Financials Yum China Holdings, Inc. Hong Kong S.E.

Equities

9987

US98850P1093

Restaurants & Bars

Delayed Hong Kong S.E. Other stock markets 11:41:03 18/07/2024 am IST			5-day change	1st Jan Change
245 ^HKD	+0.66%		+0.74%	-26.25%

11/07	Jefferies Sees 3.7% YoY Decline in Yum China's Q2 Net Profit	MT
10/07	OTR Global Downgrades Yum China Holdings to Negative	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,092	23,940	21,338	22,871	17,281	12,051	-	-
Enterprise Value (EV) ¹	16,435	19,705	17,382	19,761	14,893	9,963	9,911	9,394
P/E ratio	26.1 x	29.3 x	21.9 x	52.5 x	21.5 x	14.5 x	12.9 x	11.3 x
Yield	1%	0.42%	0.96%	0.88%	1.23%	2.03%	2.19%	2.45%
Capitalization / Revenue	2.06 x	2.9 x	2.17 x	2.39 x	1.57 x	1.03 x	0.94 x	0.86 x
EV / Revenue	1.87 x	2.38 x	1.76 x	2.07 x	1.36 x	0.86 x	0.77 x	0.67 x
EV / EBITDA	11.9 x	15.8 x	13.1 x	15.4 x	9.24 x	5.96 x	5.29 x	4.55 x
EV / FCF	21.9 x	28.4 x	39.3 x	26.9 x	19.5 x	15.2 x	10.8 x	9.39 x
FCF Yield	4.56%	3.53%	2.54%	3.71%	5.12%	6.6%	9.23%	10.7%
Price to Book	5.87 x	3.59 x	3.02 x	3.53 x	2.7 x	2.05 x	1.91 x	1.77 x
Nbr of stocks (in thousands)	3,76,829	4,19,344	4,28,127	4,18,494	4,07,291	3,85,869	-	-
Reference price ²	48.01	57.09	49.84	54.65	42.43	31.23	31.23	31.23
Announcement Date	05/02/20	03/02/21	08/02/22	07/02/23	06/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,776	8,263	9,853	9,569	10,978	11,647	12,833	13,949
EBITDA ¹	1,378	1,248	1,330	1,286	1,611	1,672	1,875	2,064
EBIT ¹	912	732	1,386	629	1,106	1,150	1,309	1,442
Operating Margin	10.39%	8.86%	14.07%	6.57%	10.07%	9.88%	10.2%	10.34%
Earnings before Tax (EBT) ¹	1,003	1,108	1,392	687	1,226	1,290	1,425	1,575
Net income ¹	713	784	990	442	827	861.2	955.2	1,062
Net margin	8.12%	9.49%	10.05%	4.62%	7.53%	7.39%	7.44%	7.61%
EPS ²	1.840	1.950	2.280	1.040	1.970	2.147	2.427	2.776
Free Cash Flow ¹	750	695	442	734	763	657.4	914.7	1,001
FCF margin	8.55%	8.41%	4.49%	7.67%	6.95%	5.64%	7.13%	7.18%
FCF Conversion (EBITDA)	54.43%	55.69%	33.23%	57.08%	47.36%	39.33%	48.79%	48.49%
FCF Conversion (Net income)	105.19%	88.65%	44.65%	166.06%	92.26%	76.34%	95.76%	94.27%
Dividend per Share ²	0.4800	0.2400	0.4800	0.4800	0.5200	0.6331	0.6842	0.7657
Announcement Date	05/02/20	03/02/21	08/02/22	07/02/23	06/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	4,348	3,656	4,607	5,008	2,291	4,845	2,668	2,128	4,796	2,685	2,088	4,773	2,917	2,654	5,571	2,914	2,493	5,407	2,958	2,760	5,699	3,129	2,784	5,818	3,214	3,040
EBITDA ¹	-	-	-	-	177	-	365	257	-	475	189	-	539	388	-	441	243	684	495	391.4	864	460.5	281.7	855	605.9	476.4
