Financials LBX Pharmacy Chain

Equities

603883

CNE1000023Q8

Drug Retailers

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
33.47 ^CNY	+2.04%		+4.20%	+11.98%

29/04	LBX Pharmacy Chain Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
29/04	LBX Pharmacy Chain Joint Stock Company Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,268	25,528	20,060	23,671	17,484	19,578	-	-
Enterprise Value (EV) ¹	18,608	25,406	22,051	24,895	19,170	20,665	20,930	19,268
P/E ratio	36.4 x	41.3 x	30.1 x	29.8 x	18.8 x	17.3 x	13.9 x	12 x
Yield	0.66%	0.56%	1.01%	1.24%	2.21%	1.97%	2.43%	3.29%
Capitalization / Revenue	1.57 x	1.83 x	1.28 x	1.17 x	0.78 x	0.75 x	0.6 x	0.54 x
EV / Revenue	1.6 x	1.82 x	1.4 x	1.23 x	0.85 x	0.79 x	0.64 x	0.53 x
EV / EBITDA	21.6 x	21.1 x	18.3 x	16.7 x	11.2 x	7.16 x	6.62 x	5.01 x
EV / FCF	-	24 x	12.1 x	12.3 x	9.06 x	12.6 x	7.58 x	6.38 x
FCF Yield	-	4.16%	8.25%	8.1%	11%	7.94%	13.2%	15.7%
Price to Book	5.27 x	5.99 x	4.63 x	3.62 x	2.61 x	2.63 x	2.17 x	2.08 x
Nbr of stocks (in thousands)	5,18,839	5,28,184	5,28,108	5,84,903	5,84,933	5,84,933	-	-
Reference price ²	35.21	48.33	37.98	40.47	29.89	33.47	33.47	33.47
Announcement Date	28/04/20	27/04/21	28/04/22	27/04/23	29/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,663	13,967	15,696	20,176	22,437	26,017	32,847	36,044
EBITDA ¹	860.1	1,204	1,203	1,490	1,714	2,885	3,162	3,843
EBIT ¹	765.1	959.5	956.5	1,207	1,398	1,731	2,200	2,512
Operating Margin	6.56%	6.87%	6.09%	5.98%	6.23%	6.65%	6.7%	6.97%
Earnings before Tax (EBT) ¹	770.4	956.9	962	1,208	1,408	1,695	2,142	2,514
Net income ¹	508.7	621.1	669.2	785	929	1,130	1,413	1,624
Net margin	4.36%	4.45%	4.26%	3.89%	4.14%	4.35%	4.3%	4.5%
EPS ²	0.9670	1.169	1.262	1.360	1.590	1.932	2.413	2.778
Free Cash Flow ¹	-	1,057	1,820	2,017	2,116	1,641	2,763	3,019
FCF margin	-	7.57%	11.59%	10%	9.43%	6.31%	8.41%	8.38%
FCF Conversion (EBITDA)	-	87.78%	151.2%	135.42%	123.45%	56.87%	87.38%	78.56%
FCF Conversion (Net income)	-	170.21%	271.9%	257.01%	227.81%	145.14%	195.53%	185.91%
Dividend per Share ²	0.2308	0.2692	0.3846	0.5000	0.6600	0.6584	0.8142	1.100
Announcement Date	28/04/20	27/04/21	28/04/22	27/04/23	29/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	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	4,415	4,141	4,850	4,785	6,399	5,441	5,370	10,811	5,231	6,396	5,539	6,701	6,474	7,946	7,092	7,520
EBITDA ¹	196.8	391.7	374.2	319.3	-	-	-	-	-	-	-	758.5	758.5	699.1	761.5	801.8
EBIT ¹	210.9	321.7	320.7	218.8	345.5	416.5	340.9	757.4	307.8	332.9	462.7	453	419.2	403.7	483	503.3
Operating Margin	4.78%	7.77%	6.61%	4.57%	5.4%	7.66%	6.35%	7.01%	5.89%	5.21%	8.35%	6.76%	6.47%	5.08%	6.81%	6.69%
Earnings before Tax (EBT) ¹	206.6	321.4	320.7	216	349.6	416.5	343.9	760.4	309.5	338	460.6	428.4	428.4	396.2	471.9	513
Net income ¹	136.6	241.8	214.7	153.1	175.3	291.3	221.9	513.2	203.3	212.5	321.3	282	282	242.8	309.9	336.9
Net margin	3.09%	5.84%	4.43%	3.2%	2.74%	5.35%	4.13%	4.75%	3.89%	3.32%	5.8%	4.21%	4.36%	3.06%	4.37%	4.48%
EPS ²	0.2615	0.4077	0.5000	0.2600	0.3100	0.5000	0.3800	-	0.3400	0.3700	0.5500	0.4811	0.4561	0.4375	0.5149	0.5759
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	0.6598	-	-	-	0.8012
Announcement Date	28/04/22	28/04/22	29/08/22	28/10/22	27/04/23	27/04/23	30/08/23	30/08/23	30/10/23	29/04/24	30/04/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	341	-	1,991	1,224	1,687	1,087	1,352	-
Net Cash position ¹	-	122	-	-	-	-	-	309
Leverage (Debt/EBITDA)	0.396 x	-	1.655 x	0.8214 x	0.9838 x	0.3769 x	0.4276 x	-
Free Cash Flow ¹	-	1,057	1,820	2,017	2,116	1,641	2,763	3,019
ROE (net income / shareholders' equity)	15.6%	15.9%	15.7%	12.7%	13.9%	15.7%	16%	18.1%
ROA (Net income/ Total Assets)	5.53%	5.86%	5.19%	4.09%	-	5.42%	5.34%	6.92%
Assets ¹	9,205	10,604	12,895	19,178	-	20,862	26,454	23,467
Book Value Per Share ²	6.680	8.070	8.200	11.20	11.50	12.70	15.40	16.10
Cash Flow per Share ²	0.9700	2.720	4.330	3.960	4.670	3.970	4.420	5.220
Capex ¹	426	394	479	297	613	502	544	1,234
Capex / Sales	3.66%	2.82%	3.05%	1.47%	2.73%	1.93%	1.66%	3.42%
Announcement Date	28/04/20	27/04/21	28/04/22	27/04/23	29/04/24	-	-	-

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 LBX Pharmacy Chain

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

33.47 CNY

Average target price

39.63 CNY

Spread / Average Target

+18.39%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Retail - Drugs with Grocery

	1st Jan change	Capi.
LBX PHARMACY CHAIN	+11.98%	2.71B
SUNDRUG CO.,LTD.	-0.73%	3.44B
TSURUHA HOLDINGS INC.	-23.44%	3.15B
SUGI HOLDINGS CO.,LTD.	+7.98%	2.76B
KUSURI NO AOKI HOLDINGS CO., LTD.	-9.90%	1.79B
CREATE SD HOLDINGS CO., LTD.	+11.26%	1.43B
GREAT TREE PHARMACY CO., LTD.	-20.03%	974M
SHUYU CIVILIAN PHARMACY CORP., LTD.	-37.98%	710M
FARMACIAS BENAVIDES, S.A.B. DE C.V.	-0.53%	454M
CAWACHI LIMITED	+5.58%	409M

Retail - Drugs with Grocery