Company Valuation: China State Construction Engineering Corporation Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 209,741 227,704 201,633 249,662 211,974 194,206 - -
Change - 8.56% -11.45% 23.82% -15.1% -8.38% - -
Enterprise Value (EV) 1 457,781 591,556 645,553 684,382 737,451 629,942 675,455 194,206
Change - 29.22% 9.13% 6.01% 7.75% -14.58% 7.22% -71.25%
P/E 4x 4.41x 3.67x 5.41x 5.46x 4.84x 4.42x 4.61x
PBR 0.63x 0.61x 0.48x 0.55x 0.44x 0.37x 0.35x 0.33x
PEG - -2.76x 0.56x -0.4x -0.4x 1.44x 0.47x -1.16x
Capitalization / Revenue 0.11x 0.11x 0.09x 0.11x 0.1x 0.09x 0.09x 0.09x
EV / Revenue 0.24x 0.29x 0.28x 0.31x 0.35x 0.3x 0.3x 0.09x
EV / EBITDA 4.24x 6.25x 6.35x 7.59x 9.52x 5.82x 5.81x 1.97x
EV / EBIT 4.55x 6.82x 6.93x 8.5x 10.7x 9.38x 9.1x 2.46x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.25 0.2527 0.2714 0.2715 0.2718 0.2769 0.3015 -
Rate of return 5% 4.65% 5.64% 4.53% 5.3% 5.89% 6.42% -
EPS 2 1.25 1.23 1.31 1.11 0.94 0.9716 1.063 1.02
Distribution rate 20% 20.5% 20.7% 24.5% 28.9% 28.5% 28.4% -
Net sales 1 1,891,339 2,055,052 2,265,529 2,187,148 2,082,142 2,115,022 2,225,524 2,170,521
EBITDA 1 107,982 94,620 101,642 90,190 77,468 108,253 116,294 98,559
EBIT 1 100,601 86,733 93,132 80,561 68,949 67,153 74,250 79,096
Net income 1 51,408 50,950 54,264 46,187 39,069 38,249 43,131 42,010
Net Debt 1 248,040 363,852 443,920 434,720 525,477 435,736 481,249 -
Reference price 2 5.000 5.430 4.810 6.000 5.130 4.700 4.700 4.700
Nbr of stocks (in thousands) 41,948,168 41,934,433 41,919,514 41,610,322 41,320,390 41,320,390 - -
Announcement Date 15/04/22 17/04/23 18/04/24 15/04/25 17/04/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
4.77x0.3x5.79x5.98% 28.25B
66.16x2.86x27.93x0.07% 95.92B
13.16x1.06x5.84x4.46% 71.39B
41.1x5.04x27.94x0.16% 62.33B
25.49x1.95x18.92x1.22% 54.96B
55.31x4.6x29.41x1.67% 45.84B
33.72x0.8x13.38x1.88% 39.85B
27.93x0.54x8.69x2.14% 35.67B
25.95x1.68x16.22x0.18% 33.79B
14.8x0.4x4.44x4.51% 21B
Average 30.84x 1.92x 15.86x 2.23% 48.9B
Weighted average by Cap. 35.68x 2.26x 18.15x 1.84%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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