Financials New Hope Dairy Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-06-06 pm EDT			5-day change	1st Jan Change
9.96 ^CNY	+0.81%		-3.58%	-13.24%

May. 22	New Hope Dairy Co., Ltd. Approves Cash Dividend for the Year 2023	CI
Apr. 26	New Hope Dairy Co., Ltd. Proposes Final Cash Dividend for 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,723	15,034	13,824	11,465	9,940	8,572	-	-
Enterprise Value (EV) ¹	10,723	15,034	13,824	11,465	9,940	8,572	8,572	8,572
P/E ratio	43.3 x	55 x	44.3 x	31.5 x	23 x	15.4 x	12.8 x	10.7 x
Yield	0.48%	0.4%	0.47%	-	1.31%	1.98%	2.36%	2.84%
Capitalization / Revenue	1.89 x	2.23 x	1.54 x	1.15 x	0.9 x	0.73 x	0.67 x	0.61 x
EV / Revenue	1.89 x	2.23 x	1.54 x	1.15 x	0.9 x	0.73 x	0.67 x	0.61 x
EV / EBITDA	18.5 x	22.7 x	17.8 x	12.2 x	10.1 x	7.12 x	6.32 x	5.69 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	5.45 x	5.88 x	5.44 x	4.73 x	4.04 x	2.74 x	2.35 x	1.99 x
Nbr of stocks (in thousands)	853,711	853,711	867,271	866,583	865,812	860,673	-	-
Reference price ²	12.56	17.61	15.94	13.23	11.48	9.960	9.960	9.960
Announcement Date	2/28/20	4/14/21	4/28/22	4/25/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,675	6,749	8,967	10,006	10,987	11,771	12,830	13,954
EBITDA ¹	578.9	661.8	775.9	938.7	979.7	1,204	1,356	1,508
EBIT ¹	257.6	296.8	368	403.2	507.9	667.3	808.2	964.3
Operating Margin	4.54%	4.4%	4.1%	4.03%	4.62%	5.67%	6.3%	6.91%
Earnings before Tax (EBT) ¹	268.3	308.3	376.8	405.9	508.8	667.4	809.2	965
Net income ¹	243.7	271	312.3	361.5	430.8	558.9	676.2	802.6
Net margin	4.29%	4.02%	3.48%	3.61%	3.92%	4.75%	5.27%	5.75%
EPS ²	0.2900	0.3200	0.3600	0.4200	0.5000	0.6457	0.7786	0.9283
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0600	0.0700	0.0750	-	0.1500	0.1975	0.2350	0.2833
Announcement Date	2/28/20	4/14/21	4/28/22	4/25/23	4/25/24	-	-	-

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)	12.8%	12%	11.8%	14.1%	16.8%	18.1%	18.7%	18.6%
ROA (Net income/ Total Assets)	5.07%	3.89%	3.45%	-	-	5.69%	6.44%	6.86%
Assets ¹	4,810	6,972	9,041	-	-	9,822	10,504	11,699
Book Value Per Share ²	2.310	3.000	2.930	2.800	2.840	3.640	4.240	5.010
Cash Flow per Share ²	0.7400	0.8400	1.190	-	1.800	1.400	1.650	1.870
Capex ¹	547	565	597	630	644	434	422	419
Capex / Sales	9.64%	8.37%	6.66%	6.3%	5.86%	3.69%	3.29%	3%
Announcement Date	2/28/20	4/14/21	4/28/22	4/25/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

9.96 CNY

Average target price

13.29 CNY

Spread / Average Target

+33.40%

	1st Jan change	Capi.
NEW HOPE DAIRY CO., LTD.	-13.24%	1.18B
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.	+1.16%	23.69B
CHINA MENGNIU DAIRY COMPANY LIMITED	-31.90%	7.2B
WANT WANT CHINA HOLDINGS LIMITED	0.00%	7.14B
NESTLÉ (MALAYSIA)	+7.40%	6.27B
VIETNAM DAIRY PRODUCTS	-0.59%	5.58B
GLANBIA PLC	+27.03%	5.37B
EMMI AG	-3.18%	5.33B
CHINA FEIHE LIMITED	-7.26%	4.6B
HEBEI YANGYUAN ZHIHUI BEVERAGE CO., LTD.	+8.89%	4.04B