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 45,269 - -
Change - -9.49% 2.96% 35.77% -22.09% -5.93% - -
Enterprise Value (EV) 1 97,432 44,180 97,179 118,586 110,080 102,039 104,984 111,572
Change - -54.66% 119.96% 22.03% -7.17% -7.3% 2.89% 6.27%
P/E 7.18x 5.55x 4.96x 6.59x 4.9x 4.65x 4.17x 4.18x
PBR 0.87x 0.76x 0.61x 0.81x 0.53x 0.48x 0.47x 0.43x
PEG - 0.3x 0.3x 3x -39.97x -6.14x 0.4x -12.2x
Capitalization / Revenue 0.63x 0.43x 0.4x 0.54x 0.42x 0.39x 0.36x 0.36x
EV / Revenue 1.26x 0.43x 0.85x 1.03x 0.97x 0.88x 0.84x 0.88x
EV / EBITDA 9.61x 3.6x 6.67x 7.42x 6.84x 6.07x 5.87x 6.01x
EV / EBIT 10x 3.81x 7.09x 7.89x 7.29x 6.46x 6.28x 6.58x
EV / FCF -78.7x -293x -467x 126x - 5.99x 15.4x 12.2x
FCF Yield -1.27% -0.34% -0.21% 0.79% - 16.7% 6.51% 8.23%
Dividend per Share 2 0.405 0.48 0.56 0.615 0.625 0.672 0.7003 0.7567
Rate of return 4.18% 5.47% 6.2% 5.02% 6.86% 7.84% 8.17% 8.83%
EPS 2 1.349 1.58 1.82 1.86 1.858 1.844 2.057 2.05
Distribution rate 30% 30.4% 30.8% 33.1% 33.6% 36.4% 34% 36.9%
Net sales 1 77,310 101,975 113,734 115,107 113,784 115,560 124,981 126,478
EBITDA 1 10,136 12,271 14,570 15,982 16,096 16,824 17,885 18,569
EBIT 1 9,704 11,584 13,716 15,025 15,100 15,786 16,714 16,949
Net income 1 6,801 7,957 9,164 9,361 9,729 9,774 10,825 10,780
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 8.570 8.570 8.570
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.($)
4.65x0.88x6.07x7.84% 5.77B
54.5x2.49x23.81x0.07% 93.88B
12.53x1.07x5.86x4.66% 73.38B
26.65x2.05x20.11x1.15% 57.79B
33.15x4.16x22.6x0.2% 56.58B
52.51x4.16x26.45x1.74% 41.9B
29.61x0.73x12.08x2.09% 37.25B
23.02x1.57x14.49x0.2% 33.27B
23.85x0.49x7.69x2.48% 32.88B
5.08x0.31x5.83x5.79% 27.08B
Average 26.56x 1.79x 14.50x 2.62% 45.98B
Weighted average by Cap. 31.47x 2.07x 16.51x 1.89%

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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