Company Valuation: China State Construction Engineering Corporation Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 209,741 227,704 201,633 249,662 211,974 186,768 - -
Change - 8.56% -11.45% 23.82% -15.1% -11.89% - -
Enterprise Value (EV) 1 457,781 591,556 645,553 684,382 737,451 622,505 668,018 186,768
Change - 29.22% 9.13% 6.01% 7.75% -15.59% 7.31% -72.04%
P/E 4x 4.41x 3.67x 5.41x 5.46x 4.43x 4.25x 4.52x
PBR 0.63x 0.61x 0.48x 0.55x 0.44x 0.36x 0.34x 0.33x
PEG - -2.76x 0.56x -0.4x -0.4x 0.52x 1.02x -0.77x
Capitalization / Revenue 0.11x 0.11x 0.09x 0.11x 0.1x 0.09x 0.08x 0.09x
EV / Revenue 0.24x 0.29x 0.28x 0.31x 0.35x 0.29x 0.3x 0.09x
EV / EBITDA 4.24x 6.25x 6.35x 7.59x 9.52x 5.47x 5.67x 2.02x
EV / EBIT 4.55x 6.82x 6.93x 8.5x 10.7x 9.27x 9.05x 2.36x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.25 0.2527 0.2714 0.2715 0.2718 0.2852 0.3015 -
Rate of return 5% 4.65% 5.64% 4.53% 5.3% 6.31% 6.67% -
EPS 2 1.25 1.23 1.31 1.11 0.94 1.02 1.063 1
Distribution rate 20% 20.5% 20.7% 24.5% 28.9% 28% 28.4% -
Net sales 1 1,891,339 2,055,052 2,265,529 2,187,148 2,082,142 2,121,790 2,224,143 2,133,410
EBITDA 1 107,982 94,620 101,642 90,190 77,468 113,801 117,746 92,398
EBIT 1 100,601 86,733 93,132 80,561 68,949 67,153 73,783 79,008
Net income 1 51,408 50,950 54,264 46,187 39,069 39,612 40,685 41,191
Net Debt 1 248,040 363,852 443,920 434,720 525,477 435,736 481,249 -
Reference price 2 5.000 5.430 4.810 6.000 5.130 4.520 4.520 4.520
Nbr of stocks (in thousands) 41,948,168 41,934,433 41,919,514 41,610,322 41,320,390 41,320,390 - -
Announcement Date 4/15/22 A 4/17/23 A 4/18/24 A 4/15/25 A 4/17/26 A - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
4.43x0.29x5.47x6.31% 27.68B
58.64x2.67x25.57x0.07% 101B
13.79x1.15x6.32x4.24% 80.3B
34.96x4.4x23.9x0.19% 59.54B
26.83x2.07x20.36x1.13% 58.47B
54.46x4.65x29.24x1.52% 47.82B
31.55x0.77x12.82x1.96% 39.35B
24.94x1.71x15.74x0.19% 36.03B
25.6x0.52x8.23x2.31% 34.92B
15.18x0.41x4.56x4.38% 21.7B
Average 29.04x 1.87x 15.22x 2.23% 50.68B
Weighted average by Cap. 33.09x 2.16x 17.19x 1.84%

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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