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 38,824 - -
Change - -9.49% 2.96% 35.77% -22.09% -19.32% - -
Enterprise Value (EV) 1 97,432 44,180 97,179 118,586 110,080 95,595 98,540 105,127
Change - -54.66% 119.96% 22.03% -7.17% -13.16% 3.08% 6.69%
P/E 7.18x 5.55x 4.96x 6.59x 4.9x 3.82x 3.51x 3.56x
PBR 0.87x 0.76x 0.61x 0.81x 0.53x 0.44x 0.41x 0.38x
PEG - 0.3x 0.3x 3x -39.97x 1.06x 0.4x -2.7x
Capitalization / Revenue 0.63x 0.43x 0.4x 0.54x 0.42x 0.33x 0.3x 0.3x
EV / Revenue 1.26x 0.43x 0.85x 1.03x 0.97x 0.8x 0.77x 0.82x
EV / EBITDA 9.61x 3.6x 6.67x 7.42x 6.84x 5.63x 5.46x 5.68x
EV / EBIT 10x 3.81x 7.09x 7.89x 7.29x 6.05x 5.85x 6.29x
EV / FCF -78.7x -293x -467x 126x - 15x 16.5x 12.1x
FCF Yield -1.27% -0.34% -0.21% 0.79% - 6.68% 6.05% 8.24%
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% 9.86% 9.9% 10.6%
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 7.350 7.350 7.350
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
3.82x0.8x5.63x9.86% 4.95B
68.18x2.94x28.76x0.07% 98.82B
13.19x1.07x5.85x4.46% 71.87B
40.7x4.99x27.66x0.17% 61.72B
26.14x1.99x19.33x1.19% 56.93B
56.3x4.68x29.95x1.61% 46.79B
33.26x0.78x13.22x1.91% 39.16B
28.67x0.55x8.86x2.1% 36.38B
26.77x1.73x16.73x0.18% 34.74B
4.71x0.3x6.27x6.03% 27.97B
Average 30.17x 1.98x 16.23x 2.76% 47.93B
Weighted average by Cap. 37.02x 2.36x 18.98x 1.78%

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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