Xiamen Yan Palace Bird's Nest Indus (1497.HK)

Industry: Packaged Foods Sector: Consumer Defensive Currency Used: CN Live Price: $6.10

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019
Stock Price	7.91	8.48	8.43	7.98	8.50	8.59
Market Capitalization	3,648.03M	3,647.20M	716.32M	672.07M	708.30M	3,573.72M
(-) Cash & Equivalents	415.05M	362.25M	347.24M	200.13M	157.80M	47.82M
(+) Total Debt	134.62M	86.92M	32.67M	56.72M	80.22M	0.05M
Enterprise Value	3,367.60M	3,371.88M	401.74M	528.66M	630.71M	3,525.95M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Revenue	4,042M	3,996M	2,050M	1,964M	2,012M	1,816M	1,301M	951M
Cost of Revenue	2,015M	2,030M	1,037M	969M	1,021M	966M	853M	489M
Gross Profit	2,027M	1,966M	1,013M	995M	990M	850M	448M	462M
Gross Profit Margin	50.2%	49.2%	49.4%	50.7%	49.2%	46.8%	34.4%	48.6%
R&D Expenses	54M	46M	29M	26M	24M	19M	18M	19M
SG&A Expenses	1,593M	1,345M	810M	723M	615M	333M	286M	361M
Operating Expenses	1,602M	1,391M	799M	719M	612M	493M	391M	369M
Operating Income (EBIT)	425M	575M	214M	276M	378M	357M	57M	92M
Operating Income Margin	10.5%	14.4%	10.4%	14.1%	18.8%	19.6%	4.4%	9.7%
Interest Income	6M	5M	5M	3M	2M	2M	4M	0M
Interest Expense	11M	4M	7M	3M	2M	3M	5M	0M
Net Interest Income	-5M	0M	-2M	0M	0M	-1M	-1M	0M
Unusual Items	19M	28M	-5M	-3M	-114M	-125M	103M	0M
EBT Excluding Unusual Items	420M	575M	211M	277M	378M	355M	57M	92M
Pre-Tax Income	439M	603M	207M	273M	265M	230M	160M	92M
Pre-Tax Margin	10.9%	15.1%	10.1%	13.9%	13.2%	12.7%	12.3%	9.7%
Income Tax Expense	106M	139M	46M	62M	59M	58M	36M	14M
Net Income	323M	390M	156M	201M	192M	167M	122M	79M
Net Income Margin	8.0%	9.8%	7.6%	10.2%	9.5%	9.2%	9.4%	8.3%
Depreciation & Amortization	65M	82M	19M	41M	18M	13M	10M	5M
EBITDA	490M	657M	232M	317M	396M	369M	68M	98M
EBITDA Margin	12.1%	16.4%	11.3%	16.1%	19.7%	20.3%	5.2%	10.3%
NOPAT	322M	443M	166M	214M	294M	267M	44M	79M
NOPAT Margin	8.0%	11.1%	8.1%	10.9%	14.6%	14.7%	3.4%	8.3%
Owner's Earnings	237M	424M	61M	218M	184M	150M	119M	73M
Owner's Earnings Margin	5.9%	10.6%	3.0%	11.1%	9.1%	8.3%	9.2%	7.7%
EPS (Basic)	0.75	4.09	0.34	0.45	2.62	2.40	1.65	0.19
EPS (Diluted)	0.72	2.29	0.34	0.47	2.26	1.99	1.46	0.19
Shares (Basic)	453M	170M	461M	435M	85M	84M	83M	416M
Shares (Diluted)	451M	170M	461M	427M	85M	84M	83M	416M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Cash & Cash Equivalents	518.29M	420.51M	420.51M	537.09M	393.88M	207.34M	178.53M	95.64M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	-38.06M	-37.84M	18.27M	57.00M
Cash & Short-Term Investments	518.29M	420.51M	420.51M	537.09M	355.81M	169.50M	196.80M	152.64M
Net Receivables	68.27M	123.06M	123.06M	83.30M	62.83M	38.44M	0.00M	13.66M
Inventory	197.60M	353.20M	353.20M	360.36M	271.80M	279.74M	277.05M	90.77M
Other Current Assets	103.34M	36.50M	36.50M	163.24M	-12.04M	41.73M	-2.38M	110.74M
Total Current Assets	887.50M	933.26M	933.26M	1,143.99M	678.41M	529.40M	471.46M	367.81M
Property, Plant & Equipment	272.65M	282.42M	282.42M	189.97M	98.56M	112.46M	74.06M	40.35M
Goodwill	67.99M	77.17M	77.17M	75.17M	75.17M	75.17M	0.00M	0.00M
Intangible Assets	3.64M	1.98M	1.98M	1.28M	1.28M	0.87M	0.70M	1.16M
Long-Term Investments	28.87M	36.94M	36.94M	0.00M	9.38M	16.98M	2.45M	2.28M
