Stock 000568 LUZHOU LAOJIAO CO.,LTD
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Financials Luzhou Laojiao Co.,Ltd

Equities

000568

CNE000000GF2

Distillers & Wineries

End-of-day quote Shenzhen S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
186.4 CNY +3.58% Intraday chart for Luzhou Laojiao Co.,Ltd +6.11% +3.90%
Apr. 26 Luzhou Laojiao Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Apr. 25 Yuexiu Services Group Chairman Resigns, Successor Named MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 126,965 331,268 371,857 330,117 264,104 274,408 - -
Enterprise Value (EV) 1 119,702 323,704 362,420 318,617 249,730 250,446 242,225 274,408
P/E ratio 27.3 x 55.2 x 46.8 x 31.8 x 19.9 x 17.3 x 14.4 x 12.3 x
Yield 1.83% 0.91% 1.28% 1.88% 3.01% 3.21% 3.89% 5.1%
Capitalization / Revenue 8.03 x 19.9 x 18 x 13.1 x 8.74 x 7.45 x 6.33 x 5.49 x
EV / Revenue 7.57 x 19.4 x 17.6 x 12.7 x 8.26 x 6.8 x 5.59 x 5.49 x
EV / EBITDA 19 x 39.2 x 32.5 x 22 x 13.5 x 11.7 x 9.55 x 8.88 x
EV / FCF 444 x 116 x 63.3 x 43.7 x 27.1 x 17.4 x 13.8 x 14.9 x
FCF Yield 0.23% 0.86% 1.58% 2.29% 3.69% 5.75% 7.23% 6.73%
Price to Book 6.54 x 14.4 x 13.3 x 9.65 x 6.38 x 5.39 x 4.41 x 2.69 x
Nbr of stocks (in thousands) 1,464,752 1,464,752 1,464,752 1,471,895 1,471,988 1,471,988 - -
Reference price 2 86.68 226.2 253.9 224.3 179.4 186.4 186.4 186.4
Announcement Date 4/28/20 3/29/21 3/11/22 4/28/23 4/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 15,817 16,653 20,642 25,124 30,233 36,828 43,355 50,008
EBITDA 1 6,287 8,268 11,142 14,476 18,509 21,492 25,370 30,906
EBIT 1 6,119 7,959 10,590 13,847 17,842 20,761 24,805 28,565
Operating Margin 38.69% 47.8% 51.3% 55.12% 59.01% 56.37% 57.21% 57.12%
Earnings before Tax (EBT) 1 6,104 7,939 10,551 13,855 17,806 21,143 25,247 29,881
Net income 1 4,642 6,006 7,956 10,365 13,246 15,838 18,915 22,309
Net margin 29.35% 36.06% 38.54% 41.26% 43.81% 43.01% 43.63% 44.61%
EPS 2 3.170 4.100 5.430 7.060 9.020 10.79 12.90 15.15
Free Cash Flow 1 269.4 2,793 5,723 7,294 9,216 14,402 17,520 18,475
FCF margin 1.7% 16.77% 27.72% 29.03% 30.48% 39.11% 40.41% 36.94%
FCF Conversion (EBITDA) 4.29% 33.78% 51.36% 50.39% 49.79% 67.01% 69.06% 59.78%
FCF Conversion (Net income) 5.8% 46.5% 71.93% 70.37% 69.58% 90.93% 92.63% 82.81%
Dividend per Share 2 1.590 2.051 3.244 4.225 5.400 5.989 7.253 9.500
Announcement Date 4/28/20 3/29/21 3/11/22 4/28/23 4/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 6,532 11,325 6,312 5,352 5,860 7,599 7,610 6,983 7,350 8,291 9,188 8,005 8,779 11,330 - -
EBITDA 2,524 - - 3,469 3,646 - - - - - - - - - - -
EBIT 1 2,262 4,996 3,877 3,489 3,600 2,881 4,925 4,574 4,645 3,698 6,112 5,123 5,451 - - -
Operating Margin 34.62% 44.11% 61.42% 65.18% 61.43% 37.92% 64.72% 65.51% 63.2% 44.6% 66.52% 64% 62.09% - - -
Earnings before Tax (EBT) 2,247 4,939 - 3,494 3,603 2,877 - 4,577 4,658 3,641 - - - - - -
Net income 1,680 3,729 - 2,656 2,685 2,148 - 3,378 3,476 2,680 - - - - - -
Net margin 25.72% 32.93% - 49.63% 45.82% 28.27% - 48.37% 47.29% 32.33% - - - - - -
EPS 2 1.150 2.540 1.960 1.800 1.830 1.470 2.530 2.290 2.370 1.830 3.120 2.655 2.790 2.150 - -
Dividend per Share 2 3.244 - - - - 4.225 - - - - - - - 4.909 - -
Announcement Date 3/11/22 3/11/22 4/28/22 8/28/22 10/27/22 4/28/23 4/28/23 8/28/23 10/30/23 4/26/24 4/27/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 7,263 7,565 9,437 11,500 14,374 23,962 32,183 -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 269 2,793 5,723 7,294 9,216 14,402 17,520 18,475
ROE (net income / shareholders' equity) 25.5% 28.3% 31.2% 33.3% 35.1% 32.7% 32.2% 29.3%
ROA (Net income/ Total Assets) 18% 18.8% 20.1% - - 23.1% 23.6% 26.9%
Assets 1 25,763 31,968 39,640 - - 68,599 80,030 82,934
Book Value Per Share 2 13.20 15.80 19.10 23.20 28.10 34.60 42.30 69.40
Cash Flow per Share 2 3.310 3.360 5.260 5.610 7.230 10.30 13.50 16.10
Capex 1 4,572 2,123 1,976 969 1,432 1,745 1,778 3,039
Capex / Sales 28.91% 12.75% 9.57% 3.86% 4.74% 4.74% 4.1% 6.08%
Announcement Date 4/28/20 3/29/21 3/11/22 4/28/23 4/26/24 - - -
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

Ratings for Luzhou Laojiao Co.,Ltd

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
27
Last Close Price
186.4 CNY
Average target price
253.8 CNY
Spread / Average Target
+36.14%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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