Company Valuation: Beijing BDStar Navigation Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 25,849 19,928 14,399 17,185 14,410 24,664
Change - -22.9% -27.75% 19.35% -16.14% 71.16%
Enterprise Value (EV) 1 24,989 18,837 13,591 15,376 12,773 23,434
Change - -24.62% -27.85% 13.13% -16.92% 83.45%
P/E 176x 109x 100x 102x -40.8x -96.7x
PBR 6.11x 4.54x 3.32x 3.09x 2.82x 5.1x
PEG - 4.5x -4.5x 9.5x 0x 3.5x
Capitalization / Revenue 7.13x 5.18x 3.77x 4.21x 9.62x 11.1x
EV / Revenue 6.89x 4.89x 3.56x 3.77x 8.53x 10.6x
EV / EBITDA 72x 54x 55x -83.5x -61.6x -1,690x
EV / EBIT 192x 173x -851x -31.5x -30.4x -107x
EV / FCF 96.5x 1,286x -25.6x -61.3x -68.2x 224x
FCF Yield 1.04% 0.08% -3.91% -1.63% -1.47% 0.45%
Dividend per Share 2 - 0.058 - 0.15 - -
Rate of return - 0.15% - 0.47% - -
EPS 2 0.29 0.36 0.28 0.31 -0.65 -0.47
Distribution rate - 16.1% - 48.4% - -
Net sales 1 3,624 3,851 3,816 4,082 1,498 2,213
EBITDA 1 346.8 349.1 247 -184.2 -207.2 -13.87
EBIT 1 130.3 109 -15.98 -487.9 -420.6 -218.3
Net income 1 146.6 202.6 145.2 161.2 -349.7 -257.2
Net Debt 1 -860 -1,091 -808.1 -1,809 -1,637 -1,231
Reference price 2 50.91 39.25 28.08 31.58 26.54 45.43
Nbr of stocks (in thousands) 507,730 507,730 512,785 544,159 542,959 542,911
Announcement Date 3/25/21 4/14/22 3/27/23 3/27/24 3/26/25 3/25/26
1CNY in Million2CNY
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 2.35B
21.09x1.42x10.95x1.74% 46.78B
18.04x0.79x5.84x3.22% 38.11B
11.62x0.72x9.15x1.28% 34.51B
12.63x0.59x5.13x3.76% 30.8B
14.51x2.62x9.15x4.12% 21.07B
11.01x0.52x5.13x2.81% 18.66B
31.23x1.23x13.03x0.59% 18.54B
13.25x1.35x6.84x4.18% 16.07B
47.48x5.09x35.95x0.83% 14.52B
Average 20.10x 1.59x 11.24x 2.5% 24.14B
Weighted average by Cap. 18.64x 1.35x 9.92x 2.48%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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