Financials Zhe Jiang Li Zi Yuan Food Co.,Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 14/05/2024 BST			5-day change	1st Jan Change
12.43 ^CNY	-2.05%		-4.46%	-11.78%

04-29	Zhe Jiang Li Zi Yuan Food Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-09	Zhe Jiang Li Zi Yuan Food Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,771	7,109	5,558	4,903	-	-
Enterprise Value (EV) ¹	10,771	7,109	5,558	4,903	4,903	4,903
P/E ratio	40.1 x	32.1 x	24.3 x	18 x	15.1 x	13.9 x
Yield	0.91%	-	3.55%	4.48%	3.93%	5.87%
Capitalization / Revenue	7.33 x	5.06 x	3.94 x	3.06 x	2.63 x	2.36 x
EV / Revenue	7.33 x	5.06 x	3.94 x	3.06 x	2.63 x	2.36 x
EV / EBITDA	27.3 x	20.5 x	14.5 x	11.8 x	10.4 x	9.23 x
EV / FCF	-	-	26.1 x	79.1 x	31.8 x	-
FCF Yield	-	-	3.83%	1.26%	3.14%	-
Price to Book	6.71 x	4.11 x	3.34 x	2.66 x	2.21 x	2.26 x
Nbr of stocks (in thousands)	394,430	394,430	394,430	394,432	-	-
Reference price ²	27.31	18.02	14.09	12.43	12.43	12.43
Announcement Date	04/03/22	01/02/23	09/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	974.5	1,088	1,470	1,404	1,412	1,604	1,863	2,078
EBITDA ¹	-	317.9	394.6	347.3	384.5	416	470.2	531.2
EBIT ¹	-	277.3	340.6	279.6	305.3	349.4	413.3	452.2
Operating Margin	-	25.5%	23.17%	19.92%	21.62%	21.78%	22.18%	21.76%
Earnings before Tax (EBT) ¹	-	277.1	338.2	280.5	303.9	349.3	414.5	453
Net income ¹	181.7	214.6	262.5	221	237	272.9	324.7	353.7
Net margin	18.64%	19.73%	17.86%	15.75%	16.78%	17.01%	17.42%	17.02%
EPS ²	0.6122	0.7261	0.6813	0.5615	0.5800	0.6900	0.8222	0.8960
Free Cash Flow ¹	-	-	-	-	212.6	62	154	-
FCF margin	-	-	-	-	15.06%	3.87%	8.26%	-
FCF Conversion (EBITDA)	-	-	-	-	55.3%	14.91%	32.75%	-
FCF Conversion (Net income)	-	-	-	-	89.74%	22.72%	47.43%	-
Dividend per Share ²	-	-	0.2472	-	0.5000	0.5567	0.4880	0.7300
Announcement Date	25/01/21	20/04/21	04/03/22	01/02/23	09/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	-	213	62	154	-
ROE (net income / shareholders' equity)	-	34.5%	18.1%	13.3%	13.2%	14.7%	15.4%	16.6%
ROA (Net income/ Total Assets)	-	21.9%	16.2%	-	-	8.97%	9.69%	10.6%
Assets ¹	-	981.4	1,619	-	-	3,043	3,352	3,343
Book Value Per Share ²	-	2.470	4.070	4.380	4.220	4.680	5.630	5.490
Cash Flow per Share ²	-	1.000	0.5600	0.6600	1.050	0.7900	1.460	1.020
Capex ¹	-	161	304	-	201	143	165	135
Capex / Sales	-	14.8%	20.65%	-	14.25%	8.93%	8.87%	6.49%
Announcement Date	25/01/21	20/04/21	04/03/22	01/02/23	09/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

12.43 CNY

Average target price

16.9 CNY

Spread / Average Target

+35.96%

	1st Jan change	Capi.
ZHE JIANG LI ZI YUAN FOOD CO.,LTD.	-11.78%	692M
KEURIG DR PEPPER INC.	+1.40%	46.32B
VARUN BEVERAGES LIMITED	+21.22%	23.17B
CELSIUS HOLDINGS, INC.	+72.16%	21.34B
ARCA CONTINENTAL, S.A.B. DE C.V.	-7.84%	17.23B
COCA-COLA HELLENIC	+20.61%	12.51B
SWIRE PACIFIC LIMITED	+4.84%	11.35B
SUNTORY BEVERAGE & FOOD LIMITED	+20.60%	11.22B
COCA-COLA CONSOLIDATED, INC.	+3.21%	8.94B
COCA-COLA IÇECEK ANONIM SIRKETI	+38.25%	5.72B