Company Valuation: Ningbo Runhe High-Tech Materials Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 4,016 3,388 3,086 3,671 4,309 6,420
Change - -15.64% -8.91% 18.98% 17.38% 48.98%
Enterprise Value (EV) 1 3,896 3,293 3,000 3,486 4,152 6,084
Change - -15.48% -8.89% 16.22% 19.09% 46.53%
P/E 73.6x 36.6x 34.3x 45x 45x 52.4x
PBR 6.71x 5x 3.75x 4.11x 4.42x 4.8x
PEG - 0.5x -12.59x -4.56x 2.6x 2.9x
Capitalization / Revenue 5.64x 3.07x 2.61x 3.23x 3.25x 4.55x
EV / Revenue 5.48x 2.98x 2.54x 3.07x 3.13x 4.31x
EV / EBITDA 48.1x 26.6x 24.2x 28.1x 28.1x 34.9x
EV / EBIT 60.9x 32.1x 30.3x 38.5x 36.5x 44.9x
EV / FCF 265x -788x -39.6x 39.9x -124x -81.8x
FCF Yield 0.38% -0.13% -2.53% 2.51% -0.8% -1.22%
Dividend per Share 2 0.0962 0.1154 0.1231 0.1538 0.2308 0.3
Rate of return 0.4% 0.56% 0.66% 0.69% 0.89% 0.84%
EPS 2 0.3308 0.5615 0.5462 0.4923 0.5769 0.68
Distribution rate 29.1% 20.6% 22.5% 31.2% 40% 44.1%
Net sales 1 711.5 1,104 1,183 1,135 1,328 1,410
EBITDA 1 81.07 123.7 124 124.2 147.9 174.4
EBIT 1 64.01 102.6 98.87 90.55 113.7 135.6
Net income 1 54.18 93.03 90.13 82.21 96.24 120
Net Debt 1 -120 -95.02 -85.79 -184.9 -157.7 -336.5
Reference price 2 24.35 20.54 18.71 22.15 25.95 35.64
Nbr of stocks (in thousands) 164,944 164,944 164,944 165,775 166,043 180,136
Announcement Date 3/25/21 3/21/22 4/24/23 4/18/24 3/27/25 4/23/26
1CNY in Million2CNY
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 805M
27.81x4.32x13.86x2.11% 128B
17.46x6.28x34.17x2.76% 58.69B
58.56x1.36x9.57x5.93% 39.78B
12.54x1.27x6.83x2.7% 35.87B
10.08x3.26x7.65x4.31% 26.37B
19.89x0.87x6.63x1.17% 20.85B
8.91x0.88x5.44x4.24% 21.05B
11.41x1.02x8.24x3.67% 20.07B
70.71x12.83x46.69x0.07% 19.13B
Average 26.37x 3.57x 15.45x 2.99% 37.04B
Weighted average by Cap. 26.53x 3.81x 16.00x 2.88%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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