Financials Wuliangye Yibin Co.,Ltd.

Equities

000858

CNE000000VQ8

Distillers & Wineries

End-of-day quote Shenzhen S.E. Other stock markets 23:00:00 25/04/2024 BST			5-day change	1st Jan Change
152.2 ^CNY	+2.19%		+6.54%	+8.51%

04-25	Chen Lin Education Group Expects Up to 16 Million Yuan in H1 Loss Due to Higher Costs	MT
02-29	Chen Lin Education Group Hires New CFO	MT

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	197,496	516,293	1,132,847	864,279	701,368	590,975	590,975	-
Enterprise Value (EV) ¹	148,536	453,054	1,064,638	782,303	609,385	483,628	467,940	448,946
P/E ratio	14.6 x	29.7 x	56.8 x	37 x	26.3 x	19.5 x	17.4 x	15.3 x
Yield	3.34%	1.65%	0.88%	1.36%	2.09%	2.68%	3.05%	3.39%
Capitalization / Revenue	4.93 x	10.3 x	19.8 x	13.1 x	9.48 x	7.14 x	6.39 x	5.68 x
EV / Revenue	3.71 x	9.04 x	18.6 x	11.8 x	8.24 x	5.85 x	5.06 x	4.32 x
EV / EBITDA	7.73 x	18.3 x	37.6 x	23.7 x	16.1 x	12 x	10.3 x	8.72 x
EV / FCF	12.4 x	21.1 x	77.6 x	31 x	26.8 x	16.5 x	14.8 x	12.7 x
FCF Yield	8.04%	4.75%	1.29%	3.23%	3.72%	6.05%	6.74%	7.86%
Price to Book	3.11 x	6.95 x	13.2 x	8.72 x	6.15 x	4.53 x	3.95 x	3.43 x
Nbr of stocks (in thousands)	3,881,608	3,881,608	3,881,608	3,881,608	3,881,608	3,881,608	3,881,608	-
Reference price ²	50.88	133.0	291.8	222.7	180.7	152.2	152.2	152.2
Announcement Date	27/03/19	27/04/20	27/04/21	28/04/22	28/04/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	40,030	50,118	57,321	66,209	73,969	82,712	92,531	103,954
EBITDA ¹	19,225	24,735	28,338	33,075	37,751	40,273	45,359	51,499
EBIT ¹	18,718	24,246	27,826	32,552	37,174	41,661	47,068	53,451
Operating Margin	46.76%	48.38%	48.54%	49.17%	50.26%	50.37%	50.87%	51.42%
Earnings before Tax (EBT) ¹	18,607	24,106	27,678	32,450	37,104	41,921	47,234	53,682
Net income ¹	13,384	17,402	19,955	23,377	26,691	30,237	34,064	38,681
Net margin	33.44%	34.72%	34.81%	35.31%	36.08%	36.56%	36.81%	37.21%
EPS ²	3.474	4.483	5.141	6.023	6.876	7.790	8.775	9.967
Free Cash Flow ¹	11,942	21,505	13,711	25,242	22,697	29,281	31,516	35,290
FCF margin	29.83%	42.91%	23.92%	38.12%	30.68%	35.4%	34.06%	33.95%
FCF Conversion (EBITDA)	62.12%	86.94%	48.38%	76.32%	60.12%	72.71%	69.48%	68.53%
FCF Conversion (Net income)	89.22%	123.58%	68.71%	107.98%	85.04%	96.84%	92.52%	91.23%
Dividend per Share ²	1.700	2.200	2.580	3.023	3.782	4.088	4.643	5.169
Announcement Date	27/03/19	27/04/20	27/04/21	28/04/22	28/04/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2021 Q2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	22,967	12,427	36,752	12,969	16,488	29,458	27,548	13,674	14,557	18,189	31,139	14,368	-	17,030	20,002	34,888	16,768	18,609	23,000
EBITDA ¹	-	4,848	-	5,650	7,803	-	-	5,481	6,447	-	-	-	-	-	9,671	-	-	-	-
EBIT	-	5,273	-	5,806	8,446	14,252	15,168	5,909	6,817	9,280	17,472	6,243	23,716	7,969	-	-	-	-	-
Operating Margin	-	42.44%	-	44.77%	51.22%	48.38%	55.06%	43.21%	46.83%	51.02%	56.11%	43.45%	-	46.79%	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	8,427	14,175	-	-	6,783	9,276	-	6,248	-	7,956	10,222	-	-	-	-
Net income ¹	-	3,877	-	4,127	6,050	10,177	-	4,276	4,890	6,701	-	4,495	-	5,796	7,373	-	-	-	-
Net margin	-	31.2%	-	31.82%	36.69%	34.55%	-	31.27%	33.59%	36.84%	-	31.28%	-	34.04%	36.86%	-	-	-	-
EPS ²	-	1.000	-	1.060	1.560	-	2.788	1.100	1.260	1.730	3.231	1.160	-	1.490	1.907	3.593	1.337	1.643	2.135
Dividend per Share ²	-	-	-	-	3.023	-	-	-	-	3.782	-	-	-	-	4.261	-	-	-	4.619
Announcement Date	27/04/20	29/08/21	29/08/21	29/10/21	28/04/22	28/04/22	28/04/22	25/08/22	27/10/22	28/04/23	28/04/23	25/08/23	25/08/23	27/10/23	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	48,960	63,239	68,210	81,976	91,983	107,347	123,035	142,029
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	11,942	21,505	13,711	25,242	22,697	29,281	31,516	35,290
ROE (net income / shareholders' equity)	22.8%	25.3%	24.9%	25.3%	25.3%	24%	23.4%	23.1%
ROA (Net income/ Total Assets)	17%	18.1%	18.1%	18.7%	18.5%	18.4%	17.9%	18.1%
Assets ¹	78,509	96,246	110,144	124,757	144,168	164,522	189,816	213,563
Book Value Per Share ²	16.40	19.10	22.10	25.50	29.40	33.60	38.60	44.40
Cash Flow per Share ²	3.170	5.950	3.790	6.900	6.290	8.900	10.50	9.910
Capex ¹	376	1,607	987	1,533	1,734	1,886	1,846	1,864
Capex / Sales	0.94%	3.21%	1.72%	2.32%	2.34%	2.28%	1.99%	1.79%
Announcement Date	27/03/19	27/04/20	27/04/21	28/04/22	28/04/23	-	-	-

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 Wuliangye Yibin Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

152.2 CNY

Average target price

189.3 CNY

Spread / Average Target

+24.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Distilleries

	1st Jan change	Capi.
WULIANGYE YIBIN CO.,LTD.	+8.51%	81.55B
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JIANGSU YANGHE BREWERY JOINT-STOCK CO., LTD.	-8.93%	20.81B
ANHUI GUJING DISTILLERY CO., LTD.	+13.62%	16.62B
DAVIDE CAMPARI-MILANO N.V.	-8.10%	12.04B
UNITED SPIRITS LIMITED	+7.26%	10.21B
JIANGSU KING'S LUCK BREWERY JOINT-STOCK CO.,LTD.	+21.13%	10.16B
ANHUI YINGJIA DISTILLERY CO., LTD.	+4.00%	7.61B

Distilleries