000858 CNE000000VQ8

Report

End-of-day quote Shenzhen Stock Exchange - 09/24
200.52	CNY		+3.14%

09/09	China-focused equity funds see outflows for second month in August	RE
08/30	WULIANGYE YIBIN : China's Wuliangye Logs 22% Profit Growth in H1 on Strong Sales of Core Liquor	MT
08/29	Wuliangye Yibin Co.,Ltd. Reports Earnings Results for the Half Year Ended June 30, 2021	CI

Financials

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization¹	197 496	516 293	1 132 847	778 340	-	-
Entreprise Value (EV)¹	148 536	453 054	1 064 638	692 759	680 021	659 613
P/E ratio	14,6x	29,7x	56,8x	31,9x	26,8x	22,9x
Yield	3,34%	1,65%	0,88%	1,56%	1,88%	2,18%
Capitalization / Revenue	4,93x	10,3x	19,8x	11,4x	9,82x	8,53x
EV / Revenue	3,71x	9,04x	18,6x	10,2x	8,58x	7,23x
EV / EBITDA	7,73x	18,3x	37,6x	21,2x	17,4x	14,3x
Price to Book	3,11x	6,95x	13,2x	7,71x	6,61x	5,62x
Nbr of stocks (in thousands)	3 881 608	3 881 608	3 881 608	3 881 608	-	-
Reference price (CNY)	50,9	133	292	201	201	201
Announcement Date	03/27/2019	04/27/2020	04/27/2021	-	-	-
¹ CNY in Million	Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales¹	40 030	50 118	57 321	67 982	79 300	91 251
EBITDA¹	19 225	24 735	28 338	32 705	39 008	46 083
Operating profit (EBIT)¹	18 718	24 246	27 826	33 279	39 639	46 703
Operating Margin	46,8%	48,4%	48,5%	49,0%	50,0%	51,2%
Pre-Tax Profit (EBT)¹	18 607	24 106	27 678	33 884	40 252	46 827
Net income¹	13 384	17 402	19 955	24 380	29 077	33 983
Net margin	33,4%	34,7%	34,8%	35,9%	36,7%	37,2%
EPS²	3,47	4,48	5,14	6,28	7,50	8,77
Dividend per Share²	1,70	2,20	2,58	3,13	3,77	4,37
Announcement Date	03/27/2019	04/27/2020	04/27/2021	-	-	-
¹ CNY in Million ² CNY

Income Statement Evolution (Quarterly data)

Fiscal Period: December

2020 Q4

2021 Q2

2021 S1

2021 Q3

2021 Q4

2021 S2

Net sales¹

14 828

12 427

36 752

14 247

18 283

29 364

EBITDA¹

6 344

9 831

Operating profit (EBIT)¹

7 600

5 273

6 226

9 714

13 056

Operating Margin

51,3%

42,4%

43,7%

53,1%

44,5%

Pre-Tax Profit (EBT)

7 553

14 854

Net income¹

5 409

3 877

4 786

7 183

11 004

Net margin

36,5%

31,2%

33,6%

39,3%

37,5%

EPS²

1,39

1,00

1,23

1,84

Dividend per Share

Announcement Date

04/27/2021

08/29/2021

¹ CNY in Million

² CNY

Previous period

Next period

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt¹	-	-	-	-	-	-
Net Cash position¹	48 960	63 239	68 210	85 581	98 319	118 727
Leverage (Debt / EBITDA)	-2,55x	-2,56x	-2,41x	-2,62x	-2,52x	-2,58x
Free Cash Flow¹	11 942	21 505	13 711	24 219	26 577	30 332
ROE (Net Profit / Equities)	22,8%	25,3%	24,9%	25,5%	25,8%	25,5%
Shareholders' equity¹	58 703	68 892	80 011	95 736	112 634	133 110
ROA (Net Profit / Asset)	17,0%	18,1%	18,1%	19,8%	20,5%	20,8%
Assets¹	78 509	96 246	110 144	122 965	141 528	163 488
Book Value Per Share²	16,4	19,1	22,1	26,0	30,3	35,7
Cash Flow per Share²	3,17	5,95	3,79	8,12	7,15	9,11
Capex¹	376	1 607	987	1 221	1 101	1 145
Capex / Sales	0,94%	3,21%	1,72%	1,80%	1,39%	1,26%
Announcement Date	03/27/2019	04/27/2020	04/27/2021	-	-	-
¹ CNY in Million ² CNY

Key data

Capitalization (CNY)	778 340 037 162
Capitalization (USD)	120 376 132 814
Net sales (CNY)	57 321 059 450
Net sales (USD)	8 864 988 449
Number of employees	24 849
Sales / Employee (CNY)	2 306 775
Sales / Employee (USD)	356 754
Free-Float	43,5%
Free-Float capitalization (CNY)	338 733 151 696
Free-Float capitalization (USD)	52 387 626 115
Avg. Exchange 20 sessions (CNY)	5 922 539 470
Avg. Exchange 20 sessions (USD)	915 950 342
Average Daily Capital Traded	0,76%

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

WULIANGYE YIBIN CO.,LTD.