Company Valuation: Binhai Investment Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 713.2 946.9 940.9 1,948 1,583 1,619
Change - 32.77% -0.63% 107.07% -18.74% 2.25%
Enterprise Value (EV) 1 2,504 3,387 4,023 4,928 4,538 4,368
Change - 35.26% 18.78% 22.48% -7.91% -3.74%
P/E 4.1x 5.36x 6.54x 7.62x 7.88x 7.87x
PBR 1.01x 1.1x 1.07x 0.96x 0.76x 0.78x
PEG - 3.11x -0.4x -0.4x -0.3x 2.82x
Capitalization / Revenue 0.2x 0.2x 0.15x 0.3x 0.26x 0.29x
EV / Revenue 0.69x 0.7x 0.66x 0.77x 0.73x 0.78x
EV / EBITDA 4.97x 4.65x 5.77x 6.86x 7.42x 9.06x
EV / EBIT 7.23x 6.12x 7.81x 9.54x 11x 15.5x
EV / FCF -15.3x -7.28x -6.82x 196x -125x 36.1x
FCF Yield -6.55% -13.7% -14.7% 0.51% -0.8% 2.77%
Dividend per Share 2 0.079 0.09 0.1 0.076 0.076 0.0769
Rate of return 6.64% 5.7% 6.37% 5.28% 6.61% 6.52%
EPS 2 0.29 0.295 0.24 0.189 0.1459 0.15
Distribution rate 27.2% 30.5% 41.7% 40.2% 52.1% 51.3%
Net sales 1 3,654 4,843 6,103 6,407 6,198 5,606
EBITDA 1 503.6 728.2 697.5 718 611.6 482.2
EBIT 1 346.2 553.8 514.8 516.3 411 282.4
Net income 1 354.9 399.7 325.8 256.6 199.8 206.1
Net Debt 1 1,791 2,440 3,082 2,979 2,954 2,749
Reference price 2 1.190 1.580 1.570 1.440 1.150 1.180
Nbr of stocks (in thousands) 599,300 599,300 599,300 1,352,993 1,376,733 1,371,935
Announcement Date 4/1/21 3/31/22 4/12/23 4/12/24 4/7/25 4/9/26
1HKD in Million2HKD
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 195M
13.93x1.66x7.1x2.6% 656B
20.41x1.67x9.79x0.45% 187B
7.48x0.59x2.7x4.61% 114B
7.59x0.81x5.4x1.05% 109B
9.05x0.73x5.61x1.31% 107B
9.68x0.69x7.04x1.99% 102B
11.27x0.38x5.93x6.27% 91.94B
9.38x1.83x4.69x2.6% 78.89B
11.83x1.42x7.81x1.92% 62.33B
Average 11.18x 1.09x 6.23x 2.53% 150.85B
Weighted average by Cap. 12.67x 1.31x 6.70x 2.44%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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