Company Valuation: Tengda Construction Group Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 4,733 5,212 4,051 3,965 3,789 3,867
Change - 10.14% -22.28% -2.12% -4.44% 2.04%
Enterprise Value (EV) 1 1,906 1,552 160.7 859.2 1,208 1,077
Change - -18.54% -89.65% 434.59% 40.56% -10.85%
P/E 7.79x 6.39x 256x 83.4x 144x 124x
PBR 0.89x 0.86x 0.67x 0.57x 0.63x 0.63x
PEG - 0.2x -2.6x 0x -3.2x 6.7x
Capitalization / Revenue 0.8x 0.75x 0.69x 0.98x 1.02x 0.8x
EV / Revenue 0.32x 0.22x 0.03x 0.21x 0.32x 0.22x
EV / EBITDA 6.95x 1.82x 0.49x -2,519x 24.6x 29.6x
EV / EBIT 9.11x 1.97x 0.69x -8.13x -37.7x -18.8x
EV / FCF 3.94x 1.78x 0.46x -1.56x -1.84x 4.45x
FCF Yield 25.4% 56% 215% -64.2% -54.4% 22.5%
Dividend per Share 2 0.05 0.02 - 0.02 0.02 0.01
Rate of return 1.69% 0.61% - 0.81% 0.84% 0.41%
EPS 2 0.3798 0.51 0.01 0.0297 0.0164 0.0195
Distribution rate 13.2% 3.92% - 67.2% 122% 51.4%
Net sales 1 5,903 6,925 5,841 4,064 3,718 4,845
EBITDA 1 274.2 854.2 330.7 -0.3411 49.17 36.36
EBIT 1 209.1 786.7 231.9 -105.7 -32.07 -57.35
Net income 1 607.2 820.4 16.51 47.07 26 30.74
Net Debt 1 -2,827 -3,660 -3,890 -3,106 -2,582 -2,790
Reference price 2 2.960 3.260 2.560 2.480 2.370 2.420
Nbr of stocks (in thousands) 1,598,903 1,598,903 1,582,478 1,598,903 1,598,903 1,597,811
Announcement Date 4/15/21 A 4/28/22 A 4/14/23 A 4/15/24 A 4/18/25 A 4/17/26 A
1CNY in Million2CNY
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 495M
55.55x2.56x24.44x0.07% 96.61B
12.32x1.05x5.78x4.74% 71.15B
33.61x4.22x22.93x0.2% 57.36B
26.25x2.02x19.86x1.17% 56.1B
51.14x4.05x25.76x1.85% 40.24B
27.41x0.69x11.34x2.25% 34.52B
23.13x1.58x14.56x0.2% 33.42B
22.16x0.44x7.02x2.71% 30.26B
4.97x0.31x5.8x5.91% 26.59B
Average 28.51x 1.88x 15.27x 2.12% 44.67B
Weighted average by Cap. 31.87x 2.10x 16.77x 1.84%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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