Financials Zhejiang Natural Outdoor Goods Inc.

Equities

End-of-day quote Shanghai S.E. Other stock markets 18:00:00 2024-05-09 EDT			5-day change	1st Jan Change
18.93 ^CNY	0.00%		+4.47%	-10.58%

05-06	Certain A Shares of Zhejiang Natural Outdoor Goods Inc. are subject to a Lock-Up Agreement Ending on 6-MAY-2024.	CI
04-29	Zhejiang Natural Outdoor Goods Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,564	4,773	2,997	2,656	-	-
Enterprise Value (EV) ¹	7,564	4,773	2,997	2,656	2,656	2,656
P/E ratio	31.6 x	22.4 x	23 x	15.5 x	13.2 x	11.7 x
Yield	0.6%	0.47%	0.44%	1.95%	2.75%	1.64%
Capitalization / Revenue	8.98 x	5.05 x	3.64 x	2.8 x	2.45 x	2.21 x
EV / Revenue	8.98 x	5.05 x	3.64 x	2.8 x	2.45 x	2.21 x
EV / EBITDA	27.3 x	17.5 x	15.7 x	10.4 x	9.21 x	8.43 x
EV / FCF	1,673 x	63.1 x	48.2 x	78.1 x	24.6 x	19.7 x
FCF Yield	0.06%	1.58%	2.08%	1.28%	4.07%	5.08%
Price to Book	4.67 x	2.67 x	1.6 x	1.33 x	1.23 x	1.14 x
Nbr of stocks (in thousands)	141,573	141,573	141,573	140,288	-	-
Reference price ²	53.43	33.71	21.17	18.93	18.93	18.93
Announcement Date	22-04-27	23-04-26	24-03-25	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	581.3	842.4	945.8	823.3	949.4	1,086	1,204
EBITDA ¹	-	277.3	273.3	190.4	255	288.3	314.9
EBIT ¹	-	252	239.7	147.5	195.7	231.6	259.9
Operating Margin	-	29.92%	25.34%	17.92%	20.61%	21.33%	21.58%
Earnings before Tax (EBT) ¹	-	255.6	246.3	148	197.9	233.3	262.1
Net income ¹	186.3	219.5	213	130.7	172.3	203.1	228.8
Net margin	32.05%	26.06%	22.52%	15.87%	18.15%	18.7%	19%
EPS ²	-	1.693	1.507	0.9200	1.218	1.435	1.620
Free Cash Flow ¹	-	4.521	75.64	62.2	34	108	135
FCF margin	-	0.54%	8%	7.56%	3.58%	9.94%	11.21%
FCF Conversion (EBITDA)	-	1.63%	27.67%	32.66%	13.34%	37.46%	42.87%
FCF Conversion (Net income)	-	2.06%	35.51%	47.6%	19.73%	53.17%	59%
Dividend per Share ²	-	0.3214	0.1571	0.0940	0.3700	0.5200	0.3100
Announcement Date	21-04-13	22-04-27	23-04-26	24-03-25	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	4.52	75.6	62.2	34	108	135
ROE (net income / shareholders' equity)	-	17.3%	12.5%	7.12%	10.6%	11.7%	13%
ROA (Net income/ Total Assets)	-	16.3%	11.2%	6.3%	7.45%	8.45%	8.6%
Assets ¹	-	1,343	1,908	2,073	2,313	2,404	2,660
Book Value Per Share ²	-	11.40	12.60	13.20	14.30	15.40	16.60
Cash Flow per Share ²	-	1.010	1.610	1.690	1.390	1.620	-
Capex ¹	-	138	152	178	149	157	167
Capex / Sales	-	16.39%	16.08%	21.56%	15.64%	14.41%	13.87%
Announcement Date	21-04-13	22-04-27	23-04-26	24-03-25	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

18.93 CNY

Average target price

24.83 CNY

Spread / Average Target

+31.19%

	1st Jan change	Capi.
ZHEJIANG NATURAL OUTDOOR GOODS INC.	-10.58%	368M
AMER SPORTS OYJ	+4.27%	5.09B
FLUIDRA, S.A.	+23.61%	4.44B
TOPGOLF CALLAWAY BRANDS CORP.	+4.85%	2.81B
TECHNOGYM S.P.A.	+4.52%	2B
PELOTON INTERACTIVE, INC.	-30.62%	1.65B
MIZUNO CORPORATION	+99.75%	1.26B
MIPS AB	+8.09%	956M
FENIX OUTDOOR INTERNATIONAL AG	-10.59%	860M
JOHNSON HEALTH TECH .CO., LTD.	+34.06%	853M