China Feihe Limited (6186.HK)

Industry: Packaged Foods Sector: Consumer Defensive Currency Used: CN Live Price: $3.97

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Stock Price	4.22	3.91	6.78	11.23	14.71	7.35	6.40	6.33	6.44
Market Capitalization	39,119.45M	36,065.85M	61,411.50M	102,764.90M	133,720.06M	60,630.01M	51,461.14M	56,504.41M	57,522.42M
(-) Cash & Equivalents	9,494.36M	10,784.59M	9,829.87M	9,388.95M	10,321.06M	5,891.93M	1,820.42M	1,385.60M	379.59M
(+) Total Debt	1,214.89M	1,570.61M	1,342.35M	1,100.45M	1,416.65M	3,976.26M	967.22M	483.46M	178.05M
Enterprise Value	30,839.98M	26,851.87M	52,923.98M	94,476.40M	124,815.65M	58,714.34M	50,607.94M	55,602.27M	57,320.88M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Revenue	39,696M	42,279M	20,749M	19,532M	21,311M	22,776M	18,592M	13,722M	10,392M	5,887M	3,724M
Cost of Revenue	13,992M	14,418M	6,984M	6,869M	7,360M	6,769M	5,112M	4,112M	3,373M	2,097M	1,690M
Gross Profit	25,704M	27,860M	13,765M	12,663M	13,951M	16,008M	13,480M	9,610M	7,019M	3,790M	2,034M
Gross Profit Margin	64.8%	65.9%	66.3%	64.8%	65.5%	70.3%	72.5%	70.0%	67.5%	64.4%	54.6%
R&D Expenses	1,196M	919M	0M	0M	493M	426M	265M	171M	109M	15M	14M
SG&A Expenses	17,065M	16,296M	8,862M	8,471M	8,080M	7,937M	6,418M	4,761M	3,852M	2,325M	1,459M
Operating Expenses	17,676M	14,985M	8,199M	7,498M	8,574M	8,363M	6,684M	4,054M	3,830M	2,251M	1,327M
Operating Income (EBIT)	8,028M	12,875M	5,566M	5,166M	5,377M	7,645M	6,797M	5,556M	3,189M	1,539M	707M
Operating Income Margin	20.2%	30.5%	26.8%	26.4%	25.2%	33.6%	36.6%	40.5%	30.7%	26.1%	19.0%
Interest Income	700M	614M	468M	470M	349M	356M	338M	163M	90M	71M	59M
Interest Expense	0M	0M	45M	53M	34M	29M	50M	73M	59M	21M	27M
Net Interest Income	700M	614M	424M	417M	316M	327M	287M	90M	32M	50M	32M
Unusual Items	996M	0M	-440M	-732M	970M	1,701M	2,816M	36M	-32M	62M	-144M
EBT Excluding Unusual Items	8,728M	13,489M	5,990M	5,583M	5,693M	7,971M	7,084M	5,646M	3,220M	1,589M	739M
Pre-Tax Income	9,724M	13,489M	5,550M	4,850M	6,663M	9,672M	9,900M	5,683M	3,189M	1,651M	595M
Pre-Tax Margin	24.5%	31.9%	26.7%	24.8%	31.3%	42.5%	53.3%	41.4%	30.7%	28.0%	16.0%
Income Tax Expense	3,365M	3,773M	1,896M	1,560M	1,715M	2,757M	2,464M	1,748M	946M	491M	189M
Net Income	6,264M	9,769M	3,570M	3,390M	4,942M	6,871M	7,437M	3,935M	2,242M	1,160M	417M
Net Income Margin	15.8%	23.1%	17.2%	17.4%	23.2%	30.2%	40.0%	28.7%	21.6%	19.7%	11.2%
Depreciation & Amortization	1,231M	947M	649M	608M	494M	443M	218M	181M	162M	98M	99M
EBITDA	9,259M	13,823M	6,215M	5,774M	5,871M	8,088M	7,014M	5,737M	3,351M	1,637M	806M
EBITDA Margin	23.3%	32.7%	30.0%	29.6%	27.6%	35.5%	37.7%	41.8%	32.2%	27.8%	21.6%
NOPAT	5,250M	9,274M	3,665M	3,504M	3,993M	5,465M	5,105M	3,847M	2,242M	1,082M	482M
NOPAT Margin	13.2%	21.9%	17.7%	17.9%	18.7%	24.0%	27.5%	28.0%	21.6%	18.4%	13.0%
Owner's Earnings	4,572M	6,117M	2,720M	2,462M	2,958M	5,295M	6,794M	2,540M	1,111M	711M	402M
