Company Valuation: Ningbo Color Master Batch Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025
Market Cap 1 3,310 2,303 2,884 2,868 3,771
Change - -30.44% 25.22% -0.52% 31.47%
Enterprise Value (EV) 1 2,564 1,541 2,092 2,124 3,490
Change - -39.9% 35.74% 1.54% 64.32%
P/E Ratio 26.5x 22.8x 28.3x 28.6x 34.1x
PBR 3.37x 2.21x 2.63x 2.52x 3.32x
PEG -2.6x -1.2x 23.56x -26.69x 2.9x
Capitalization / Revenue 6.72x 4.96x 6.39x 5.82x 8.04x
EV / Revenue 5.21x 3.32x 4.64x 4.31x 7.44x
EV / EBITDA 20.6x 16x 18.7x 19.3x 27.2x
EV / EBIT 22.4x 18.2x 21.4x 22.2x 30.5x
EV / FCF 25x 289x 57.4x -296x -9.32x
FCF Yield 4% 0.35% 1.74% -0.34% -10.7%
Dividend per Share 2 0.2378 0.2854 0.2854 0.6 -
Rate of return 1.21% 2.08% 1.66% 3.5% -
EPS 2 0.742 0.5993 0.6065 0.6 0.67
Distribution rate 32% 47.6% 47.1% 100% -
Net sales 1 492.3 464.1 451.2 493.1 468.9
EBITDA 1 124.3 96.09 111.7 109.9 128.3
EBIT 1 114.4 84.56 97.93 95.51 114.3
Net income 1 108.9 100.5 101.9 100.5 110
Net Debt 1 -746.2 -761.7 -791.8 -744.4 -280.7
Reference price 2 19.68 13.69 17.15 17.14 22.86
Nbr of stocks (in thousands) 168,185 168,185 168,185 167,355 164,963
Announcement Date 4/24/22 4/18/23 4/9/24 4/23/25 4/28/26
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 496M
13.09x0.83x5.48x4.2% 23.95B
19.34x - - 6.16% 20.36B
119.82x1.01x6.98x0.61% 17.65B
-2026.48x1.15x14.47x-.--% 14.38B
34.12x4.23x15.66x0.62% 9.8B
47.5x1.95x44.18x1.3% 9.53B
40.85x4.37x26.6x1.06% 8.01B
25.86x0.88x13.04x1.7% 6.46B
28.67x1.95x16.4x1.32% 6.28B
Average -188.58x 2.05x 17.85x 1.89% 11.69B
Weighted average by Cap. -213.56x 1.74x 14.96x 2.43%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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