Dali Foods Group Company Limited (3799.HK)

Industry: Packaged Foods Sector: Consumer Defensive Currency Used: CN Live Price: $3.73

Enterprise Value

Metric	2022	2021	2020	2019	2018	2017	2016	2015	2014
Stock Price	3.35	3.59	4.01	4.86	5.09	4.85	3.73	3.84	3.96
Market Capitalization	45,890.07M	49,098.51M	54,842.19M	66,563.18M	69,713.01M	66,346.43M	50,975.67M	49,349.78M	54,297.18M
(-) Cash & Equivalents	16,929.49M	16,619.70M	13,847.88M	11,717.56M	10,216.52M	8,482.96M	8,416.44M	4,467.71M	0.00M
(+) Total Debt	5,491.07M	4,133.89M	1,139.09M	24.39M	0.00M	0.00M	0.00M	750.00M	0.00M
Enterprise Value	34,451.65M	36,612.70M	42,133.41M	54,870.01M	59,496.50M	57,863.47M	42,559.24M	45,632.07M	54,297.18M

Income Statement

Metric	TTM	TTM-1	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31
Revenue	42,495M	39,152M	19,957M	22,294M	20,962M	21,375M	20,864M	19,799M	17,842M	16,865M	14,894M
Cost of Revenue	25,732M	24,249M	12,933M	14,138M	12,721M	12,884M	12,813M	12,341M	11,001M	11,049M	10,895M
Gross Profit	16,763M	14,903M	7,024M	8,156M	8,241M	8,491M	8,051M	7,458M	6,840M	5,816M	3,999M
Gross Profit Margin	39.4%	38.1%	35.2%	36.6%	39.3%	39.7%	38.6%	37.7%	38.3%	34.5%	26.8%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	8,320M	7,356M	4,284M	4,512M	4,161M	4,230M	3,949M	3,772M	3,219M	2,385M	1,351M
Operating Expenses	7,564M	6,838M	3,665M	3,764M	3,670M	3,819M	3,672M	3,489M	3,025M	2,147M	1,267M
Operating Income (EBIT)	9,198M	8,065M	3,359M	4,391M	4,571M	4,673M	4,379M	3,969M	3,815M	3,669M	2,732M
Operating Income Margin	21.6%	20.6%	16.8%	19.7%	21.8%	21.9%	21.0%	20.0%	21.4%	21.8%	18.3%
Interest Income	458M	0M	829M	677M	544M	458M	353M	369M	105M	36M	26M
Interest Expense	2M	2M	127M	86M	10M	1M	0M	0M	5M	27M	0M
Net Interest Income	456M	-2M	702M	590M	535M	456M	353M	369M	100M	9M	26M
Unusual Items	441M	652M	3M	4M	1M	17M	19M	14M	61M	4M	3M
EBT Excluding Unusual Items	9,654M	8,063M	4,061M	4,982M	5,106M	5,129M	4,731M	4,338M	3,916M	3,678M	2,758M
Pre-Tax Income	10,095M	8,715M	4,064M	4,986M	5,107M	5,146M	4,751M	4,352M	3,977M	3,681M	2,762M
Pre-Tax Margin	23.8%	22.3%	20.4%	22.4%	24.4%	24.1%	22.8%	22.0%	22.3%	21.8%	18.5%
Income Tax Expense	2,475M	1,855M	1,074M	1,260M	1,258M	1,306M	1,033M	918M	840M	769M	685M
Net Income	7,620M	6,861M	2,990M	3,725M	3,849M	3,841M	3,717M	3,434M	3,137M	2,912M	2,077M
Net Income Margin	17.9%	17.5%	15.0%	16.7%	18.4%	18.0%	17.8%	17.3%	17.6%	17.3%	13.9%
Depreciation & Amortization	1,426M	1,157M	586M	782M	781M	742M	627M	571M	545M	525M	481M
EBITDA	10,625M	9,222M	3,945M	5,174M	5,352M	5,415M	5,005M	4,539M	4,361M	4,194M	3,213M
EBITDA Margin	25.0%	23.6%	19.8%	23.2%	25.5%	25.3%	24.0%	22.9%	24.4%	24.9%	21.6%
NOPAT	6,943M	6,349M	2,472M	3,281M	3,445M	3,487M	3,426M	3,131M	3,009M	2,902M	2,055M
NOPAT Margin	16.3%	16.2%	12.4%	14.7%	16.4%	16.3%	16.4%	15.8%	16.9%	17.2%	13.8%
Owner's Earnings	6,817M	6,745M	2,906M	3,168M	3,871M	3,541M	3,009M	3,196M	3,218M	2,970M	1,999M
Owner's Earnings Margin	16.0%	17.2%	14.6%	14.2%	18.5%	16.6%	14.4%	16.1%	18.0%	17.6%	13.4%
EPS (Basic)	0.56	0.50	0.22	0.27	0.28	0.28	0.27	0.25	0.23	0.24	0.15
EPS (Diluted)	0.56	0.50	0.22	0.27	0.28	0.28	0.27	0.25	0.23	0.24	0.15
Shares (Basic)	13,694M	13,694M	13,694M	13,694M	13,694M	13,694M	13,694M	13,694M	13,694M	12,077M	13,694M
Shares (Diluted)	13,694M	13,694M	13,694M	13,694M	13,694M	13,694M	13,694M	13,694M	13,694M	12,077M	13,694M

