Financials Kweichow Moutai Co., Ltd.

Equities

600519

CNE0000018R8

Distillers & Wineries

End-of-day quote Shanghai S.E. 23:00:00 16/05/2024 BST 5-day change 1st Jan Change
1,715 CNY +0.62% Intraday chart for Kweichow Moutai Co., Ltd. -1.38% -0.64%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,486,082 2,509,883 2,575,205 2,169,454 2,168,197 2,154,379 - -
Enterprise Value (EV) 1 1,472,830 2,473,792 2,523,500 2,111,289 2,099,184 1,954,763 1,903,799 1,857,295
P/E ratio 36.1 x 53.8 x 49.1 x 34.6 x 29 x 24.3 x 21.1 x 18.5 x
Yield 1.44% 0.97% 1.06% 1.5% 1.79% 2.13% 2.51% 2.88%
Capitalization / Revenue 16.7 x 26.4 x 24.3 x 17 x 14.7 x 12.3 x 10.7 x 9.41 x
EV / Revenue 16.6 x 26.1 x 23.8 x 16.6 x 14.2 x 11.1 x 9.48 x 8.11 x
EV / EBITDA 24.4 x 36.4 x 33.1 x 23.6 x 19.9 x 16.1 x 13.5 x 11.6 x
EV / FCF 35 x 49.9 x 41.6 x 67.3 x 32.8 x 22.1 x 19.4 x 16.4 x
FCF Yield 2.86% 2% 2.4% 1.49% 3.05% 4.52% 5.15% 6.12%
Price to Book 10.9 x 15.6 x 13.6 x 11 x 10.1 x 8.35 x 6.87 x 5.93 x
Nbr of stocks (in thousands) 1,256,198 1,256,198 1,256,198 1,256,198 1,256,198 1,256,198 - -
Reference price 2 1,183 1,998 2,050 1,727 1,726 1,715 1,715 1,715
Announcement Date 21/04/20 30/03/21 30/03/22 30/03/23 02/04/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 88,854 94,915 106,190 127,554 147,694 175,867 200,757 229,022
EBITDA 1 60,285 67,952 76,230 89,556 105,629 121,649 140,577 160,304
EBIT 1 59,041 66,635 74,751 87,880 103,709 121,273 139,935 159,704
Operating Margin 66.45% 70.2% 70.39% 68.9% 70.22% 68.96% 69.7% 69.73%
Earnings before Tax (EBT) 1 58,783 66,197 74,528 87,701 103,663 122,854 141,125 161,687
Net income 1 41,206 46,697 52,460 62,716 74,734 88,516 101,939 116,682
Net margin 46.38% 49.2% 49.4% 49.17% 50.6% 50.33% 50.78% 50.95%
EPS 2 32.80 37.17 41.76 49.93 59.49 70.45 81.20 92.92
Free Cash Flow 1 42,062 49,580 60,622 31,392 63,998 88,428 98,084 113,574
FCF margin 47.34% 52.24% 57.09% 24.61% 43.33% 50.28% 48.86% 49.59%
FCF Conversion (EBITDA) 69.77% 72.96% 79.53% 35.05% 60.59% 72.69% 69.77% 70.85%
FCF Conversion (Net income) 102.08% 106.17% 115.56% 50.05% 85.63% 99.9% 96.22% 97.34%
Dividend per Share 2 17.02 19.29 21.68 25.91 30.88 36.60 43.03 49.34
Announcement Date 21/04/20 30/03/21 30/03/22 30/03/23 02/04/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 43,953 49,087 31,548 57,103 32,296 25,321 29,543 37,768 38,756 30,820 70,987 33,692 44,425 - 45,776 37,207 40,254 52,775 52,800 42,400
EBITDA - - 20,941 - - - - - - - - - - - - - - - - -
EBIT 1 32,081 - 21,728 39,679 24,027 17,608 20,327 25,918 28,686 21,206 49,892 23,280 30,537 - 33,157 24,637 27,427 36,973 - -
Operating Margin 72.99% - 68.87% 69.49% 74.4% 69.54% 68.8% 68.62% 74.02% 68.81% 70.28% 69.09% 68.74% - 72.43% 66.22% 68.14% 70.06% - -
Earnings before Tax (EBT) 31,978 - 21,672 - - - - - 28,700 21,224 - 23,303 30,436 - - - - - - -
Net income 1 22,602 24,654 15,194 27,806 17,245 12,549 14,606 18,317 20,795 15,186 - 16,896 21,858 38,754 24,065 17,717 21,119 24,077 - -
Net margin 51.42% 50.22% 48.16% 48.69% 53.4% 49.56% 49.44% 48.5% 53.66% 49.27% - 50.15% 49.2% - 52.57% 47.62% 52.46% 45.62% - -
EPS 2 - - 12.09 - 13.73 9.990 11.62 14.59 16.55 12.09 28.64 13.45 17.40 - 19.16 14.23 16.22 20.33 - -
Dividend per Share 2 - - 21.68 - - - - 25.91 - - - - - - - - - 61.53 - -
Announcement Date 28/07/20 30/07/21 30/03/22 30/03/22 26/04/22 02/08/22 16/10/22 30/03/23 25/04/23 02/08/23 02/08/23 20/10/23 02/04/24 02/04/24 27/04/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 13,252 36,091 51,706 58,165 69,013 199,616 250,581 297,085
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 42,062 49,580 60,622 31,392 63,998 88,428 98,084 113,574
ROE (net income / shareholders' equity) 33.1% 31.4% 29.9% 30.3% 34.2% 35.3% 34.5% 34.6%
ROA (Net income/ Total Assets) 24% 23.6% 22.4% 24.6% - 28% 26.9% 25.8%
Assets 1 171,444 198,223 234,282 254,767 - 316,097 379,378 451,586
Book Value Per Share 2 108.0 128.0 151.0 157.0 172.0 206.0 249.0 289.0
Cash Flow per Share 2 36.00 41.10 51.00 29.20 53.00 76.40 80.80 98.00
Capex 1 3,149 2,089 3,406 5,306 2,595 4,165 4,297 3,544
Capex / Sales 3.54% 2.2% 3.21% 4.16% 1.76% 2.37% 2.14% 1.55%
Announcement Date 21/04/20 30/03/21 30/03/22 30/03/23 02/04/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
34
Last Close Price
1,715 CNY
Average target price
2,162 CNY
Spread / Average Target
+26.04%
Consensus
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  4. Financials Kweichow Moutai Co., Ltd.