Financials Jiugui Liquor Co., Ltd.

Equities

000799

CNE000000S92

Distillers & Wineries

End-of-day quote Shenzhen S.E. Other stock markets 18:00:00 2024-05-12 EDT			5-day change	1st Jan Change
53.95 ^CNY	-2.48%		-4.00%	-26.25%

04-28	Jiugui Liquor Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
02-23	Jiugui Liquor Co., Ltd. Elects Gao Feng as Non-Independent Director and Gao Feng as Non-Independent Director	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,649	50,851	69,047	44,821	23,769	18,368	-	-
Enterprise Value (EV) ¹	11,649	50,851	65,706	41,745	21,409	16,001	15,268	15,664
P/E ratio	38.9 x	103 x	77.3 x	42.7 x	43.4 x	33.1 x	22.3 x	21.6 x
Yield	0.56%	0.45%	0.61%	0.94%	1.37%	1.4%	2.35%	2.42%
Capitalization / Revenue	7.7 x	27.8 x	20.2 x	11.1 x	8.4 x	6.71 x	5.32 x	4.86 x
EV / Revenue	7.7 x	27.8 x	19.2 x	10.3 x	7.57 x	5.85 x	4.42 x	4.15 x
EV / EBITDA	26.4 x	78.9 x	53.2 x	28.5 x	27.5 x	23.3 x	14.1 x	12.1 x
EV / FCF	-	-	46.1 x	265 x	-73.3 x	32.9 x	24 x	36.3 x
FCF Yield	-	-	2.17%	0.38%	-1.36%	3.04%	4.17%	2.75%
Price to Book	4.79 x	17.8 x	19.6 x	10.8 x	5.55 x	3.89 x	3.37 x	3.3 x
Nbr of stocks (in thousands)	324,929	324,929	324,929	324,929	324,929	324,929	-	-
Reference price ²	35.85	156.5	212.5	137.9	73.15	53.95	53.95	53.95
Announcement Date	20-04-16	21-04-01	22-04-28	23-04-28	24-04-28	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,512	1,826	3,414	4,050	2,830	2,737	3,454	3,777
EBITDA ¹	441	644.6	1,236	1,465	779.7	686.2	1,083	1,290
EBIT ¹	400	601.8	1,194	1,421	726.3	636.4	985.2	1,072
Operating Margin	26.45%	32.96%	34.96%	35.09%	25.67%	23.25%	28.52%	28.38%
Earnings before Tax (EBT) ¹	400.9	654.8	1,189	1,400	727.4	706.1	996.8	1,080
Net income ¹	299.5	491.6	893.5	1,049	547.8	530.3	765.1	811.6
Net margin	19.81%	26.92%	26.17%	25.89%	19.36%	19.38%	22.15%	21.49%
EPS ²	0.9217	1.513	2.750	3.228	1.686	1.631	2.420	2.500
Free Cash Flow ¹	-	-	1,424	157.4	-292.2	487	636	431
FCF margin	-	-	41.72%	3.89%	-10.33%	17.79%	18.41%	11.41%
FCF Conversion (EBITDA)	-	-	115.26%	10.74%	-	70.98%	58.71%	33.41%
FCF Conversion (Net income)	-	-	159.42%	15.01%	-	91.83%	83.13%	53.11%
Dividend per Share ²	0.2000	0.7000	1.300	1.300	1.000	0.7559	1.270	1.303
Announcement Date	20-04-16	21-04-01	22-04-28	23-04-28	24-04-28	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	774.6	1,688	848.5	948.9	564.6	964.6	576.8	601.1	687.2	493.9	605.6	751.3	850.9
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	231.7	694.2	263.6	337.6	125.9	399.5	163.1	76.26	87.47	99.56	159.9	148	209.2
Operating Margin	29.91%	41.12%	31.06%	35.58%	22.3%	41.42%	28.28%	12.69%	12.73%	20.16%	26.4%	19.7%	24.59%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	173.4	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	22.39%	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	22-04-28	22-04-28	22-08-29	22-10-30	23-04-28	23-04-28	23-08-30	23-10-27	24-04-28	24-04-28	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	3,342	3,075	2,359	2,367	3,100	2,704
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	1,424	157	-292	487	636	431
ROE (net income / shareholders' equity)	13%	18.6%	28%	27.3%	13%	11.7%	15.4%	15.1%
ROA (Net income/ Total Assets)	9.82%	13%	22.6%	17.7%	-	9.3%	12.6%	17%
Assets ¹	3,049	3,783	3,957	5,923	-	5,702	6,053	4,774
Book Value Per Share ²	7.480	8.790	10.80	12.80	13.20	13.90	16.00	16.30
Cash Flow per Share ²	1.180	2.920	4.820	1.230	0.1600	2.370	2.640	2.890
Capex ¹	35.4	49.5	140	243	343	99.4	141	125
Capex / Sales	2.34%	2.71%	4.11%	6.01%	12.14%	3.63%	4.09%	3.32%
Announcement Date	20-04-16	21-04-01	22-04-28	23-04-28	24-04-28	-	-	-

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 Jiugui Liquor Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

53.95 CNY

Average target price

60.52 CNY

Spread / Average Target

+12.18%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Distilleries

	1st Jan change	Capi.
JIUGUI LIQUOR CO., LTD.	-26.25%	2.42B
KWEICHOW MOUTAI CO., LTD.	-1.16%	296B
WULIANGYE YIBIN CO.,LTD.	+7.69%	81.09B
SHANXI XINGHUACUN FEN WINE FACTORY CO.,LTD.	+14.47%	44.55B
LUZHOU LAOJIAO CO.,LTD	+0.76%	36.79B
JIANGSU YANGHE BREWERY JOINT-STOCK CO., LTD.	-13.33%	19.84B
ANHUI GUJING DISTILLERY CO., LTD.	+13.83%	16.91B
UNITED SPIRITS LIMITED	+6.44%	10.12B
JIANGSU KING'S LUCK BREWERY JOINT-STOCK CO.,LTD.	+15.49%	9.71B
ANHUI YINGJIA DISTILLERY CO., LTD.	+9.14%	8B

Distilleries