INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.

Financials Inner Mongolia Yili Industrial Group Co., Ltd.

Equities

600887

CNE000000JP5

Food Processing

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
28.23 ^CNY	-0.42%		-1.33%	+5.53%

May. 03	Jefferies Adjusts Inner Mongolia Yili’s Price Target to 34.60 Yuan From 40.90 Yuan, Keeps at Buy	MT
May. 02	Milk Industry To Return To Normalcy After Supply Demand Balance, Says China's Milk Giant	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	188,622	269,886	265,349	198,380	169,689	179,077	-	-
Enterprise Value (EV) ¹	184,134	271,108	255,440	205,089	183,754	189,036	185,099	179,903
P/E ratio	26.9 x	37.6 x	29 x	20.9 x	16.3 x	14.1 x	14.3 x	13.4 x
Yield	2.62%	1.85%	2.32%	3.35%	4.49%	5.11%	5.05%	5.52%
Capitalization / Revenue	2.1 x	2.8 x	2.41 x	1.62 x	1.35 x	1.38 x	1.29 x	1.26 x
EV / Revenue	2.05 x	2.81 x	2.32 x	1.67 x	1.46 x	1.46 x	1.33 x	1.27 x
EV / EBITDA	18 x	24.6 x	18.9 x	13.9 x	11.4 x	10.4 x	9.76 x	8.77 x
EV / FCF	-244 x	80.9 x	28.8 x	27.5 x	16.1 x	15.7 x	15.2 x	13 x
FCF Yield	-0.41%	1.24%	3.48%	3.64%	6.2%	6.36%	6.59%	7.67%
Price to Book	7.22 x	8.88 x	5.56 x	3.95 x	3.18 x	3.08 x	2.83 x	2.63 x
Nbr of stocks (in thousands)	6,096,379	6,082,625	6,400,131	6,399,345	6,343,502	6,343,502	-	-
Reference price ²	30.94	44.37	41.46	31.00	26.75	28.23	28.23	28.23
Announcement Date	4/29/20	4/28/21	4/27/22	4/27/23	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	90,009	96,524	110,144	122,698	125,758	129,826	138,919	142,191
EBITDA ¹	10,238	11,001	13,518	14,747	16,153	18,131	18,964	20,518
EBIT ¹	8,280	8,558	10,230	10,860	11,873	13,925	14,291	15,281
Operating Margin	9.2%	8.87%	9.29%	8.85%	9.44%	10.73%	10.29%	10.75%
Earnings before Tax (EBT) ¹	8,194	8,150	10,112	10,630	11,721	14,714	14,408	15,437
Net income ¹	6,934	7,078	8,705	9,431	10,429	12,803	12,586	13,404
Net margin	7.7%	7.33%	7.9%	7.69%	8.29%	9.86%	9.06%	9.43%
EPS ²	1.150	1.180	1.430	1.480	1.640	2.002	1.977	2.102
Free Cash Flow ¹	-753.1	3,351	8,884	7,471	11,398	12,014	12,205	13,804
FCF margin	-0.84%	3.47%	8.07%	6.09%	9.06%	9.25%	8.79%	9.71%
FCF Conversion (EBITDA)	-	30.47%	65.72%	50.66%	70.56%	66.26%	64.36%	67.28%
FCF Conversion (Net income)	-	47.35%	102.05%	79.21%	109.29%	93.83%	96.97%	102.98%
Dividend per Share ²	0.8100	0.8200	0.9600	1.040	1.200	1.443	1.426	1.559
Announcement Date	4/29/20	4/28/21	4/27/22	4/27/23	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	47,344	49,180	56,294	25,470	30,913	32,300	63,213	30,287	29,198	59,485	33,328	32,654	-	31,109	28,667	59,776	32,463	34,219	34,308	26,721	-	-
