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 25,291 - -
Change - 4.46% 44.63% 56.77% -7.37% 6.91% - -
Enterprise Value (EV) 1 11,485 13,230 18,855 28,934 34,730 34,471 34,649 25,291
Change - 15.19% 42.51% 53.45% 20.03% -0.75% 0.52% -27.01%
P/E 7.76x 8.39x 11x 17.5x 13.3x 12.6x 13.2x 13.7x
PBR 1.03x 1.02x 1.44x 2.2x 1.98x 1.82x 1.73x 1.77x
PEG - -1.84x 0.7x 31.84x 1.2x 1.1x -2.52x -4.47x
Capitalization / Revenue 2.68x 2.16x 2.46x 3.6x 3.52x 3.58x 3.2x 3.31x
EV / Revenue 2.85x 2.54x 2.84x 4.08x 5.17x 4.88x 4.39x 3.31x
EV / EBITDA 3.5x 4.56x 5.56x 9.39x 8.75x 7.53x 7.74x 5.84x
EV / EBIT 4.84x 6.7x 8.29x 13x 12x 10.8x 11.1x 8.64x
EV / FCF - - - - - 127x -44.1x -35.4x
FCF Yield - - - - - 0.79% -2.27% -2.83%
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% 4.83% 4.79% -
EPS 2 0.9129 0.8712 1.001 1.006 1.115 1.241 1.176 1.14
Distribution rate 60.2% 63.1% 60.1% 60% 59.2% 60.7% 63.5% -
Net sales 1 4,029 5,206 6,631 7,092 6,722 7,058 7,897 7,644
EBITDA 1 3,281 2,900 3,393 3,081 3,971 4,576 4,477 4,328
EBIT 1 2,371 1,976 2,274 2,221 2,904 3,193 3,109 2,928
Net income 1 1,512 1,445 1,660 1,669 1,877 2,087 1,965 1,949
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 15.58 15.58 15.58
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.($)
12.55x4.88x7.53x4.83% 3.77B
16.49x5.66x9.9x3.29% 34.69B
76.13x15.22x23.91x5.52% 28.1B
31.69x7.78x15.34x4.71% 11.12B
27.59x15.1x22.18x3.65% 11.23B
13.78x6.14x8.5x4.15% 10.17B
9.82x4.52x10.69x5.47% 9.05B
16.48x - - 4.13% 7.32B
12.49x4.27x6.41x3.24% 6.56B
13.26x3.98x6.73x2.8% 6.14B
Average 23.03x 7.51x 12.36x 4.18% 12.82B
Weighted average by Cap. 30.70x 8.73x 14.32x 4.22%

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

  1. Stock Market
  2. Stocks
  3. 600012 Stock
  4. Valuation Anhui Expressway Company Limited