Company Valuation: Luzhou Laojiao Co.,Ltd

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 331,268 371,857 330,117 264,104 184,288 171,113 171,113 -
Change - 12.25% -11.22% -20% -30.22% -7.15% 0% -
Enterprise Value (EV) 1 323,704 362,420 318,617 249,730 160,266 144,729 142,767 138,670
Change - 11.96% -12.09% -21.62% -35.82% -9.69% -1.36% -2.87%
P/E ratio 55.2x 46.8x 31.8x 19.9x 13.6x 14.2x 13.5x 12.4x
PBR 15.6x 14.6x 9.65x 6.38x 3.89x 3.37x 3.12x 2.89x
PEG - 1.4x 1.1x 0.7x 7.67x -1.3x 2.49x 1.35x
Capitalization / Revenue 19.9x 18x 13.1x 8.74x 5.91x 6.01x 5.74x 5.3x
EV / Revenue 19.4x 17.6x 12.7x 8.26x 5.14x 5.08x 4.79x 4.29x
EV / EBITDA 39.2x 32.5x 22x 13.5x 8.44x 8.8x 8.38x 7.5x
EV / EBIT 40.7x 34.2x 23x 14x 8.8x 9.21x 8.54x 7.61x
EV / FCF 116x 63.3x 43.7x 27.1x 8.9x 13.8x 11.9x 10.9x
FCF Yield 0.86% 1.58% 2.29% 3.69% 11.2% 7.26% 8.38% 9.17%
Dividend per Share 2 2.051 3.244 4.225 5.4 4.592 5.684 6.041 6.443
Rate of return 0.91% 1.28% 1.88% 3.01% 3.67% 4.89% 5.2% 5.54%
EPS 2 4.1 5.43 7.06 9.02 9.18 8.169 8.612 9.404
Distribution rate 50% 59.7% 59.8% 59.9% 50% 69.6% 70.1% 68.5%
Net sales 1 16,653 20,642 25,124 30,233 31,196 28,473 29,804 32,289
EBITDA 1 8,268 11,142 14,476 18,509 18,981 16,451 17,039 18,500
EBIT 1 7,960 10,590 13,847 17,842 18,207 15,711 16,715 18,218
Net income 1 6,006 7,956 10,365 13,246 13,473 12,021 12,674 13,841
Net Debt 1 -7,565 -9,437 -11,500 -14,374 -24,022 -26,384 -28,346 -32,443
Reference price 2 226.16 253.87 224.28 179.42 125.20 116.25 116.25 116.25
Nbr of stocks (in thousands) 1,464,752 1,464,752 1,471,895 1,471,988 1,471,952 1,471,942 1,471,942 -
Announcement Date 29/03/21 11/03/22 28/04/23 26/04/24 27/04/25 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.23x5.08x8.8x4.89% 24.77B
20.49x9.03x13.22x3.69% 269B
15.59x3.71x8.17x4.77% 59.59B
16.78x5.26x11.83x3.54% 29.29B
21.28x3.1x11.56x8.6% 11.79B
55.87x7.45x39.02x0.76% 10.99B
22.04x3.3x13.32x1.06% 9.4B
15.69x2.38x7.44x4.18% 8.85B
14.99x3.56x9.82x3.15% 5.85B
15.29x4.69x10.12x3.15% 4.55B
Average 21.23x 4.76x 13.33x 3.78% 43.43B
Weighted average by Cap. 19.94x 7.24x 12.59x 3.9%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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