Financials Luzhou Laojiao Co.,Ltd

Equities

000568

CNE000000GF2

Distillers & Wineries

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
186.9 ^CNY	-1.90%		+0.45%	+4.19%

Apr. 26	Luzhou Laojiao Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 25	Yuexiu Services Group Chairman Resigns, Successor Named	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	126,965	331,268	371,857	330,117	264,104	275,173	-	-
Enterprise Value (EV) ¹	119,702	323,704	362,420	318,617	249,730	254,953	246,393	241,012
P/E ratio	27.3 x	55.2 x	46.8 x	31.8 x	19.9 x	17.1 x	14.5 x	12.2 x
Yield	1.83%	0.91%	1.28%	1.88%	3.01%	3.29%	3.94%	4.63%
Capitalization / Revenue	8.03 x	19.9 x	18 x	13.1 x	8.74 x	7.62 x	6.43 x	5.62 x
EV / Revenue	7.57 x	19.4 x	17.6 x	12.7 x	8.26 x	7.06 x	5.75 x	4.93 x
EV / EBITDA	19 x	39.2 x	32.5 x	22 x	13.5 x	11.6 x	9.71 x	8.09 x
EV / FCF	444 x	116 x	63.3 x	43.7 x	27.1 x	16.4 x	14.5 x	12.3 x
FCF Yield	0.23%	0.86%	1.58%	2.29%	3.69%	6.1%	6.89%	8.11%
Price to Book	6.54 x	14.4 x	13.3 x	9.65 x	6.38 x	5.48 x	4.4 x	3.84 x
Nbr of stocks (in thousands)	1,464,752	1,464,752	1,464,752	1,471,895	1,471,988	1,471,988	-	-
Reference price ²	86.68	226.2	253.9	224.3	179.4	186.9	186.9	186.9
Announcement Date	4/28/20	3/29/21	3/11/22	4/28/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	15,817	16,653	20,642	25,124	30,233	36,108	42,819	48,933
EBITDA ¹	6,287	8,268	11,142	14,476	18,509	21,941	25,384	29,780
EBIT ¹	6,119	7,959	10,590	13,847	17,842	21,052	24,960	29,562
Operating Margin	38.69%	47.8%	51.3%	55.12%	59.01%	58.3%	58.29%	60.41%
Earnings before Tax (EBT) ¹	6,104	7,939	10,551	13,855	17,806	21,487	25,363	29,921
Net income ¹	4,642	6,006	7,956	10,365	13,246	16,065	18,973	22,356
Net margin	29.35%	36.06%	38.54%	41.26%	43.81%	44.49%	44.31%	45.69%
EPS ²	3.170	4.100	5.430	7.060	9.020	10.94	12.94	15.30
Free Cash Flow ¹	269.4	2,793	5,723	7,294	9,216	15,549	16,965	19,540
FCF margin	1.7%	16.77%	27.72%	29.03%	30.48%	43.06%	39.62%	39.93%
FCF Conversion (EBITDA)	4.29%	33.78%	51.36%	50.39%	49.79%	70.87%	66.83%	65.62%
FCF Conversion (Net income)	5.8%	46.5%	71.93%	70.37%	69.58%	96.79%	89.42%	87.4%
Dividend per Share ²	1.590	2.051	3.244	4.225	5.400	6.158	7.361	8.663
Announcement Date	4/28/20	3/29/21	3/11/22	4/28/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	6,532	11,325	6,312	5,352	5,860	7,599	7,610	6,983	7,350	8,291	9,188	8,030	8,820	9,893	-	-
EBITDA	2,524	-	-	3,469	3,646	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,262	4,996	3,877	3,489	3,600	2,881	4,925	4,574	4,645	3,698	6,112	5,188	5,477	4,217	-	-
Operating Margin	34.62%	44.11%	61.42%	65.18%	61.43%	37.92%	64.72%	65.51%	63.2%	44.6%	66.52%	64.6%	62.1%	42.63%	-	-
Earnings before Tax (EBT)	2,247	4,939	-	3,494	3,603	2,877	-	4,577	4,658	3,641	-	-	-	-	-	-
Net income ¹	1,680	3,729	-	2,656	2,685	2,148	-	3,378	3,476	2,680	-	3,979	3,846	3,378	-	-
Net margin	25.72%	32.93%	-	49.63%	45.82%	28.27%	-	48.37%	47.29%	32.33%	-	49.55%	43.61%	34.15%	-	-
EPS ²	1.150	2.540	1.960	1.800	1.830	1.470	2.530	2.290	2.370	1.830	3.120	2.742	2.795	2.205	-	-
Dividend per Share ²	3.244	-	-	-	-	4.225	-	-	-	-	-	-	-	6.352	-	-
Announcement Date	3/11/22	3/11/22	4/28/22	8/28/22	10/27/22	4/28/23	4/28/23	8/28/23	10/30/23	4/26/24	4/27/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	7,263	7,565	9,437	11,500	14,374	20,220	28,780	34,162
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	269	2,793	5,723	7,294	9,216	15,549	16,965	19,540
ROE (net income / shareholders' equity)	25.5%	28.3%	31.2%	33.3%	35.1%	33.8%	32.4%	33.6%
ROA (Net income/ Total Assets)	18%	18.8%	20.1%	-	-	22.5%	23%	24.3%
Assets ¹	25,763	31,968	39,640	-	-	71,337	82,625	92,014
Book Value Per Share ²	13.20	15.80	19.10	23.20	28.10	34.10	42.50	48.70
Cash Flow per Share ²	3.310	3.360	5.260	5.610	7.230	11.50	13.20	15.60
Capex ¹	4,572	2,123	1,976	969	1,432	1,618	1,615	1,517
Capex / Sales	28.91%	12.75%	9.57%	3.86%	4.74%	4.48%	3.77%	3.1%
Announcement Date	4/28/20	3/29/21	3/11/22	4/28/23	4/26/24	-	-	-

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 Luzhou Laojiao Co.,Ltd

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

186.9 CNY

Average target price

253.1 CNY

Spread / Average Target

+35.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Distilleries