Financials Wuliangye Yibin Co.,Ltd.

Equities

000858

CNE000000VQ8

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
154.4 ^CNY	-0.26%		+2.66%	+10.06%

May. 07	Dividends Paid Out by Shenzhen-Listed Rise 19% in 2023	MT
Apr. 29	Wuliangye's Q1 Profit, Revenue Jump 12%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	516,293	1,132,847	864,279	701,368	544,628	599,437	-	-
Enterprise Value (EV) ¹	453,054	1,064,638	782,303	609,385	429,187	471,867	455,972	438,030
P/E ratio	29.7 x	56.8 x	37 x	26.3 x	18 x	17.6 x	15.7 x	14 x
Yield	1.65%	0.88%	1.36%	2.09%	3.33%	3.23%	3.6%	4.25%
Capitalization / Revenue	10.3 x	19.8 x	13.1 x	9.48 x	6.54 x	6.46 x	5.79 x	5.23 x
EV / Revenue	9.04 x	18.6 x	11.8 x	8.24 x	5.15 x	5.09 x	4.4 x	3.82 x
EV / EBITDA	18.3 x	37.6 x	23.7 x	16.1 x	10.1 x	10.5 x	9.01 x	7.77 x
EV / FCF	21.1 x	77.6 x	31 x	26.8 x	11.1 x	13.6 x	12.1 x	10.2 x
FCF Yield	4.75%	1.29%	3.23%	3.72%	9.04%	7.35%	8.27%	9.81%
Price to Book	6.95 x	13.2 x	8.72 x	6.15 x	4.2 x	4.02 x	3.52 x	3.13 x
Nbr of stocks (in thousands)	3,881,608	3,881,608	3,881,608	3,881,608	3,881,608	3,881,608	-	-
Reference price ²	133.0	291.8	222.7	180.7	140.3	154.4	154.4	154.4
Announcement Date	4/27/20	4/27/21	4/28/22	4/28/23	4/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	50,118	57,321	66,209	73,969	83,272	92,763	103,515	114,563
EBITDA ¹	24,735	28,338	33,075	37,751	42,594	44,817	50,601	56,364
EBIT ¹	24,246	27,826	32,552	37,174	42,004	46,554	52,459	58,822
Operating Margin	48.38%	48.54%	49.17%	50.26%	50.44%	50.19%	50.68%	51.34%
Earnings before Tax (EBT) ¹	24,106	27,678	32,450	37,104	41,913	47,072	53,022	59,318
Net income ¹	17,402	19,955	23,377	26,691	30,211	33,968	38,239	42,646
Net margin	34.72%	34.81%	35.31%	36.08%	36.28%	36.62%	36.94%	37.22%
EPS ²	4.483	5.141	6.023	6.876	7.783	8.754	9.858	11.02
Free Cash Flow ¹	21,505	13,711	25,242	22,697	38,787	34,676	37,704	42,981
FCF margin	42.91%	23.92%	38.12%	30.68%	46.58%	37.38%	36.42%	37.52%
FCF Conversion (EBITDA)	86.94%	48.38%	76.32%	60.12%	91.06%	77.37%	74.51%	76.26%
FCF Conversion (Net income)	123.58%	68.71%	107.98%	85.04%	128.39%	102.09%	98.6%	100.79%
Dividend per Share ²	2.200	2.580	3.023	3.782	4.670	4.981	5.561	6.561
Announcement Date	4/27/20	4/27/21	4/28/22	4/28/23	4/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	22,967	36,752	16,488	29,458	27,548	13,674	14,557	18,189	31,139	14,368	-	17,030	20,736	34,833	16,810	18,818	23,194	-	-
EBITDA	-	-	7,803	-	-	5,481	6,447	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	8,446	14,252	15,168	5,909	6,817	9,280	17,472	6,243	23,716	7,969	10,320	19,451	-	-	-	-	-
Operating Margin	-	-	51.22%	48.38%	55.06%	43.21%	46.83%	51.02%	56.11%	43.45%	-	46.79%	49.77%	55.84%	-	-	-	-	-
Earnings before Tax (EBT)	-	-	8,427	14,175	-	-	6,783	9,276	-	6,248	-	7,956	10,285	-	-	-	-	-	-
Net income ¹	-	-	6,050	10,177	-	4,276	4,890	6,701	-	4,495	-	5,796	7,378	-	5,403	6,195	8,471	-	-
Net margin	-	-	36.69%	34.55%	-	31.27%	33.59%	36.84%	-	31.28%	-	34.04%	35.58%	-	32.14%	32.92%	36.52%	-	-
EPS ²	-	-	1.560	-	2.788	1.100	1.260	1.730	3.231	1.160	-	1.490	1.900	3.618	1.356	1.634	2.158	-	-
Dividend per Share ²	-	-	3.023	-	-	-	-	3.782	-	-	-	-	-	-	-	-	5.295	-	-
Announcement Date	4/27/20	8/29/21	4/28/22	4/28/22	4/28/22	8/25/22	10/27/22	4/28/23	4/28/23	8/25/23	8/25/23	10/27/23	4/28/24	4/28/24	-	-	-	-	-

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	63,239	68,210	81,976	91,983	115,442	127,570	143,465	161,406
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	21,505	13,711	25,242	22,697	38,787	34,676	37,704	42,981
ROE (net income / shareholders' equity)	25.3%	24.9%	25.3%	25.3%	25.1%	23.6%	23.2%	22.8%
ROA (Net income/ Total Assets)	18.1%	18.1%	18.7%	18.5%	-	18.4%	18.3%	18.4%
Assets ¹	96,246	110,144	124,757	144,168	-	184,773	209,144	231,539
Book Value Per Share ²	19.10	22.10	25.50	29.40	33.40	38.40	43.90	49.30
Cash Flow per Share ²	5.950	3.790	6.900	6.290	10.80	8.820	10.50	11.90
Capex ¹	1,607	987	1,533	1,734	2,955	2,187	2,158	1,635
Capex / Sales	3.21%	1.72%	2.32%	2.34%	3.55%	2.36%	2.08%	1.43%
Announcement Date	4/27/20	4/27/21	4/28/22	4/28/23	4/28/24	-	-	-

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 Wuliangye Yibin Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

154.4 CNY

Average target price

191.2 CNY

Spread / Average Target

+23.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Distilleries

	1st Jan change	Capi.
WULIANGYE YIBIN CO.,LTD.	+10.06%	82.96B
KWEICHOW MOUTAI CO., LTD.	+0.75%	302B
SHANXI XINGHUACUN FEN WINE FACTORY CO.,LTD.	+17.16%	45.64B
LUZHOU LAOJIAO CO.,LTD	+4.19%	38.08B
JIANGSU YANGHE BREWERY JOINT-STOCK CO., LTD.	-12.14%	20.13B
ANHUI GUJING DISTILLERY CO., LTD.	+18.26%	17.54B
DAVIDE CAMPARI-MILANO N.V.	-3.85%	12.71B
UNITED SPIRITS LIMITED	+6.89%	10.22B
JIANGSU KING'S LUCK BREWERY JOINT-STOCK CO.,LTD.	+16.68%	9.81B
ANHUI YINGJIA DISTILLERY CO., LTD.	+12.08%	8.23B

Distilleries