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 11,399 - -
Change - -17.49% 30.14% 8.32% -1.09% -14.37% - -
Enterprise Value (EV) 1 11,571 9,548 12,426 13,459 11,852 9,025 7,771 6,397
Change - -17.49% 30.14% 8.32% -11.94% -23.85% -13.9% -17.68%
P/E - - - - 10.4x 7.51x 6.07x 4.81x
PBR - - - - - - - -
PEG - - - - - 0.5x 0.3x 0.2x
Capitalization / Revenue - 0.77x 1.08x 1.13x 1.23x 0.93x 0.83x 0.71x
EV / Revenue - 0.77x 1.08x 1.13x 1.1x 0.74x 0.56x 0.4x
EV / EBITDA - 10.4x 9.62x 9.9x 9.63x 7.98x 5.56x 3.72x
EV / EBIT - 16.2x 12.5x 12.9x 12.9x 9.88x 6.49x 4.27x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 - - - - 0.1975 0.31 0.38 0.48
Rate of return - - - - 2.63% 4.91% 6.02% 7.61%
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 12,205 13,774 16,134
EBITDA 1 - 920.5 1,292 1,360 1,231 1,131 1,397 1,718
EBIT 1 - 588 996.3 1,046 918.2 913.8 1,196 1,500
Net income 1 438.2 681.1 997 922 812 905 1,158 1,423
Net Debt 1 - - - - -1,461 -2,374 -3,628 -5,002
Reference price 2 3.218 3.264 4.502 6.747 7.513 6.308 6.308 6.308
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
7.54x0.77x8.27x4.89% 1.73B
33.34x5.24x29.63x1.07% 163B
21.25x - - 1.67% 9.01B
16.94x0.92x8.21x3.49% 3.87B
23.98x2.46x19.53x1.36% 3.51B
21.91x - - 1.28% 1.17B
9.8x - - 2.84% 980M
50.61x0.81x6.58x0.89% 933M
Average 23.17x 2.04x 14.45x 2.19% 23.02B
Weighted average by Cap. 31.88x 5.02x 28.61x 1.21%

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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