Company Valuation: China State Construction Engineering Corporation Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 209,741 227,704 201,633 249,662 211,974 189,661 - -
Change - 8.56% -11.45% 23.82% -15.1% -10.53% - -
Enterprise Value (EV) 1 457,781 591,556 645,553 684,382 737,451 625,397 670,910 189,661
Change - 29.22% 9.13% 6.01% 7.75% -15.19% 7.28% -71.73%
P/E 4x 4.41x 3.67x 5.41x 5.46x 4.71x 4.28x 4.5x
PBR 0.63x 0.61x 0.48x 0.55x 0.44x 0.37x 0.34x 0.33x
PEG - -2.76x 0.56x -0.4x -0.4x 1.26x 0.43x -0.93x
Capitalization / Revenue 0.11x 0.11x 0.09x 0.11x 0.1x 0.09x 0.09x 0.09x
EV / Revenue 0.24x 0.29x 0.28x 0.31x 0.35x 0.3x 0.3x 0.09x
EV / EBITDA 4.24x 6.25x 6.35x 7.59x 9.52x 6.27x 5.77x 1.92x
EV / EBIT 4.55x 6.82x 6.93x 8.5x 10.7x 9.31x 9.04x 2.4x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.25 0.2527 0.2714 0.2715 0.2718 0.2769 0.3015 -
Rate of return 5% 4.65% 5.64% 4.53% 5.3% 6.03% 6.57% -
EPS 2 1.25 1.23 1.31 1.11 0.94 0.9751 1.072 1.02
Distribution rate 20% 20.5% 20.7% 24.5% 28.9% 28.4% 28.1% -
Net sales 1 1,891,339 2,055,052 2,265,529 2,187,148 2,082,142 2,115,022 2,225,524 2,170,521
EBITDA 1 107,982 94,620 101,642 90,190 77,468 99,706 116,294 98,559
EBIT 1 100,601 86,733 93,132 80,561 68,949 67,153 74,250 79,096
Net income 1 51,408 50,950 54,264 46,187 39,069 38,249 43,131 42,010
Net Debt 1 248,040 363,852 443,920 434,720 525,477 435,736 481,249 -
Reference price 2 5.000 5.430 4.810 6.000 5.130 4.590 4.590 4.590
Nbr of stocks (in thousands) 41,948,168 41,934,433 41,919,514 41,610,322 41,320,390 41,320,390 - -
Announcement Date 4/15/22 4/17/23 4/18/24 4/15/25 4/17/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
4.68x0.3x6.26x6.07% 27.73B
69.18x2.98x29.17x0.07% 100B
13.19x1.07x5.87x4.45% 72.31B
41.29x5.06x28.07x0.16% 62.61B
25.75x1.97x19.08x1.21% 56.03B
55.82x4.67x29.93x1.56% 46.66B
34.06x0.8x13.54x1.87% 40.1B
28.81x0.56x8.9x2.09% 36.56B
26.83x1.74x16.77x0.18% 34.81B
14.46x0.4x4.37x4.61% 20.57B
Average 31.41x 1.95x 16.20x 2.23% 49.76B
Weighted average by Cap. 36.78x 2.31x 18.66x 1.81%

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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