Company Valuation: First Tractor Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 11,571 9,548 12,426 13,459 13,313 13,060 - -
Change - -17.49% 30.14% 8.32% -1.09% -1.9% - -
Enterprise Value (EV) 1 11,571 9,548 12,426 13,459 11,852 10,686 9,431 8,057
Change - -17.49% 30.14% 8.32% -11.94% -9.84% -11.74% -14.56%
P/E - - - - 10.4x 9.09x 7.34x 5.83x
PBR - - - - - - - -
PEG - - - - - 0.6x 0.3x 0.2x
Capitalization / Revenue - 0.77x 1.08x 1.13x 1.23x 1.06x 0.95x 0.81x
EV / Revenue - 0.77x 1.08x 1.13x 1.1x 0.87x 0.68x 0.5x
EV / EBITDA - 10.4x 9.62x 9.9x 9.63x 10.7x 6.75x 4.69x
EV / EBIT - 16.2x 12.5x 12.9x 12.9x 12.5x 7.88x 5.37x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 - - - - 0.1975 0.31 0.38 0.48
Rate of return - - - - 2.63% 4.06% 4.98% 6.29%
EPS 2 - - - - 0.7226 0.84 1.04 1.31
Distribution rate - - - - 27.3% 36.9% 36.5% 36.6%
Net sales 1 - 12,455 11,534 11,904 10,823 12,330 13,774 16,134
EBITDA 1 - 920.5 1,292 1,360 1,231 997.4 1,397 1,718
EBIT 1 - 588 996.3 1,046 918.2 853.7 1,196 1,500
Net income 1 438.2 681.1 997 922 812 926 1,158 1,423
Net Debt 1 - - - - -1,461 -2,374 -3,628 -5,002
Reference price 2 3.218 3.264 4.502 6.747 7.513 7.632 7.632 7.632
Nbr of stocks (in thousands) 1,123,645 1,123,645 1,123,645 1,123,645 1,123,645 1,123,645 - -
Announcement Date 3/29/22 A 3/21/23 A 3/27/24 A 3/27/25 A 3/26/26 A - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
32.74x5.19x29.49x1.16% 160B
20.63x - - 1.72% 8.75B
17.7x0.93x8.54x3.32% 3.87B
24.74x2.58x20.67x1.46% 3.62B
21.07x - - 1.34% 1.13B
9.79x - - 2.84% 995M
67.87x0.84x8.95x0.94% 868M
Average 27.79x 2.39x 16.91x 1.82% 25.6B
Weighted average by Cap. 31.63x 5.01x 28.71x 1.25%

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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  5. Valuation First Tractor Company Limited