Balance Sheet

Metric	MRQ	MRQ-1	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31
Cash & Cash Equivalents	16,739.00M	17,119.98M	16,739.00M	16,645.71M	13,825.15M	11,092.27M	10,078.57M	8,095.65M	9,860.63M	8,935.42M	628.85M
Short-Term Investments	0.00M	0.00M	0.00M	500.00M	0.00M	0.00M	0.00M	250.24M	250.27M	844.11M	0.00M
Cash & Short-Term Investments	16,739.00M	17,119.98M	16,739.00M	17,145.71M	13,825.15M	11,092.27M	10,078.57M	8,345.89M	10,110.90M	9,779.53M	628.85M
Net Receivables	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	0.00M	1,017.52M	0.00M	0.00M	0.00M	0.00M	1,137.80M	1,333.20M	1,109.28M	929.52M	1,090.44M
Other Current Assets	0.00M	2,671.43M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Current Assets	16,739.00M	20,808.92M	16,739.00M	17,145.71M	13,825.15M	11,092.27M	11,216.37M	9,679.09M	11,220.18M	10,709.06M	1,719.29M
Property, Plant & Equipment	5,591.28M	6,114.63M	5,591.28M	5,345.73M	5,161.20M	5,750.25M	4,911.32M	4,273.05M	3,896.30M	4,134.01M	4,260.46M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	652.14M	0.00M	652.14M	668.13M	642.40M	1.99M	560.30M	580.32M	593.91M	594.33M	517.77M
Long-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	53.11M	53.64M	53.11M	47.48M	62.55M	64.22M	53.66M	51.72M	26.27M	25.71M	47.60M
Other Non-Current Assets	421.19M	458.55M	421.19M	581.73M	312.85M	329.81M	287.26M	149.85M	218.41M	72.97M	115.79M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	6,717.71M	6,626.82M	6,717.71M	6,643.08M	6,179.01M	6,146.27M	5,812.53M	5,054.94M	4,734.88M	4,827.03M	4,941.61M
Total Assets	23,456.71M	27,435.75M	23,456.71M	23,788.79M	20,004.15M	17,238.54M	17,028.89M	14,734.03M	15,955.05M	15,536.08M	6,660.91M
Accounts Payable	974.62M	798.05M	974.62M	1,028.35M	983.99M	1,347.77M	941.83M	889.28M	1,027.03M	964.17M	770.62M
Short-Term Debt	5,476.45M	5,463.80M	5,476.45M	5,291.10M	1,935.53M	19.29M	0.00M	0.00M	0.00M	1,500.00M	0.00M
Tax Payables	334.92M	270.87M	334.92M	359.09M	442.79M	393.07M	356.67M	331.77M	282.00M	243.06M	223.97M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	1,424.37M	2,349.08M	1,424.37M	1,395.83M	1,867.12M	1,809.74M	1,518.77M	1,326.43M	1,268.91M	1,134.02M	5,358.37M
Total Current Liabilities	8,210.36M	8,881.80M	8,210.36M	8,074.38M	5,229.42M	3,569.87M	2,817.27M	2,547.48M	2,577.94M	3,841.26M	6,352.95M
Long-Term Debt	32.48M	9.40M	32.48M	18.06M	32.38M	0.47M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	19.10M	27.97M	19.10M	36.56M	50.22M	19.76M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	69.30M	14.16M	69.30M	99.50M	68.00M	122.79M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	120.88M	51.53M	120.88M	154.12M	150.60M	143.03M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Liabilities	8,331.25M	8,933.33M	8,331.25M	8,228.49M	5,380.02M	3,712.90M	2,817.27M	2,547.48M	2,577.94M	3,841.26M	6,352.95M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	112.71M	112.71M	112.71M	112.71M	112.71M	112.71M	112.71M	112.71M	112.71M	112.71M	0.00M
Retained Earnings	18,728.65M	0.00M	18,728.65M	17,492.32M	15,754.40M	14,567.50M	0.00M	0.00M	0.00M	0.00M	0.00M
Accumulated OCI	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	18,841.36M	112.71M	18,841.36M	17,605.03M	15,867.11M	14,680.21M	112.71M	112.71M	112.71M	112.71M	0.00M
Total Equity	18,841.36M	112.71M	18,841.36M	17,605.03M	15,867.11M	14,680.21M	112.71M	112.71M	112.71M	112.71M	0.00M
Total Liabilities & Equity	27,172.61M	9,046.04M	27,172.61M	25,833.52M	21,247.13M	18,393.11M	2,929.98M	2,660.19M	2,690.65M	3,953.97M	6,352.96M
Tangible Assets	22,804.58M	27,435.75M	22,804.58M	23,120.65M	19,361.75M	17,236.55M	16,468.60M	14,153.71M	15,361.14M	14,941.75M	6,143.14M
Tangible Equity	18,189.23M	112.71M	18,189.23M	16,936.90M	15,224.71M	14,678.22M	-447.59M	-467.60M	-481.20M	-481.62M	-517.77M
Tangible Book Value	18,189.23M	112.71M	18,189.23M	16,936.90M	15,224.71M	14,678.22M	-447.59M	-467.60M	-481.20M	-481.62M	-517.77M
Total Investments	0.00M	0.00M	0.00M	500.00M	0.00M	0.00M	0.00M	250.24M	250.27M	844.11M	0.00M
Net Debt	-11,230.08M	-11,646.77M	-11,230.08M	-11,336.55M	-11,857.24M	-11,072.51M	-10,078.57M	-8,095.65M	-9,860.63M	-7,435.42M	-628.85M

