Company Valuation: Jiangsu New Energy Development Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 8,522 6,291 7,960 19,516 11,527 9,993
Change - -26.18% 26.52% 145.19% -40.94% -13.3%
Enterprise Value (EV) 1 9,716 7,922 11,926 25,420 17,197 16,274
Change - -18.46% 50.55% 113.14% -32.35% -5.37%
P/E ratio 24.6x 24.8x 51.5x 58.1x 24.4x 21.2x
PBR 1.91x 1.37x 1.71x 3.45x 1.9x 1.56x
PEG - -0.9x -1.3x 0.6x 0.6x -
Capitalization / Revenue 5.79x 4.24x 5.15x 10.5x 5.85x 5.14x
EV / Revenue 6.6x 5.34x 7.71x 13.7x 8.72x 8.36x
EV / EBITDA 11.3x 9.93x 12.1x 21.4x 11.5x 11.4x
EV / EBIT 17.9x 17.5x 19.3x 31.6x 19.8x 20.6x
EV / FCF -65.7x -24.9x -13.1x 420x -48.3x -16.8x
FCF Yield -1.52% -4.01% -7.63% 0.24% -2.07% -5.95%
Dividend per Share 2 0.3077 0.1154 0.1154 0.0769 0.15 0.15
Rate of return 2.9% 1.47% 1.16% 0.35% 1.16% 1.34%
EPS 2 0.4308 0.3154 0.1923 0.3769 0.53 0.53
Distribution rate 71.4% 36.6% 60% 20.4% 28.3% 28.3%
Net sales 1 1,473 1,484 1,547 1,857 1,971 1,946
EBITDA 1 858.1 797.5 987.7 1,188 1,495 1,429
EBIT 1 543.6 452.3 618.4 804.1 866.6 789.4
Net income 1 314.6 254 153.7 306.8 475.9 472.4
Net Debt 1 1,194 1,631 3,967 5,903 5,671 6,281
Reference price 2 10.608 7.831 9.908 21.892 12.930 11.210
Nbr of stocks (in thousands) 803,401 803,401 803,401 891,477 891,476 891,476
Announcement Date 4/9/19 4/27/20 4/26/21 4/6/22 4/25/23 4/24/24
1CNY in Million2CNY
Estimates

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P/E ratio EV / Sales EV / EBITDA Yield Capi. ($)
16.34x9.03x10.5x+1.95%16.28B
6.67x6.34x9.31x+4.39%12.64B
17.04x - - +2.76%2.42B
25.31x7.04x8.96x+2.51%1.88B
14.37x - - - 1.37B
-37.48x7.75x11.73x+4.72%1.1B
13.58x16.45x17.97x+8.80%909M
Average 7.98x 9.32x 11.70x +4.19% 5.23B
Weighted average by Cap. 11.74x 8.04x 10.21x +3.18%
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Year-on-year evolution of the PER

evolution-chart JIANGSU-NEW-ENERGY-DEVELO

Historical PBR trend

evolution-chart JIANGSU-NEW-ENERGY-DEVELO

Evolution Enterprise Value / Sales

evolution-chart JIANGSU-NEW-ENERGY-DEVELO

Change in Enterprise Value/EBITDA

evolution-chart JIANGSU-NEW-ENERGY-DEVELO
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