Company Valuation: Cec Environmental Protection Co.,Ltd

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 3,046 3,702 2,984 3,634 3,417 3,688
Change - 21.52% -19.38% 21.77% -5.96% 7.92%
Enterprise Value (EV) 1 2,745 3,390 2,575 3,162 2,755 2,659
Change - 23.48% -24.03% 22.8% -12.88% -3.48%
P/E 17.2x 34.2x 40.1x 41.3x 45.9x 45.4x
PBR 1.86x 2.13x 1.68x 1.99x 1.81x 1.91x
PEG - -0.9x -1.3x 2.3x -3x 4.99x
Capitalization / Revenue 3.31x 4.23x 2.92x 3.61x 4.08x 5.15x
EV / Revenue 2.98x 3.88x 2.52x 3.14x 3.29x 3.71x
EV / EBITDA 10.9x 18.8x 11.8x 16.1x 14.5x 16.2x
EV / EBIT 16.7x 38.3x 26.7x 37.8x 32.2x 28.2x
EV / FCF 43.2x -107x 13.1x 55.8x 16.4x 7.36x
FCF Yield 2.31% -0.93% 7.65% 1.79% 6.1% 13.6%
Dividend per Share 2 0.0385 0.05 0.05 0.03 0.05 0.1
Rate of return 0.86% 0.91% 1.13% 0.56% 0.99% 1.83%
EPS 2 0.2615 0.16 0.11 0.13 0.11 0.12
Distribution rate 14.7% 31.3% 45.5% 23.1% 45.5% 83.3%
Net sales 1 919.8 874.4 1,023 1,006 837.3 716.4
EBITDA 1 252.4 179.9 218.8 196.8 190.2 164.5
EBIT 1 164.1 88.51 96.35 83.61 85.67 94.43
Net income 1 177 106.6 76.25 85.82 74.16 81.69
Net Debt 1 -300.9 -311.8 -409.2 -471.8 -662.7 -1,029
Reference price 2 4.500 5.470 4.410 5.370 5.050 5.450
Nbr of stocks (in thousands) 676,924 676,710 676,710 676,710 676,710 676,710
Announcement Date 4/27/21 4/24/22 3/27/23 4/1/24 3/31/25 3/30/26
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 455M
22.83x - - - 2.93B
9.33x - - - 1.18B
Average 16.08x 1.52B
Weighted average by Cap. 18.95x

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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