Company Valuation: China State Construction International Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 48,815 44,180 45,490 61,761 48,121 37,398 - -
Change - -9.49% 2.96% 35.77% -22.09% -22.28% - -
Enterprise Value (EV) 1 97,432 44,180 97,179 118,586 110,080 94,169 97,114 103,701
Change - -54.66% 119.96% 22.03% -7.17% -14.45% 3.13% 6.78%
P/E 7.18x 5.55x 4.96x 6.59x 4.9x 3.68x 3.38x 3.43x
PBR 0.87x 0.76x 0.61x 0.81x 0.53x 0.42x 0.39x 0.36x
PEG - 0.3x 0.3x 3x -39.97x 1.02x 0.39x -2.6x
Capitalization / Revenue 0.63x 0.43x 0.4x 0.54x 0.42x 0.31x 0.29x 0.29x
EV / Revenue 1.26x 0.43x 0.85x 1.03x 0.97x 0.79x 0.76x 0.81x
EV / EBITDA 9.61x 3.6x 6.67x 7.42x 6.84x 5.54x 5.38x 5.6x
EV / EBIT 10x 3.81x 7.09x 7.89x 7.29x 5.96x 5.76x 6.21x
EV / FCF -78.7x -293x -467x 126x - 14.7x 16.3x 12x
FCF Yield -1.27% -0.34% -0.21% 0.79% - 6.78% 6.14% 8.35%
Dividend per Share 2 0.405 0.48 0.56 0.615 0.625 0.7247 0.7278 0.781
Rate of return 4.18% 5.47% 6.2% 5.02% 6.86% 10.2% 10.3% 11%
EPS 2 1.349 1.58 1.82 1.86 1.858 1.925 2.092 2.064
Distribution rate 30% 30.4% 30.8% 33.1% 33.6% 37.6% 34.8% 37.8%
Net sales 1 77,310 101,975 113,734 115,107 113,784 119,208 127,956 128,681
EBITDA 1 10,136 12,271 14,570 15,982 16,096 16,990 18,050 18,524
EBIT 1 9,704 11,584 13,716 15,025 15,100 15,808 16,854 16,709
Net income 1 6,801 7,957 9,164 9,361 9,729 10,258 11,049 10,847
Net Debt 1 48,618 - 51,689 56,825 61,959 56,771 59,716 66,303
Reference price 2 9.690 8.770 9.030 12.260 9.110 7.080 7.080 7.080
Nbr of stocks (in thousands) 5,037,617 5,037,617 5,037,617 5,037,617 5,282,217 5,282,217 - -
Announcement Date 3/25/22 3/21/23 3/21/24 3/21/25 3/26/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
69.02x2.98x29.09x0.07% 100B
14x1.12x6.13x4.19% 76.97B
40.36x5.01x27.82x0.17% 61.2B
26.9x2.04x19.8x1.16% 58.67B
58.87x4.87x31.27x1.47% 49.27B
35.58x0.84x14.15x1.79% 41.93B
29.63x0.57x9.03x2.05% 37.3B
26.53x1.72x16.57x0.18% 34.43B
4.55x0.29x6.21x6.24% 27.01B
Average 33.94x 2.16x 17.79x 1.92% 54.12B
Weighted average by Cap. 38.15x 2.41x 19.43x 1.66%

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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