Financials Sichuan Swellfun Co.,Ltd

Equities

600779

CNE000000NH4

Distillers & Wineries

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 29/04/2024 BST			5-day change	1st Jan Change
45.09 ^CNY	-0.04%		-2.34%	-23.28%

04-26	Sichuan Swellfun Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-26	Sichuan Swellfun Co.,Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	25,282	40,533	58,480	41,155	28,651	21,913	-	-
Enterprise Value (EV) ¹	24,043	39,203	56,596	39,250	26,307	19,039	18,285	17,748
P/E ratio	30.6 x	55.5 x	48.9 x	33.8 x	22.6 x	15.6 x	13.4 x	12.9 x
Yield	2.8%	1.45%	0.63%	0.89%	1.56%	2.12%	2.37%	2.76%
Capitalization / Revenue	7.14 x	13.5 x	12.6 x	8.81 x	5.78 x	4.02 x	3.59 x	3.41 x
EV / Revenue	6.79 x	13 x	12.2 x	8.4 x	5.31 x	3.49 x	2.99 x	2.76 x
EV / EBITDA	20.6 x	37.7 x	32.4 x	22.8 x	14.6 x	9.58 x	7.76 x	7.12 x
EV / FCF	36.8 x	62.5 x	51.9 x	109 x	34.6 x	26.2 x	20.5 x	27.9 x
FCF Yield	2.72%	1.6%	1.93%	0.92%	2.89%	3.82%	4.89%	3.58%
Price to Book	12 x	19 x	22.3 x	11.9 x	6.53 x	4.19 x	3.4 x	3 x
Nbr of stocks (in thousands)	488,546	488,231	487,377	487,503	487,503	485,979	-	-
Reference price ²	51.75	83.02	120.0	84.42	58.77	45.09	45.09	45.09
Announcement Date	24/04/20	09/04/21	22/04/22	28/04/23	26/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,539	3,006	4,632	4,673	4,953	5,450	6,105	6,427
EBITDA ¹	1,164	1,040	1,748	1,724	1,805	1,987	2,355	2,491
EBIT ¹	1,102	964.7	1,669	1,633	1,698	1,851	2,213	2,230
Operating Margin	31.13%	32.1%	36.03%	34.95%	34.28%	33.97%	36.24%	34.69%
Earnings before Tax (EBT) ¹	1,100	958	1,636	1,632	1,699	1,878	2,222	2,299
Net income ¹	826.3	731.3	1,199	1,216	1,269	1,406	1,646	1,700
Net margin	23.35%	24.33%	25.89%	26.02%	25.62%	25.79%	26.96%	26.45%
EPS ²	1.692	1.497	2.456	2.497	2.605	2.895	3.372	3.483
Free Cash Flow ¹	653.1	627.4	1,091	360.8	759.9	726.4	893.3	635.1
FCF margin	18.46%	20.87%	23.55%	7.72%	15.34%	13.33%	14.63%	9.88%
FCF Conversion (EBITDA)	56.09%	60.32%	62.39%	20.93%	42.1%	36.57%	37.93%	25.49%
FCF Conversion (Net income)	79.04%	85.79%	90.97%	29.67%	59.89%	51.68%	54.28%	37.35%
Dividend per Share ²	1.450	1.200	0.7500	0.7500	0.9150	0.9562	1.069	1.244
Announcement Date	24/04/20	09/04/21	22/04/22	28/04/23	26/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,209	1,415	658.7	1,697	902	853.3	673.3	2,062	1,365	933.4	754.1	2,289	1,449	-	-
EBITDA	289.2	485.8	25.92	899.4	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	288.7	485	18.53	917.3	212.4	213.9	46.6	1,093	344.7	248.8	143.3	1,007	388.2	-	-
Operating Margin	23.89%	34.28%	2.81%	54.05%	23.55%	25.07%	6.92%	52.99%	25.25%	26.65%	19%	44%	26.79%	-	-
Earnings before Tax (EBT)	-	-	-	915.6	211.8	-	47.57	1,094	342.4	-	-	-	-	-	-
Net income ¹	198.7	362.6	7.112	685.3	160.8	-	43.3	819.7	246.3	-	-50.99	644.2	274.2	-	-
Net margin	16.44%	25.63%	1.08%	40.38%	17.83%	-	6.43%	39.76%	18.05%	-	-6.76%	28.15%	18.92%	-	-
EPS ²	0.4100	0.7442	0.0148	1.410	0.3300	0.3276	0.0900	1.680	0.5100	0.3825	0.0628	1.445	0.6107	-	-
Dividend per Share ²	0.7500	-	-	-	0.7500	-	-	-	-	-	-	-	0.8926	-	-
Announcement Date	22/04/22	22/04/22	26/07/22	30/10/22	28/04/23	28/04/23	28/07/23	30/10/23	26/04/24	26/04/24	-	-	-	-	-

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	1,239	1,330	1,885	1,905	2,344	2,874	3,628	4,165
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	653	627	1,091	361	760	726	893	635
ROE (net income / shareholders' equity)	41.6%	34.4%	49.9%	40%	32.4%	27.1%	26.1%	23.3%
ROA (Net income/ Total Assets)	23.1%	17.6%	23.4%	-	-	15%	15.6%	15.5%
Assets ¹	3,572	4,156	5,129	-	-	9,384	10,579	10,939
Book Value Per Share ²	4.320	4.370	5.390	7.080	9.000	10.80	13.30	15.00
Cash Flow per Share ²	1.780	1.730	3.340	2.690	3.550	2.760	3.420	3.830
Capex ¹	215	218	538	953	974	635	487	542
Capex / Sales	6.07%	7.25%	11.62%	20.39%	19.66%	11.64%	7.98%	8.43%
Announcement Date	24/04/20	09/04/21	22/04/22	28/04/23	26/04/24	-	-	-

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

Ratings for Sichuan Swellfun Co.,Ltd

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

45.09 CNY

Average target price

56.03 CNY

Spread / Average Target

+24.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Distilleries