Financials Hebei Hengshui Laobaigan Liquor Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 10/05/2024 am IST			5-day change	1st Jan Change
22.07 ^CNY	-0.63%		+1.94%	-2.13%

26/04	Hebei Hengshui Laobaigan Liquor Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
26/04	Hebei Hengshui Laobaigan Liquor Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,086	28,247	25,070	25,183	20,628	20,188	-	-
Enterprise Value (EV) ¹	10,086	28,247	25,070	25,183	20,628	20,188	20,188	20,188
P/E ratio	25 x	89.9 x	65 x	35.3 x	30.9 x	23.7 x	18.5 x	-
Yield	1.33%	0.48%	-	1.09%	2%	2.83%	3.01%	5.21%
Capitalization / Revenue	2.5 x	7.85 x	-	5.41 x	3.92 x	3.39 x	2.92 x	2.52 x
EV / Revenue	2.5 x	7.85 x	-	5.41 x	3.92 x	3.39 x	2.92 x	2.52 x
EV / EBITDA	16.9 x	50.3 x	-	23.1 x	19.5 x	15.6 x	12.9 x	9.92 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	3.07 x	8.15 x	-	5.79 x	4.29 x	3.92 x	3.81 x	3.56 x
Nbr of stocks (in thousands)	8,97,287	8,97,287	8,97,287	9,14,747	9,14,747	9,14,747	-	-
Reference price ²	11.24	31.48	27.94	27.53	22.55	22.07	22.07	22.07
Announcement Date	25/04/20	28/04/21	28/04/22	26/04/23	26/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,030	3,598	-	4,653	5,257	5,952	6,915	8,020
EBITDA ¹	597.9	562	-	1,092	1,058	1,296	1,571	2,036
EBIT ¹	474.8	434.6	-	934.7	884.4	1,140	1,454	1,856
Operating Margin	11.78%	12.08%	-	20.09%	16.82%	19.15%	21.03%	23.14%
Earnings before Tax (EBT) ¹	493.3	430.9	-	935	890.5	1,142	1,456	1,859
Net income ¹	404.3	312.6	389.2	707.6	665.9	855.3	1,095	1,394
Net margin	10.03%	8.69%	-	15.21%	12.67%	14.37%	15.84%	17.38%
EPS ²	0.4500	0.3500	0.4300	0.7800	0.7300	0.9325	1.195	-
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.1500	0.1500	-	0.3000	0.4500	0.6250	0.6633	1.150
Announcement Date	25/04/20	28/04/21	28/04/22	26/04/23	26/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	13%	9.26%	-	17.5%	14.4%	16.9%	21.7%	24.6%
ROA (Net income/ Total Assets)	6.88%	4.91%	-	-	-	8.53%	10.2%	13.1%
Assets ¹	5,876	6,369	-	-	-	10,023	10,738	10,641
Book Value Per Share ²	3.670	3.860	-	4.750	5.260	5.640	5.800	6.200
Cash Flow per Share ²	0.4300	0.6100	-	0.6800	0.8700	0.9300	1.050	-
Capex ¹	272	349	-	44.6	148	129	110	84
Capex / Sales	6.76%	9.71%	-	0.96%	2.81%	2.17%	1.6%	1.05%
Announcement Date	25/04/20	28/04/21	28/04/22	26/04/23	26/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

22.07 CNY

Average target price

28.73 CNY

Spread / Average Target

+30.18%

	1st Jan change	Capi.
HEBEI HENGSHUI LAOBAIGAN LIQUOR CO., LTD.	-2.13%	2.79B
KWEICHOW MOUTAI CO., LTD.	+0.75%	302B
WULIANGYE YIBIN CO.,LTD.	+10.06%	82.96B
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