Company Valuation: Norinco International Cooperation Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 5,741 6,645 8,264 11,240 9,802 13,349
Change - 15.76% 24.36% 36.01% -12.79% 36.19%
Enterprise Value (EV) 1 6,689 7,833 9,174 12,545 11,286 13,841
Change - 17.1% 17.13% 36.74% -10.03% 22.65%
P/E 8.29x 11x 12.7x 12.7x 9.72x 18.3x
PBR 1.02x 1.07x 1.07x 1.33x 1.06x 1.3x
PEG - -0.8x -0.8x 0.4x 0.7x -0.6x
Capitalization / Revenue 0.45x 0.51x 0.62x 0.52x 0.51x 0.98x
EV / Revenue 0.52x 0.6x 0.68x 0.58x 0.59x 1.02x
EV / EBITDA 7.62x 8.33x 7.72x 9.45x 7.96x 10.5x
EV / EBIT 9.04x 9.72x 9.6x 11.6x 10.3x 14.8x
EV / FCF -3.78x 9.25x -38.2x 16.1x 14.5x 16.6x
FCF Yield -26.4% 10.8% -2.62% 6.22% 6.88% 6.03%
Dividend per Share 2 0.0974 0.0623 0.0635 0.092 0.1479 0.137
Rate of return 1.31% 0.73% 0.77% 0.82% 1.51% 1.1%
EPS 2 0.9 0.78 0.6485 0.8813 1.006 0.68
Distribution rate 10.8% 7.98% 9.79% 10.4% 14.7% 20.1%
Net sales 1 12,851 13,050 13,433 21,488 19,080 13,554
EBITDA 1 877.5 940.7 1,189 1,327 1,417 1,324
EBIT 1 739.9 805.8 956 1,081 1,098 936.3
Net income 1 751.4 623.7 636 918.1 1,050 723.3
Net Debt 1 948.6 1,188 910.1 1,305 1,483 491.9
Reference price 2 7.460 8.580 8.250 11.220 9.780 12.460
Nbr of stocks (in thousands) 769,516 774,482 1,001,708 1,001,780 1,002,282 1,071,386
Announcement Date 3/30/21 4/29/22 4/24/23 3/30/24 3/28/25 3/31/26
1CNY in Million2CNY
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.68B
52.38x2.43x23.13x0.07% 91.24B
12.03x1.03x5.66x4.85% 66.89B
25.33x1.95x19.66x1.15% 54.96B
26.47x3.25x18.01x0.25% 47B
50.03x4.01x25.36x2.16% 39.35B
26.14x0.65x10.71x2.38% 31.75B
20.33x1.42x13.1x0.23% 29.93B
5.28x0.34x6.68x5.33% 28.38B
21.69x0.41x6.45x2.83% 27.02B
Average 26.63x 1.72x 14.31x 2.14% 41.82B
Weighted average by Cap. 29.68x 1.90x 15.63x 1.92%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Norinco International Cooperation Ltd.

Historical PBR trend

Valuation ratios - PBR - Norinco International Cooperation Ltd.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Norinco International Cooperation Ltd.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Norinco International Cooperation Ltd.

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