NONGFU SPRING CO., LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 41.6 HKD | -1.42% |
|
-4.04% | -7.86% |
| May. 21 | Nongfu Spring Co., Ltd. Approves Final Dividend for the Year Ended 31 December 2023, Payable on August 28, 2024 | CI |
| Mar. 27 | Nongfu Spring's Profit Increases 42% as Revenue Jumps | MT |
Valuation
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 519,663 | 471,475 | 438,031 | 461,523 | 433,269 | - | - |
| Enterprise Value (EV) 1 | 512,958 | 459,191 | 425,244 | 440,519 | 408,191 | 403,332 | 398,253 |
| P/E ratio | 96.3 x | 65.5 x | 51.2 x | 38.4 x | 32.3 x | 28.1 x | 24.8 x |
| Yield | 0.37% | 1.07% | 1.75% | 1.83% | 2.19% | 2.5% | 2.85% |
| Capitalization / Revenue | 22.7 x | 15.9 x | 13.2 x | 10.8 x | 8.74 x | 7.65 x | 6.79 x |
| EV / Revenue | 22.4 x | 15.5 x | 12.8 x | 10.3 x | 8.24 x | 7.12 x | 6.24 x |
| EV / EBITDA | 59.7 x | 21.3 x | 31.5 x | 24 x | 20.5 x | 17.8 x | 15.6 x |
| EV / FCF | 82.8 x | 51.4 x | 54.2 x | 35 x | 32 x | 25.4 x | 22.1 x |
| FCF Yield | 1.21% | 1.95% | 1.85% | 2.86% | 3.12% | 3.94% | 4.52% |
| Price to Book | 32.6 x | 22.7 x | 18.2 x | 16.2 x | 12.8 x | 10.8 x | 9.4 x |
| Nbr of stocks (in thousands) | 11,246,466 | 11,246,466 | 11,246,466 | 11,246,466 | 11,246,466 | - | - |
| Reference price 2 | 46.21 | 41.92 | 38.95 | 41.04 | 38.52 | 38.52 | 38.52 |
| Announcement Date | 3/25/21 | 3/28/22 | 3/28/23 | 3/26/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 24,021 | 22,877 | 29,696 | 33,239 | 42,667 | 49,562 | 56,664 | 63,855 |
| EBITDA 1 | - | 8,599 | 21,531 | 13,494 | 18,322 | 19,937 | 22,717 | 25,525 |
| EBIT 1 | - | 7,065 | 9,407 | 11,126 | 15,788 | 16,907 | 19,315 | 21,818 |
| Operating Margin | - | 30.88% | 31.68% | 33.47% | 37% | 34.11% | 34.09% | 34.17% |
| Earnings before Tax (EBT) 1 | - | 6,986 | 9,354 | 11,050 | 15,688 | 17,546 | 20,126 | 22,774 |
| Net income 1 | - | 5,277 | 7,162 | 8,495 | 12,079 | 13,487 | 15,503 | 17,629 |
| Net margin | - | 23.07% | 24.12% | 25.56% | 28.31% | 27.21% | 27.36% | 27.61% |
| EPS 2 | 0.4600 | 0.4800 | 0.6400 | 0.7600 | 1.070 | 1.193 | 1.369 | 1.554 |
| Free Cash Flow 1 | - | 6,193 | 8,938 | 7,848 | 12,591 | 12,756 | 15,902 | 17,996 |
| FCF margin | - | 27.07% | 30.1% | 23.61% | 29.51% | 25.74% | 28.06% | 28.18% |
| FCF Conversion (EBITDA) | - | 72.02% | 41.51% | 58.16% | 68.72% | 63.98% | 70% | 70.5% |
| FCF Conversion (Net income) | - | 117.35% | 124.8% | 92.38% | 104.23% | 94.58% | 102.58% | 102.08% |
| Dividend per Share 2 | - | 0.1700 | 0.4500 | 0.6800 | 0.7500 | 0.8433 | 0.9633 | 1.098 |
| Announcement Date | 8/25/20 | 3/25/21 | 3/28/22 | 3/28/23 | 3/26/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 | 2025 S1 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 11,545 | 11,333 | 15,175 | 14,522 | 16,599 | 16,640 | 20,462 | 22,205 | 24,283 | 25,353 | 25,931 | 28,744 |
| EBITDA | - | - | - | - | - | 6,338 | - | 9,528 | - | - | - | - |
| EBIT 1 | - | 3,241 | 5,351 | 4,057 | 6,092 | 5,035 | 7,554 | 8,234 | 8,313 | 8,487 | - | - |
| Operating Margin | - | 28.6% | 35.26% | 27.93% | 36.7% | 30.26% | 36.92% | 37.08% | 34.23% | 33.48% | - | - |
| Earnings before Tax (EBT) 1 | - | 3,191 | 5,327 | 4,028 | 6,069 | 4,981 | 7,524 | 8,164 | 8,687 | 8,752 | - | - |
| Net income | - | 2,413 | 4,013 | 3,149 | 4,608 | 3,887 | 5,775 | 6,304 | - | 6,782 | - | - |
| Net margin | - | 21.29% | 26.44% | 21.68% | 27.76% | 23.36% | 28.22% | 28.39% | - | 26.75% | - | - |
| EPS | 0.2700 | - | - | - | 0.4100 | 0.3500 | 0.5100 | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 9/24/20 | 3/25/21 | 8/25/21 | 3/28/22 | 8/24/22 | 3/28/23 | 8/29/23 | 3/26/24 | - | - | - | - |
1CNY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | - | 6,705 | 12,283 | 12,786 | 21,005 | 25,078 | 29,937 | 35,016 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | - | 6,193 | 8,938 | 7,848 | 12,591 | 12,756 | 15,902 | 17,996 |
| ROE (net income / shareholders' equity) | - | 50.9% | 39.5% | 37.9% | 45.9% | 43.3% | 42.5% | 41.5% |
| ROA (Net income/ Total Assets) | - | 24.2% | 24.4% | 23.5% | 27.3% | 25.7% | 25.9% | 26% |
| Assets 1 | - | 21,828 | 29,376 | 36,075 | 44,196 | 52,440 | 59,819 | 67,747 |
| Book Value Per Share 2 | - | 1.420 | 1.840 | 2.140 | 2.540 | 3.020 | 3.550 | 4.100 |
| Cash Flow per Share 2 | - | 0.7700 | 1.010 | 1.070 | 1.430 | 1.610 | 1.730 | 1.960 |
| Capex 1 | - | 2,236 | 2,462 | 4,193 | 4,714 | 4,276 | 4,501 | 4,678 |
| Capex / Sales | - | 9.77% | 8.29% | 12.62% | 11.05% | 8.63% | 7.94% | 7.33% |
| Announcement Date | 8/25/20 | 3/25/21 | 3/28/22 | 3/28/23 | 3/26/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
23
Last Close Price
38.52
CNY
Average target price
45.58
CNY
Spread / Average Target
+18.32%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -7.86% | 59.83B | |
| -.--% | 2B | |
| +93.66% | 1.01B | |
| -26.10% | 763M | |
| -2.29% | 542M | |
| +1.81% | 358M | |
| -16.41% | 343M | |
| -20.33% | 208M | |
| +117.96% | 79.25M |
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- Financials Nongfu Spring Co., Ltd.
