Company Valuation: Anhui Expressway Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 10,783 11,264 16,291 25,539 23,657 26,974 - -
Change - 4.46% 44.63% 56.77% -7.37% 14.02% - -
Enterprise Value (EV) 1 11,485 13,230 18,855 28,934 34,730 36,154 36,332 26,974
Change - 15.19% 42.51% 53.45% 20.03% 4.1% 0.49% -25.76%
P/E 7.76x 8.39x 11x 17.5x 13.3x 13.5x 14.2x 14.6x
PBR 1.03x 1.02x 1.44x 2.2x 1.98x 1.97x 1.87x 1.91x
PEG - -1.84x 0.7x 31.84x 1.2x 1.1x -2.84x -4.8x
Capitalization / Revenue 2.68x 2.16x 2.46x 3.6x 3.52x 5.04x 5.18x 3.53x
EV / Revenue 2.85x 2.54x 2.84x 4.08x 5.17x 6.76x 6.98x 3.53x
EV / EBITDA 3.5x 4.56x 5.56x 9.39x 8.75x 8.07x 8.22x 6.23x
EV / EBIT 4.84x 6.7x 8.29x 13x 12x 11.7x 12.2x 9.14x
EV / FCF - - - - - 133x -46.3x -37.7x
FCF Yield - - - - - 0.75% -2.16% -2.65%
Dividend per Share 2 0.55 0.55 0.601 0.604 0.66 0.7533 0.7463 -
Rate of return 7.77% 7.52% 5.45% 3.42% 4.45% 4.47% 4.43% -
EPS 2 0.9129 0.8712 1.001 1.006 1.115 1.249 1.186 1.15
Distribution rate 60.2% 63.1% 60.1% 60% 59.2% 60.3% 62.9% -
Net sales 1 4,029 5,206 6,631 7,092 6,722 5,347 5,207 7,637
EBITDA 1 3,281 2,900 3,393 3,081 3,971 4,478 4,418 4,328
EBIT 1 2,371 1,976 2,274 2,221 2,904 3,086 2,981 2,950
Net income 1 1,512 1,445 1,660 1,669 1,877 2,106 1,988 1,960
Net Debt 1 702.7 1,967 2,564 3,395 11,074 9,180 9,359 -
Reference price 2 7.08 7.31 11.02 17.65 14.82 16.84 16.84 16.84
Nbr of stocks (in thousands) 1,658,610 1,658,610 1,658,610 1,658,610 1,708,592 1,708,592 - -
Announcement Date 3/28/22 3/30/23 3/28/24 3/30/25 3/27/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.54x6.78x7.92x4.45% 4.03B
32.77x7.92x15.6x4.61% 11.72B
Average 23.16x 7.35x 11.76x 4.53% 7.87B
Weighted average by Cap. 27.85x 7.63x 13.63x 4.57%

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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