Company Valuation: Ningbo Color Master Batch Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025
Market Cap 1 3,310 2,303 2,884 2,868 3,771
Change - -30.44% 25.22% -0.52% 31.47%
Enterprise Value (EV) 1 2,564 1,541 2,092 2,124 3,083
Change - -39.9% 35.74% 1.54% 45.16%
P/E 26.5x 22.8x 28.3x 28.6x 34.1x
PBR 3.37x 2.21x 2.63x 2.52x 3.4x
PEG -2.6x -1.2x 23.96x -26.77x 2.9x
Capitalization / Revenue 6.72x 4.96x 6.39x 5.82x 8.04x
EV / Revenue 5.21x 3.32x 4.64x 4.31x 6.58x
EV / EBITDA 20.6x 16x 18.7x 19.3x 25.1x
EV / EBIT 22.4x 18.2x 21.4x 22.2x 28.3x
EV / FCF 25x 289x 57.4x -296x 106x
FCF Yield 4% 0.35% 1.74% -0.34% 0.94%
Dividend per Share 2 0.1982 0.2378 0.2378 0.5 0.5417
Rate of return 1.21% 2.08% 1.66% 3.5% 2.84%
EPS 2 0.6184 0.4995 0.5054 0.5 0.5583
Distribution rate 32.1% 47.6% 47.1% 100% 97%
Net sales 1 492.3 464.1 451.2 493.1 468.9
EBITDA 1 124.3 96.09 111.7 109.9 122.8
EBIT 1 114.4 84.56 97.93 95.51 108.8
Net income 1 108.9 100.5 101.9 100.5 110
Net Debt 1 -746.2 -761.7 -791.8 -744.4 -687.8
Reference price 2 16.40 11.41 14.29 14.28 19.05
Nbr of stocks (in thousands) 201,822 201,822 201,822 200,827 197,957
Announcement Date 4/24/22 A 4/18/23 A 4/9/24 A 4/23/25 A 4/28/26 A
1CNY in Million2CNY
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 443M
18.06x0.83x5.91x4.49% 22.44B
13.12x - - 6.47% 19.52B
-129.09x0.84x6.46x0.8% 14.69B
-318.42x - - -.--% 14.54B
16.74x2.29x49.62x2.09% 11.94B
23.99x3.61x13.47x0.75% 8.18B
23.17x0.82x12.22x1.89% 5.9B
26.41x1.88x15.56x1.59% 5.89B
27.05x2.93x17.87x1.6% 5.32B
Average -33.22x 1.89x 17.30x 2.19% 10.89B
Weighted average by Cap. -46.43x 1.60x 15.99x 2.76%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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