Capital Metrics

Metric	MRQ	MRQ-1	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31
Working Capital	12,410.2M	12,198.0M	12,410.2M	13,047.1M	11,745.1M	10,624.5M	9,972.4M	9,055.4M	9,449.6M	7,372.1M	-4,124.9M
Total Capital	24,202.9M	23,951.7M	24,202.9M	24,545.2M	19,433.3M	16,296.4M	15,414.7M	13,786.2M	13,865.9M	13,402.1M	550.2M
Capital Employed	19,127.9M	18,826.0M	19,127.9M	19,690.2M	17,924.1M	16,770.8M	15,784.9M	14,110.4M	14,184.4M	12,199.1M	816.7M
Invested Capital	7,463.9M	6,831.7M	7,463.9M	7,899.5M	5,608.2M	5,204.1M	5,336.1M	5,690.5M	4,005.2M	4,466.7M	-78.7M

Cash Flow Statement

Metric	TTM	TTM-1	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31
Net Income	8,925.27M	8,328.54M	4,063.76M	4,985.68M	5,106.61M	5,146.30M	4,750.83M	4,351.60M	3,976.94M	3,681.43M	2,761.53M
Depreciation & Amortization	1,426.31M	1,115.92M	586.13M	782.21M	780.93M	741.90M	626.93M	570.63M	545.29M	525.01M	480.82M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	60.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	819.50M	-1,685.35M	41.54M	-1,218.70M	-351.78M	311.01M	705.98M	-1,472.44M	-212.91M	577.36M	34.46M
Accounts Receivable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-90.74M	-404.57M	130.00M	-121.43M	187.46M	-125.82M	196.00M	-224.38M	-180.19M	160.63M	0.10M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	910.24M	-1,280.78M	-88.46M	-1,097.26M	-539.23M	436.83M	509.98M	-1,248.05M	-32.72M	416.73M	34.36M
Other Non-Cash Items	-1,147.21M	-1,943.96M	-1,234.61M	-1,343.53M	-1,312.04M	-1,183.80M	-1,082.23M	-1,046.23M	-897.73M	-726.54M	-786.08M
Net Cash from Operating Activities	10,023.86M	5,815.15M	3,517.21M	3,205.65M	4,223.72M	5,015.40M	5,001.51M	2,403.56M	3,411.59M	4,057.27M	2,490.73M
Capital Expenditures (PPE)	-2,229.29M	-1,272.91M	-670.28M	-1,339.06M	-758.54M	-1,041.05M	-1,335.42M	-808.80M	-464.11M	-467.31M	-558.62M
Acquisitions (Net)	0.00M	87.66M	0.00M	0.00M	0.00M	0.00M	0.00M	84.80M	2.86M	-69.74M	0.00M
Purchases of Investments	-195.00M	-3,940.87M	0.00M	0.00M	-1,320.00M	-130.00M	0.00M	-7.63M	-3,933.25M	-856.70M	0.00M
Sales / Maturities of Investments	794.19M	3,292.12M	0.00M	0.00M	0.00M	0.00M	1,588.38M	588.75M	2,703.37M	22.04M	0.00M
Other Investing Activities	493.34M	107.01M	-2,839.13M	970.57M	29.09M	34.30M	149.19M	113.24M	-6.23M	-17.79M	-149.27M
Net Cash from Investing Activities	-1,532.43M	-1,800.54M	-3,509.41M	-368.49M	-2,049.45M	-1,136.75M	402.15M	-112.79M	-1,687.75M	-1,248.75M	-670.45M
Net Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8,430.40M	0.00M
