Company Valuation: Cashway Fintech Co.,Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 2,887 3,170 2,681 4,518 4,096 5,564
Change - 9.81% -15.44% 68.54% -9.33% 35.83%
Enterprise Value (EV) 1 1,824 2,172 1,777 3,665 3,189 4,780
Change - 19.11% -18.2% 106.25% -12.99% 49.9%
P/E 90.2x 152x -17.8x -21.7x 98.4x 178x
PBR 1.77x 1.95x 1.82x 3.57x 3.14x 4.21x
PEG - -4.3x 0x -0.6x -1x -7.1x
Capitalization / Revenue 3.13x 4.43x 4.58x 10.6x 9.36x 15.3x
EV / Revenue 1.97x 3.04x 3.04x 8.59x 7.29x 13.2x
EV / EBITDA 132x -91.4x -11x -19.8x 705x 89.9x
EV / EBIT -1,968x -50.9x -9.87x -18.1x -232x 137x
EV / FCF -12.1x -32.9x 3,485x 32.2x 44.9x -93.8x
FCF Yield -8.24% -3.04% 0.03% 3.11% 2.23% -1.07%
Dividend per Share 2 0.0462 - - - 0.03 0.02
Rate of return 0.83% - - - 0.38% 0.19%
EPS 2 0.0615 0.04 -0.29 -0.4 0.08 0.06
Distribution rate 75.1% - - - 37.5% 33.3%
Net sales 1 923.7 715 585.1 426.7 437.5 363.3
EBITDA 1 13.85 -23.77 -161.7 -185 4.52 53.18
EBIT 1 -0.9266 -42.68 -180 -202.8 -13.77 34.96
Net income 1 32.43 19.02 -152.1 -208 40.12 31.16
Net Debt 1 -1,063 -997.6 -903.6 -852.9 -907.5 -784.2
Reference price 2 5.546 6.090 5.150 8.680 7.870 10.690
Nbr of stocks (in thousands) 520,521 520,520 520,520 520,520 520,520 520,520
Announcement Date 4/27/21 4/25/22 4/25/23 4/25/24 4/24/25 4/27/26
1CNY in Million2CNY
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 571M
22.48x1.9x14.95x0.46% 350B
26.91x10.92x19.35x0.32% 210B
22.07x2.07x10.59x0.91% 82.74B
20.06x0.52x9.37x1.59% 58.39B
33.4x5.89x20.03x1.26% 42.86B
35.67x21.8x26.99x1.25% 37.15B
12.86x0.57x6.91x3.73% 29B
18.04x0.34x10.19x0.67% 23.02B
12.4x0.65x9.67x5.42% 22.39B
Average 22.65x 4.96x 14.23x 1.73% 85.58B
Weighted average by Cap. 23.77x 4.98x 15.47x 0.87%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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