Company Valuation: CSPC Pharmaceutical Group Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 100,932 97,707 86,022 55,169 96,380 91,464 - -
Change - -3.19% -11.96% -35.87% 74.7% -5.1% - -
Enterprise Value (EV) 1 89,633 86,241 72,284 46,931 86,710 80,413 78,128 75,010
Change - -3.79% -16.18% -35.07% 84.76% -7.26% -2.84% -3.99%
P/E 14.7x 14.1x 13.5x 12.1x 21.8x 11.1x 13x 11.9x
PBR 3.17x 2.86x 2.39x 1.62x 2.56x 2.14x 1.96x 1.77x
PEG - 14.13x -1.73x -0.5x -9.88x 0.1x -0.9x 1.26x
Capitalization / Revenue 2.94x 2.77x 2.52x 1.78x 3.26x 2.57x 2.6x 2.43x
EV / Revenue 2.61x 2.44x 2.12x 1.51x 2.94x 2.26x 2.22x 1.99x
EV / EBITDA 9.5x 9.43x 8.39x 6.22x 12.1x 6.13x 7.91x 7.09x
EV / EBIT 10.7x 10.8x 9.77x 7.68x 15.6x 8.64x 10.2x 9.2x
EV / FCF 23.7x 14.1x 26.2x 17.5x 19.5x 9.78x 11.1x 7.83x
FCF Yield 4.22% 7.11% 3.82% 5.71% 5.12% 10.2% 8.98% 12.8%
Dividend per Share 2 0.18 0.21 0.28 0.26 0.29 0.3591 0.3656 0.3823
Rate of return 2.13% 2.56% 3.86% 5.44% 3.44% 4.49% 4.57% 4.78%
EPS 2 0.5773 0.5831 0.5376 0.3946 0.3859 0.7181 0.6159 0.6739
Distribution rate 31.2% 36% 52.1% 65.9% 75.2% 50% 59.4% 56.7%
Net sales 1 34,309 35,292 34,175 31,046 29,533 35,562 35,135 37,621
EBITDA 1 9,431 9,148 8,615 7,547 7,168 13,116 9,883 10,578
EBIT 1 8,366 7,952 7,400 6,113 5,564 9,309 7,687 8,151
Net income 1 6,901 6,949 6,382 4,632 4,409 7,903 6,894 7,534
Net Debt 1 -11,298 -11,467 -13,738 -8,238 -9,670 -11,051 -13,336 -16,454
Reference price 2 8.470 8.200 7.260 4.780 8.430 8.000 8.000 8.000
Nbr of stocks (in thousands) 11,916,370 11,915,520 11,848,756 11,541,665 11,433,025 11,433,025 - -
Announcement Date 22/03/22 22/03/23 20/03/24 28/03/25 25/03/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.14x2.26x6.13x4.49% 11.66B
35.49x12.89x26.26x0.56% 1,082B
28.11x6.46x17.57x2.03% 633B
32.2x7.69x15.73x2.65% 461B
18.15x4.51x11.08x2.94% 338B
24.06x5.03x14.1x1.73% 299B
22.19x5.69x13.74x2.76% 291B
14.43x5.37x11.03x3.47% 222B
24.39x6.45x11.36x2.7% 202B
-46.87x5.66x31.47x2.47% 163B
Average 16.33x 6.20x 15.85x 2.58% 370.41B
Weighted average by Cap. 24.70x 8.02x 18.55x 1.94%

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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