Owner's Earnings Margin	11.5%	14.5%	13.1%	12.6%	13.9%	23.2%	36.5%	18.5%	10.7%	12.1%	10.8%
EPS (Basic)	0.68	1.08	0.39	0.37	0.55	0.77	0.83	0.48	0.25	0.13	0.05
EPS (Diluted)	0.69	1.08	0.39	0.37	0.55	0.75	0.82	0.48	0.25	0.13	0.05
Shares (Basic)	9,242M	9,101M	9,049M	9,162M	8,941M	8,923M	8,933M	8,157M	8,933M	8,933M	8,933M
Shares (Diluted)	9,063M	9,052M	9,055M	9,078M	8,941M	9,101M	9,109M	8,176M	8,933M	8,933M	8,933M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Cash & Cash Equivalents	6,476.57M	9,321.22M	9,321.22M	10,440.94M	9,335.94M	9,629.29M	10,058.77M	7,377.47M	3,640.84M	2,771.20M	1,138.77M
Short-Term Investments	10,386.93M	9,681.74M	9,681.74M	8,705.92M	9,772.70M	7,548.16M	6,348.24M	5,390.19M	1,183.74M	806.54M	443.40M
Cash & Short-Term Investments	16,863.50M	19,002.96M	19,002.96M	19,146.86M	19,108.63M	17,177.45M	16,407.01M	12,767.66M	4,824.58M	3,577.74M	1,582.17M
Net Receivables	334.92M	669.12M	669.12M	431.18M	430.65M	477.33M	288.81M	314.35M	513.59M	174.71M	93.18M
Inventory	2,050.92M	2,153.95M	2,153.95M	2,258.06M	1,994.17M	1,721.81M	1,284.47M	686.09M	660.07M	394.66M	293.63M
Other Current Assets	1,182.21M	27.91M	27.91M	718.17M	696.23M	593.06M	564.11M	3,520.47M	1,289.85M	271.31M	942.69M
Total Current Assets	20,431.54M	21,853.93M	21,853.93M	22,554.27M	22,229.68M	19,969.64M	18,544.40M	17,288.58M	7,288.08M	4,418.42M	2,911.67M
Property, Plant & Equipment	9,789.87M	9,855.72M	9,855.72M	9,889.13M	9,909.13M	8,864.66M	7,563.49M	4,502.43M	3,009.02M	1,643.03M	1,211.18M
Goodwill	112.40M	112.40M	112.40M	112.40M	112.40M	112.40M	47.98M	47.98M	47.98M	47.98M	47.98M
Intangible Assets	13.07M	14.16M	14.16M	16.33M	18.51M	20.69M	0.09M	0.04M	0.04M	0.00M	10.12M
Long-Term Investments	824.68M	722.16M	722.16M	645.00M	352.20M	129.36M	145.06M	-5,245.86M	-889.41M	-512.21M	-299.07M
Tax Assets	0.00M	0.00M	0.00M	402.22M	438.96M	473.63M	375.68M	208.69M	208.34M	139.61M	94.12M
Other Non-Current Assets	2,731.13M	2,772.68M	2,772.68M	2,575.32M	-438.96M	-473.63M	-375.68M	6,201.91M	2,186.74M	1,272.54M	616.40M
Other Assets	0.00M	0.00M	0.00M	0.00M	2,893.84M	2,384.67M	2,021.83M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	13,471.15M	13,477.12M	13,477.12M	13,640.41M	13,286.09M	11,511.79M	9,778.44M	5,715.17M	4,562.71M	2,590.94M	1,680.72M
Total Assets	33,902.69M	35,331.05M	35,331.05M	36,194.68M	35,515.77M	31,481.42M	28,322.84M	23,003.75M	11,850.79M	7,009.36M	4,592.39M
Accounts Payable	1,436.34M	1,565.16M	1,565.16M	1,838.22M	1,773.85M	1,284.00M	1,132.94M	1,041.55M	833.38M	514.15M	359.96M
Short-Term Debt	316.38M	514.80M	514.80M	504.91M	446.64M	312.85M	448.25M	3,094.21M	1,083.27M	902.88M	534.14M
Tax Payables	0.00M	0.00M	0.00M	290.74M	467.76M	1,062.51M	910.12M	614.43M	406.97M	345.98M	143.70M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	2,936.32M	1,736.49M	0.00M
