Financials Shede Spirits Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 18:00:00 2024-06-24 EDT			5-day change	1st Jan Change
60.4 ^CNY	-4.13%		-12.40%	-37.54%

07:00am	Chinese liquor makers endeavour to give Westerners a taste for baijiu	RE
04-25	Shede Spirits Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,775	28,420	75,480	53,038	32,218	20,123	-	-
Enterprise Value (EV) ¹	9,775	28,420	75,480	53,038	32,218	20,123	20,123	20,123
P/E ratio	19.7 x	49 x	60.5 x	31.3 x	18.1 x	10.2 x	8.81 x	7.55 x
Yield	-	-	0.35%	0.5%	2.22%	3.13%	3.65%	2.75%
Capitalization / Revenue	3.69 x	10.5 x	15.2 x	8.76 x	4.55 x	2.54 x	2.23 x	1.93 x
EV / Revenue	3.69 x	10.5 x	15.2 x	8.76 x	4.55 x	2.54 x	2.23 x	1.93 x
EV / EBITDA	12.5 x	32.8 x	41.8 x	22.5 x	13.1 x	7.12 x	6.24 x	5.27 x
EV / FCF	-	-	37.3 x	116 x	-208 x	13.5 x	23.6 x	17.4 x
FCF Yield	-	-	2.68%	0.86%	-0.48%	7.43%	4.24%	5.75%
Price to Book	3.33 x	8.02 x	15.7 x	8.38 x	4.45 x	2.3 x	1.91 x	1.59 x
Nbr of stocks (in thousands)	325,713	332,636	332,071	333,196	333,177	333,168	-	-
Reference price ²	30.01	85.44	227.3	159.2	96.70	60.40	60.40	60.40
Announcement Date	20-04-25	21-04-28	22-02-17	23-03-21	24-03-19	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,650	2,704	4,969	6,056	7,081	7,937	9,019	10,403
EBITDA ¹	779.1	866.7	1,806	2,358	2,461	2,827	3,227	3,815
EBIT ¹	712	768.3	1,674	2,236	2,304	2,628	3,027	3,516
Operating Margin	26.87%	28.42%	33.69%	36.92%	32.54%	33.11%	33.56%	33.8%
Earnings before Tax (EBT) ¹	707	800.9	1,685	2,246	2,330	2,615	3,023	3,528
Net income ¹	507.9	581.1	1,246	1,685	1,771	1,974	2,284	2,665
Net margin	19.17%	21.49%	25.07%	27.83%	25.02%	24.88%	25.33%	25.62%
EPS ²	1.522	1.745	3.760	5.089	5.346	5.950	6.852	8.000
Free Cash Flow ¹	-	-	2,023	458.8	-154.6	1,495	854	1,158
FCF margin	-	-	40.72%	7.58%	-2.18%	18.84%	9.47%	11.13%
FCF Conversion (EBITDA)	-	-	112.01%	19.46%	-	52.88%	26.47%	30.35%
FCF Conversion (Net income)	-	-	162.43%	27.22%	-	75.72%	37.39%	43.45%
Dividend per Share ²	-	-	0.8000	0.8000	2.150	1.892	2.208	1.660
Announcement Date	20-04-25	21-04-28	22-02-17	23-03-21	24-03-19	-	-	-

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	-	-	2,023	459	-155	1,495	854	1,158
ROE (net income / shareholders' equity)	18.1%	17.4%	29.3%	30.7%	25.8%	22.7%	21.8%	21%
ROA (Net income/ Total Assets)	9.57%	-	17.1%	18.8%	16.9%	15.1%	14.8%	14.6%
Assets ¹	5,309	-	7,274	8,946	10,457	13,047	15,394	18,201
Book Value Per Share ²	9.010	10.60	14.40	19.00	21.70	26.30	31.60	38.00
Cash Flow per Share ²	1.980	2.970	6.730	3.120	2.150	6.830	6.040	7.990
Capex ¹	179	-	205	582	870	598	711	897
Capex / Sales	6.74%	-	4.13%	9.62%	12.29%	7.54%	7.89%	8.62%
Announcement Date	20-04-25	21-04-28	22-02-17	23-03-21	24-03-19	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

60.4 CNY

Average target price

104.4 CNY

Spread / Average Target

+72.87%

	1st Jan change	Capi.
SHEDE SPIRITS CO., LTD.	-37.54%	2.77B
KWEICHOW MOUTAI CO., LTD.	-13.87%	257B
WULIANGYE YIBIN CO.,LTD.	-6.61%	70.29B
SHANXI XINGHUACUN FEN WINE FACTORY CO.,LTD.	-5.18%	36.75B
LUZHOU LAOJIAO CO.,LTD	-16.68%	30.48B
JIANGSU YANGHE DISTILLERY CO., LTD.	-21.36%	18.02B
ANHUI GUJING DISTILLERY CO., LTD.	-2.10%	14.39B
DAVIDE CAMPARI-MILANO N.V.	-7.96%	12.09B
UNITED SPIRITS LIMITED	+14.56%	10.91B
JIANGSU KING'S LUCK BREWERY JOINT-STOCK CO.,LTD.	-1.15%	8.27B