Tax Assets	0.00M	14.29M	14.29M	0.00M	40.56M	19.96M	5.15M	0.00M
Other Non-Current Assets	89.29M	60.30M	60.30M	49.07M	5.25M	8.39M	1.63M	17.02M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	462.42M	473.10M	473.10M	315.49M	230.20M	233.82M	83.99M	60.82M
Total Assets	1,349.93M	1,406.36M	1,406.36M	1,459.48M	908.60M	763.23M	555.45M	428.63M
Accounts Payable	34.90M	66.90M	66.90M	62.53M	64.09M	62.47M	44.24M	23.97M
Short-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	66.10M	0.00M
Tax Payables	0.00M	37.79M	37.79M	21.95M	42.77M	57.66M	19.43M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	222.85M	200.27M	182.68M	0.00M
Other Current Liabilities	368.77M	273.62M	273.62M	343.94M	70.12M	51.72M	18.73M	158.86M
Total Current Liabilities	403.67M	378.30M	378.30M	428.42M	399.82M	372.11M	331.18M	182.83M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8.60M	0.09M
Capital Lease Obligations	126.22M	130.32M	130.32M	137.68M	12.65M	20.85M	9.24M	0.00M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	1.66M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	1.89M	1.85M	1.85M	0.00M	1.94M	2.29M	2.80M	2.11M
Total Non-Current Liabilities	128.11M	132.17M	132.17M	139.34M	14.58M	23.14M	20.64M	2.20M
Total Liabilities	531.77M	510.47M	510.47M	567.76M	414.40M	395.25M	351.82M	185.03M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	64.33M
Common Stock	93.10M	93.10M	93.10M	93.10M	86.70M	86.70M	83.33M	83.33M
Retained Earnings	275.03M	299.40M	299.40M	167.31M	136.72M	56.01M	8.47M	54.98M
Accumulated OCI	-83.26M	-80.15M	-80.15M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	21.76M	22.50M	22.50M	30.01M	19.78M	19.80M	5.19M	2.97M
Total Shareholders’ Equity	284.87M	312.35M	312.35M	260.41M	223.42M	142.71M	91.81M	202.64M
Total Equity	306.63M	334.86M	334.86M	290.42M	243.19M	162.51M	97.00M	205.61M
Total Liabilities & Equity	838.41M	845.32M	845.32M	858.18M	657.60M	557.76M	448.82M	390.65M
Tangible Assets	1,278.30M	1,327.21M	1,327.21M	1,383.04M	832.16M	687.19M	554.75M	427.47M
Tangible Equity	235.01M	255.71M	255.71M	213.98M	166.75M	86.47M	96.29M	204.45M
Tangible Book Value	235.01M	255.71M	255.71M	213.98M	166.75M	86.47M	96.29M	204.45M
Total Investments	28.87M	36.94M	36.94M	0.00M	11.18M	19.42M	3.88M	59.28M
Net Debt	-518.29M	-420.51M	-420.51M	-537.09M	-393.88M	-207.34M	-103.83M	-95.55M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Working Capital	375.9M	402.0M	402.0M	594.4M	280.2M	181.3M	160.1M	147.0M
Total Capital	844.5M	876.1M	876.1M	985.1M	481.3M	369.6M	297.6M	202.7M
Capital Employed	838.3M	875.1M	875.1M	909.9M	605.3M	550.4M	351.6M	207.8M
Invested Capital	326.2M	455.5M	455.5M	448.0M	87.4M	162.3M	119.0M	107.1M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Net Income	336.56M	438.25M	206.61M	273.33M	191.84M	201.70M	137.11M	79.10M
Depreciation & Amortization	76.98M	81.85M	56.42M	40.82M	36.84M	28.41M	18.76M	12.96M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	6.13M	16.16M	0.00M	4.82M	5.25M	21.81M	0.44M	0.00M
Change in Working Capital	-189.17M	82.95M	35.59M	-111.14M	85.86M	-32.87M	-110.30M	26.53M
Accounts Receivable	-119.50M	41.38M	-22.50M	-107.19M	46.45M	-10.14M	23.40M	-19.26M