Other Current Liabilities	3,533.55M	4,483.64M	4,483.64M	4,951.69M	5,172.46M	5,283.16M	5,427.84M	3,245.59M	2,884.51M	1,672.45M	1,145.10M
Total Current Liabilities	5,286.28M	6,563.60M	6,563.60M	7,585.57M	7,860.71M	7,942.51M	7,919.16M	7,995.79M	8,144.45M	5,171.94M	2,182.90M
Long-Term Debt	465.70M	485.05M	485.05M	872.84M	861.99M	621.36M	732.22M	1,716.06M	657.30M	64.04M	0.00M
Capital Lease Obligations	62.93M	81.25M	81.25M	258.66M	192.62M	177.37M	237.59M	185.63M	193.87M	0.00M	0.00M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	813.25M	965.31M	752.57M	784.21M	557.19M	360.51M	229.32M	207.98M
Other Non-Current Liabilities	934.50M	1,188.41M	1,188.41M	1,434.01M	627.96M	646.75M	374.26M	0.00M	417.61M	275.03M	278.81M
Total Non-Current Liabilities	1,463.13M	1,754.72M	1,754.72M	3,378.75M	2,647.88M	2,198.05M	2,128.28M	2,458.89M	1,629.30M	568.39M	486.78M
Total Liabilities	6,749.41M	8,318.32M	8,318.32M	10,964.33M	10,508.59M	10,140.56M	10,047.44M	10,454.68M	9,773.75M	5,740.33M	2,669.69M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	114.24M	79.52M	0.00M	0.00M	0.00M
Common Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Retained Earnings	19,285.44M	19,635.65M	19,635.65M	18,355.80M	17,519.07M	14,709.53M	11,230.76M	5,901.08M	5,248.10M	3,005.85M	1,845.62M
Accumulated OCI	-159.60M	-185.71M	-185.71M	183.96M	-65.28M	-54.20M	-114.24M	-79.52M	-463.96M	-404.39M	-376.74M
Minority Interest	1,542.74M	1,474.20M	1,474.20M	1,389.49M	1,488.94M	1,482.07M	1,438.42M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	19,125.84M	19,449.94M	19,449.94M	18,539.75M	17,453.79M	14,655.33M	11,230.76M	5,901.08M	4,784.15M	2,601.46M	1,468.89M
Total Equity	20,668.58M	20,924.14M	20,924.14M	19,929.24M	18,942.74M	16,137.40M	12,669.18M	5,901.08M	4,784.15M	2,601.46M	1,468.89M
Total Liabilities & Equity	27,417.99M	29,242.46M	29,242.46M	30,893.57M	29,451.32M	26,277.96M	22,716.62M	16,355.76M	14,557.90M	8,341.79M	4,138.57M
Tangible Assets	33,777.22M	35,204.48M	35,204.48M	36,065.94M	35,384.86M	31,348.33M	28,274.77M	22,955.73M	11,802.77M	6,961.38M	4,534.30M
Tangible Equity	20,543.11M	20,797.58M	20,797.58M	19,800.50M	18,811.82M	16,004.31M	12,621.11M	5,853.07M	4,736.13M	2,553.48M	1,410.80M
Tangible Book Value	20,543.11M	20,797.58M	20,797.58M	19,800.50M	18,811.82M	16,004.31M	12,621.11M	5,853.07M	4,736.13M	2,553.48M	1,410.80M
Total Investments	11,211.61M	10,403.89M	10,403.89M	9,315.91M	10,124.90M	7,677.51M	6,493.30M	144.33M	294.33M	294.33M	144.33M
Net Debt	-5,694.49M	-8,321.36M	-8,321.36M	-9,063.19M	-8,027.31M	-8,695.08M	-8,878.30M	-2,567.19M	-1,900.27M	-1,804.29M	-604.63M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Working Capital	15,119.8M	15,657.6M	15,657.6M	15,172.0M	14,770.0M	13,027.5M	11,437.0M	9,850.1M	2,434.5M	1,333.1M	975.0M
Total Capital	26,455.6M	27,014.3M	27,014.3M	26,581.3M	25,487.2M	22,032.9M	19,165.2M	18,025.5M	7,721.9M	4,551.9M	2,911.1M
