Stock 2319 CHINA MENGNIU DAIRY COMPANY LIMITED
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Financials China Mengniu Dairy Company Limited

Equities

2319

KYG210961051

Food Processing

Delayed Hong Kong S.E.
Other stock markets
 01:38:06 30/04/2024 pm IST 		5-day change 1st Jan Change
16.42 HKD +0.74% Intraday chart for China Mengniu Dairy Company Limited +5.66% -21.81%
12/04 China stocks track Asian markets lower on rate concerns RE
03/04 China stocks end lower, tracking Asian peers on US rate cut concerns RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,10,773 1,55,513 1,42,372 1,23,658 75,082 59,800 - -
Enterprise Value (EV) 1 1,27,770 1,63,061 1,53,521 1,43,173 91,517 82,317 79,006 77,341
P/E ratio 26.8 x 44.2 x 28.4 x 23.4 x 15.7 x 10.8 x 9.6 x 8.8 x
Yield 0.64% 0.68% 1.06% 1.29% 2.56% 3.88% 4.54% 5%
Capitalization / Revenue 1.4 x 2.05 x 1.62 x 1.34 x 0.76 x 0.58 x 0.55 x 0.53 x
EV / Revenue 1.62 x 2.14 x 1.74 x 1.55 x 0.93 x 0.8 x 0.73 x 0.68 x
EV / EBITDA 17.3 x 26.8 x 19.7 x 16.3 x 9.15 x 8.24 x 7.25 x 6.62 x
EV / FCF -24.5 x -212 x -33.4 x 40.9 x - 20.4 x 12.7 x 11.7 x
FCF Yield -4.09% -0.47% -2.99% 2.44% - 4.91% 7.87% 8.53%
Price to Book 3.78 x 4.7 x 3.88 x 3.08 x - 1.24 x 1.15 x 1.07 x
Nbr of stocks (in thousands) 39,35,015 39,48,109 39,53,179 39,55,196 39,33,635 39,35,293 - -
Reference price 2 28.15 39.39 36.01 31.26 19.09 15.20 15.20 15.20
Announcement Date 25/03/20 24/03/21 30/03/22 29/03/23 26/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 79,030 76,035 88,141 92,593 98,624 1,02,960 1,08,557 1,13,778
EBITDA 1 7,405 6,092 7,774 8,779 10,006 9,994 10,899 11,691
EBIT 1 4,649 3,955 5,378 5,901 6,705 7,033 7,788 8,464
Operating Margin 5.88% 5.2% 6.1% 6.37% 6.8% 6.83% 7.17% 7.44%
Earnings before Tax (EBT) 1 5,605 4,155 5,868 6,502 6,312 7,181 8,058 8,808
Net income 1 4,105 3,525 5,026 5,303 4,809 5,562 6,262 6,820
Net margin 5.19% 4.64% 5.7% 5.73% 4.88% 5.4% 5.77% 5.99%
EPS 2 1.049 0.8920 1.267 1.336 1.216 1.410 1.584 1.727
Free Cash Flow 1 -5,225 -768.5 -4,590 3,497 - 4,042 6,216 6,599
FCF margin -6.61% -1.01% -5.21% 3.78% - 3.93% 5.73% 5.8%
FCF Conversion (EBITDA) - - - 39.83% - 40.44% 57.03% 56.45%
FCF Conversion (Net income) - - - 65.94% - 72.66% 99.26% 96.77%
Dividend per Share 2 0.1810 0.2680 0.3810 0.4020 0.4890 0.5892 0.6896 0.7595
Announcement Date 25/03/20 24/03/21 30/03/22 29/03/23 26/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 39,173 37,533 38,501 45,905 42,236 47,722 44,871 51,119 47,506 53,451 49,307 57,164 51,729
EBITDA - - - - - - - - - - - - -
EBIT 1 - 1,714 2,242 3,030 2,348 2,768 3,133 3,540 3,166 3,768 3,174 4,248 3,740
Operating Margin - 4.57% 5.82% 6.6% 5.56% 5.8% 6.98% 6.92% 6.66% 7.05% 6.44% 7.43% 7.23%
Earnings before Tax (EBT) - - 2,752 - 2,471 4,148 2,355 3,703 2,609 - - - -
Net income - 1,212 2,314 2,947 2,079 3,751 1,552 3,020 1,789 - - - -
Net margin - 3.23% 6.01% 6.42% 4.92% 7.86% 3.46% 5.91% 3.77% - - - -
EPS - 0.3090 - - - - 0.3910 0.7620 - - - - -
Dividend per Share - - - - - - - - - - - - -
Announcement Date 25/03/20 26/08/20 24/03/21 25/08/21 30/03/22 24/08/22 29/03/23 30/08/23 26/03/24 - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 16,997 7,547 11,149 19,515 16,435 22,516 19,206 17,541
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.295 x 1.239 x 1.434 x 2.223 x 1.643 x 2.253 x 1.762 x 1.5 x
Free Cash Flow 1 -5,225 -769 -4,590 3,497 - 4,042 6,216 6,599
ROE (net income / shareholders' equity) 15.1% 11.4% 14.4% 13.8% 11.4% 12.1% 12.6% 12.4%
ROA (Net income/ Total Assets) 5.66% 4.44% 5.64% 4.91% 4.13% 4.82% 5.29% 5.64%
Assets 1 72,534 79,342 89,121 1,07,957 1,16,516 1,15,427 1,18,464 1,21,013
Book Value Per Share 2 7.440 8.380 9.280 10.10 - 12.30 13.20 14.20
Cash Flow per Share 2 1.610 1.350 1.910 2.100 - 1.960 2.350 2.660
Capex 1 11,532 6,116 12,135 4,836 - 3,816 3,769 3,633
Capex / Sales 14.59% 8.04% 13.77% 5.22% - 3.71% 3.47% 3.19%
Announcement Date 25/03/20 24/03/21 30/03/22 29/03/23 26/03/24 - - -
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 China Mengniu Dairy Company Limited

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
28
Last Close Price
15.2 CNY
Average target price
23.37 CNY
Spread / Average Target
+53.81%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Dairy Products

1st Jan change Capi.
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Dairy Products
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