Stock 600828 MAOYE COMMERCIAL CO., LTD.
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Financials Maoye Commercial Co., Ltd.

Equities

600828

CNE000000FJ6

Department Stores

End-of-day quote Shanghai S.E.
Other stock markets
 23:00:00 29/04/2024 BST 		5-day change 1st Jan Change
2.91 CNY -2.02% Intraday chart for Maoye Commercial Co., Ltd. +6.20% -20.27%
04-26 Maoye Commercial Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
03-20 Maoye Commercial Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 8,123 8,140 6,460 6,252 6,789 6,322
Enterprise Value (EV) 1 12,530 11,889 11,584 13,631 13,646 12,661
P/E ratio 6.74 x 6.46 x 30.3 x 15.3 x 19.9 x 125 x
Yield 6.4% 6.38% 2.68% 4.16% 3.83% 0.74%
Capitalization / Revenue 0.62 x 0.67 x 1.75 x 1.5 x 1.99 x 2 x
EV / Revenue 0.96 x 0.97 x 3.13 x 3.27 x 4 x 4 x
EV / EBITDA 5.21 x 4.77 x 10.4 x 10.1 x 12.3 x 14.8 x
EV / FCF 6.42 x 11.1 x 34.9 x 407 x 23.7 x 16.2 x
FCF Yield 15.6% 9.01% 2.86% 0.25% 4.23% 6.17%
Price to Book 1.45 x 1.21 x 0.98 x 0.88 x 0.95 x 0.9 x
Nbr of stocks (in thousands) 1,731,983 1,731,983 1,731,983 1,731,983 1,731,983 1,731,983
Reference price 2 4.690 4.700 3.730 3.610 3.920 3.650
Announcement Date 14/03/19 24/03/20 24/03/21 25/03/22 24/03/23 20/03/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 13,105 12,234 3,699 4,168 3,409 3,165
EBITDA 1 2,403 2,490 1,112 1,348 1,109 853.1
EBIT 1 2,043 2,141 768.7 1,030 821.1 568.4
Operating Margin 15.59% 17.5% 20.78% 24.72% 24.08% 17.96%
Earnings before Tax (EBT) 1 1,762 1,785 305.5 586.3 431.4 74.54
Net income 1 1,205 1,259 213 409.4 341.8 50.75
Net margin 9.19% 10.29% 5.76% 9.82% 10.02% 1.6%
EPS 2 0.6955 0.7272 0.1230 0.2364 0.1973 0.0293
Free Cash Flow 1 1,952 1,071 331.7 33.46 576.6 780.9
FCF margin 14.89% 8.75% 8.97% 0.8% 16.91% 24.67%
FCF Conversion (EBITDA) 81.21% 42.99% 29.83% 2.48% 52% 91.54%
FCF Conversion (Net income) 162.02% 85.02% 155.7% 8.17% 168.71% 1,538.68%
Dividend per Share 2 0.3000 0.3000 0.1000 0.1500 0.1500 0.0270
Announcement Date 14/03/19 24/03/20 24/03/21 25/03/22 24/03/23 20/03/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 4,407 3,749 5,124 7,379 6,856 6,339
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 1.834 x 1.505 x 4.608 x 5.474 x 6.182 x 7.431 x
Free Cash Flow 1 1,952 1,071 332 33.5 577 781
ROE (net income / shareholders' equity) 19.6% 19.3% 2.87% 5.69% 4.35% 0.58%
ROA (Net income/ Total Assets) 6.67% 6.93% 2.5% 3.17% 2.45% 1.76%
Assets 1 18,049 18,170 8,513 12,911 13,946 2,884
Book Value Per Share 2 3.240 3.900 3.790 4.080 4.140 4.040
Cash Flow per Share 2 0.6200 0.6000 0.3400 0.3500 0.2700 0.2500
Capex 1 78 157 625 234 193 74.2
Capex / Sales 0.6% 1.28% 16.91% 5.6% 5.66% 2.35%
Announcement Date 14/03/19 24/03/20 24/03/21 25/03/22 24/03/23 20/03/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Retail - Department Stores

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Retail - Department Stores
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