Capital Employed	28,590.9M	29,134.7M	29,134.7M	28,812.4M	28,056.1M	24,539.3M	21,215.5M	15,565.2M	6,997.2M	3,924.1M	2,655.7M
Invested Capital	19,979.0M	17,693.1M	17,693.1M	16,140.3M	16,151.3M	12,403.6M	9,106.4M	10,648.0M	4,081.1M	1,780.7M	1,772.3M

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	2018-12-31	2017-12-31	2016-12-31
Net Income	6,264.33M	9,768.92M	5,549.73M	3,390.01M	4,942.05M	6,871.04M	7,436.87M	5,682.68M	3,188.57M	1,651.06M	594.95M
Depreciation & Amortization	994.36M	1,009.75M	648.50M	607.93M	494.44M	443.35M	262.88M	181.14M	161.90M	98.19M	98.98M
Deferred Income Tax	0.00M	371.23M	0.00M	0.00M	192.51M	448.59M	39.52M	-1,277.23M	-812.48M	-647.46M	-109.84M
Stock-Based Compensation	139.32M	160.92M	54.16M	162.66M	61.30M	130.12M	110.16M	123.60M	6.41M	15.93M	8.44M
Change in Working Capital	-1,456.42M	561.60M	-705.36M	-337.93M	-253.81M	-578.71M	-149.68M	562.40M	659.12M	1,173.52M	-427.71M
Accounts Receivable	180.93M	-157.36M	32.81M	-1.15M	41.43M	-162.16M	143.08M	197.93M	-335.67M	-85.90M	-23.42M
Inventory	-203.47M	-374.80M	29.39M	-301.78M	-295.23M	-416.55M	-292.76M	-24.97M	-90.06M	-101.03M	51.91M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	-593.95M	241.14M	-1,564.06M	-197.93M	335.67M	85.90M	23.42M
Other Working Capital	-1,433.88M	1,093.75M	-767.56M	-34.99M	593.95M	-241.14M	1,564.06M	587.38M	749.18M	1,360.45M	-456.20M
Other Non-Cash Items	1,323.93M	70.95M	-1,367.72M	322.67M	842.59M	-499.46M	48.22M	-92.05M	-82.32M	-85.67M	-35.72M
Net Cash from Operating Activities	7,265.52M	11,572.14M	4,179.31M	4,145.35M	6,279.08M	6,814.94M	7,747.97M	5,180.54M	3,121.20M	2,205.57M	129.09M
Capital Expenditures (PPE)	-2,224.50M	-4,599.67M	-726.00M	-1,535.74M	-2,478.03M	-2,019.79M	-860.93M	-1,575.33M	-1,292.72M	-547.43M	-113.52M
Acquisitions (Net)	0.00M	-403.78M	27.13M	0.00M	-135.88M	-285.91M	-763.72M	17.62M	-175.89M	11.69M	-156.43M
Purchases of Investments	0.00M	0.00M	-16,574.87M	-12,522.13M	-13,297.92M	-14,818.63M	-17,254.48M	-12,750.66M	-3,899.98M	-8,957.01M	-5,182.00M
Sales / Maturities of Investments	0.00M	0.00M	16,412.19M	14,198.70M	10,891.34M	14,204.40M	14,911.24M	8,769.62M	2,042.69M	7,811.56M	6,369.11M
Other Investing Activities	-1,102.09M	1,698.65M	-455.28M	245.88M	216.79M	475.70M	181.39M	23.86M	53.46M	1.11M	30.18M
Net Cash from Investing Activities	-3,326.60M	-3,304.81M	-1,316.83M	386.70M	-4,803.71M	-2,444.23M	-3,786.49M	-5,514.90M	-3,272.45M	-1,680.08M	947.34M
Net Debt Issuance	-387.55M	-34.18M	-377.89M	55.75M	305.39M	-444.09M	-3,538.72M	2,957.45M	751.55M	465.17M	-472.46M
Long-Term Debt Issuance	-387.55M	-34.18M	-377.89M	55.75M	361.39M	-444.09M	-3,521.45M	2,957.45M	751.55M	465.17M	-472.46M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	-56.00M	0.00M	-17.27M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-150.97M	-257.57M	-18.15M	-127.10M	-148.17M	-364.61M	0.00M	5,983.96M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	-18.15M	-123.01M	0.00M	0.00M	0.00M	5,983.96M	0.00M	0.00M	0.00M
