Financials Bestore Co.,Ltd

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-15 pm EDT			5-day change	1st Jan Change
15.24 ^CNY	+0.46%		-2.93%	-29.31%

Apr. 25	Bestore Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
2023	Shift in Chinese retailers' strategy risks entrenching deflation	RE

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	23,527	16,902	14,674	8,581	6,065	-	-
Enterprise Value (EV) ¹	23,527	15,439	13,664	8,581	6,065	6,065	6,065
P/E ratio	67.4 x	60.7 x	43.9 x	47.9 x	31.4 x	23 x	23.3 x
Yield	0.44%	0.5%	0.69%	1.04%	1.54%	3.54%	2.23%
Capitalization / Revenue	2.98 x	1.81 x	1.55 x	1.07 x	0.7 x	0.64 x	0.61 x
EV / Revenue	2.98 x	1.81 x	1.55 x	1.07 x	0.7 x	0.64 x	0.61 x
EV / EBITDA	40.5 x	40 x	26.3 x	19.8 x	10.2 x	9.14 x	8.78 x
EV / FCF	-	-	-255,109,430 x	-	-	-	-
FCF Yield	-	-	-0%	-	-	-	-
Price to Book	11.3 x	7.94 x	6.16 x	3.47 x	2.35 x	2.13 x	2.09 x
Nbr of stocks (in thousands)	401,000	397,983	397,983	397,983	397,983	-	-
Reference price ²	58.67	42.47	36.87	21.56	15.24	15.24	15.24
Announcement Date	3/29/21	3/21/22	3/23/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,715	7,894	9,324	9,440	8,046	8,612	9,523	9,997
EBITDA ¹	576.2	580.6	422	557.2	434.2	594	663.5	690.5
EBIT ¹	471.4	483.6	375.7	436.3	260.7	273	365.9	368.7
Operating Margin	6.11%	6.13%	4.03%	4.62%	3.24%	3.17%	3.84%	3.69%
Earnings before Tax (EBT) ¹	473.4	483.3	378.8	437.3	262.1	274.7	367.4	370.1
Net income ¹	340.4	343.6	281.5	335.5	180.3	195.4	265.4	262.6
Net margin	4.41%	4.35%	3.02%	3.55%	2.24%	2.27%	2.79%	2.63%
EPS ²	0.8500	0.8700	0.7000	0.8400	0.4500	0.4850	0.6629	0.6550
Free Cash Flow	-	-	-	-57.52	-	-	-	-
FCF margin	-	-	-	-0.61%	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.2550	0.2570	0.2120	0.2530	0.2250	0.2350	0.5400	0.3400
Announcement Date	4/27/20	3/29/21	3/21/22	3/23/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	1,463	1,010	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-57.5	-	-	-	-
ROE (net income / shareholders' equity)	27.3%	18.2%	13.3%	14.9%	7.43%	7.46%	9.05%	8.92%
ROA (Net income/ Total Assets)	9.7%	8.57%	5.86%	6.41%	-	3.82%	4.42%	4.85%
Assets ¹	3,507	4,008	4,807	5,233	-	5,115	6,009	5,418
Book Value Per Share ²	3.930	5.190	5.350	5.980	6.210	6.500	7.150	7.310
Cash Flow per Share ²	0.9500	0.8200	1.020	0.2600	3.190	1.030	2.400	1.330
Capex ¹	126	150	269	160	335	172	181	201
Capex / Sales	1.63%	1.9%	2.89%	1.7%	4.17%	2%	1.9%	2.01%
Announcement Date	4/27/20	3/29/21	3/21/22	3/23/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

D+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

15.24 CNY

Average target price

24.52 CNY

Spread / Average Target

+60.87%