Financials Cheng De Lolo Company Limited

Equities

End-of-day quote Shenzhen S.E. Other stock markets 18:00:00 2024-04-29 EDT			5-day change	1st Jan Change
9.21 ^CNY	+1.21%		+0.77%	+17.32%

04-16	Cheng De Lolo Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
2023	Cheng De Lolo Company Limited Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,701	7,613	11,397	8,705	8,058	9,455	-	-
Enterprise Value (EV) ¹	7,701	7,613	11,397	8,705	8,058	9,455	9,455	9,455
P/E ratio	16.7 x	17.8 x	20.1 x	14.9 x	12.9 x	14.2 x	12.7 x	11.9 x
Yield	2.54%	3.66%	-	3.54%	5.1%	4.56%	3.31%	5.43%
Capitalization / Revenue	3.41 x	4.09 x	4.52 x	3.23 x	2.73 x	2.89 x	2.62 x	2.35 x
EV / Revenue	3.41 x	4.09 x	4.52 x	3.23 x	2.73 x	2.89 x	2.62 x	2.35 x
EV / EBITDA	11.9 x	12.6 x	14.7 x	10.6 x	9.32 x	10.8 x	9.73 x	9.01 x
EV / FCF	-	-	16.8 x	14.9 x	18.4 x	13.2 x	11 x	-
FCF Yield	-	-	5.97%	6.71%	5.43%	7.56%	9.09%	-
Price to Book	3.86 x	3.47 x	4.96 x	3.31 x	2.68 x	2.91 x	2.54 x	2.45 x
Nbr of stocks (in thousands)	1,076,419	1,072,284	1,050,419	1,026,554	1,026,554	1,026,554	-	-
Reference price ²	7.155	7.100	10.85	8.480	7.850	9.210	9.210	9.210
Announcement Date	20-03-27	21-04-26	22-04-11	23-04-19	24-04-16	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,255	1,861	2,524	2,692	2,955	3,275	3,608	4,022
EBITDA ¹	648.1	603.1	776.4	817.4	864.8	873.7	971.2	1,050
EBIT ¹	618.4	584.7	751.5	796.2	844.5	908.5	1,026	1,085
Operating Margin	27.42%	31.43%	29.78%	29.57%	28.58%	27.74%	28.42%	26.97%
Earnings before Tax (EBT) ¹	618.2	585	752.6	794.5	846	909.2	1,026	1,085
Net income ¹	464.9	432.2	569.5	601.9	638.1	684.6	773.1	817.2
Net margin	20.61%	23.23%	22.56%	22.36%	21.6%	20.9%	21.43%	20.32%
EPS ²	0.4273	0.4000	0.5400	0.5700	0.6100	0.6500	0.7275	0.7767
Free Cash Flow ¹	-	-	680.4	584.4	437.3	715	859	-
FCF margin	-	-	26.96%	21.71%	14.8%	21.83%	23.81%	-
FCF Conversion (EBITDA)	-	-	87.63%	71.49%	50.57%	81.84%	88.45%	-
FCF Conversion (Net income)	-	-	119.46%	97.09%	68.53%	104.43%	111.11%	-
Dividend per Share ²	0.1818	0.2600	-	0.3000	0.4000	0.4200	0.3050	0.5000
Announcement Date	20-03-27	21-04-26	22-04-11	23-04-19	24-04-16	-	-	-

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	-	-	680	584	437	715	859	-
ROE (net income / shareholders' equity)	24.6%	20.9%	25.8%	23.7%	22%	20.5%	20.2%	20.7%
ROA (Net income/ Total Assets)	15.6%	13.9%	8.63%	-	-	15%	15.4%	15.2%
Assets ¹	2,974	3,099	6,601	-	-	4,564	5,020	5,376
Book Value Per Share ²	1.850	2.050	2.190	2.560	2.930	3.170	3.630	3.750
Cash Flow per Share ²	0.6300	0.3500	0.6500	0.5700	0.6000	0.6900	0.7700	0.8100
Capex ¹	8.68	14.6	7.78	31.2	190	178	228	153
Capex / Sales	0.38%	0.78%	0.31%	1.16%	6.43%	5.44%	6.32%	3.81%
Announcement Date	20-03-27	21-04-26	22-04-11	23-04-19	24-04-16	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

9.21 CNY

Average target price

11.52 CNY

Spread / Average Target

+25.08%

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