Company Valuation: CATL (Contemporary Amperex Technology)

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,370,540 960,934 718,187 1,167,469 1,677,849 1,365,501 - -
Change - -29.89% -25.26% 62.56% 43.72% -18.62% - -
Enterprise Value (EV) 1 1,335,114 869,816 578,757 999,696 1,461,187 1,075,182 1,017,129 942,739
Change - -34.85% -33.46% 72.73% 46.16% -26.42% -5.4% -7.31%
P/E 86x 30.5x 13.9x 23x 22.8x 14.1x 11.5x 9.74x
PBR 16.2x 5.84x 3.63x 4.74x 4.97x 3.3x 2.81x 2.4x
PEG - 0.3x 0.2x -13.61x 0.6x 0.5x 0.5x 0.6x
Capitalization / Revenue 10.5x 2.92x 1.79x 3.22x 3.96x 2.2x 1.84x 1.59x
EV / Revenue 10.2x 2.65x 1.44x 2.76x 3.45x 1.74x 1.37x 1.1x
EV / EBITDA 50.8x 17.4x 7.59x 11.3x 12.7x 7.85x 6.08x 4.71x
EV / EBIT 67.3x 23.6x 10.8x 15.6x 16.3x 10.1x 7.77x 6.08x
EV / FCF -1,559x 66.9x 9.77x 15.2x 16x 8.68x 8.16x 5.3x
FCF Yield -0.06% 1.49% 10.2% 6.59% 6.23% 11.5% 12.2% 18.9%
Dividend per Share 2 - 1.4 5.028 4.553 6.957 10.61 13.08 15.43
Rate of return - 0.64% 3.08% 1.71% 1.89% 3.64% 4.49% 5.3%
EPS 2 3.8 7.155 11.78 11.58 16.14 20.71 25.39 29.88
Distribution rate - 19.6% 42.7% 39.3% 43.1% 51.2% 51.5% 51.7%
Net sales 1 130,356 328,594 400,917 362,013 423,702 619,439 742,208 857,952
EBITDA 1 26,260 49,913 76,247 88,750 114,691 136,889 167,379 200,025
EBIT 1 19,824 36,822 53,718 64,052 89,519 106,619 130,897 155,142
Net income 1 15,931 30,729 44,121 50,745 72,201 94,778 116,931 137,435
Net Debt 1 -35,426 -91,119 -139,431 -167,773 -216,662 -290,318 -348,372 -422,762
Reference price 2 326.67 218.57 163.26 266.00 367.26 291.11 291.11 291.11
Nbr of stocks (in thousands) 4,195,532 4,396,526 4,399,041 4,388,983 4,531,626 4,598,332 - -
Announcement Date 4/21/22 3/9/23 3/15/24 3/14/25 3/9/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
25.32x3.01x16.43x2.03% 240B
14.05x1.74x7.85x3.64% 204B
30.69x3.93x18.15x1.59% 186B
38.23x5.65x23.73x1.03% 167B
46.12x6.19x27.68x1.07% 154B
29.9x4.3x21.07x0.9% 99.45B
92.68x11.48x65.59x0.34% 95.8B
39.94x6.56x26.34x0.1% 92.9B
31.06x3.87x20.76x1.09% 90.04B
Average 38.67x 5.19x 25.29x 1.31% 147.71B
Weighted average by Cap. 34.99x 4.66x 22.45x 1.57%

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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