - -
EPS 2 0.4800 0.4400 0.2982 0.2700 0.4400 0.3800 0.3607 0.2900 0.5300 0.4800 0.4112 0.3600 0.6200 0.5500
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 10/28/21 3/8/22 4/28/22 8/25/22 10/28/22 3/30/23 4/27/23 8/25/23 10/27/23 3/29/24 4/26/24 - - -
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 1,752 2,382 2,652 2,983 4,797 6,304 7,494 8,848
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 710 948 1,190 1,190 2,412 2,332 2,173 2,432
ROE (net income / shareholders' equity) 28.2% 26.9% 27% 19.6% 21% 20% 20.4% 20.4%
ROA (Net income/ Total Assets) 16% 14.5% 14.4% 10.5% - 10.9% 11.2% 11.2%
Assets 1 6,621 8,637 10,567 12,223 - 16,632 18,913 21,847
Book Value Per Share 2 4.570 5.600 6.700 7.390 8.450 9.810 11.50 13.20
Cash Flow per Share 2 1.180 1.370 1.680 1.460 2.820 2.310 2.890 3.110
Capex 1 372 324 371 162 204 303 308 364
Capex / Sales 3.34% 2.47% 2.11% 0.81% 0.87% 1.1% 0.95% 0.97%
Announcement Date 4/13/20 3/29/21 3/8/22 3/30/23 3/29/24 - - -
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 Shanghai M&G Stationery Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
19
Last Close Price
34.2 CNY
Average target price
48.94 CNY
Spread / Average Target
+43.09%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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