Company Valuation: Liaoning Port Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 18,145 35,557 33,605 30,204 35,885 33,169
Change - 95.96% -5.49% -10.12% 18.81% -7.57%
Enterprise Value (EV) 1 23,186 40,170 41,326 35,885 42,958 36,664
Change - 73.25% 2.88% -13.17% 19.71% -14.65%
P/E 9.89x 6.9x 11.3x 10.1x 14.2x 13.1x
PBR 0.42x 0.37x 0.37x 0.34x 0.4x 0.42x
PEG - 0.2x -0.3x 2.04x -1x 0.9x
Capitalization / Revenue 2.73x 2.88x 2.8x 2.47x 3.24x 2.92x
EV / Revenue 3.48x 3.25x 3.45x 2.94x 3.88x 3.23x
EV / EBITDA 9.69x 8.32x 9.92x 8.03x 10.7x 7.66x
EV / EBIT 15.9x 13.8x 19.3x 14.5x 21.8x 14.1x
EV / FCF 17.5x 11.6x -8.42x 17.2x 9.7x 9.11x
FCF Yield 5.71% 8.62% -11.9% 5.83% 10.3% 11%
Dividend per Share 2 0.03 0.027 0.0174 0.0191 0.0239 0.0286
Rate of return 4.81% 4.67% 2.89% 3.39% 3.53% 3.98%
EPS 2 0.063 0.0839 0.0534 0.056 0.0477 0.0548
Distribution rate 47.6% 32.2% 32.6% 34.1% 50.1% 52.2%
Net sales 1 6,657 12,348 11,981 12,220 11,067 11,359
EBITDA 1 2,392 4,831 4,165 4,470 4,031 4,788
EBIT 1 1,456 2,916 2,143 2,470 1,971 2,597
Net income 1 812.6 1,916 1,280 1,343 1,144 1,307
Net Debt 1 5,041 4,613 7,721 5,681 7,073 3,495
Reference price 2 0.6231 0.5784 0.6015 0.5628 0.6766 0.7189
Nbr of stocks (in thousands) 12,894,536 23,987,066 23,987,066 23,987,066 23,883,975 23,571,767
Announcement Date 3/25/21 3/29/22 3/30/23 3/29/24 3/27/25 3/26/26
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.57x10.12x17.26x0.54% 42.31B
9.09x3.34x9.87x3.67% 17.8B
13.88x3.26x8.3x4.72% 8.71B
11.45x - - - 7.66B
8.43x6.03x10.47x5.64% 8.11B
44.08x12.05x26.49x0.27% 7.76B
7.18x - - 5.92% 7.84B
33.2x9.65x17.28x1.48% 6.73B
17.81x7.41x11.76x3.97% 5.62B
Average 19.19x 7.41x 14.49x 3.28% 12.5B
Weighted average by Cap. 20.68x 7.88x 14.96x 2.44%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  5. Valuation Liaoning Port Co., Ltd.