Company Valuation: China Biotech Services Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,256 1,329 1,108 741.7 497.6 770.8
Change - 5.84% -16.67% -33.04% -32.91% 54.9%
Enterprise Value (EV) 1 976.4 1,244 1,097 770 666.5 1,154
Change - 27.42% -11.85% -29.79% -13.44% 73.08%
P/E 41.7x 68.7x 4.29x -7.77x -2.49x -11.2x
PBR 3.66x 3.36x 1.84x 1.6x 1.88x 4.03x
PEG - -1.9x 0x 0x -0x 0.2x
Capitalization / Revenue 1.92x 2.13x 0.6x 3.5x 7.06x 10.5x
EV / Revenue 1.49x 1.99x 0.59x 3.63x 9.45x 15.7x
EV / EBITDA 4.34x 5.08x 1.22x -10.7x -5.05x -18.2x
EV / EBIT 5x 6.56x 1.3x -6.59x -4.56x -15.6x
EV / FCF 3.88x 49.2x 5.83x 14.3x -183x -7.19x
FCF Yield 25.7% 2.03% 17.1% 7% -0.55% -13.9%
Dividend per Share 2 - - 0.01 - - -
Rate of return - - 0.87% - - -
EPS 2 0.0312 0.0201 0.2679 -0.0991 -0.2046 -0.0705
Distribution rate - - 3.73% - - -
Net sales 1 655.8 623.8 1,852 212 70.51 73.5
EBITDA 1 224.9 245 900.8 -72.16 -132.1 -63.47
EBIT 1 195.3 189.5 845.1 -116.9 -146.3 -73.86
Net income 1 30.17 19.38 258.1 -95.45 -198.1 -68.78
Net Debt 1 -279.5 -85.14 -10.99 28.31 168.9 382.8
Reference price 2 1.3000 1.3800 1.1500 0.7700 0.5100 0.7900
Nbr of stocks (in thousands) 966,046 963,231 963,231 963,231 975,731 975,731
Announcement Date 3/29/21 3/31/22 3/29/23 4/1/24 4/23/25 4/29/26
1HKD in Million2HKD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 84.64M
16.9x0.47x10.1x2.51% 135B
12.65x1.66x8.22x0.82% 84.04B
12.48x1.43x8.68x2.72% 26.91B
20.99x2.3x11.62x1.59% 22.34B
28.91x5.33x22.48x2.41% 19.8B
7.62x1.22x5.77x-.--% 16.57B
16.03x1.5x7.65x4.38% 15.58B
15.84x1.82x8.75x0.72% 14.87B
13.97x1.03x5.8x3.28% 12.8B
Average 16.16x 1.86x 9.90x 2.05% 34.81B
Weighted average by Cap. 15.84x 1.39x 9.81x 1.97%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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