Financials Smoore International Holdings Limited

Equities

6969

KYG8245V1023

Tobacco

Market Closed - Hong Kong S.E. Other stock markets 04:08:22 2024-05-10 am EDT			5-day change	1st Jan Change
7 ^HKD	+0.43%		-3.71%	+7.69%

Apr. 12	Smoore International Holdings Reports 13% Profit Growth in Q1	MT
Mar. 19	Smoore International's Profit Falls on Lower Revenue, Misses Estimates	MT

Valuation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	295,445	194,664	65,062	36,258	39,729	-	-
Enterprise Value (EV) ¹	286,218	183,674	50,426	36,258	21,931	22,025	26,479
P/E ratio	119 x	37.9 x	26.4 x	22.2 x	23.1 x	18.5 x	16.4 x
Yield	0.54%	0.98%	2.29%	-	1.46%	1.99%	1.63%
Capitalization / Revenue	29.5 x	14.2 x	5.36 x	3.25 x	3.18 x	2.61 x	2.46 x
EV / Revenue	28.6 x	13.4 x	4.15 x	3.25 x	1.76 x	1.45 x	1.64 x
EV / EBITDA	66.9 x	30.7 x	17.3 x	17 x	9.4 x	7.81 x	8.44 x
EV / FCF	106 x	113 x	-42.6 x	-	9.37 x	17.8 x	18.9 x
FCF Yield	0.94%	0.89%	-2.35%	-	10.7%	5.62%	5.29%
Price to Book	23.1 x	10 x	3.19 x	-	1.65 x	1.61 x	1.57 x
Nbr of stocks (in thousands)	5,865,151	6,010,226	6,078,169	6,137,239	6,137,699	-	-
Reference price ²	50.37	32.39	10.70	5.908	6.473	6.473	6.473
Announcement Date	3/31/21	3/30/22	3/20/23	3/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,611	10,010	13,755	12,145	11,168	12,484	15,199	16,147
EBITDA ¹	-	4,281	5,982	2,918	2,137	2,332	2,819	3,139
EBIT ¹	-	4,049	5,650	2,352	1,458	1,769	2,209	2,317
Operating Margin	-	40.45%	41.07%	19.36%	13.06%	14.17%	14.53%	14.35%
Earnings before Tax (EBT) ¹	-	3,118	6,209	2,954	1,937	1,993	2,537	2,825
Net income ¹	-	2,400	5,287	2,510	1,645	1,693	2,251	2,400
Net margin	-	23.98%	38.44%	20.67%	14.73%	13.56%	14.81%	14.87%
EPS ²	-	0.4217	0.8540	0.4062	0.2667	0.2799	0.3506	0.3950
Free Cash Flow ¹	-	2,696	1,630	-1,185	-	2,340	1,238	1,402
FCF margin	-	26.93%	11.85%	-9.76%	-	18.74%	8.15%	8.68%
FCF Conversion (EBITDA)	-	62.98%	27.24%	-	-	100.33%	43.92%	44.66%
FCF Conversion (Net income)	-	112.34%	30.82%	-	-	138.18%	55%	58.4%
Dividend per Share ²	-	0.2700	0.3163	0.2455	-	0.0943	0.1289	0.1056
Announcement Date	6/29/20	3/31/21	3/30/22	3/20/23	3/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2022 S1	2023 S1
Net sales	6,953	5,653	-
EBITDA	-	-	-
EBIT ¹	3,151	-	566
Operating Margin	45.32%	-	-
Earnings before Tax (EBT) ¹	-	-	796.2
Net income ¹	-	-	717.3
Net margin	-	-	-
EPS	-	-	-
Dividend per Share	-	-	-
Announcement Date	8/19/21	8/24/22	8/21/23

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	9,227	10,989	14,636	-	17,797	17,704	13,250
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	2,696	1,630	-1,185	-	2,340	1,238	1,402
ROE (net income / shareholders' equity)	-	36.5%	33.4%	12.7%	-	7.63%	9.07%	9.28%
ROA (Net income/ Total Assets)	-	26.6%	28.1%	10.6%	-	6.3%	7.05%	7.7%
Assets ¹	-	9,038	18,823	23,615	-	26,877	31,927	31,175
Book Value Per Share ²	-	2.180	3.220	3.350	-	3.930	4.020	4.130
Cash Flow per Share ²	-	0.5300	0.5800	0.0800	-	0.2900	0.4700	0.2800
Capex ¹	-	339	1,959	1,655	-	1,444	1,208	1,447
Capex / Sales	-	3.39%	14.24%	13.62%	-	11.56%	7.95%	8.96%
Announcement Date	6/29/20	3/31/21	3/30/22	3/20/23	3/18/24	-	-	-

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 Smoore International Holdings Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.473 CNY

Average target price

9.025 CNY

Spread / Average Target

+39.42%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Tobacco

	1st Jan change	Capi.
SMOORE INTERNATIONAL HOLDINGS LIMITED	+7.69%	5.47B
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IMPERIAL BRANDS PLC	+3.40%	19.94B
GODFREY PHILLIPS INDIA LIMITED	+61.02%	2.15B
PHILIP MORRIS CR	+1.02%	1.75B
VECTOR GROUP LTD.	-3.90%	1.68B
UNIVERSAL CORPORATION	-19.76%	1.33B
TANZANIA CIGARETTE PUBLIC LIMITED COMPANY	0.00%	657M
SHAANXI JINYE SCIENCE TECHNOLOGY AND EDUCATION GROUP CO.,LTD	-15.61%	459M

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