Wuliangye’s Fourth-Quarter Results Beat Our Expectations, Raising Our Fair Value Estimate to CNY 80
We are raising our fair value estimate for wide-moat Wuliangye Yibin to CNY 80 per share from CNY 72, after taking account into better-than-expected 2018 profits and the time value of money. We now anticipate the company’s revenue and net profit to grow at CAGRs of 15.8% and 17.6% over 2018-22, with the volume growth of the high-end and mass-market liquors growing 10.6% and 15%, respectively, along with an average ex-factory price hike of 5%, driven by more contribution from its new premium liqu...Wuliangye Yibin is engaged in manufacture and sale of "Wuliangye" liquors and other series of alcoholic drinks. Through its subsidiaries, Co. is also engaged in the supply of raw materials; packaging and publication printing; investment activities; provision of parking service; and manufacture and sale of industrial-used steams, fine chemicals, fruit wines, white wines, white carbon, and black and lactic acids.
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