Company Valuation: CSPC Pharmaceutical Group Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 100,932 97,707 86,022 55,169 96,380 89,978 - -
Change - -3.19% -11.96% -35.87% 74.7% -6.64% - -
Enterprise Value (EV) 1 89,633 86,241 72,284 46,931 86,710 78,927 76,642 73,524
Change - -3.79% -16.18% -35.07% 84.76% -8.98% -2.9% -4.07%
P/E 14.7x 14.1x 13.5x 12.1x 21.8x 11x 12.8x 11.7x
PBR 3.17x 2.86x 2.39x 1.62x 2.56x 2.1x 1.93x 1.75x
PEG - 14.13x -1.73x -0.5x -9.88x 0.1x -0.9x 1.25x
Capitalization / Revenue 2.94x 2.77x 2.52x 1.78x 3.26x 2.53x 2.56x 2.39x
EV / Revenue 2.61x 2.44x 2.12x 1.51x 2.94x 2.22x 2.18x 1.95x
EV / EBITDA 9.5x 9.43x 8.39x 6.22x 12.1x 6.02x 7.75x 6.95x
EV / EBIT 10.7x 10.8x 9.77x 7.68x 15.6x 8.48x 9.96x 9.02x
EV / FCF 23.7x 14.1x 26.2x 17.5x 19.5x 9.6x 10.9x 7.68x
FCF Yield 4.22% 7.11% 3.82% 5.71% 5.12% 10.4% 9.16% 13%
Dividend per Share 2 0.18 0.21 0.28 0.26 0.29 0.3591 0.3662 0.3823
Rate of return 2.13% 2.56% 3.86% 5.44% 3.44% 4.56% 4.65% 4.86%
EPS 2 0.5773 0.5831 0.5376 0.3946 0.3859 0.7181 0.6164 0.6739
Distribution rate 31.2% 36% 52.1% 65.9% 75.2% 50% 59.4% 56.7%
Net sales 1 34,309 35,292 34,175 31,046 29,533 35,561 35,147 37,621
EBITDA 1 9,431 9,148 8,615 7,547 7,168 13,116 9,892 10,578
EBIT 1 8,366 7,952 7,400 6,113 5,564 9,309 7,695 8,151
Net income 1 6,901 6,949 6,382 4,632 4,409 7,903 6,899 7,534
Net Debt 1 -11,298 -11,467 -13,738 -8,238 -9,670 -11,051 -13,336 -16,454
Reference price 2 8.470 8.200 7.260 4.780 8.430 7.870 7.870 7.870
Nbr of stocks (in thousands) 11,916,370 11,915,520 11,848,756 11,541,665 11,433,025 11,433,025 - -
Announcement Date 3/22/22 3/22/23 3/20/24 3/28/25 3/25/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.46x2.34x6.33x4.36% 12B
35.08x12.75x25.97x0.57% 1,070B
27.67x6.37x17.29x2.06% 624B
31.08x7.52x15.39x2.69% 450B
17.65x4.4x10.87x3.02% 328B
21.61x5.56x13.43x2.84% 284B
14.17x5.28x10.84x3.53% 217B
23.97x6.34x11.16x2.75% 198B
-45.95x5.59x31.09x2.5% 161B
11.55x2.99x7.34x7.38% 135B
Average 14.83x 5.91x 14.97x 3.17% 347.95B
Weighted average by Cap. 23.81x 7.98x 18.26x 2.2%

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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