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

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
12.55 ^CNY	-1.57%		+1.05%	-10.93%

Apr. 29	Zhe Jiang Li Zi Yuan Food Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 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	4,950	-	-
Enterprise Value (EV) ¹	10,771	7,109	5,558	4,950	4,950	4,950
P/E ratio	40.1 x	32.1 x	24.3 x	18.2 x	15.3 x	14 x
Yield	0.91%	-	3.55%	4.44%	3.89%	5.82%
Capitalization / Revenue	7.33 x	5.06 x	3.94 x	3.09 x	2.66 x	2.38 x
EV / Revenue	7.33 x	5.06 x	3.94 x	3.09 x	2.66 x	2.38 x
EV / EBITDA	27.3 x	20.5 x	14.5 x	11.9 x	10.5 x	9.32 x
EV / FCF	-	-	26.1 x	79.8 x	32.1 x	-
FCF Yield	-	-	3.83%	1.25%	3.11%	-
Price to Book	6.71 x	4.11 x	3.34 x	2.68 x	2.23 x	2.29 x
Nbr of stocks (in thousands)	394,430	394,430	394,430	394,432	-	-
Reference price ²	27.31	18.02	14.09	12.55	12.55	12.55
Announcement Date	3/4/22	2/1/23	4/9/24	-	-	-

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	1/25/21	4/20/21	3/4/22	2/1/23	4/9/24	-	-	-

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	1/25/21	4/20/21	3/4/22	2/1/23	4/9/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

12.55 CNY

Average target price

16.9 CNY

Spread / Average Target

+34.66%

	1st Jan change	Capi.
ZHE JIANG LI ZI YUAN FOOD CO.,LTD.	-10.93%	685M
THE COCA-COLA COMPANY	+7.35%	273B
KEURIG DR PEPPER INC.	+2.13%	46.13B
VARUN BEVERAGES LIMITED	+17.14%	22.76B
CELSIUS HOLDINGS, INC.	+51.89%	19.3B
ARCA CONTINENTAL, S.A.B. DE C.V.	-6.93%	17.43B
COCA-COLA HELLENIC	+18.13%	12.41B
SWIRE PACIFIC LIMITED	+5.30%	11.42B
SUNTORY BEVERAGE & FOOD LIMITED	+14.30%	10.36B
COCA-COLA CONSOLIDATED, INC.	+2.55%	8.92B