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 12,895 - -
Change - -17.49% 30.14% 8.32% -1.09% -3.14% - -
Enterprise Value (EV) 1 11,571 9,548 12,426 13,459 11,852 10,400 9,108 7,707
Change - -17.49% 30.14% 8.32% -11.94% -12.25% -12.43% -15.38%
P/E - - - - 10.4x 8.89x 6.71x 5.31x
PBR - - - - - - - -
PEG - - - - - 0.6x 0.2x 0.2x
Capitalization / Revenue - 0.77x 1.08x 1.13x 1.23x 0.99x 0.92x 0.79x
EV / Revenue - 0.77x 1.08x 1.13x 1.1x 0.8x 0.65x 0.47x
EV / EBITDA - 10.4x 9.62x 9.9x 9.63x 9.84x 6.3x 4.33x
EV / EBIT - 16.2x 12.5x 12.9x 12.9x 14x 7.41x 5x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 - - - - 0.1975 0.3 0.4 0.51
Rate of return - - - - 2.63% 4.06% 5.42% 6.91%
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 7.381 7.381 7.381
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.($)
8.81x0.79x9.78x4.1% 1.91B
38.05x5.85x31.88x0.95% 186B
24.54x - - 1.61% 9.19B
19.48x0.97x9.25x3.11% 3.85B
21.57x2.16x18.06x1.71% 3.19B
10.41x - - 2.49% 1.15B
21.88x - - 1.3% 1.16B
115.87x0.87x10.75x3.03% 833M
Average 32.57x 2.13x 15.94x 2.29% 25.9B
Weighted average by Cap. 36.65x 5.62x 30.91x 1.08%

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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