Inventory	-80.34M	13.81M	8.23M	-97.87M	9.24M	9.13M	-204.14M	45.79M
Accounts Payable	0.00M	20.46M	0.00M	29.78M	37.43M	-33.94M	51.69M	0.00M
Other Working Capital	10.67M	7.29M	49.86M	64.14M	6.25M	2.07M	6.46M	0.00M
Other Non-Cash Items	285.43M	85.58M	-41.24M	-84.47M	-13.92M	-5.28M	3.01M	39.47M
Net Cash from Operating Activities	515.93M	600.58M	257.38M	123.35M	305.88M	213.77M	49.01M	158.06M
Capital Expenditures (PPE)	-142.99M	-47.85M	-114.19M	-24.35M	-26.14M	-29.90M	-13.19M	-11.39M
Acquisitions (Net)	0.00M	-37.65M	-4.00M	0.00M	4.65M	-84.59M	2.17M	0.00M
Purchases of Investments	-471.30M	-1,458.53M	0.00M	-748.00M	-645.40M	-635.56M	-557.46M	0.00M
Sales / Maturities of Investments	472.28M	1,491.97M	0.00M	754.93M	641.28M	696.60M	570.84M	0.00M
Other Investing Activities	-35.40M	0.00M	-15.53M	0.00M	4.59M	6.99M	57.74M	-87.98M
Net Cash from Investing Activities	-177.41M	-52.06M	-133.72M	-17.42M	-21.02M	-46.45M	60.09M	-99.37M
Net Debt Issuance	-31.03M	-53.95M	-29.31M	-17.08M	-16.84M	-74.23M	74.13M	-17.08M
Long-Term Debt Issuance	-31.03M	-53.95M	-29.31M	-17.08M	-16.84M	-74.23M	74.13M	-17.08M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-9.10M	18.62M	-94.07M	283.03M	0.00M	40.40M	2.60M	0.00M
Common Stock Issuance	-0.79M	18.62M	-94.07M	283.03M	0.00M	40.40M	2.60M	0.00M
Common Stock Repurchased	-8.32M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-200.26M	-334.24M	-100.08M	-160.00M	-93.03M	-100.00M	-120.00M	-30.88M
Common Dividends Paid	-200.26M	-310.95M	-100.08M	-160.00M	-80.00M	-100.00M	-120.00M	-30.88M
Preferred Dividends Paid	0.00M	-13.03M	0.00M	0.00M	-13.03M	0.00M	0.00M	0.00M
Other Financing Activities	135.38M	-36.04M	-16.56M	-23.95M	6.34M	-14.57M	-10.90M	-11.95M
Net Cash from Financing Activities	-105.01M	-411.04M	-240.02M	82.00M	-103.53M	-148.40M	-54.17M	-59.92M
Effect of FX on Cash	-3.11M	0.00M	-0.23M	-1.66M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	-306.69M	317.10M	-116.59M	186.28M	181.32M	18.92M	54.93M	-1.22M
Cash at Beginning of Period	1,265.10M	593.20M	537.09M	350.82M	207.34M	178.53M	95.64M	95.66M
Cash at End of Period	958.40M	910.30M	420.51M	537.09M	393.88M	207.34M	178.53M	94.44M
Operating Cash Flow	507.26M	600.58M	257.38M	123.35M	355.22M	257.52M	56.84M	158.06M
Capital Expenditure	-151.40M	-47.85M	-114.19M	-24.35M	-26.14M	-29.90M	-13.19M	-11.39M
Free Cash Flow	355.87M	552.73M	143.19M	99.00M	329.08M	227.62M	43.64M	146.68M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
EBITDA	445.97M	656.77M	192.90M	286.56M	368.41M	510.40M	154.81M	87.39M
(-) Tax Adjustment	107.96M	150.99M	43.12M	64.73M	81.72M	128.20M	35.26M	12.85M
(-) Change In Working Capital	-189.17M	82.95M	35.59M	-111.14M	85.86M	-32.87M	-110.30M	26.53M
(-) Capital Expenditure	-151.40M	-47.85M	-114.19M	-24.35M	-26.14M	-29.90M	-13.19M	-11.39M
Unlevered Free Cash Flow	375.78M	375.00M	0.00M	308.62M	174.69M	385.18M	216.65M	36.63M
(-) Net Interest Income After Taxes	-3.59M	0.20M	-1.82M	0.36M	0.24M	-1.09M	-0.47M	0.00M
Net Debt Issuance	-31.03M	-53.95M	-29.31M	-17.08M	-16.84M	-74.23M	74.13M	-17.08M
Levered Free Cash Flow	348.33M	320.85M	-27.49M	291.17M	157.60M	312.04M	291.25M	19.54M