Company Valuation: China Railway Construction Corporation Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 98,352 97,497 96,266 116,665 98,249 77,830 - -
Change - -0.87% -1.26% 21.19% -15.78% -20.78% - -
Enterprise Value (EV) 1 200,871 197,480 262,269 116,665 538,024 510,673 562,097 77,830
Change - -1.69% 32.81% -55.52% 361.17% -5.08% 10.07% -86.15%
P/E 4.88x 4.39x 4.4x 6.28x 6.5x 4.1x 3.96x 4.56x
PBR 0.39x 0.46x 0.33x 0.38x 0.31x 0.23x 0.22x 0.22x
PEG - 0.44x -2.58x -0.4x -0.3x 0.2x 1.15x -0.3x
Capitalization / Revenue 0.1x 0.09x 0.08x 0.11x 0.1x 0.07x 0.07x 0.07x
EV / Revenue 0.2x 0.18x 0.23x 0.11x 0.52x 0.48x 0.51x 0.07x
EV / EBITDA 3.92x 3.54x 3.47x 1.57x 7.37x 7.88x 8.19x 1.1x
EV / EBIT 5.77x 5.28x 6.8x 3.61x 20.1x 20.3x 17.9x 2.95x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.246 0.28 0.35 0.3 0.3 0.3918 0.4214 -
Rate of return 3.15% 3.62% 4.6% 3.27% 3.91% 6.46% 6.94% -
EPS 2 1.6 1.76 1.73 1.46 1.18 1.481 1.532 1.33
Distribution rate 15.4% 15.9% 20.2% 20.5% 25.4% 26.5% 27.5% -
Net sales 1 1,020,010 1,096,313 1,137,993 1,067,171 1,029,784 1,071,847 1,095,038 1,071,381
EBITDA 1 51,230 55,779 75,649 74,324 72,961 64,780 68,656 70,473
EBIT 1 34,814 37,402 38,594 32,283 26,779 25,128 31,414 26,350
Net income 1 24,691 26,642 26,097 22,215 18,363 18,478 18,561 18,211
Net Debt 1 102,519 99,983 166,003 - 439,775 432,843 484,267 -
Reference price 2 7.800 7.730 7.610 9.170 7.670 6.070 6.070 6.070
Nbr of stocks (in thousands) 13,579,542 13,579,542 13,579,542 13,579,542 13,579,542 13,579,542 - -
Announcement Date 3/30/22 3/30/23 3/28/24 3/28/25 3/30/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
52.61x2.41x23.03x0.07% 90.61B
12.58x1.07x5.88x4.65% 73.54B
27.06x2.07x20.34x1.12% 58.17B
31.27x3.92x21.26x0.22% 53.36B
52.3x4.2x26.71x1.7% 42.45B
29.64x0.73x12.09x2.09% 37.23B
24.15x0.49x7.79x2.44% 33.25B
22.6x1.54x14.21x0.2% 32.65B
5.54x0.33x5.1x5.2% 27.39B
Average 28.64x 1.86x 15.16x 1.97% 49.85B
Weighted average by Cap. 31.09x 2.02x 16.23x 1.79%

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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