Company Valuation: iRay Group

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 36,049 33,284 33,157 13,656 21,355 26,693 - -
Change - -7.67% -0.38% -58.82% 56.38% 25% - -
Enterprise Value (EV) 1 36,049 31,900 33,258 15,010 22,316 27,947 27,743 26,929
Change - -11.51% 4.26% -54.87% 48.67% 25.23% -0.73% -2.94%
P/E 74.7x 52x 56.6x 30.5x 32.7x 31.9x 25.6x 21.1x
PBR 11.8x 9.19x 8.14x 2.95x 3.45x 3.75x 3.4x 2.89x
PEG - 1.6x -6.56x -1.3x 0.9x 1.1x 1x 1x
Capitalization / Revenue 30.4x 21.5x 17.8x 7.46x 9.49x 7.63x 5.97x 4.9x
EV / Revenue 30.4x 20.6x 17.8x 8.2x 9.91x 7.99x 6.21x 4.94x
EV / EBITDA 61.7x 43.1x 45.4x 26.1x 25.6x 23.9x 19.3x 16x
EV / EBIT 65.6x 45x 48.7x 29.6x 32.7x 31.8x 25.1x 20.4x
EV / FCF 640x -79.6x -22x -13.9x -58.6x 36.4x 17.1x 14.7x
FCF Yield 0.16% -1.26% -4.54% -7.2% -1.71% 2.74% 5.86% 6.81%
Dividend per Share 2 0.5727 0.7549 0.7289 0.5102 0.7143 1.22 1.378 1.467
Rate of return 0.44% 0.63% 0.61% 1.05% 0.99% 1.35% 1.53% 1.63%
EPS 2 1.731 2.293 2.095 1.597 2.207 2.825 3.518 4.28
Distribution rate 33.1% 32.9% 34.8% 31.9% 32.4% 43.2% 39.2% 34.3%
Net sales 1 1,187 1,549 1,864 1,831 2,251 3,498 4,469 5,451
EBITDA 1 584 739.9 732.7 576.2 870.5 1,170 1,435 1,685
EBIT 1 549.3 708.7 683.6 507.2 683.3 879 1,105 1,320
Net income 1 482.5 641.3 607.5 465.2 650 835.5 1,040 1,257
Net Debt 1 - -1,384 100.7 1,354 960.7 1,254 1,050 235.9
Reference price 2 129.35 119.19 118.53 48.76 72.22 90.21 90.21 90.21
Nbr of stocks (in thousands) 278,700 279,252 279,727 280,062 295,688 295,897 - -
Announcement Date 2/24/22 2/23/23 4/19/24 4/25/25 3/30/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
31.95x7.99x23.91x1.35% 3.94B
40.49x5.21x29.4x0.31% 13.78B
22.41x2.57x19.12x1.29% 1.18B
49.14x - - - 1.2B
-12.69x - - - 330M
Average 26.26x 5.26x 24.14x 0.98% 4.09B
Weighted average by Cap. 37.45x 5.62x 27.61x 0.59%

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