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 28,414 - -
Change - -7.67% -0.38% -58.82% 56.38% 33.06% - -
Enterprise Value (EV) 1 36,049 31,900 33,258 15,010 22,316 29,797 29,568 28,733
Change - -11.51% 4.26% -54.87% 48.67% 33.52% -0.77% -2.82%
P/E 74.7x 52x 56.6x 30.5x 32.7x 33.6x 26.1x 21.4x
PBR 11.8x 9.19x 8.14x 2.95x 3.45x 3.9x 3.46x 3.05x
PEG - 1.6x -6.56x -1.3x 0.9x 1.5x 0.9x 1x
Capitalization / Revenue 30.4x 21.5x 17.8x 7.46x 9.49x 8.05x 6.28x 5.16x
EV / Revenue 30.4x 20.6x 17.8x 8.2x 9.91x 8.44x 6.53x 5.22x
EV / EBITDA 61.7x 43.1x 45.4x 26.1x 25.6x 25.2x 20x 16.4x
EV / EBIT 65.6x 45x 48.7x 29.6x 32.7x 33.6x 26.1x 21x
EV / FCF 640x -79.6x -22x -13.9x -58.6x -40.4x 25.3x 15.1x
FCF Yield 0.16% -1.26% -4.54% -7.2% -1.71% -2.47% 3.96% 6.62%
Dividend per Share 2 0.5727 0.7549 0.7289 0.5102 0.7143 1.183 1.376 1.544
Rate of return 0.44% 0.63% 0.61% 1.05% 0.99% 1.3% 1.52% 1.7%
EPS 2 1.731 2.293 2.095 1.597 2.207 2.703 3.482 4.245
Distribution rate 33.1% 32.9% 34.8% 31.9% 32.4% 43.8% 39.5% 36.4%
Net sales 1 1,187 1,549 1,864 1,831 2,251 3,529 4,526 5,502
EBITDA 1 584 739.9 732.7 576.2 870.5 1,183 1,481 1,752
EBIT 1 549.3 708.7 683.6 507.2 683.3 887.4 1,131 1,371
Net income 1 482.5 641.3 607.5 465.2 650 820.3 1,047 1,273
Net Debt 1 - -1,384 100.7 1,354 960.7 1,383 1,154 318.9
Reference price 2 129.35 119.19 118.53 48.76 72.22 90.70 90.70 90.70
Nbr of stocks (in thousands) 278,700 279,252 279,727 280,062 295,688 313,278 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
33.56x8.44x25.19x1.3% 4.23B
41.48x5.07x27.91x0.32% 13.22B
30.53x2.84x22.96x1.12% 1.27B
43.46x - - - 1.07B
-10.7x - - - 300M
Average 27.67x 5.45x 25.36x 0.91% 4.02B
Weighted average by Cap. 38.45x 5.68x 26.96x 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