EBITDA	-	-	-	-	4,902	3,207	-	3,531	3,107	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,782	3,776	6,387	821.3	4,210	3,115	-	2,228	1,307	3,535	4,198	3,129	-	3,809	737.4	4,547	6,902	2,919	2,828	1,994	-	-
Operating Margin	10.1%	7.68%	11.35%	3.22%	13.62%	9.65%	-	7.36%	4.47%	5.94%	12.6%	9.58%	-	12.24%	2.57%	7.61%	21.26%	8.53%	8.24%	7.46%	-	-
Earnings before Tax (EBT) ¹	-	3,788	-	805.4	4,104	2,996	7,099	2,215	1,316	3,531	-	3,123	-	3,533	803.2	4,337	-	3,429	3,659	890	-	-
Net income ¹	3,735	3,343	5,322	760.7	3,519	2,614	6,133	1,929	1,370	3,299	-	2,690	6,305	3,075	1,048	4,123	-	2,881	3,267	1,157	-	-
Net margin	7.89%	6.8%	9.45%	2.99%	11.38%	8.09%	9.7%	6.37%	4.69%	5.55%	-	8.24%	-	9.88%	3.66%	6.9%	-	8.42%	9.52%	4.33%	-	-
EPS ²	-	-	-	0.1100	0.5500	0.4100	-	0.3000	0.2200	-	0.5700	0.4200	-	0.4800	0.1700	-	0.9300	0.0600	0.6200	0.3000	-	-
Dividend per Share ²	-	-	-	0.9600	-	-	-	-	1.040	-	-	-	-	-	-	-	-	-	-	1.611	-	-
Announcement Date	8/27/20	4/28/21	8/30/21	4/27/22	4/27/22	8/30/22	8/30/22	10/27/22	4/27/23	4/27/23	4/27/23	8/28/23	8/28/23	10/30/23	4/29/24	4/29/24	4/29/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	1,222	-	6,709	14,065	9,959	6,022	826
Net Cash position ¹	4,488	-	9,910	-	-	-	-	-
Leverage (Debt/EBITDA)	-	0.1111 x	-	0.455 x	0.8707 x	0.5493 x	0.3176 x	0.0403 x
Free Cash Flow ¹	-753	3,351	8,884	7,471	11,398	12,014	12,205	13,804
ROE (net income / shareholders' equity)	26.4%	25.2%	25.6%	19.2%	20.2%	21.7%	20.4%	20.3%
ROA (Net income/ Total Assets)	12.8%	10.8%	8.12%	-	-	8.09%	8.13%	8.51%
Assets ¹	54,035	65,807	107,256	-	-	158,262	154,806	157,432
Book Value Per Share ²	4.290	5.000	7.450	7.860	8.410	9.150	9.960	10.70
Cash Flow per Share ²	1.390	1.620	2.430	2.100	2.870	2.880	2.680	3.030
Capex ¹	9,209	6,500	6,644	5,950	6,893	5,153	5,541	5,200
Capex / Sales	10.23%	6.73%	6.03%	4.85%	5.48%	3.97%	3.99%	3.66%
Announcement Date	4/29/20	4/28/21	4/27/22	4/27/23	4/29/24	-	-	-

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 Inner Mongolia Yili Industrial Group Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

28.23 CNY

Average target price

34.98 CNY

Spread / Average Target

+23.91%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Dairy Products

	1st Jan change	Capi.
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.	+5.53%	24.78B
CHINA MENGNIU DAIRY COMPANY LIMITED	-19.71%	8.33B
WANT WANT CHINA HOLDINGS LIMITED	-5.51%	6.83B
NESTLÉ (MALAYSIA)	+9.18%	6.35B
VIETNAM DAIRY PRODUCTS	+0.44%	5.58B
EMMI AG	+1.21%	5.43B
GLANBIA PLC	+22.87%	5.16B
CHINA FEIHE LIMITED	-0.23%	4.93B
HEBEI YANGYUAN ZHIHUI BEVERAGE CO., LTD.	+25.35%	4.66B
THE A2 MILK COMPANY LIMITED	+47.17%	2.93B

Dairy Products