Company Valuation: Minfeng Special Paper Co.,Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,753 2,192 1,957 2,157 1,992 2,389
Change - 25.05% -10.74% 10.23% -7.65% 19.93%
Enterprise Value (EV) 1 2,284 2,699 2,346 2,787 3,047 3,386
Change - 18.19% -13.09% 18.8% 9.32% 11.13%
P/E 36.1x 36.7x 139x 47.2x 28.4x 136x
PBR 1.3x 1.57x 1.39x 1.49x 1.33x 1.58x
PEG - 1.6x -1.8x 0x 0.5x -1.8x
Capitalization / Revenue 1.3x 1.44x 1.17x 1.33x 1.37x 1.98x
EV / Revenue 1.69x 1.77x 1.4x 1.72x 2.09x 2.81x
EV / EBITDA 14.4x 18.1x 21.5x 20.7x 19.2x 29.4x
EV / EBIT 30.5x 34.6x 65.5x 45.4x 35.2x 163x
EV / FCF 50.8x 58x 18.4x -10.8x -12.2x -23.3x
FCF Yield 1.97% 1.72% 5.44% -9.25% -8.2% -4.29%
Dividend per Share 2 0.015 0.02 0.01 0.015 0.062 0.015
Rate of return 0.3% 0.32% 0.18% 0.24% 1.09% 0.22%
EPS 2 0.1382 0.17 0.04 0.13 0.2 0.05
Distribution rate 10.9% 11.8% 25% 11.5% 31% 30%
Net sales 1 1,353 1,526 1,671 1,618 1,459 1,204
EBITDA 1 159.1 148.7 108.9 134.7 159.1 115.3
EBIT 1 74.94 77.97 35.81 61.42 86.6 20.74
Net income 1 48.55 58.31 15.4 46.73 72 16.28
Net Debt 1 531 507.4 389.4 630.4 1,055 997.3
Reference price 2 4.990 6.240 5.570 6.140 5.670 6.800
Nbr of stocks (in thousands) 351,300 351,300 351,300 351,300 351,300 351,300
Announcement Date 4/8/21 3/30/22 3/30/23 3/28/24 3/25/25 3/27/26
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 284M
10.66x1.39x8.57x1.89% 5.69B
20.03x0.73x7.21x4.38% 1.63B
16.5x - - - 1.21B
14.47x0.67x8.79x1.07% 1.03B
Average 15.42x 0.93x 8.19x 2.45% 1.97B
Weighted average by Cap. 13.41x 1.17x 8.33x 2.28%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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