Company Valuation: China Master Logistics Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 3,589 3,816 3,460 3,585 3,401 4,760
Change - 6.32% -9.34% 3.61% -5.13% 39.96%
Enterprise Value (EV) 1 2,820 3,692 3,314 3,561 3,371 4,390
Change - 30.92% -10.24% 7.43% -5.32% 30.24%
P/E 20.4x 18.3x 14.3x 15x 13.4x 18.3x
PBR 1.81x 1.83x 1.58x 1.58x 1.44x 1.99x
PEG - 1x 0.9x -10.5x 2.31x 6.68x
Capitalization / Revenue 0.7x 0.31x 0.29x 0.48x 0.29x 0.54x
EV / Revenue 0.55x 0.3x 0.28x 0.48x 0.28x 0.5x
EV / EBITDA 11.8x 11.1x 8.69x 8.73x 7.02x 8.91x
EV / EBIT 14.6x 13.6x 10.6x 10.6x 8.42x 10.9x
EV / FCF -27.8x -11.9x 41.8x -41x 11.6x 8.32x
FCF Yield -3.6% -8.44% 2.39% -2.44% 8.59% 12%
Dividend per Share 2 0.2885 0.3846 0.45 0.5 0.6 0.65
Rate of return 2.79% 3.49% 4.51% 4.84% 6.12% 4.73%
EPS 2 0.5077 0.6 0.7 0.69 0.73 0.75
Distribution rate 56.8% 64.1% 64.3% 72.5% 82.2% 86.7%
Net sales 1 5,154 12,414 11,858 7,399 11,840 8,852
EBITDA 1 238.2 332.6 381.6 407.8 480.2 492.7
EBIT 1 193.1 270.7 313.5 334.8 400.5 401.9
Net income 1 176.3 207.9 243.8 240.2 252.7 260.8
Net Debt 1 -768.9 -123.5 -145.5 -23.94 -29.64 -369.3
Reference price 2 10.35 11.01 9.98 10.34 9.81 13.73
Nbr of stocks (in thousands) 346,667 346,667 346,667 346,667 346,667 346,667
Announcement Date 4/1/21 3/29/22 3/29/23 3/29/24 3/28/25 3/26/26
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 556M
8.93x0.19x2.17x-.--% 10.84B
248.98x3.15x52.16x-.--% 3.63B
17.78x7.57x15.81x3.73% 3.47B
31.14x0.89x5.67x-.--% 2.63B
15.54x0.35x9.5x3.37% 1.02B
12.43x - - 2.51% 831M
-20.75x - - - 828M
Average 44.87x 2.43x 17.06x 1.6% 2.98B
Weighted average by Cap. 49.58x 1.96x 13.54x 0.82%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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