Company Valuation: iRay Group

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 36,049 33,284 33,157 13,656 21,355 26,065 - -
Change - -7.67% -0.38% -58.82% 56.38% 22.05% - -
Enterprise Value (EV) 1 36,049 31,900 33,258 15,010 22,316 27,447 27,218 26,384
Change - -11.51% 4.26% -54.87% 48.67% 23% -0.83% -3.07%
P/E 74.7x 52x 56.6x 30.5x 32.7x 30.8x 23.9x 19.6x
PBR 11.8x 9.19x 8.14x 2.95x 3.45x 3.58x 3.18x 2.8x
PEG - 1.6x -6.56x -1.3x 0.9x 1.4x 0.8x 0.9x
Capitalization / Revenue 30.4x 21.5x 17.8x 7.46x 9.49x 7.39x 5.76x 4.74x
EV / Revenue 30.4x 20.6x 17.8x 8.2x 9.91x 7.78x 6.01x 4.8x
EV / EBITDA 61.7x 43.1x 45.4x 26.1x 25.6x 23.2x 18.4x 15.1x
EV / EBIT 65.6x 45x 48.7x 29.6x 32.7x 30.9x 24.1x 19.2x
EV / FCF 640x -79.6x -22x -13.9x -58.6x -37.2x 23.3x 13.9x
FCF Yield 0.16% -1.26% -4.54% -7.2% -1.71% -2.69% 4.3% 7.21%
Dividend per Share 2 0.5727 0.7549 0.7289 0.5102 0.7143 1.183 1.376 1.544
Rate of return 0.44% 0.63% 0.61% 1.05% 0.99% 1.42% 1.65% 1.86%
EPS 2 1.731 2.293 2.095 1.597 2.207 2.703 3.482 4.245
Distribution rate 33.1% 32.9% 34.8% 31.9% 32.4% 43.8% 39.5% 36.4%
Net sales 1 1,187 1,549 1,864 1,831 2,251 3,529 4,526 5,502
EBITDA 1 584 739.9 732.7 576.2 870.5 1,183 1,481 1,752
EBIT 1 549.3 708.7 683.6 507.2 683.3 887.4 1,131 1,371
Net income 1 482.5 641.3 607.5 465.2 650 820.3 1,047 1,273
Net Debt 1 - -1,384 100.7 1,354 960.7 1,383 1,154 318.9
Reference price 2 129.35 119.19 118.53 48.76 72.22 83.20 83.20 83.20
Nbr of stocks (in thousands) 278,700 279,252 279,727 280,062 295,688 313,278 - -
Announcement Date 2/24/22 A 2/23/23 A 4/19/24 A 4/25/25 A 3/30/26 A - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
30.78x7.78x23.21x1.42% 3.89B
32.54x5.7x21.86x0.28% 242B
36.27x6.5x20.6x0.66% 150B
42.48x11.22x24.76x-.--% 138B
16.11x3.32x10.81x-.--% 61.74B
33.65x6.72x21.27x-.--% 49.08B
18.6x2.27x11.53x2.71% 47.43B
32.68x6.47x21.96x0.62% 47.3B
41.85x10.08x22.22x-.--% 44.25B
74.44x7.11x21.64x-.--% 41.78B
Average 35.94x 6.72x 19.99x 0.57% 82.65B
Weighted average by Cap. 35.54x 6.82x 20.68x 0.4%

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