Financials Tongqinglou Catering Co., Ltd.

Equities

605108

CNE1000041X6

Restaurants & Bars

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
27.3 ^CNY	-1.44%		-11.33%	-10.32%

Apr. 25	Tongqinglou Catering Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
2023	Tranche Update on Tongqinglou Catering Co., Ltd.'s Equity Buyback Plan announced on September 25, 2023.	CI

Valuation

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Capitalization ¹	4,762	4,758	9,680	7,914	7,098	-
Enterprise Value (EV) ¹	4,762	4,758	9,680	7,914	7,098	7,098
P/E ratio	22 x	33.3 x	103 x	26 x	18.9 x	14.5 x
Yield	-	-	0.2%	1.35%	1.65%	2.11%
Capitalization / Revenue	3.67 x	2.96 x	5.79 x	3.3 x	2.31 x	1.92 x
EV / Revenue	3.67 x	2.96 x	5.79 x	3.3 x	2.31 x	1.92 x
EV / EBITDA	13.5 x	13.1 x	37.1 x	13.7 x	9.64 x	7.85 x
EV / FCF	-	-	-53 x	-14.9 x	-15 x	77.2 x
FCF Yield	-	-	-1.89%	-6.73%	-6.65%	1.3%
Price to Book	2.5 x	2.42 x	4.87 x	3.53 x	2.81 x	2.44 x
Nbr of stocks (in thousands)	260,000	260,000	260,000	260,000	260,000	-
Reference price ²	18.32	18.30	37.23	30.44	27.30	27.30
Announcement Date	4/15/21	4/28/22	4/25/23	4/25/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Net sales ¹	1,296	1,608	1,670	2,401	3,071	3,689
EBITDA ¹	352	364.2	261.1	579.4	736.5	904.1
EBIT ¹	308.7	195.3	124	396.9	505.2	653.3
Operating Margin	23.82%	12.15%	7.42%	16.53%	16.45%	17.71%
Earnings before Tax (EBT) ¹	248.1	193.4	123.3	397.8	500.9	650.4
Net income ¹	185.1	144.1	93.6	304.1	376	488.3
Net margin	14.28%	8.96%	5.6%	12.66%	12.24%	13.24%
EPS ²	0.8308	0.5500	0.3600	1.170	1.444	1.878
Free Cash Flow ¹	-	-	-182.6	-532.6	-472	92
FCF margin	-	-	-10.93%	-22.18%	-15.37%	2.49%
FCF Conversion (EBITDA)	-	-	-	-	-	10.18%
FCF Conversion (Net income)	-	-	-	-	-	18.84%
Dividend per Share ²	-	-	0.0750	0.4100	0.4500	0.5750
Announcement Date	4/15/21	4/28/22	4/25/23	4/25/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 S1	2022 Q3
Net sales ¹	-	502
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income ¹	21.12	66.7
Net margin	-	13.29%
EPS	0.0800	-
Dividend per Share	-	-
Announcement Date	8/29/22	10/25/22

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-183	-533	-472	92
ROE (net income / shareholders' equity)	13.4%	7.32%	4.74%	14.3%	15%	16.9%
ROA (Net income/ Total Assets)	-	-	-	-	10.4%	11.9%
Assets ¹	-	-	-	-	3,619	4,097
Book Value Per Share ²	7.330	7.560	7.640	8.620	9.710	11.20
Cash Flow per Share ²	0.9600	1.220	1.080	2.770	2.480	2.950
Capex ¹	229	-	462	1,254	389	333
Capex / Sales	17.71%	-	27.67%	52.2%	12.67%	9.01%
Announcement Date	4/15/21	4/28/22	4/25/23	4/25/24	-	-

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 Tongqinglou Catering Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

27.3 CNY

Average target price

35.74 CNY

Spread / Average Target

+30.93%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Commercial Food Services

	1st Jan change	Capi.
TONGQINGLOU CATERING CO., LTD.	-10.32%	980M
TEXAS ROADHOUSE, INC.	+28.82%	10.53B
ARAMARK	+15.12%	8.49B
FOOD & LIFE COMPANIES LTD.	+4.52%	2.23B
BRINKER INTERNATIONAL, INC.	+13.08%	2.16B
SSP GROUP PLC	-16.23%	1.95B
THE CHEESECAKE FACTORY INCORPORATED	+0.99%	1.8B
DO & CO AKTIENGESELLSCHAFT	+7.74%	1.69B
CREATE RESTAURANTS HOLDINGS INC.	-0.27%	1.46B
BJ'S RESTAURANTS, INC.	-7.14%	781M

Commercial Food Services