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 11,114 - -
Change - -17.49% 30.14% 8.32% -1.09% -16.51% - -
Enterprise Value (EV) 1 11,571 9,548 12,426 13,459 11,852 8,740 7,486 6,112
Change - -17.49% 30.14% 8.32% -11.94% -26.26% -14.35% -18.35%
P/E - - - - 10.4x 7.44x 6.01x 4.77x
PBR - - - - - - - -
PEG - - - - - 0.5x 0.3x 0.2x
Capitalization / Revenue - 0.77x 1.08x 1.13x 1.23x 0.91x 0.81x 0.69x
EV / Revenue - 0.77x 1.08x 1.13x 1.1x 0.72x 0.54x 0.38x
EV / EBITDA - 10.4x 9.62x 9.9x 9.63x 7.73x 5.36x 3.56x
EV / EBIT - 16.2x 12.5x 12.9x 12.9x 9.56x 6.26x 4.08x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 - - - - 0.1975 0.31 0.38 0.48
Rate of return - - - - 2.63% 4.96% 6.08% 7.68%
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 6.253 6.253 6.253
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.($)
7.44x0.72x7.73x4.96% 1.64B
32.42x5.13x29.02x1.11% 158B
20.95x - - 1.69% 8.89B
16.94x0.92x8.21x3.49% 3.87B
23.58x2.43x19.34x1.37% 3.45B
21.64x - - 1.29% 1.16B
9.55x - - 2.91% 957M
50.96x0.81x6.62x0.88% 937M
Average 22.94x 2.00x 14.18x 2.21% 22.41B
Weighted average by Cap. 31.02x 4.91x 28.01x 1.24%

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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