Wuliangye Yibin Co.,Ltd.

SZSE-000858

BUILD UP FREE CASH	2023-01-01 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	73,968.6	83,272.1	89,175.2	76,827.7	85,092.1	91,092.5	91,092.5	91,092.5
Revenue % Chg.	11.7%	12.6%	7.1%
EBIT	34,974.1	39,237	41,091.1	35,215.7	41,290.8	44,654.5	44,654.5	44,654.5
EBIT Margin	47.3%	47.1%	46.1%
Tax Rate	24.6%	24.8%	24.8%
NOPAT	26,364.6	29,508.5	30,884.3	26,458.8	31,023.2	33,546.7	33,546.7	33,546.7
NOPAT Margin	35.6%	35.4%	34.6%	34.4%	36.5%	36.8%	36.8%	36.8%
D&A	893.2	907	1,070.3	1,130.1	1,303	1,377.4	1,377.4	1,377.4
D&A / Revenue	1.2%	1.1%	1.2%
Capex	-1,780.5	-2,957.2	-2,666.3	-2,449.5	-2,227.1	-2,064.7	-2,064.7	-2,064.7
Capex / Revenue	-2.4%	-3.6%	-3%
Chg. NWC	-4,477.7	9,236.9	-451.1	1,160.9	1,285.7	1,376.4	1,376.4	1,376.4
Chg. NWC / Revenue	-6.1%	11.1%	-0.5%
Unlevered FCF (UFCF)	20,999.6	36,695.1	28,837.1	26,300.3	31,384.8	34,235.8	34,235.8	34,235.8
UFCF % Chg.	-11.5%	74.7%	-21.4%	-8.8%	19.3%	9.1%	—	—
PV of UFCF	—	—	—	23,967.3	26,063.6	25,909.2	23,610.9	21,516.4
Sum of PV of UFCF	—	—	—	23,967.3	50,030.9	75,940.1	99,551	121,067.4

Perpetuity

Multiple