Company Valuation: North China Pharmaceutical Company.Ltd

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 16,781 20,452 10,981 9,780 8,870 9,488
Change - 21.87% -46.31% -10.94% -9.3% 6.96%
Enterprise Value (EV) 1 25,126 28,923 20,346 19,939 18,660 19,162
Change - 15.11% -29.65% -2% -6.41% 2.69%
P/E 172x 1,084x -15.9x 1,900x 69.9x 51.7x
PBR 2.74x 3.36x 2.07x 1.84x 1.65x 1.72x
PEG - -13.3x 0x -19x 0x 1.2x
Capitalization / Revenue 1.46x 1.97x 1.05x 0.97x 0.9x 1.03x
EV / Revenue 2.19x 2.79x 1.94x 1.97x 1.89x 2.07x
EV / EBITDA 20.8x 23.7x 15.2x 15.7x 12.9x 12.6x
EV / EBIT 42x 48.2x 32.1x 37.2x 28.3x 30.6x
EV / FCF -30.9x -32x 112x 128x 49.1x 35.2x
FCF Yield -3.24% -3.12% 0.89% 0.78% 2.03% 2.84%
Dividend per Share 2 0.03 0.06 - 0.01 0.03 0.035
Rate of return 0.29% 0.5% - 0.18% 0.58% 0.63%
EPS 2 0.06 0.011 -0.402 0.003 0.074 0.107
Distribution rate 50% 545% - 333% 40.5% 32.7%
Net sales 1 11,493 10,385 10,500 10,120 9,870 9,242
EBITDA 1 1,209 1,221 1,343 1,272 1,447 1,517
EBIT 1 597.9 600.1 634.8 536.4 658.9 627.2
Net income 1 97.32 18.73 -689.2 4.89 127 183.1
Net Debt 1 8,345 8,472 9,366 10,159 9,790 9,674
Reference price 2 10.290 11.920 6.400 5.700 5.170 5.530
Nbr of stocks (in thousands) 1,630,805 1,715,730 1,715,730 1,715,730 1,715,730 1,715,730
Announcement Date 4/28/21 4/27/22 4/21/23 3/29/24 3/27/25 4/17/26
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.21B
36.25x12.94x27.18x0.55% 1,089B
28.59x6.53x18.09x2.01% 643B
33.13x7.75x15.94x2.61% 465B
20.2x4.86x12.04x2.72% 359B
22.65x5.84x14.57x2.74% 303B
22.03x4.53x12.8x1.93% 267B
14.79x5.48x11.3x3.38% 226B
25.81x6.73x11.86x2.57% 212B
-48.4x5.8x32.01x2.45% 167B
Average 17.23x 6.72x 17.31x 2.33% 373.23B
Weighted average by Cap. 25.20x 8.11x 19.08x 1.92%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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