Financials Jiugui Liquor Co., Ltd.

Equities

000799

CNE000000S92

Distillers & Wineries

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-05 pm EDT			5-day change	1st Jan Change
56.2 ^CNY	+10.00%		+11.95%	-23.17%

Apr. 28	Jiugui Liquor Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 23	Jiugui Liquor Co., Ltd. Elects Gao Feng as Non-Independent Director and Gao Feng as Non-Independent Director	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,649	50,851	69,047	44,821	23,769	16,601	-	-
Enterprise Value (EV) ¹	11,649	50,851	65,706	41,745	21,409	13,950	13,019	13,459
P/E ratio	38.9 x	103 x	77.3 x	42.7 x	43.4 x	29.1 x	19.2 x	17.3 x
Yield	0.56%	0.45%	0.61%	0.94%	1.37%	1.85%	2.73%	3.95%
Capitalization / Revenue	7.7 x	27.8 x	20.2 x	11.1 x	8.4 x	5.63 x	4.62 x	4.1 x
EV / Revenue	7.7 x	27.8 x	19.2 x	10.3 x	7.57 x	4.73 x	3.62 x	3.32 x
EV / EBITDA	26.4 x	78.9 x	53.2 x	28.5 x	27.5 x	18.4 x	11.1 x	10.4 x
EV / FCF	-	-	46.1 x	265 x	-73.3 x	-74.4 x	12.2 x	-
FCF Yield	-	-	2.17%	0.38%	-1.36%	-1.34%	8.21%	-
Price to Book	4.79 x	17.8 x	19.6 x	10.8 x	5.55 x	3.35 x	3.06 x	3.02 x
Nbr of stocks (in thousands)	324,929	324,929	324,929	324,929	324,929	324,929	-	-
Reference price ²	35.85	156.5	212.5	137.9	73.15	51.09	51.09	51.09
Announcement Date	4/16/20	4/1/21	4/28/22	4/28/23	4/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,512	1,826	3,414	4,050	2,830	2,947	3,592	4,050
EBITDA ¹	441	644.6	1,236	1,465	779.7	758.6	1,177	1,290
EBIT ¹	400	601.8	1,194	1,421	726.3	698.8	1,128	1,199
Operating Margin	26.45%	32.96%	34.96%	35.09%	25.67%	23.71%	31.41%	29.61%
Earnings before Tax (EBT) ¹	400.9	654.8	1,189	1,400	727.4	759.9	1,112	1,280
Net income ¹	299.5	491.6	893.5	1,049	547.8	570.3	845.3	961.6
Net margin	19.81%	26.92%	26.17%	25.89%	19.36%	19.35%	23.53%	23.75%
EPS ²	0.9217	1.513	2.750	3.228	1.686	1.755	2.655	2.960
Free Cash Flow ¹	-	-	1,424	157.4	-292.2	-187.5	1,070	-
FCF margin	-	-	41.72%	3.89%	-10.33%	-6.36%	29.77%	-
FCF Conversion (EBITDA)	-	-	115.26%	10.74%	-	-	90.85%	-
FCF Conversion (Net income)	-	-	159.42%	15.01%	-	-	126.52%	-
Dividend per Share ²	0.2000	0.7000	1.300	1.300	1.000	0.9451	1.397	2.020
Announcement Date	4/16/20	4/1/21	4/28/22	4/28/23	4/28/24	-	-	-

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
Net sales ¹	774.6	1,688	848.5	948.9	564.6	964.6	576.8	601.1	687.2	493.9	663.3	751.3
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	231.7	694.2	263.6	337.6	125.9	399.5	163.1	76.26	87.47	99.56	173.8	137.5
Operating Margin	29.91%	41.12%	31.06%	35.58%	22.3%	41.42%	28.28%	12.69%	12.73%	20.16%	26.2%	18.3%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-
Net income	173.4	-	-	-	-	-	-	-	-	-	-	-
Net margin	22.39%	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	4/28/22	4/28/22	8/29/22	10/30/22	4/28/23	4/28/23	8/30/23	10/27/23	4/28/24	4/28/24	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	3,342	3,075	2,359	2,651	3,581	3,142
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	1,424	157	-292	-188	1,070	-
ROE (net income / shareholders' equity)	13%	18.6%	28%	27.3%	13%	12.5%	16.8%	17.5%
ROA (Net income/ Total Assets)	9.82%	13%	22.6%	17.7%	-	11%	13.7%	17%
Assets ¹	3,049	3,783	3,957	5,923	-	5,175	6,159	5,656
Book Value Per Share ²	7.480	8.790	10.80	12.80	13.20	15.20	16.70	16.90
Cash Flow per Share ²	1.180	2.920	4.820	1.230	0.1600	2.950	3.180	3.890
Capex ¹	35.4	49.5	140	243	343	101	162	163
Capex / Sales	2.34%	2.71%	4.11%	6.01%	12.14%	3.42%	4.5%	4.02%
Announcement Date	4/16/20	4/1/21	4/28/22	4/28/23	4/28/24	-	-	-

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 Jiugui Liquor Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

51.09 CNY

Average target price

66.38 CNY

Spread / Average Target

+29.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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Distilleries