Company Valuation: X Financial

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 698.6 1,049 1,143 1,250 2,883 1,653
Change - 50.14% 8.93% 9.37% 130.69% -42.65%
Enterprise Value (EV) 1 341.2 654.9 673 669.7 2,267 1,121
Change - 91.93% 2.76% -0.49% 238.49% -50.56%
P/E -0.53x 1.3x 1.38x 1.06x 1.93x 1.11x
PBR 0.23x 0.26x 0.21x 0.22x 0.37x 0.2x
PEG - -0x 0.48x 0x 0.1x 0.1x
Capitalization / Revenue 0.32x 0.29x 0.32x 0.26x 0.49x 0.22x
EV / Revenue 0.16x 0.18x 0.19x 0.14x 0.39x 0.15x
EV / EBITDA -0.76x 0.5x 0.63x 0.44x 0.61x 0.23x
EV / EBIT -0.74x 0.5x 0.63x 0.45x 0.61x 0.23x
EV / FCF 0.97x 0.45x -0.75x -1.29x 0.96x 0.81x
FCF Yield 103% 224% -134% -77.3% 105% 123%
Dividend per Share 2 - - - 1.191 3.066 3.92
Rate of return - - - 4.59% 5.04% 10%
EPS 2 -24.44 14.7 15.12 24.48 31.5 35.22
Distribution rate - - - 4.87% 9.73% 11.1%
Net sales 1 2,193 3,626 3,563 4,815 5,872 7,639
EBITDA 1 -448.2 1,310 1,075 1,510 3,708 4,848
EBIT 1 -460.1 1,302 1,069 1,505 3,700 4,836
Net income 1 -1,309 825.4 812 1,187 1,540 1,465
Net Debt 1 -357.4 -393.9 -469.6 -579.9 -615.9 -532.4
Reference price 2 13.06 19.12 20.83 25.95 60.80 39.17
Nbr of stocks (in thousands) 53,503 54,853 54,853 48,150 47,412 42,209
Announcement Date 5/14/21 4/28/22 4/27/23 4/29/24 4/25/25 4/30/26
1CNY in Million2CNY
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 213M
22.52x4.53x10.71x1.34% 97.94B
50.31x17.01x31.98x-.--% 93.74B
28.35x8.82x16.97x-.--% 39.94B
40.67x4.21x14.45x-.--% 26.24B
40.51x20.36x34.03x2.11% 25.78B
82.26x6.51x27.7x-.--% 22.12B
6.23x2.97x7.06x4.34% 21.37B
8.4x - - 7.5% 20.2B
12.88x-0.25x-0.44x-.--% 17.42B
Average 32.46x 8.02x 17.81x 1.7% 36.5B
Weighted average by Cap. 34.30x 9.37x 19.55x 1.18%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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