Financials Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
24.05 ^CNY	-0.21%		+5.76%	-17.07%

18/04	Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
2023	Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	23,116	40,159	30,001	28,849	15,184	12,592	-	-
Enterprise Value (EV) ¹	23,116	40,159	30,001	28,849	15,184	12,592	12,592	12,592
P/E ratio	77.5 x	144 x	88.8 x	82.7 x	49 x	31.9 x	25.3 x	21.3 x
Yield	0.41%	-	-	0.36%	0.64%	-	-	-
Capitalization / Revenue	36.2 x	63.1 x	37.1 x	32.2 x	17.9 x	12 x	9.65 x	7.94 x
EV / Revenue	36.2 x	63.1 x	37.1 x	32.2 x	17.9 x	12 x	9.65 x	7.94 x
EV / EBITDA	65.3 x	119 x	72.3 x	66.4 x	40.2 x	26.5 x	21.2 x	17.5 x
EV / FCF	-	216 x	126 x	-	-	54.7 x	38.4 x	28.1 x
FCF Yield	-	0.46%	0.79%	-	-	1.83%	2.6%	3.55%
Price to Book	18.2 x	27.6 x	17.3 x	14.6 x	6.95 x	4.97 x	4.26 x	3.62 x
Nbr of stocks (in thousands)	5,23,584	5,23,584	5,23,584	5,23,584	5,23,584	5,23,584	-	-
Reference price ²	44.15	76.70	57.30	55.10	29.00	24.05	24.05	24.05
Announcement Date	28/02/20	05/03/21	11/02/22	20/04/23	18/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	639.4	636.2	807.7	896	848.2	1,054	1,305	1,586
EBITDA ¹	354.2	338	414.9	434.2	377.4	475.7	594.7	721
EBIT ¹	343.4	321.5	392.9	396.2	345	441.5	566.8	670
Operating Margin	53.71%	50.54%	48.65%	44.22%	40.67%	41.9%	43.42%	42.25%
Earnings before Tax (EBT) ¹	345.7	322.6	393	398.7	346	442.5	567.6	671
Net income ¹	298.3	278.4	338	348.8	310.2	391	498.2	589.5
Net margin	46.66%	43.77%	41.85%	38.92%	36.57%	37.11%	38.16%	37.17%
EPS ²	0.5697	0.5318	0.6455	0.6661	0.5924	0.7533	0.9520	1.130
Free Cash Flow ¹	-	186.1	238.4	-	-	230.3	327.8	447.6
FCF margin	-	29.25%	29.52%	-	-	21.86%	25.11%	28.22%
FCF Conversion (EBITDA)	-	55.05%	57.46%	-	-	48.42%	55.12%	62.08%
FCF Conversion (Net income)	-	66.82%	70.54%	-	-	58.91%	65.8%	75.93%
Dividend per Share ²	0.1800	-	-	0.2000	0.1850	-	-	-
Announcement Date	28/02/20	05/03/21	11/02/22	20/04/23	18/04/24	-	-	-

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 ¹	-	186	238	-	-	230	328	448
ROE (net income / shareholders' equity)	26%	20.6%	21.5%	18.8%	15%	15.4%	16.9%	17%
ROA (Net income/ Total Assets)	24%	18.4%	17.8%	15.2%	-	13.9%	15.6%	15.4%
Assets ¹	1,243	1,517	1,897	2,289	-	2,813	3,194	3,828
Book Value Per Share ²	2.430	2.780	3.320	3.780	4.170	4.840	5.640	6.650
Cash Flow per Share ²	0.4400	0.4900	0.6900	0.6900	0.7300	-0.3600	0.7000	1.030
Capex ¹	99.8	70.2	122	189	209	124	127	129
Capex / Sales	15.61%	11.03%	15.12%	21.04%	24.66%	11.72%	9.69%	8.1%
Announcement Date	28/02/20	05/03/21	11/02/22	20/04/23	18/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

24.05 CNY

Average target price

27.96 CNY

Spread / Average Target

+16.24%

	1st Jan change	Capi.
ZHEJIANG WOLWO BIO-PHARMACEUTICAL CO., LTD.	-17.07%	1.74B
ELI LILLY AND COMPANY	+29.68%	699B
NOVO NORDISK A/S	+25.07%	571B
JOHNSON & JOHNSON	-4.35%	364B
MERCK & CO., INC.	+17.65%	326B
ABBVIE INC.	+3.77%	286B
ASTRAZENECA PLC	+14.68%	236B
NOVARTIS AG	+4.71%	198B
ROCHE HOLDING AG	-12.43%	194B
PFIZER, INC.	-3.79%	154B