Common Stock Repurchased	0.00M	0.00M	-1,779.79M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,340.23M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-5,549.33M	-4,764.25M	-1,728.84M	-1,961.20M	-2,639.48M	-2,982.54M	-2,151.04M	-3,304.68M	-1,459.57M	-1,125.76M	-80.00M
Common Dividends Paid	-5,549.33M	-4,764.25M	-1,728.84M	-1,961.20M	-2,639.48M	-2,982.54M	-2,151.04M	-3,304.68M	-1,459.57M	-1,125.76M	-80.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-18.30M	-1,506.71M	-1,580.32M	3,338.06M	1,898.50M	-18.30M	0.00M	0.00M	-1,506.71M	6,479.47M	-1,752.99M
Net Cash from Financing Activities	-5,567.63M	-6,270.95M	-3,309.16M	1,376.85M	-740.97M	-3,000.84M	-2,151.04M	-3,304.68M	-2,966.28M	5,353.71M	-1,832.99M
Effect of FX on Cash	59.15M	84.70M	-83.87M	6.54M	-20.42M	5.89M	62.17M	-208.70M	293.40M	144.34M	0.00M
Net Change in Cash	2,154.25M	-4,343.29M	-3,385.22M	4,220.56M	1,412.88M	883.70M	3,314.79M	-1,222.61M	-949.04M	8,306.57M	-12.72M
Cash at Beginning of Period	16,808.79M	33,843.61M	16,595.71M	12,375.15M	10,962.27M	10,078.57M	6,763.78M	7,986.38M	8,935.42M	628.85M	641.57M
Cash at End of Period	18,963.04M	29,500.32M	13,210.49M	16,595.71M	12,375.15M	10,962.27M	10,078.57M	6,763.78M	7,986.38M	8,935.42M	628.85M
Operating Cash Flow	10,023.86M	5,815.15M	3,517.21M	3,205.65M	4,223.72M	5,015.40M	5,001.51M	2,403.56M	3,411.59M	4,057.27M	2,490.73M
Capital Expenditure	-2,229.29M	-1,272.91M	-670.28M	-1,339.06M	-758.54M	-1,041.05M	-1,335.42M	-808.80M	-464.11M	-467.31M	-558.62M
Free Cash Flow	7,794.57M	4,542.24M	2,846.93M	1,866.59M	3,465.18M	3,974.35M	3,666.10M	1,594.76M	2,947.48M	3,589.96M	1,932.11M

Free Cash Flow

Metric	TTM	TTM-1	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31
EBITDA	9,868.53M	8,703.82M	3,326.09M	4,425.38M	4,860.49M	5,002.88M	4,728.42M	4,256.25M	4,166.72M	3,956.42M	3,128.25M
(-) Tax Adjustment	2,419.83M	1,852.22M	878.78M	1,118.80M	1,197.33M	1,269.34M	1,028.59M	897.78M	880.24M	826.55M	775.75M
(-) Change In Working Capital	819.50M	-1,685.35M	41.54M	-1,218.70M	-351.78M	311.01M	705.98M	-1,472.44M	-212.91M	577.36M	34.46M
(-) Capital Expenditure	-2,229.29M	-1,272.91M	-670.28M	-1,339.06M	-758.54M	-1,041.05M	-1,335.42M	-808.80M	-464.11M	-467.31M	-558.62M
Unlevered Free Cash Flow	4,399.91M	7,264.03M	1,735.49M	3,186.21M	3,256.40M	2,381.48M	1,658.43M	4,022.10M	3,035.29M	2,085.19M	1,759.42M
(-) Net Interest Income After Taxes	343.91M	-1.85M	516.55M	441.04M	402.89M	340.55M	276.05M	291.34M	79.10M	7.02M	19.63M
Net Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Levered Free Cash Flow	4,056.00M	7,265.89M	1,218.94M	2,745.18M	2,853.51M	2,040.92M	1,382.38M	3,730.76M	2,956.19M	2,078.17M	1,739.79M