Stock 9633 NONGFU SPRING CO., LTD.
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Financials Nongfu Spring Co., Ltd.

Equities

9633

CNE100004272

Non-Alcoholic Beverages

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
44.85 HKD +0.11% Intraday chart for Nongfu Spring Co., Ltd. +5.04% -0.66%
Mar. 27 Nongfu Spring's Profit Increases 42% as Revenue Jumps MT
Mar. 26 Nongfu Spring Co., Ltd. Announces Directorate Resignations CI

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 519,663 471,475 438,031 461,523 466,912 - -
Enterprise Value (EV) 1 512,958 459,191 425,244 461,523 441,834 436,975 431,896
P/E ratio 96.3 x 65.5 x 51.2 x 38.4 x 35 x 30.9 x 27.3 x
Yield 0.37% 1.07% 1.75% - 1.99% 2.31% 2.57%
Capitalization / Revenue 22.7 x 15.9 x 13.2 x 10.8 x 9.45 x 8.32 x 7.39 x
EV / Revenue 22.4 x 15.5 x 12.8 x 10.8 x 8.95 x 7.78 x 6.84 x
EV / EBITDA 59.7 x 21.3 x 31.5 x 25.2 x 22.3 x 19.4 x 17.2 x
EV / FCF 82.8 x 51.4 x 54.2 x - 34.6 x 27.5 x 24 x
FCF Yield 1.21% 1.95% 1.85% - 2.89% 3.64% 4.17%
Price to Book 32.6 x 22.7 x 18.2 x - 13.8 x 11.8 x 10.2 x
Nbr of stocks (in thousands) 11,246,466 11,246,466 11,246,466 11,246,466 11,246,466 - -
Reference price 2 46.21 41.92 38.95 41.04 41.52 41.52 41.52
Announcement Date 3/25/21 3/28/22 3/28/23 3/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 24,021 22,877 29,696 33,239 42,667 49,387 56,132 63,186
EBITDA 1 - 8,599 21,531 13,494 18,322 19,778 22,512 25,135
EBIT 1 - 7,065 9,407 11,126 15,788 16,854 19,255 21,637
Operating Margin - 30.88% 31.68% 33.47% 37% 34.13% 34.3% 34.24%
Earnings before Tax (EBT) 1 - 6,986 9,354 11,050 15,688 17,409 19,944 22,378
Net income 1 - 5,277 7,162 8,495 12,079 13,414 15,189 17,192
Net margin - 23.07% 24.12% 25.56% 28.31% 27.16% 27.06% 27.21%
EPS 2 0.4600 0.4800 0.6400 0.7600 1.070 1.187 1.344 1.519
Free Cash Flow 1 - 6,193 8,938 7,848 - 12,756 15,902 17,996
FCF margin - 27.07% 30.1% 23.61% - 25.83% 28.33% 28.48%
FCF Conversion (EBITDA) - 72.02% 41.51% 58.16% - 64.49% 70.64% 71.6%
FCF Conversion (Net income) - 117.35% 124.8% 92.38% - 95.09% 104.69% 104.68%
Dividend per Share 2 - 0.1700 0.4500 0.6800 - 0.8260 0.9594 1.066
Announcement Date 8/25/20 3/25/21 3/28/22 3/28/23 3/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 11,545 11,333 15,175 14,522 16,599 16,640 20,462 22,205 24,283 25,353 25,931 28,744
EBITDA - - - - - 6,338 - 9,528 - - - -
EBIT 1 - 3,241 5,351 4,057 6,092 5,035 7,554 8,234 8,313 8,487 - -
Operating Margin - 28.6% 35.26% 27.93% 36.7% 30.26% 36.92% 37.08% 34.23% 33.48% - -
Earnings before Tax (EBT) 1 - 3,191 5,327 4,028 6,069 4,981 7,524 8,164 8,687 8,752 - -
Net income - 2,413 4,013 3,149 4,608 3,887 5,775 6,304 - 6,782 - -
Net margin - 21.29% 26.44% 21.68% 27.76% 23.36% 28.22% 28.39% - 26.75% - -
EPS 0.2700 - - - 0.4100 0.3500 0.5100 - - - - -
Dividend per Share - - - - - - - - - - - -
Announcement Date 9/24/20 3/25/21 8/25/21 3/28/22 8/24/22 3/28/23 8/29/23 3/26/24 - - - -
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 - 6,705 12,283 12,786 - 25,078 29,937 35,016
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - 6,193 8,938 7,848 - 12,756 15,902 17,996
ROE (net income / shareholders' equity) - 50.9% 39.5% 37.9% - 43.1% 42.6% 41.3%
ROA (Net income/ Total Assets) - 24.2% 24.4% 23.5% - 25.6% 25.8% 26%
Assets 1 - 21,828 29,376 36,075 - 52,438 58,833 66,219
Book Value Per Share 2 - 1.420 1.840 2.140 - 3.010 3.530 4.050
Cash Flow per Share 2 - 0.7700 1.010 1.070 - 1.610 1.730 1.960
Capex 1 - 2,236 2,462 4,193 - 4,252 4,495 4,685
Capex / Sales - 9.77% 8.29% 12.62% - 8.61% 8.01% 7.41%
Announcement Date 8/25/20 3/25/21 3/28/22 3/28/23 3/26/24 - - -
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 Nongfu Spring Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
22
Last Close Price
41.52 CNY
Average target price
45.39 CNY
Spread / Average Target
+9.34%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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