S.F. HOLDING CO., LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 36.34 CNY | +0.69% |
|
+5.64% | -10.05% |
| Apr. 02 | Tranche Update on S.F. Holding Co., Ltd.'s Equity Buyback Plan announced on January 30, 2024. | CI |
| Mar. 29 | Chinese firms' fundraisings in limbo as IPOs scrutinised at home and abroad | RE |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 164,178 | 401,043 | 337,377 | 280,506 | 195,704 | 176,036 | - | - |
| Enterprise Value (EV) 1 | 168,648 | 402,913 | 323,970 | 259,753 | 183,306 | 169,069 | 160,995 | 151,063 |
| P/E ratio | 28.2 x | 53.8 x | 74.1 x | 45.5 x | 23.8 x | 18 x | 15.1 x | 13.5 x |
| Yield | 0.73% | 0.37% | 0.26% | 0.43% | - | 1.49% | 1.91% | 2.44% |
| Capitalization / Revenue | 1.46 x | 2.6 x | 1.63 x | 1.05 x | 0.76 x | 0.61 x | 0.54 x | 0.5 x |
| EV / Revenue | 1.5 x | 2.62 x | 1.56 x | 0.97 x | 0.71 x | 0.59 x | 0.5 x | 0.43 x |
| EV / EBITDA | 14.2 x | 26.1 x | 16.3 x | 12.9 x | 6.6 x | 5.73 x | 4.85 x | 4.34 x |
| EV / FCF | 62.5 x | -427 x | -84.4 x | 14 x | 13 x | 13.4 x | 10.2 x | 10.7 x |
| FCF Yield | 1.6% | -0.23% | -1.18% | 7.13% | 7.69% | 7.46% | 9.77% | 9.31% |
| Price to Book | 3.87 x | 7.11 x | 4.07 x | 3.25 x | 2.11 x | 1.78 x | 1.63 x | 1.51 x |
| Nbr of stocks (in thousands) | 4,414,585 | 4,545,430 | 4,895,202 | 4,856,405 | 4,844,151 | 4,844,151 | - | - |
| Reference price 2 | 37.19 | 88.23 | 68.92 | 57.76 | 40.40 | 36.34 | 36.34 | 36.34 |
| Announcement Date | 2/24/20 | 3/17/21 | 3/30/22 | 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 | 112,193 | 153,987 | 207,187 | 267,490 | 258,409 | 288,684 | 324,003 | 352,077 |
| EBITDA 1 | 11,912 | 15,428 | 19,820 | 20,208 | 27,773 | 29,480 | 33,199 | 34,831 |
| EBIT 1 | 7,409 | 10,136 | 7,248 | 11,034 | 10,454 | 13,869 | 16,390 | 18,236 |
| Operating Margin | 6.6% | 6.58% | 3.5% | 4.12% | 4.05% | 4.8% | 5.06% | 5.18% |
| Earnings before Tax (EBT) 1 | 7,426 | 10,039 | 7,134 | 10,967 | 10,487 | 13,600 | 16,205 | 18,045 |
| Net income 1 | 5,797 | 7,326 | 4,269 | 6,174 | 8,234 | 9,724 | 11,450 | 13,081 |
| Net margin | 5.17% | 4.76% | 2.06% | 2.31% | 3.19% | 3.37% | 3.53% | 3.72% |
| EPS 2 | 1.320 | 1.640 | 0.9300 | 1.270 | 1.700 | 2.021 | 2.400 | 2.687 |
| Free Cash Flow 1 | 2,700 | -943.6 | -3,838 | 18,519 | 14,098 | 12,618 | 15,729 | 14,061 |
| FCF margin | 2.41% | -0.61% | -1.85% | 6.92% | 5.46% | 4.37% | 4.85% | 3.99% |
| FCF Conversion (EBITDA) | 22.66% | - | - | 91.64% | 50.76% | 42.8% | 47.38% | 40.37% |
| FCF Conversion (Net income) | 46.57% | - | - | 299.97% | 171.21% | 129.76% | 137.37% | 107.49% |
| Dividend per Share 2 | 0.2700 | 0.3300 | 0.1800 | 0.2500 | - | 0.5422 | 0.6953 | 0.8866 |
| Announcement Date | 2/24/20 | 3/17/21 | 3/30/22 | 3/28/23 | 3/26/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2024 S2 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | - | 47,517 | 71,326 | 62,984 | 67,080 | - | 69,083 | 68,343 | 137,426 | 61,048 | 63,318 | 64,646 | 69,398 | 134,044 | 67,900 | 70,500 | 130,343 | 72,000 | 77,200 | 158,020 | 74,300 |
