Financials Shanghai Bailian (Group) Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
8.87 ^CNY	-0.34%		+7.00%	-6.53%

Apr. 29	Shanghai Bailian Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 12	Shanghai Bailian Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	15,467	24,377	22,392	20,353	15,862	14,849	-	-
Enterprise Value (EV) ¹	15,467	24,377	22,392	20,353	15,862	14,849	14,849	14,849
P/E ratio	16.6 x	32.4 x	31.7 x	31.9 x	43.1 x	24.3 x	22.7 x	21.1 x
Yield	1.11%	1.03%	1.13%	0.99%	1.26%	2.59%	2.93%	3.16%
Capitalization / Revenue	0.31 x	0.69 x	0.65 x	0.63 x	0.52 x	0.48 x	0.48 x	0.48 x
EV / Revenue	0.31 x	0.69 x	0.65 x	0.63 x	0.52 x	0.48 x	0.48 x	0.48 x
EV / EBITDA	5.65 x	8.44 x	9.34 x	8.71 x	-	6.17 x	5.81 x	5.55 x
EV / FCF	-	-	-	-	6.33 x	-7.53 x	5.97 x	5.57 x
FCF Yield	-	-	-	-	15.8%	-13.3%	16.8%	17.9%
Price to Book	0.88 x	1.42 x	1.33 x	1.23 x	0.95 x	0.88 x	0.86 x	0.85 x
Nbr of stocks (in thousands)	1,784,168	1,784,168	1,784,168	1,784,168	1,784,168	1,784,168	-	-
Reference price ²	8.980	14.60	13.33	12.12	9.490	8.870	8.870	8.870
Announcement Date	4/30/20	4/29/21	4/29/22	4/18/23	4/12/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	50,459	35,209	34,650	32,269	30,519	30,723	30,834	31,261
EBITDA ¹	2,737	2,890	2,398	2,336	-	2,408	2,556	2,676
EBIT ¹	1,481	1,554	1,063	981.4	417.2	795.7	901	979
Operating Margin	2.94%	4.41%	3.07%	3.04%	1.37%	2.59%	2.92%	3.13%
Earnings before Tax (EBT) ¹	1,598	1,427	1,180	1,033	469.8	845	944.3	1,022
Net income ¹	958.2	797	752.5	684.4	399.1	622	695.3	752
Net margin	1.9%	2.26%	2.17%	2.12%	1.31%	2.02%	2.26%	2.41%
EPS ²	0.5400	0.4500	0.4200	0.3800	0.2200	0.3650	0.3900	0.4200
Free Cash Flow ¹	-	-	-	-	2,507	-1,973	2,488	2,664
FCF margin	-	-	-	-	8.22%	-6.42%	8.07%	8.52%
FCF Conversion (EBITDA)	-	-	-	-	-	-	97.34%	99.55%
FCF Conversion (Net income)	-	-	-	-	628.25%	-	357.81%	354.26%
Dividend per Share ²	0.1000	0.1500	0.1500	0.1200	0.1200	0.2300	0.2600	0.2800
Announcement Date	4/30/20	4/29/21	4/29/22	4/18/23	4/12/24	-	-	-

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	-	-	-	-	2,507	-1,973	2,488	2,664
ROE (net income / shareholders' equity)	5.53%	4.36%	4.24%	3.85%	2.26%	3.58%	3.92%	4.02%
ROA (Net income/ Total Assets)	1.9%	1.45%	2.93%	-0.42%	-	0.98%	1.08%	1.12%
Assets ¹	50,564	54,928	25,681	-164,730	-	63,469	64,682	67,444
Book Value Per Share ²	10.30	10.20	10.00	9.860	9.970	10.10	10.30	10.50
Cash Flow per Share ²	1.470	2.490	2.090	1.910	-	1.040	1.130	1.220
Capex ¹	1,372	1,102	1,511	851	1,115	1,057	1,037	1,037
Capex / Sales	2.72%	3.13%	4.36%	2.64%	3.65%	3.44%	3.36%	3.32%
Announcement Date	4/30/20	4/29/21	4/29/22	4/18/23	4/12/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.87 CNY

Average target price

12.3 CNY

Spread / Average Target

+38.67%

	1st Jan change	Capi.
SHANGHAI BAILIAN (GROUP) CO., LTD.	-6.53%	2.06B
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SM INVESTMENTS CORPORATION	+8.94%	20.53B
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JERÓNIMO MARTINS, SGPS, S.A.	-16.02%	13.12B
CASEY'S GENERAL STORES, INC.	+16.32%	11.97B
ICA GRUPPEN	-.--%	11.82B
CARREFOUR	-4.68%	11.77B