Common Stock Repurchased	-150.97M	-257.57M	0.00M	-4.09M	-148.17M	-364.61M	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	0.00M	0.00M	0.00M
Net Dividends Paid	-5,086.80M	-5,755.77M	-2,599.96M	-2,553.28M	-2,132.50M	-3,392.28M	-2,684.63M	-2,704.16M	0.00M	0.00M	0.00M
Common Dividends Paid	-5,086.80M	-5,755.77M	-2,599.96M	-2,553.28M	-2,132.50M	-3,392.28M	-2,684.63M	-2,704.16M	0.00M	0.00M	0.00M
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	-276.57M	142.24M	-35.61M	-80.66M	0.00M	-44.46M	3,680.50M	-2,114.22M	-1,260.59M	-243.00M	77.00M
Net Cash from Financing Activities	-5,901.90M	-5,905.27M	-3,031.62M	-2,705.30M	-1,975.29M	-4,245.44M	-2,542.84M	4,123.02M	-509.03M	222.17M	-395.46M
Effect of FX on Cash	1.35M	-9.84M	-63.63M	41.16M	90.49M	-48.55M	-173.04M	-17.93M	-9.44M	1.13M	1.79M
Net Change in Cash	-1,961.63M	2,352.22M	-232.77M	1,867.90M	-409.43M	76.71M	1,245.61M	3,770.73M	-669.72M	748.81M	682.78M
Cash at Beginning of Period	14,791.11M	24,046.34M	7,447.38M	5,579.48M	5,988.91M	5,912.20M	4,666.59M	895.85M	1,565.57M	816.77M	133.99M
Cash at End of Period	20,410.34M	26,398.56M	7,214.61M	7,447.38M	5,579.48M	5,988.91M	5,912.20M	4,666.59M	895.85M	1,565.57M	816.77M
Operating Cash Flow	7,265.52M	11,572.14M	4,179.31M	4,145.35M	6,279.08M	6,814.94M	7,747.97M	5,180.54M	3,121.20M	2,205.57M	129.09M
Capital Expenditure	-2,923.21M	-4,599.67M	-1,498.86M	-1,535.74M	-2,478.03M	-2,019.79M	-860.93M	-1,575.33M	-1,292.72M	-547.43M	-113.52M
Free Cash Flow	4,342.31M	6,972.47M	2,680.45M	2,609.60M	3,801.05M	4,795.15M	6,887.05M	3,605.20M	1,828.48M	1,658.14M	15.58M

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	2018-12-31	2017-12-31	2016-12-31
EBITDA	8,673.82M	11,592.87M	5,550.82M	4,800.17M	5,871.27M	8,087.90M	7,014.28M	4,858.45M	3,220.22M	1,548.53M	659.72M
(-) Tax Adjustment	3,001.95M	3,242.53M	1,895.98M	1,543.82M	1,511.19M	2,305.74M	1,745.59M	1,494.55M	955.71M	460.35M	209.35M
(-) Change In Working Capital	-1,456.42M	561.60M	-705.36M	-337.93M	-253.81M	-578.71M	-149.68M	562.40M	659.12M	1,173.52M	-427.71M
(-) Capital Expenditure	-2,923.21M	-4,599.67M	-1,498.86M	-1,535.74M	-2,478.03M	-2,019.79M	-860.93M	-1,575.33M	-1,292.72M	-547.43M	-113.52M
Unlevered Free Cash Flow	4,205.08M	3,189.07M	2,861.34M	2,058.53M	2,135.85M	4,341.08M	4,557.45M	1,226.16M	312.67M	-632.77M	764.56M
(-) Net Interest Income After Taxes	457.53M	442.36M	278.99M	282.82M	234.51M	233.42M	215.92M	62.53M	22.24M	34.81M	21.75M
Net Debt Issuance	-387.55M	-34.18M	-377.89M	55.75M	305.39M	-444.09M	-3,538.72M	2,957.45M	751.55M	465.17M	-472.46M
Levered Free Cash Flow	3,360.00M	2,712.53M	2,204.46M	1,831.46M	2,206.73M	3,663.58M	802.82M	4,121.08M	1,041.98M	-202.41M	270.36M