| EBITDA | - | 3,065 | - | 3,770 | 4,277 | - | 4,761 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | 1,449 | 4,706 | 2,140 | 2,955 | - | 3,146 | 2,793 | - | 2,362 | 3,117 | - | 2,471 | 4,975 | 3,185 | 2,816 | 6,001 | 2,578 | 4,404 | 6,982 | - |
| Operating Margin | - | 3.05% | 6.6% | 3.4% | 4.41% | - | 4.55% | 4.09% | - | 3.87% | 4.92% | - | 3.56% | 3.71% | 4.69% | 3.99% | 4.6% | 3.58% | 5.7% | 4.42% | - |
| Earnings before Tax (EBT) 1 | - | - | - | - | - | - | 3,122 | - | - | - | - | - | 2,558 | 5,066 | 3,356 | 2,987 | 6,343 | 2,749 | 4,574 | 7,323 | - |
| Net income 1 | 3,762 | 1,038 | 2,471 | 1,022 | 1,490 | 2,512 | 1,960 | 1,702 | - | 1,720 | - | 2,088 | 1,970 | 4,058 | 2,768 | 2,459 | 5,226 | 2,259 | 3,778 | 6,037 | - |
| Net margin | - | 2.18% | 3.46% | 1.62% | 2.22% | - | 2.84% | 2.49% | - | 2.82% | - | 3.23% | 2.84% | 3.03% | 4.08% | 3.49% | 4.01% | 3.14% | 4.89% | 3.82% | - |
| EPS 2 | - | 0.2300 | 0.5300 | 0.2100 | 0.3000 | - | 0.4000 | 0.3600 | - | 0.3500 | 0.5100 | 0.4300 | 0.4100 | 0.8400 | 0.5700 | 0.5000 | 1.070 | 0.4600 | 0.7700 | 1.240 | - |
| Dividend per Share | - | - | 0.1800 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 8/25/20 | 10/28/21 | 3/30/22 | 4/28/22 | 8/30/22 | 8/30/22 | 10/28/22 | 3/28/23 | 3/28/23 | 4/26/23 | 8/28/23 | 10/30/23 | 3/26/24 | 3/26/24 | - | - | - | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 4,469 | 1,870 | - | - | - | - | - | - |
| Net Cash position 1 | - | - | 13,407 | 20,753 | 12,397 | 6,967 | 15,041 | 24,974 |
| Leverage (Debt/EBITDA) | 0.3752 x | 0.1212 x | - | - | - | - | - | - |
| Free Cash Flow 1 | 2,700 | -944 | -3,838 | 18,519 | 14,098 | 12,618 | 15,729 | 14,061 |
| ROE (net income / shareholders' equity) | 14.9% | 15.2% | 6.81% | 7.3% | 9.2% | 9.87% | 10.8% | 11.4% |
| ROA (Net income/ Total Assets) | 7.06% | 6.02% | 1.14% | 2.89% | 3.76% | 4.37% | 4.88% | 5.35% |
| Assets 1 | 82,074 | 121,674 | 373,633 | 213,404 | 219,166 | 222,526 | 234,676 | 244,461 |
| Book Value Per Share 2 | 9.610 | 12.40 | 16.90 | 17.80 | 19.20 | 20.40 | 22.30 | 24.00 |
| Cash Flow per Share 2 | 2.060 | 2.490 | 3.340 | 6.710 | 5.480 | 5.520 | 5.620 | 5.960 |
| Capex 1 | 6,421 | 12,267 | 19,196 | 14,184 | 12,472 | 13,724 | 13,200 | 13,350 |
| Capex / Sales | 5.72% | 7.97% | 9.26% | 5.3% | 4.83% | 4.75% | 4.07% | 3.79% |
| Announcement Date | 2/24/20 | 3/17/21 | 3/30/22 | 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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
BUY
Number of Analysts
22
Last Close Price
36.34
CNY
Average target price
48.1
CNY
Spread / Average Target
+32.37%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -10.05% | 24.29B | |
| +1.55% | 17.39B | |
| +14.84% | 16.32B | |
| +28.97% | 7.53B | |
| +14.93% | 2.34B | |
| -7.49% | 2.18B | |
| +18.49% | 1.92B | |
| -4.14% | 1.17B | |
| +27.94% | 665M | |
| -24.42% | 478M |
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