Company Valuation: China State Construction International Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 48,815 44,180 45,490 61,761 48,121 43,605 - -
Change - -9.49% 2.96% 35.77% -22.09% -9.39% - -
Enterprise Value (EV) 1 97,432 44,180 97,179 118,586 110,080 100,375 103,320 109,908
Change - -54.66% 119.96% 22.03% -7.17% -8.82% 2.93% 6.38%
P/E 7.18x 5.55x 4.96x 6.59x 4.9x 4.29x 3.95x 4x
PBR 0.87x 0.76x 0.61x 0.81x 0.53x 0.49x 0.46x 0.42x
PEG - 0.3x 0.3x 3x -39.97x 1.19x 0.46x -3.04x
Capitalization / Revenue 0.63x 0.43x 0.4x 0.54x 0.42x 0.36x 0.34x 0.34x
EV / Revenue 1.26x 0.43x 0.85x 1.03x 0.97x 0.84x 0.81x 0.85x
EV / EBITDA 9.61x 3.6x 6.67x 7.42x 6.84x 5.89x 5.71x 5.91x
EV / EBIT 10x 3.81x 7.09x 7.89x 7.29x 6.33x 6.11x 6.53x
EV / FCF -78.7x -293x -467x 126x - 15.7x 17.3x 12.7x
FCF Yield -1.27% -0.34% -0.21% 0.79% - 6.36% 5.77% 7.88%
Dividend per Share 2 0.405 0.48 0.56 0.615 0.625 0.7275 0.7302 0.787
Rate of return 4.18% 5.47% 6.2% 5.02% 6.86% 8.81% 8.85% 9.53%
EPS 2 1.349 1.58 1.82 1.86 1.858 1.925 2.092 2.064
Distribution rate 30% 30.4% 30.8% 33.1% 33.6% 37.8% 34.9% 38.1%
Net sales 1 77,310 101,975 113,734 115,107 113,784 119,491 128,245 129,227
EBITDA 1 10,136 12,271 14,570 15,982 16,096 17,030 18,092 18,606
EBIT 1 9,704 11,584 13,716 15,025 15,100 15,855 16,903 16,831
Net income 1 6,801 7,957 9,164 9,361 9,729 10,258 11,049 10,847
Net Debt 1 48,618 - 51,689 56,825 61,959 56,771 59,716 66,303
Reference price 2 9.690 8.770 9.030 12.260 9.110 8.255 8.255 8.255
Nbr of stocks (in thousands) 5,037,617 5,037,617 5,037,617 5,037,617 5,282,217 5,282,217 - -
Announcement Date 3/25/22 A 3/21/23 A 3/21/24 A 3/21/25 A 3/26/26 A - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
4.36x0.85x5.94x8.66% 5.66B
57.68x2.63x25.16x0.07% 99.36B
13.7x1.15x6.29x4.27% 79.69B
34.56x4.35x23.61x0.2% 58.85B
26.98x2.08x20.46x1.11% 58.68B
57.18x4.64x29.34x1.54% 47.33B
31.24x0.76x12.69x1.98% 38.94B
24.71x1.69x15.59x0.19% 35.7B
25.62x0.52x8.24x2.31% 34.92B
4.45x0.29x5.48x6.28% 27.8B
Average 28.05x 1.90x 15.28x 2.66% 48.69B
Weighted average by Cap. 33.45x 2.20x 17.47x 1.82%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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