Company Valuation: Li Ning Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,81,594 1,57,599 49,676 39,825 43,209 36,808 - -
Change - -13.21% -68.48% -19.83% 8.5% -14.81% - -
Enterprise Value (EV) 1 1,66,850 1,50,217 44,232 32,326 26,493 18,219 16,339 15,535
Change - -9.97% -70.55% -26.92% -18.05% -31.23% -10.32% -4.92%
P/E 44x 38.8x 15.5x 13.3x 14.8x 12.1x 10.7x 9.55x
PBR 8.25x 6.37x 2.01x 1.53x 1.57x 1.26x 1.19x 1.13x
PEG - -16.88x -0.8x -2.66x -5.77x 3.2x 0.8x 0.8x
Capitalization / Revenue 8.05x 6.11x 1.8x 1.39x 1.46x 1.16x 1.09x 1.02x
EV / Revenue 7.39x 5.82x 1.6x 1.13x 0.9x 0.57x 0.48x 0.43x
EV / EBITDA 25.9x 23x 7.18x 5.07x 4.3x 3.37x 2.74x 2.39x
EV / EBIT 32.5x 30.7x 12.4x 8.79x 6.8x 4.8x 3.81x 3.27x
EV / FCF 38.8x 72.1x 16x 8.42x - 7.37x 5.56x 4.68x
FCF Yield 2.58% 1.39% 6.24% 11.9% - 13.6% 18% 21.4%
Dividend per Share 2 0.4597 0.4627 0.5474 0.5848 0.5695 0.5917 0.6637 0.7386
Rate of return 0.66% 0.77% 2.89% 3.78% 3.39% 4.14% 4.64% 5.17%
EPS 2 1.58 1.543 1.227 1.165 1.135 1.178 1.34 1.496
Distribution rate 29.1% 30% 44.6% 50.2% 50.2% 50.2% 49.5% 49.4%
Net sales 1 22,572 25,803 27,598 28,676 29,598 31,738 33,816 36,131
EBITDA 1 6,436 6,542 6,157 6,379 6,161 5,408 5,959 6,487
EBIT 1 5,136 4,887 3,559 3,678 3,898 3,797 4,292 4,752
Net income 1 4,011 4,064 3,187 3,013 2,851 3,043 3,464 3,870
Net Debt 1 -14,745 -7,382 -5,444 -7,499 -16,717 -18,589 -20,469 -21,273
Reference price 2 69.53 59.93 18.97 15.47 16.78 14.29 14.29 14.29
Nbr of stocks (in thousands) 26,11,654 26,29,762 26,18,482 25,74,749 25,75,463 25,75,466 - -
Announcement Date 17/03/22 16/03/23 20/03/24 27/03/25 19/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
12.19x0.58x3.41x4.12% 547.39Cr
23.75x3.49x11.43x2.48% 30TCr
22.16x2.86x14.58x0.94% 2.42TCr
22.56x4.28x10.49x2.51% 1.7TCr
10.46x1.01x4.81x-.--% 1.31TCr
13.33x2.07x8.74x2.03% 931.78Cr
15.55x1.54x10.09x2.43% 915.72Cr
16.88x1.03x9.74x2.04% 693.43Cr
11.1x1.38x6.04x7.56% 615.61Cr
Average 16.44x 2.03x 8.81x 2.68% 4.34TCr
Weighted average by Cap. 22.23x 3.20x 11.04x 2.38%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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