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 13,634 - -
Change - -17.49% 30.14% 8.32% -1.09% 2.41% - -
Enterprise Value (EV) 1 11,571 9,548 12,426 13,459 11,852 11,139 9,846 8,446
Change - -17.49% 30.14% 8.32% -11.94% -6.02% -11.6% -14.22%
P/E - - - - 10.4x 9.68x 7.3x 5.78x
PBR - - - - - - - -
PEG - - - - - 0.7x 0.2x 0.2x
Capitalization / Revenue - 0.77x 1.08x 1.13x 1.23x 1.05x 0.98x 0.84x
EV / Revenue - 0.77x 1.08x 1.13x 1.1x 0.85x 0.71x 0.52x
EV / EBITDA - 10.4x 9.62x 9.9x 9.63x 10.5x 6.81x 4.75x
EV / EBIT - 16.2x 12.5x 12.9x 12.9x 15x 8.01x 5.48x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 - - - - 0.1975 0.3 0.4 0.51
Rate of return - - - - 2.63% 3.73% 4.98% 6.35%
EPS 2 - - - - 0.7226 0.83 1.1 1.39
Distribution rate - - - - 27.3% 36.1% 36.4% 36.7%
Net sales 1 - 12,455 11,534 11,904 10,823 13,040 13,941 16,286
EBITDA 1 - 920.5 1,292 1,360 1,231 1,057 1,446 1,780
EBIT 1 - 588 996.3 1,046 918.2 742.2 1,229 1,541
Net income 1 438.2 681.1 997 922 812 930.6 1,181 1,454
Net Debt 1 - - - - -1,461 -2,495 -3,787 -5,188
Reference price 2 3.218 3.264 4.502 6.747 7.513 8.032 8.032 8.032
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.($)
9.68x0.85x10.53x3.73% 2.03B
34.77x5.46x30.45x1.07% 170B
22.21x - - 1.6% 9.43B
18.85x0.95x9.1x3.19% 3.89B
23.73x2.41x20.09x1.55% 3.53B
21.87x - - 1.3% 1.16B
10.82x - - 2.57% 1.1B
49.88x0.78x6.41x0.9% 893M
Average 23.98x 2.09x 15.32x 1.99% 24B
Weighted average by Cap. 33.22x 5.23x 29.45x 1.19%

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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