Valuation Tsingtao Brewery Company Limited Hong Kong S.E.

Equities

Market Closed - Hong Kong S.E. Other stock markets 03:09:08 2025-12-05 EST			5-day change	1st Jan Change
52.75 ^HKD	-1.40%		+0.29%	-7.13%

10-27	Tsingtao Brewery's Q3 Profit Rises 2%; Hong Kong Shares Down 3%	MT
10-27	Tsingtao Brewery Q3 net profit up 1.6% y/y	RE

Data adjusted to current consolidation scope

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	115,275	109,177	120,911	84,165	92,347	76,142	-	-
Change	-	-5.29%	10.75%	-30.39%	9.72%	-17.55%	-	-
Enterprise Value (EV) ¹	97,554	94,874	103,330	64,933	74,410	57,034	55,860	55,167
Change	-	-2.75%	8.91%	-37.16%	14.59%	-23.35%	-2.06%	-1.24%
P/E ratio	61x	42.6x	39.4x	23.9x	25.4x	18.3x	17.2x	16.1x
PBR	6.57x	5.87x	5.75x	3.71x	3.8x	2.88x	2.7x	2.54x
PEG	-	1x	2.3x	1.6x	14.46x	2.27x	2.59x	2.43x
Capitalization / Revenue	4.15x	3.62x	3.76x	2.48x	2.87x	2.32x	2.26x	2.19x
EV / Revenue	3.51x	3.14x	3.21x	1.91x	2.32x	1.74x	1.65x	1.58x
EV / EBITDA	22.3x	17.1x	17x	9.46x	10.6x	8.32x	7.72x	7.18x
EV / EBIT	30x	21.3x	20.7x	11.3x	12.7x	10.1x	9.12x	8.44x
EV / FCF	26.5x	21.4x	32.9x	34.5x	23.2x	14.4x	12.2x	11.2x
FCF Yield	3.77%	4.68%	3.04%	2.9%	4.32%	6.96%	8.2%	8.91%
Dividend per Share ²	0.75	1.1	1.8	2	2.2	2.395	2.534	2.695
Rate of return	0.75%	1.11%	1.67%	2.68%	2.72%	3.79%	4.01%	4.27%
EPS ²	1.629	2.324	2.728	3.132	3.187	3.444	3.673	3.916
Distribution rate	46%	47.3%	66%	63.9%	69%	69.5%	69%	68.8%
Net sales ¹	27,760	30,167	32,172	33,937	32,138	32,797	33,763	34,810
EBITDA ¹	4,373	5,546	6,078	6,865	7,023	6,854	7,231	7,681
EBIT ¹	3,250	4,455	5,001	5,737	5,843	5,659	6,127	6,534
Net income ¹	2,201	3,155	3,711	4,268	4,345	4,698	5,020	5,360
Net Debt ¹	-17,722	-14,303	-17,580	-19,232	-17,937	-19,108	-20,282	-20,976
Reference price ²	99.40	99.00	107.50	74.75	80.92	63.12	63.12	63.12
Nbr of stocks (in thousands)	1,364,183	1,364,355	1,364,233	1,364,197	1,364,197	1,364,195	-	-
Announcement Date	3/5/21	3/28/22	3/22/23	3/26/24	3/30/25	-	-	-

¹CNY in Million²CNY

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
ANHEUSER-BUSCH INBEV SA/NV	18.01x	2.98x	8.32x	2.06%	120B
HEINEKEN N.V.	18.87x	1.82x	8.3x	2.73%	44.71B
AMBEV S.A.	14.13x	2.13x	6.56x	7.19%	39.21B
CONSTELLATION BRANDS, INC.	13.7x	3.93x	10.65x	2.87%	24.78B
HEINEKEN HOLDING N.V.	17.49x	-	-	-	19.86B
CARLSBERG A/S	14.97x	1.91x	9.1x	3.5%	17.38B
ASAHI GROUP HOLDINGS, LTD.	14.39x	1.3x	8.98x	2.95%	16.62B
BUDWEISER BREWING COMPANY APAC LIMITED	21.26x	1.86x	6.62x	5.26%	13.45B
Average	16.60x	2.28x	8.36x	3.8%	36.97B
Weighted average by Cap.	17.00x	2.53x	8.28x	3.27%