Company Valuation: Simcere Pharmaceutical Group Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,030 3,965 2,254 2,273 3,992 3,821 - -
Change - 30.84% -43.14% 0.81% 75.65% -4.28% - -
Enterprise Value (EV) 1 2,944 3,802 2,173 2,151 3,637 3,624 3,681 3,789
Change - 29.15% -42.86% -1% 69.08% -0.35% 1.59% 2.94%
P/E 12.6x 28.6x 22.6x 23x 19.9x 14.5x 12.6x 10.6x
PBR 2.97x 3.84x 2.21x 2.37x 2.84x 2.4x 2.1x 1.84x
PEG - -0.8x -0.9x 3.11x 0.2x 0.5x 0.8x 0.6x
Capitalization / Revenue 3.86x 4.31x 2.46x 2.48x 3.56x 2.52x 2.24x 1.87x
EV / Revenue 3.75x 4.13x 2.37x 2.35x 3.24x 2.39x 2.16x 1.85x
EV / EBITDA 11x 24.1x 15.3x 13.2x 12.9x 10.8x 9.31x 8.32x
EV / EBIT 16.5x 30.3x 22x 18.4x 16.1x 10.6x 11.8x 9.67x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 3 0.15 0.16 0.16 0.16 0.18 0.3605 0.4092 0.4814
Rate of return 2.05% 1.56% 2.62% 2.4% 1.67% 3.61% 4.1% 4.82%
EPS 3 0.58 0.36 0.27 0.29 0.54 0.6886 0.7932 0.9412
Distribution rate 25.9% 44.4% 59.3% 55.2% 33.3% 52.4% 51.6% 51.1%
Net sales 1 785.2 919.9 917.9 915.2 1,122 1,516 1,703 2,045
EBITDA 1 267 158.1 141.9 163.5 280.9 336.3 395.5 455.5
EBIT 1 178.1 125.6 98.87 117 225.7 341.9 312.8 391.9
Net income 1 236.7 135.8 99.28 101.1 188.8 256.7 303.5 361.6
Net Debt 1 -85.96 -162.3 -81.83 -121.8 -355.3 -197.3 -139.7 -31.68
Reference price 3 7.324 10.279 6.109 6.672 10.757 9.985 9.985 9.985
Nbr of stocks (in thousands) 2,628,291 2,660,377 2,616,723 2,486,321 2,595,698 2,568,199 - -
Announcement Date 3/24/22 A 3/31/23 A 3/20/24 A 3/24/25 A 3/25/26 A - - -
1CNY in Million2USD in Million3CNY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.5x2.39x10.77x3.61% 3.82B
34.41x6.46x22.39x0.92% 46.71B
15.9x1.97x8.74x1.7% 36.9B
28.06x4x16.57x0.58% 12.18B
26.92x3.26x16.91x0.94% 11.66B
18.58x3.37x11.75x3.79% 8.97B
30.1x3.94x18.34x0.15% 7.29B
9.32x2.15x5.57x4.76% 7.21B
15.18x2.01x6.67x3.28% 7.09B
Average 21.44x 3.28x 13.08x 2.19% 15.76B
Weighted average by Cap. 24.44x 3.94x 15.05x 1.62%

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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