EBIT ¹	-	-	-	582	633	811	191	81	272	316	41	357	416	257	673	323	110	433	374	250.5	616.6	336.9	158.3	516.9	425	295.5
Operating Margin	-	-	-	11.62%	27.63%	16.74%	7.16%	3.81%	5.67%	11.77%	1.96%	7.48%	14.26%	9.68%	12.08%	11.08%	4.41%	8.01%	12.64%	9.08%	10.82%	10.77%	5.69%	8.89%	13.22%	9.72%
Earnings before Tax (EBT) ¹	-	-	-	-	635	-	166	115	-	326	80	-	437	286	-	365	138	503	420	286.1	706	376.1	182.8	563	445.3	315.8
Net income ¹	-	-	-	-	475	-	100	83	-	206	53	-	289	197	-	244	97	341	287	190.4	479	241.8	112.9	373	296.2	216.1
Net margin	-	-	-	-	20.73%	-	3.75%	3.9%	-	7.67%	2.54%	-	9.91%	7.42%	-	8.37%	3.89%	6.31%	9.7%	6.9%	8.4%	7.73%	4.06%	6.41%	9.22%	7.11%
EPS ²	0.8100	0.5000	1.450	0.9500	1.100	1.330	0.2300	0.2000	0.4300	0.4900	0.1300	0.6100	0.6800	0.4700	1.150	0.5800	0.2300	0.8200	0.7100	0.4733	1.180	0.6212	0.2999	1.010	0.7525	0.5431
Dividend per Share ²	-	-	-	-	0.1200	-	0.1200	0.1200	-	0.1200	0.1200	-	0.1300	0.1300	-	0.1300	0.1300	-	0.1600	0.1582	-	0.1582	0.1702	-	0.1834	0.1842
Announcement Date	05/02/20	29/07/20	03/02/21	28/07/21	08/02/22	08/02/22	03/05/22	28/07/22	28/07/22	01/11/22	07/02/23	07/02/23	02/05/23	31/07/23	31/07/23	31/10/23	06/02/24	06/02/24	29/04/24	-	-	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,657	4,235	3,956	3,110	2,388	2,088	2,140	2,656
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	750	695	442	734	763	657	915	1,001
ROE (net income / shareholders' equity)	24%	16.9%	14.9%	6.53%	12.8%	13.2%	14%	14.7%
ROA (Net income/ Total Assets)	12.3%	8.8%	8.22%	3.53%	6.93%	7.17%	7.6%	7.92%
Assets ¹	5,780	8,913	12,049	12,525	11,928	12,010	12,568	13,407
Book Value Per Share ²	8.180	15.90	16.50	15.50	15.70	15.30	16.40	17.60
Cash Flow per Share ²	3.050	2.770	2.610	3.320	3.510	3.890	4.390	4.890
Capex ¹	435	419	689	679	710	759	789	813
Capex / Sales	4.96%	5.07%	6.99%	7.1%	6.47%	6.52%	6.15%	5.83%
Announcement Date	05/02/20	03/02/21	08/02/22	07/02/23	06/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Yum China Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

31.23 USD

Average target price

51.47 USD

Spread / Average Target

+64.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Quick Service Restaurants

	1st Jan change	Capi.
MCDONALD'S CORPORATION	-11.98%	19TCr
CHIPOTLE MEXICAN GRILL, INC.	+20.88%	7.59TCr
YUM! BRANDS, INC.	-1.02%	3.64TCr
RESTAURANT BRANDS INTERNATIONAL INC.	-4.10%	2.37TCr
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP	-3.56%	2.31TCr
DOMINO'S PIZZA INC.	+14.81%	1.65TCr
WINGSTOP INC.	+41.71%	1.07TCr
AMERICANA RESTAURANTS INTERNATIONAL PLC	-1.28%	706.31Cr
MCDONALD'S HOLDINGS COMPANY (JAPAN), LTD.	+0.82%	525.6Cr

Quick Service Restaurants