Company Valuation: Shenzhen Properties & Resources Development (Group) Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 6,734 6,497 6,475 4,922 4,861 4,962
Change - -3.52% -0.34% -23.99% -1.25% 2.09%
Enterprise Value (EV) 1 6,153 8,017 8,874 7,307 9,046 11,091
Change - 30.3% 10.68% -17.65% 23.79% 22.62%
P/E 9.08x 6.92x 12.8x 11.4x -4.67x 158x
PBR 1.95x 1.55x 1.57x 1.13x 1.55x 1.58x
PEG - 0.3x -0.3x -0.8x 0x -2x
Capitalization / Revenue 1.64x 1.45x 1.75x 1.66x 1.78x 2.08x
EV / Revenue 1.5x 1.78x 2.39x 2.46x 3.31x 4.65x
EV / EBITDA 5.23x 5.98x 12.7x 77.7x -9.77x 42.1x
EV / EBIT 5.44x 6.22x 14.6x 189x -9.25x 50.2x
EV / FCF -43.7x -5.02x -23.5x -19.7x -11.3x -3.4x
FCF Yield -2.29% -19.9% -4.25% -5.07% -8.81% -29.4%
Dividend per Share 2 0.41 0.68 0.361 0.312 - 0.02
Rate of return 3.37% 5.83% 3.11% 3.52% - 0.22%
EPS 2 1.34 1.685 0.9022 0.7786 -1.87 0.0569
Distribution rate 30.6% 40.4% 40% 40.1% - 35.1%
Net sales 1 4,104 4,492 3,709 2,965 2,734 2,383
EBITDA 1 1,177 1,342 698.7 93.98 -925.9 263.2
EBIT 1 1,132 1,289 609.1 38.7 -977.9 220.8
Net income 1 798.6 1,004 537.7 464 -1,115 33.89
Net Debt 1 -581.7 1,520 2,398 2,385 4,185 6,129
Reference price 2 12.17 11.66 11.59 8.86 8.74 9.01
Nbr of stocks (in thousands) 595,979 595,979 595,979 595,979 595,979 595,979
Announcement Date 3/30/21 3/29/22 3/24/23 3/29/24 3/28/25 3/27/26
1CNY in Million2CNY
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 990M
21.81x0.89x10.69x-.--% 37.8B
18.48x0.83x6.88x2.48% 19.01B
12.77x0.49x8.09x-.--% 14.17B
16.97x3.36x10.83x5.86% 11.11B
19.97x8.36x16.53x4.8% 9.82B
52.78x2.01x7.96x-.--% 6.27B
34.09x1.23x12.02x0.93% 5.64B
34.31x1.07x8.21x0.34% 4.66B
29.61x11.68x - 1.96% 4.09B
Average 26.76x 3.32x 10.15x 1.82% 11.36B
Weighted average by Cap. 22.61x 2.20x 10.03x 1.55%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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