Company Valuation: First Tractor Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 11,571 9,548 12,426 13,459 13,313 10,610 - -
Change - -17.49% 30.14% 8.32% -1.09% -20.3% - -
Enterprise Value (EV) 1 11,571 9,548 12,426 13,459 11,852 8,236 6,981 5,608
Change - -17.49% 30.14% 8.32% -11.94% -30.51% -15.23% -19.68%
P/E - - - - 10.4x 7.01x 5.66x 4.5x
PBR - - - - - - - -
PEG - - - - - 0.4x 0.2x 0.2x
Capitalization / Revenue - 0.77x 1.08x 1.13x 1.23x 0.86x 0.75x 0.67x
EV / Revenue - 0.77x 1.08x 1.13x 1.1x 0.67x 0.5x 0.35x
EV / EBITDA - 10.4x 9.62x 9.9x 9.63x 7.28x 5x 3.26x
EV / EBIT - 16.2x 12.5x 12.9x 12.9x 9.6x 6.22x 3.86x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 - - - - 0.1975 0.31 0.38 0.48
Rate of return - - - - 2.63% 5.26% 6.45% 8.15%
EPS 2 - - - - 0.7226 0.84 1.04 1.31
Distribution rate - - - - 27.3% 36.9% 36.5% 36.6%
Net sales 1 - 12,455 11,534 11,904 10,823 12,273 14,067 15,857
EBITDA 1 - 920.5 1,292 1,360 1,231 1,131 1,397 1,718
EBIT 1 - 588 996.3 1,046 918.2 858.2 1,123 1,453
Net income 1 438.2 681.1 997 922 812 939.5 1,147 1,436
Net Debt 1 - - - - -1,461 -2,374 -3,628 -5,002
Reference price 2 3.218 3.264 4.502 6.747 7.513 5.891 5.891 5.891
Nbr of stocks (in thousands) 1,123,645 1,123,645 1,123,645 1,123,645 1,123,645 1,123,645 - -
Announcement Date 3/29/22 3/21/23 3/27/24 3/27/25 3/26/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
32.55x5.17x29.21x1.1% 159B
20.79x - - 1.71% 8.82B
17.06x0.92x8.19x3.49% 3.9B
23.04x2.41x18.43x1.49% 3.34B
23.44x - - 1.24% 1.24B
9.31x - - 2.99% 936M
Average 21.03x 2.83x 18.61x 2% 29.55B
Weighted average by Cap. 31.26x 5.01x 28.50x 1.2%

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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  5. Valuation First Tractor Company Limited
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