Company Valuation: BYD Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 724,616 651,570 571,597 785,956 845,468 705,326 - -
Change - -10.08% -12.27% 37.5% 7.57% -16.58% - -
Enterprise Value (EV) 1 708,526 619,310 500,541 703,579 874,231 754,346 655,154 552,261
Change - -12.59% -19.18% 40.56% 24.25% -13.71% -13.15% -15.71%
P/E 205x 29.8x 18.9x 18.1x 23.9x 16.2x 12.3x 10.1x
PBR 6.65x 4.47x 4.07x 3.93x 3.17x 2.2x 1.91x 1.66x
PEG - 0x 0.2x 0.5x -1.1x 0.9x 0.4x 0.5x
Capitalization / Revenue 3.43x 1.54x 0.95x 1.01x 1.05x 0.79x 0.69x 0.63x
EV / Revenue 3.35x 1.46x 0.83x 0.91x 1.09x 0.84x 0.64x 0.49x
EV / EBITDA 35x 15x 6.24x 6.13x 7.41x 5.98x 4.44x 3.2x
EV / EBIT 108x 28.7x 13.1x 13.9x 21.8x 15.3x 11x 7.78x
EV / FCF 25.2x 14.2x 10.4x 19.5x -8.95x 263x 13.6x 5.57x
FCF Yield 3.97% 7.05% 9.61% 5.13% -11.2% 0.38% 7.37% 18%
Dividend per Share 2 0.035 0.3807 1.032 1.325 0.358 0.9032 1.156 1.386
Rate of return 0.05% 0.67% 1.59% 1.59% 0.42% 1.32% 1.69% 2.03%
EPS 2 0.3533 1.903 3.44 4.613 3.58 4.21 5.546 6.765
Distribution rate 9.91% 20% 30% 28.7% 10% 21.5% 20.9% 20.5%
Net sales 1 211,300 424,061 602,315 777,102 803,965 895,839 1,018,404 1,123,883
EBITDA 1 20,236 41,328 80,265 114,749 118,054 126,172 147,627 172,355
EBIT 1 6,571 21,542 38,103 50,486 40,185 49,366 59,624 70,985
Net income 1 3,045 16,622 30,041 40,254 32,619 38,681 50,529 61,512
Net Debt 1 -16,091 -32,260 -71,056 -82,378 28,763 49,020 -50,171 -153,064
Reference price 2 72.40 56.79 64.87 83.51 85.68 68.30 68.30 68.30
Nbr of stocks (in thousands) 8,733,429 8,716,895 8,716,895 8,716,224 9,105,624 9,085,053 - -
Announcement Date 3/29/22 3/28/23 3/26/24 3/24/25 3/27/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
339.93x13.38x96.75x-.--% 1,443B
16.22x0.84x5.74x1.32% 105B
-6.57x3.41x-13.26x-.--% 23.21B
69.8x0.53x14.23x0.12% 11.74B
-26.67x0.2x-74.04x-.--% 11.58B
-19.94x0.61x-39.29x-.--% 10.09B
-24.73x0.35x5.71x-.--% 9.24B
-2.1x2.93x-7.73x - 7.51B
16.11x0.16x3.98x-.--% 6.4B
Average 40.23x 2.49x -0.88x 0.18% 180.91B
Weighted average by Cap. 302.38x 11.99x 85.29x 0.09%

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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